HomeMy WebLinkAbout0484 4• :hat. order to protect nyWe fully tM Ntunty of ttws rr[ortgage. the Mortgagor. together w+th and m add•t+on to. the mpntMy payments undo tM ter•es of the
rwte secured hereby On tM spetrf+ld OaYntMl dab d oath rrWnth unt+l ctrl sa+d not! rs fully pa+d. w+H pay to the Assoc•anon tM foUOw+r+g wms
1st An msbUmint d t/te bees and asslasntents tlv+ld or to bl hv+ld aga+nst tM pem+ses tovaed by trot r^origage. and an insuumad of t!+e l,remrum
a pem,vms that wtlt bacon! OW and payabN to nttew tfte +neurar[cl on tM pernrses covered hereby ags+na tits by tiro and wn+dstorm. as prov+rled
la by paragraph 3 prwydwq, a sueh ptf+lr hfuaM a may reasonably be rlpuped by ttre Assoc+at+on, and an +nstailmert of tt+e premrun+ that w,ll
become dw and pat+Nfll to rlnlw tM rnptglgl rnsurancl d any Such inablknlnts short W equst. rospecdve!y. to one twNhh f v12tM o} the es
t+matad prlm+um Or prMMUms for etlth rr[eYtlrttl. aftd tarp and atNSSrr+ertls Mat dW las est+mated by the Assoc+at+onl INS act +nStaNments atrsaCY
pad tl+lrlfa. drvrdld by tM numplr M +YwntM that an to Naps! or+t month pror to tt+e dab wMn such prem+um p aem,txns and taaes and
assessments will bltorrN tll4rtpuMt TtN Asaocratron. vrf[+le spplyrrtg such tlaytnents to rnsuranCe Wemwms. teals and assessmerxs Delos the same
become dehrquent. iltaN not pay intMMt t0 tl[l Mptgaga On such fords. aril as such DiYments may be Com+mr+g+ed OY the Assoc+at+On wYh my
ottrlr such funds o. wrth +b own funds Tftl fords ul plldgld as add+t+onal setur+ty is tl+e sums secured by 1Ms Mo+tgage and ors wbtecr to use by
• the Assoc,at+on rn paymlrtt of "lab cMrgei' and Dank cWlettton ciyrgls
Ibl Atl payments rr+enarprted rn lfte p/ecld+ng subsett+Ort Of this paragraph and all payments !C be made under the not! secured hereby shad be added
togett+er and tht aggrlpab amount thlrlpl shall DO peril by Il?l Mptgaga Bath month in i Lngte payment tO be appLetf Dr lH! Assoc+atwn tO the
folbw+ng +tems in IM order sll forth 1 Tasss. assessments. and inwrance premiums 2 late cna+ges aril Wnk catectrort charges. ur•tess pa+d +n
manner prov+ded m paragraph ~ lal 3 IntNest on tM nob secwed Mreby 4 AmorUttat•on of the prinppa+ of sa+d rote
Arty deficiency rn the amount of such aggragste rrtontNy wyments short unless pa+d by the Me+fgagor pr+or to the due date of the ne¦t veto payment. con
satute an event of defwM urydlr tM RtWtgegl Without warvN of any right. the Assoc+atron may collect a lace charge as prov+rfed m the Note
5 That d ehe total of tt+e payments made by tM Mortgagw under la! of paragraph t precut+r+p shah a:teed the amount of wymanas aceua;fy made by the
Associat+on Ia toast and asslssmints and msuranu WetrtwrM. as tM us! may bl. such esc/ss shall be creMted by the Assoc,at•on en wbsepuent garments
to be made by tt+s Mortgagtx. ~I, howlvlr, the rr[onihly payments made by tM Matpaga under lal of paragrapt+ ? preced+ng shalt not have been wffic+ent to
DaY rates and atsessments and rnsurar[Ce pemrumf. as tl+e case may be. wMn the sarr+e shall become due and payable. then. the Assoc+aUOn may at +ts OP-
dbn +mmed+ateh Day wch teals and assessmenU toil +nwrance prem+um. and the Mortgagor snap pay to the Assoc•M+on any amount necessary tr, make up
tt+e def+c+er+ctir. aril wch paymMt shall be due aril payable w+tMn tMrty f301 days after the date of ma,l+ng of nonce by the Assoc,aUOn setting rortH the amount
of such defrtrenty Il at any brM. tM Mortgagor shall tinder to the ASSOC+atrOn. in itcwdanC! wdh tr+e prov+S+ons of the note Secured Hereby full payment u!
