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HomeMy WebLinkAbout1156 • I i 4. That. in «der to protect m«e hrNy tM aecurib a this mortpape~ tM Morigagor. togatMr wrui. and in addition to. the m«?thly Wyments under tM arms a tM sots secured Iweby. on tM spertified payment daa a each month until tM Mid note is flirty paid. will pay w tM Aesowtan tM 1oNowM+p sums: M Is) An insallrriarit a tM axes and MMSSnieria levied « a be Nviad against tM premiMS covered by the mortgage: and an waNnient a tM psmium ! oc premiums tMt wiN bae«na due and Wyable to rariaw tM irauranw on tM premiMS cowrW hereby against loss by fw. and windst«m. es provided for by Wragraph 3 precaditig. « such other hazard es may reasonably be required by tM Association: and an insalNtier?t a the pnowxn tMt will become dw and WyabN to renew tM m«tgaga iMtrrance. it any. Sucli iratatlments shah a itqual, ratpactively. to cots-twetflh It/12th1 a tM es- tirtiated premium « premiums f« sucli iratuana. and taxes and asaessrtients next due les estimated M tM Assoaation) Nss aN wutsMntena aMaady ~ paid tlientor. divided by tM riirrtibar a month tMt an to a1apM cite month prior to tM data wMn such premium « premwms and axes end assassrrients wiN bac«na delirigtrant. TM Aseottistion. whN spphririg sucli paymerits to itiswana preniitrrns. texas and •stassniana. t»bn tM Mme ' become delwtgwnt. ehaN rat Wy interest to tM Mortgag« on each funds. and aN such Wymena n?+t? ba corrwriirigled by tM Association with any other such lands « with is own frrrids- TM /ands an pledged as additional security for tM sums second by this Mortgage and as wblarti b uM by tM As~sgeietion in payment a "Ise dwpes' and bank collection dwpa- (b) AN Wymertts menti«iad M tM precedng strbaaction a the paragraph and aN payments to W made under tM rich seiaired Mreby shah be added togettw and tM aggregate amount thereof shah be Wd by tM M«tgag« each month in a suigle payment to be appMad by tM Association to tM folbvwp items in tM order set bM: 1. Taxes. Maaessments. and insurance premums. 2...lats duuyes and barn coMecuon clwpas. unless paid in roamer provided in Wragraph 4 la1 3. Interest on tM note secwed Iwreby. 4. Am«tizatan of tA? principal a Mid note. _ . Any deficiency in tM amount a such aggregaa monthly payments shah. unless paid by tM Mortgag« prior to tM dw dare a tM next wdi Wyment. oori- stitua an event a dalauh under tM mortgage. Ylfithout wsner a any right. tM Association may coNect a "late cliarge" es provided to tM Note- 5. TMt ii tM total of tM Wymertts made by tM Mortgage under lal a Wragraph 4 preceding shah exiked tM amawit a payments sctiralhr made by tM Association for taxes and asaasartiena and inswaria premiums. es the art mar be. such excess sMN be credited by tM AssocNtion on subsegwnt Wymer?a to W made by tM Mortgag«. N. howwer. tM monthly payments made by tM Mortgagor under (al d paragraph 4 preceding s1iNI1 not )lave been sufficwnt d Wy taxes and assessments and inwrerice psmiuma. M tM tart may be. vvl+en IM Mme sMN become dw and DaY+bl+• tMn. tM Association may. at its op• 1 lion. immediately pay such texas and assesamena end itawsnce pnmwm. and tM Mortgagor shah pay to tM Association any amount necessary Io make up tM ieficiency. and such payment shah i» dw and Wyable within flirty 130) days aher tM daa a triaikrig a notia by tM Association Mtting forth tM amount a such deficiency. 11. at any time. the Mortgagoi eMN tender to tM Association. in ea«dana with tM provisaris a tM note second MrbY. hrN payment a the entire uidsbtednees ropresertted MrMrY. tM Assoitiation s1iaN. in c«riputing tM amount a wch indebtedness. «edit to tM account a tM Mortgeg« aritr babrsce remaining M tM funds eoeumulated under tM provisioner a la) of Wrapraph 4. 6- To permit commit « wffer no wesa. impairmerit « detirrioratan a said property. « any part tlierira. and upon tM tailuro d tM tibrtgagor to keep tM - tiuildrigs on Mid property in good condition « repair and rriaNiteriance. tM Association m.y demand proper msintensnce end tM immediaa repair a said buildings. « an inaMM in tM amount a security. « tM immediate repaym.nt a tM debt Hereby secured. and tM faau-.i of tM Mortgagor to tangly with said demand a tM Association for a period a thirty 130) oars sh.N c«aticua • breech a this mortgage. and. at tM option a tM Association. immediately ~ mature tM entire amount a principal and interest hereby secured. and tM Association irrirr?ediatety end without notice may institute proasdirips to foieclose i this m«tyags and appgr f« tM appointment a a receiver. as Mreinaha provided: and in ass of tM refusal. nsgla.Y «inabrkty a ttss Mortgag« torepsir and F maintain said property. tM Association may. at its option. make such repairs « suss tM' Mme to bs made. -and advarxe moneys in that behaM. t 7. To pert«m. comply with and abide by each and awry tM stipulstaru. agreements. rwnditwns and