the ent+•e +ndebtedness represlntld hereby. the Assotratron short, rn comput,ng the amount o1 such +r+debtedness. cred,t to the account of the Mortgagor any
balance remaining in the funds attumu4ted order tl+e prov+sans of (al of paragraph 4
6 To pNmd. Commit Or wfta n0 waste. rmpMrmMt a detergrat+on of sad poplrty. or any part thNepf and upon the tenure of the Mortgago• t0 keep the
Du+ld+rgs on sad property w[ good eor+d+lron pr rlparr arw mainteNt%!. tM Assocratron msy demand propN maintenance and the ,mined+ate repa,r of sa+0
lwrtd•ngs cr an rr+treaSe in tM amount of satunty. or the rmmed,ab repayment o1 the debt HNeby secured. and the }adc•,r of the Mortgagor to comply wdh
tool demand of the Assoctat+on for a perrpd of tMKy 1301 days shall GDnsdtuts a breath of tMS mortgage. and. at the opt•on of the Assoc+aUOn. •mmedrately
matu•e the emue amount M pr+r[trpal and interest hereby secured. and the Assacubon ,mmrfd+ateH and w,ehput nonce may institute prOteed+ngs to forecbse
tH+s n,Ortgage and apply for tM apppntment of a receiver. as Mreinaha prpv+ded. and +n case of the refuter. neglect a+ rnaWldy o! the Mortgagor to repa,r and
mamta+n sa+d prOpertY. ctrl Assa:ratron may. at its optrort. rr[ake such repa+rs a cause the same to be made. and advance moneys +n that Dehalt
7 TJ perform comely vrth and abrda by each and wary the st+pulatwns. ap•lemenfs. coed+t+ons and covenants +n card Urom+ssory note and ihrs mortgage set
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8 To comply w+tn ;l,e subdiv+sron rsstrict+ons end tM murut+pal >TOrnng pldrnarttes appt+cable to the mortgaged property. not to erect or perm+t to be erected any
^ew burtd.ngs on the wemrses hlrw[ rt[ortgsped or to add to a pernut to be added to. make or perm,t to be made. any structural .+eerat+ons to any of Otte et
+shng +r.+p.OCements thereon w+thOUt tl+e MmttM COnfMt Of tl+e AssocNl+on. and m the !vent Of any vrOladpn Or attempt t0 w0!ate these ShPulat+0^!. Or env O!
»+em. tMS mo•tgage and alt wms secured MreDy shall rmmed+atsM become due and pavabte at the option of the Assac+abrx,
9 Thar •n case of a default in any of the tNms Of tttrs mortgage and tl[e ht+np of a b+lt to fOrK10Se ttrs Or any other mortgage encumDenr+g the wrtMn descr+Ded
Drbi,erty the AsSOCrat+On shall ba entdted t0 Oppty. at arty dine Without not+ce pend+r+p such /orecbsure su+t. to ir+e cou•i Having lunsd•ct+on thereof for t!+e ap-
p,+ntme^t of a recover of au and srrtgular tfte rrWrigaged prOpertY. aril Of ill the rMts. ,ncomes. profits +ssues and rerenues tne•eo! from whatsoevN source
de•n~ed and. thereupon, rt rs hereby l+tprefsly tOVenanted and agreed that tf+e court she#t fprthwdh appoint a retavN Of said mortgaged property alt and
s+'rgula• an+f o! such rents. +ntpmis. pmhs. +swK and revenues thereof. from whatsoever source derived. wdh tt+e usual powers and dunes of rccaven +n tike
cases. a•x! such aopo+niment shall ile made by such court of a rrtatter of Stott ngHl to the Assoc,adon. and wdnout retere^t! to the adequacy or ,nadequaty o!