covenants in said promiu«y sots and this mortpege MY forth 8. To comply with tM sirbdrvision restrictions and tM municipal zorrng «dinarias appMcabte to tM m«tyagsd property: not to eren « pxnat to bs erected any new buildings on tM premises 1»rein mortgaged « to add to « pernwt to bs added to. make « perrrut to be made. any structural atterstiora to any a tM e:- them itl~ mor~gagstsrd all sums tsecured tMreby sMN~ tmrMdia~abscorns dw andand Wysble at tM ogles a this tASSOaationthese stipulations. «anyof g. That M case of a default in any a tM terms a this mortgage and tM hbng of a biu to f«ecbsc this « any other mortgage encumbering tM within described property. the Association shah be entitled to apply. at any time without ratia psrdirq such f«ecbwro wit. to tM court Mvirq jurisdKtan therea for tM ap- pointment of a receiver of aN and singular tM mortgaged property. and a aN tM rents. incomes. profits. levees and revenues thereof. from vvhatsoswr source derived: aid. thereupon. it is Mreby expressly covenanted and agreed that tM court shah forttivvith appant a receiver of sad mortgaged property. aN and singular. end of such rents. incases. profits. issues and revarwies thereof. from virhatsower sours derived. with tM usual powers end duties a receivers in Mks cases: and such appantment sMll De made by sucl? court es a matter of strict rght to tM Association. and without roferena to tM adequacy «eiadequaeY of the value of tM property hereby mortgaged. « to tM solwnr.Y « insolvency a tM Mortgag«. and that such rents. profits. iric«ries- issues. and reveriirss shah - be applied by wch receiver to tM payment a the mortgage indebtedness. coca and charges. according to the «der a such court. 10. That in tM swot tM premises hereby ni«tgsgsd. « ariy part thereof, shall bs iroridernrird and taken under tM power of eminent domain. tM Association shah - haw ttve right to demand that all damages awarded f« tM taking of « iryury to said prsmaes shah be W d to tM ASSOCiatiOn, is succsss«s « assigns. up to the amount then unWd on this mortgage. and may be appMd to any wins test Wysbb hereunder. 1 That time is of the esseria of this contract and that no waiver of arty odigatan hereurder. «of the obligates secured hereby. shelf at any time tMrsaher be held to be a waiver of tM terms Mrea « of tM promissory note secured hereby. I 12 In the event of arty default in any a tM terms of this mortgage. « in tM note secured Mreby. and scceleratios by tM holder. « airy other sitwtan that would cause tM interest pad « payable under this obligation to exceed tM interest rate authorised by law, then m stick evert all excess interest theratof«s paid shah be credited to principal and all accrwd and unpaid excess interest slits)) abets and shall not be an obligaton of tM maker « of any other person. ' 13. That to the extent of tM irdebtedriess a tM Mopgag« to tM Association iisscr~ed herein «secured Mrsby. tM Assocation is hereby wtirogated to tM ken S or Irene and to tM rights of tM owner and holder tliereol of each and every rriortgage. lien « other encumbrance on tM lard described herein. whch is paid and satisfied. in whole « in part. out of tM proceeds a tM loan described Mrein « secured hereby. and the respective )feria of sad mortgages. trans « other en- cumbrances. shell be. and tM same end each of them Hereby is preserved and shall pass to and be M1d by the Associatan herein es security f« the in- debtedness to the Association herein described « hereby secured. to tM same extent that it would haw been preserved and would have been passed to and been t?eld by tM Association had it been duly and regularly assigned. transferred. set over. std dekwred unto tM Assoaatron by separate deed of assigmisrit. i notwithstardirig tM tact that tM same may be Mtisfied and anaNsd of record. it being tM intention of tM parties hereto tlisf the same will bs satisfied end ~ j cancelled of rsc«d Dy tM holders theists at « about tM Ume a tM rec«drng of this mortgage I 14 That rt airy of tM wins a money herein referred to be not promptly and fully paid within thirty (301 days next aher tM same sewraNy become due srd payable• « if each and every tM stipulatiora. agrNmsnts. conditions and covenants of sad promissory note and this mortgage. « either. are not duly pertained. com- ~ plied with and abided by. tM aggregate win unpaid under said promissory note end tlrs mortgage shah become dos end payable torttiwith « theaher. at the option of tM Association. es fuNy and completely es rf sad aggregats'wm o1 money were aigirially stipulated to be pad on such day. anythng in sad ' ~ promissory rwte « herein to tM contrary rgtinrithsandng. 