the glue u! the property hereby mortgaged. or ;o the splventy or mSpiverxy of the Mortgagor and that suct+ rants. profits. +ncom
es •ssues. and revenues sha+'
aCDhed btr such •eceiver to ill paym.rtt of the rnortgsgt rrdebtedness. costs and charges according to the order of such court
1 A Tamar ~n t',e eve^t the pre•rt+seS f+ereby rrwrtgaged. W arty part thereof shall t+e Condemned and taken order the pOV.~lr O! em+nen; doma+n the Assoc+adon shall
hate t+~r right to Remand roar as damages awarded for the tak+ng of a injury to sa,d Drem+ses Shall be pd+d tO tr,e ASSOC+xt+pn •ts succeswrs or assrgrs up to
the amrn+-,t t',e^ u^oa+d on Ih+s mortgage. aril may be aPDt+ftd tO asy wms loft GYable rYreunder
1 ; T4at b••re s e! the esse:v_a o! tMS Contract and that rto waver of arty obl+gat+os he*eunder Or o1 the oD'~ga:•or, secured Hereby sna'~ of a^y time sherea!te• be
',e'd tc be x waver o! the terms hereof or of tf+e prom+ssory note secu•ed hereby
12 In rap even! o! any default rn any Of the terms Of tMS mortgage. or m the into secured :+e*eby and accde: at,oe by tnc no!ce+. O• am 9ther s+tuaum~ that would
cause rho ,nte.est oa•d or payable under this obt+gat,on to eased the interest +ate authOrired by taw then +n such evenr x! .nets interest tnerefofore pa+d sha++
tn• r•ed~•ed fo pnnrpal a•d a'r accrued and unpa+d escess interest anon abate and snau not f,e an uH~:gabon of tna ma++er o• of any order person
3 Tnat to !ne ettent pt the +rdebtedness of the Mortgagor to the AsspcNt+on desCntted here+ p+ seen+ed hereby. the Assoc+at+On ,s hereby subrogated to the t,er•
o• hens aril to the r+gHts d the owner and holder thereof of lath std every mortgage. I+cn o• othN rncumbrance on the la^d described herein wMCn ,s pad and
sat•s!•ed m whole o• +n part. out of tM pOtseds of the loan descr+Ded Aere+n a Secured Hereby. aril the resoecnve hens o! said mortgages hens o• otr,e• en
wmbran.;es. shaft be. aril the same and Bath of them hereby rs Wsserwd aril shah pass to and oe held ny the Assor+st+nn here n as security for the +n
debredness to the Assotratron herein described or MrebY secured. to the same a¦ten! that rt would have been p•eserved and wou+•1 have been passed to and
been he+d btr the Assoc+atwri had rt been duly and reguiarty ast+gnld. transferred. set over. and de!rvered unto the Assocrat+on ny separate deed of ass+gnment_
nntw+ths[arM.ng the fact that the same may be satrslrsd and urtcNted of record. +t bang the interf,on of the parses hereto that ir,e same rr~it tx sat+sf,ed all
ca•,cel.ed of record by the holders thereof at a at[O[It the Urns of the record,ng of tMs mortgage
1 L That d any Or lhC wms Of money MreM Ieferred f0 be not 6rOmDtly and fpBy peril Wdhin thUty 1301 days ne>rf after Me same sev?rat+y become due and payable
o• +f each a^d ev!•ry the SUpulit!Onf agreementf. COndd+OnS toil Covenants of sa+d prOm+SSOry•nOte dr`d rhrs ^+ortydge. C• ether. are no; d..l~ ce•f0•med corm
G N+M with an7 abded by. the aggrsgat! win urtpa+d under sa,d prOm+ssory' note and the mortgage and't beco^•e duo_ a^.d payab'e fOr;hw~ih M thereaft~• at the
{ CpiH7n of the Assoc+at+on- as fully toil COmpllbhr aS d sa+d aggregate win of money were Orig~.nd!ly aDpu'd+ed to be R2~d on such day anytMng rn sd+d
p+or-+ssory rwte o• F•~rNn to the contrary notw+thsbnd+ng
! 15 ?Hat order to accelerate the matmdy of the rrdeDiedoeSS ftereby secured because o! the fa~luro o' the Mortgagor to DaY any ta¦ assessr•+ert Lab+aq• otdrga
•~e++ or encumba^ce upOrt sad MODer!Y is here+ prOV,ded. rt st+all opt rte netessarv np+ regws•fe that the Assoc at~o^ shah firs! Day the same
16 Teat the abstract or abstracts o[ title cownng the mortgaged property shall at all Mmes during the ~~}e pf tn~s mo+tyaye •ema+^ the pOSSess•on o+ fhe
.9ssoc+af+on and :n :vent Of the fOrKloSUre of rhos mortgage. Or otl+er tgnsfer Of Uik tO the mortgaged property e.t•~gu~snme^t o! t++e indebted^os5 sotu•ed
I+e*!try, alt nghf titre and interest M the Mortgagor m and t0 any such abstracts Of title shat! pass f0 ;he pgrchdser n• g•dntee
{t 1 7 Shcw!d the Yalat•tY o+++en of tMS mortgage. or the note Secured tMreby. De contested by I,rgahon or othe•vr+se the h1o•tgago• agrees co par to the Assx~af+cr,
Me cost of de!er+d+:•g the same +ntlud:ng a reasonable attorney's fee
18 +o coy alt and s+nquta• the costs. charges aril a¦penses. +rcfi,ding attwrey's foes reawnaHty inc.r•ed O• paid at any time by the As~x,abo^ because of the
fa++ure or the Mortgagor to perfpm, comply w+th aril ab+de Fry each and every the sbDu~arpns. aq•eements condr,+ors and covenants or sa•d aromssory ~•nte
a 4 th+5 mortgage w ether- aril every wch le¦ClDt for the payment of the monthly instalimen; as requ+rerl Hy the PrOm+ssnry Not?r shall bear interest from
:fate at the rate Of P+r]nteen per cent i18aEt pN annum until fully pad
i g The 4s3;,crat:on greet have the •+gh1 at any dine and Lom bin! to Ume and w.tt+o•Ji nonce to or consent of any person to jai re~ease any portion Df the Rrem~ses
+rpm the hen Of th,s mortgage. Ibl release my person t+abte for payment Of any +rldeblednesS Secured hereby Ill extend fhe time Of payment Or dtte• the terms
payment of a'l Or any part of the rndebtednys. w+tt+out aHacUng Or rekss+ng the personal l•ab+hri o! any person haute !othc• tha^ env person roteased p+r
Sua^t l+erot0+ for the payment of ir+y sum Or +nterest Secured Reretry and wdbOUt m any verse alte•:ng vary,ny Or drmrn,Sh+~g the fOrceS. effects Or hen Of rn4
rsortgdge on act fHe prem+=es not speGfrcally released from the I,en o1 this mortgage by the Assoc,at,on
20 Any avreement hereaitt.r made fly Mongaga and Assoc+at+on pursuant to tMS mortgage Shan tre super+or to the rrgnn of the holder o! any •nterve^+ny he^ e.
rrC•,mbrancP
2 1 l,f•o^ •equest o` Mortgagor. the Assot+atron may, at its sore option from Ume to Ume ttetore fu+! payment o! as +ndebtedness secured r•erebv make fu+fhe+ ad
va^ces to Mortgagor prov,ded. f+owever. that the total prir+t+pal secured hereby end rema,rnng unpa+d :nr_ludmq any such advances she+! not at env Dine a¦
Cee•r fhe Or+g+^al p•+nt,pal win SQturld hereby Mortgage shall pay elf Such furtHlr advances wrtn interest and the same shd!+ be SKUred hereby All p•ovr S+Ons
o' rhrs mortgage spat! apply to each further edys^ce ss well as to all other +rdcbtedr+ess secured hereby Nothing herein contained However shall hm~t the
amour^t seeu•?d Dy this mortgage d such amount +s ,r+ueased by advances made by the Assocrat•on as herrm elsewhere prpYrded fa to proud fhe security
~ 77 t•v ovpnr rn :Mortgagor Heron w ar+y wbsequen; Mortgagor. or any person o. corporation nwmng any +nterest whatsarr;.r shout : enc+,Tber thn nrooerty
+rerem m;,rtOaged hY an instrument commonly refer.ed to and known as a wrap-around mnrrgage- without !+rst nHta+mnq the whiten rpnaant of the Assocra~
f nor`. rim-, at the ODt~n of the ASS0C41t+on, the Ob!•gat,On securM tier thr5 Mortgage than ~mmed•ateh t>pCOmr due J^d payab+e
73 Tr, prnvrdrf r1v_ Assx•aiwn w+th Flood Insurance CovNage +f the .eel property +s Hove a He•eafte• dete•m+npd to ne .v~rh~n a SD+r•ra+ fiord haJard a•Pa as sr+owr
on Rryy1 ?+arar•f Bcusdary Mad Flood Inw.ance Rate Msp as puhhshed by the Federal InsurancO Admm~sdahrzn
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24 4t the request of the Mortgagor. tfN AssOt+at+Ort agrees to ward tM prpvsans of paragraph 4 relative to the ueahon or a '•atard rnsurante acca.,nr provided
however that the Assoc+at+tln reta+ns tfw roll. st +ts pptgn, to rs-insure such wovs'ons of said pa•agrapn 4 as an obhga^on of the Mortgagor heron^der upon
rip of t+ts fdlowtng
the happemng of a
s A Fa+lore to make sr+y payrMM ragte+red ur+der tfte tNms of ill note on o• before the Oue date thereof
a
8 Failure to comply wrtA tM inwranu prOVrs+ons of paragraph 3. Or of any of the other terms and wndrt,ons o! tMS mortgage Or emote. or with fhe +nsurance
•equ,rements conts+nld rn tM Declaut+on of Condors+rnum and re4ted documents should the mortgaged p•oDe•ri be comm,ttsd to condom+n+um
dCVPtQpT.ent
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• MLNA 17 ~ aco 332 P~~ 4$:3
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