15 That in «der to sccetsrats tM maturity a tM irxlebtedrisss Mreby secured because of tM failure of the Matgsg« to pay arty tax assessment. Msblity. oblige- ~ tan « encumbrance upon said property es herein provided. it shah not bs necessary rer requisite that tM Assowtan shah first pay tM same. 16. That tM abatrsM « abstreca a title cowririp tM mortgaged property shah at ell times- duruq the life of this mortgage. remain in tM possessi«i a the Association aid. in event a tM f«sctown a this m«tgsgs. «other uanster of utls to tM m«tgaged property. in extuiguishment of tM irdsbtednsss sscwed hereby. ell rpht. title and interest a tM Mortgag« le and to any such abstracts of title shau pass to tM purcl?aser « grantee. 1 Should tM validity a Merl of this mortgage. a tM noes second Uiereby. bs contested by Mtigatan a otherwise. the Mortgage agrees to pay to tM Assoaation tM cost of deferding tM same iricMdwig a rMSOnable eri«r»y s fee. 18. To pay aN end siriguler tM costs, charges end expsrass. including attixney"s fees reasonably incurred. a paid at any time by tM Atsociation. because of the failuro of the Mortgagor to pert«m, comply with and abide by each and awry the stipulatans. agreements. conditions and covenants of said prorrrssory note and this mortgage. « either. end every such (axixpt f« the payment of the monthly installment as required by 1M Promissory Note) shah bear interest from dste_at tM rate a -18~ per annum until told paid. 19. The Association shall haw tM right at arty time and hom time to dine and wittaut notice to a consent o(any person to. U) release any portion of tM premises from tM Gen a foie mortgage: Ibl i•eleasa any person Mabls t« payment of any indebtedness secured Mreby: Icl extend tM time of payment « aher tM terms of payment of stl « arty part a tM iridebtirtlriess, without aHectirp « roleatung tM personal liabMty of airy person Gable (other than any person released pur- want hereto) to tM payment of arty win « inarest secured hereby and without in any was altering. varying. or dinwsrslwig tM faces. effects. « Men of ttrs mortgage on all tM premises rat sWrtificaUy released from tM Men a this mortgage by tM Associates 20. Any agreement Mreaher made by Mixtgag« and Assoaation pursuant to tlws mortgage shall be strperior to tM rights of tM holder o1 any interverrng Men « erictrmbraria. 21. Upon request a Mortgag«. tM Assoaation may. at its sole ogles. from ums to dine. bet«e full payment of all mdsbtedness sewredhereby. make further ad- vances to Mortgsg«: provided. Iwwever. that tM coal principal secured hereby and remauung unpaid. mckrding snY sucA advarKSS. shall not at any dms sx- teed tM original principal win secured Mreby. Mortpag« shah pay all such further advances with interest and tM same shsN be severed hereby. AN provisions of this nartgage shah apply to each further advance es vveN es to aN otMr indebtedness severed hereby. Nothing tiereiri contained. however. shsN Mmit tfra amount secured by this mortgage if such amount is iriaeasid by adwrias roads by the Aruociatan. as herein elsewhere provided fa to protect tM seiarrity. 22 In eM event tM Mortgage herein. « any wbsegwnt Mortgagor. « any person a corporation owning airy interest whatsoever. shartd erictrmber tM property herein mortgaged by an iratrument commonly re/errad to and known ass "wrap-erotind rrertgage" without Got obtaKiing the written coraarit of tM Assoiaa- tion. then. at tM option a tM Association. tM oblgatan seuusd by,this Mortgage shall immediately become dtN anti payable. ~ 23 To provide tM Association with Flood Irutrraria Coverage if tM real property is now « hereafter determined to bs within a spettial flood hazard area es shown S on Flood Hazard Boundary Map/Fbod Iroureria fiats Map es peblisMd by tM federal Inwrsria Administration. { 24. At die regwst a die Mortgagor. tM Asaociation egress a waive tM provisions a paragraph 4 rela/e. to the aeation a a tax and ttazaro irwrranoe escrow ac- count: provided. however. that tM Aasocation retairo tM right. at its option. to re-aisate such provisions a said paragraph 4 es an obMgstion a tM Mortgagor Mretxider upon tM ftapperrrp a any d tM foNovvirq: A. Traraf of tM mortgage premises. or any Wit therea- B. Failure to make any paymerrt squired under tM terms of tM rate on « bet«e iM due date thereof. C. To deliver to tM Association. on « betas March 1 O a each year. tax receipts evidencing tM payment of sN IswtuNy imposed taxes to the preceding aleridar year: b deliver to tM Association reaper rrvidsridrig tM Wyment of aN Hera for public iniprovemer?a wittrn ninety 1901 dabs aher tM same slieN beoonte due and payable. grid to pay « discharge within riinery 1901 days slier due date. arty and sN goverrwriental levies that may bs sleds on tM mortgaged ProWnY- O. Fsikrro to C«sPIY with tM irawarioe provisions of persgrsph 3. « of any of the other terms and c«diti«a a ttrs mortgage « note. « with tM in- r wraria rsquwemeria ca?tairiad in Uie Declaratia+ of Caidorniriitrm end related dowments should tM mortgaged property bs committed to oos- domirrum development. I T/P~ B00!(JJ~ tJi6E~~ Ir~c.~? 4e YY.