HomeMy WebLinkAbout0490 'hat rr outer to paect n.qe fully tM NCUnty d tMS mortgage. the Mortgagq. together wdh and m sdd,tron t0 tM monthly payments under the terms Of fire
n01! ser.ured heretry. Orr h+e fpecrfred payment dal! Of each month unit) lM sad hole rs fully parq Wd! paY to lM Afsoc,atron tM fO110Wrng wmt
cal Atr P,Staifrnent O) tM ta><tf and assessments bvNd q to be loured against tM pemrses covered t>y this mortgage. and an mstaument of tM wsm,um
q tMemwms tM1 wilt trecortte dw and DeyeltM to renew tM rnsurertce On tM pretrrsef covered MrebY against loss by pre and w,ndstgm. as prov,ded
for M wra4PaPh 3 pretedrrtg. q such otMr tretard es may rNSOMbIy be repaired M tM AssocrattOn. and an rnstaltment of 1M premium that w,N
be•crwr,e due and paysbN to renew tM mgtgepe mwgncf, d any Such mstailments shall be sguat, respechrely. to one'twelfth Ilrt2th) of the es
hmated premium q premiums fq firth mwnnce. and facet end efsessrneots Mat due cas esLmated by tM AssocUlronl toss all rnstailments atreadY
pant therefpr. drvdsd t/y the rrurrtber d month that er1 to e4pfe pre month prrq to lire date when such pem,um ~q premwmt and taxes and
assessments w,it trecorM deYrquent The AffOCNtron. wMle applying such payments to rnswanCe fxemwms. taxes and assessments. beige tM same
become deLnpuenr. sMll not pay mtNfet to tM Monpagq ore such funds. and au such payments may be cOm•mngied oy the AssocraLOn wdh any
other such funds o• vwth rte own (urtds The funds are dodged es addrtronal security Iq the sums secured bTr tMS Mortgage and ere suDlect to use by
the Assoc!atror, ,n payment of late cMrget' and bona CWlectron cMrges
iM All payments meniroMd in tM preceding wllstctron Of tMS paragraph acrd act payrMnts to be made under lire note Secured hereby shall tee added
tugPener and the aggregate amount tMrigf sfyu W pad by tM Mortgagq each month m a single payment to be appt,ed br the Assnc,aLOn to the
foUOw,ng items rn the qdN qt lath 1 ?etas. asfefiments. and rnwrant! premiums 2 -late charges and Dank coliecbOr. charges. unless peed :n
mar,r,er p•owded rn paragreph t Ise 3 Interest On tM note secured Mretry 1 Amornratror, of tM prrnc,pat of sa,d note
Any def,c,ew_y ,n rrre amount of such aggregate riwnthfy payments shall, urrbss pad by fire Mortgagrrr prior rn the clue date of the ne.t wch payment. con
strtute an event of dPlauH under tM mgtgsge Without waiver of any rpht. the Assocrapon may collect a rate d,arge" as prov,ded ,n the kote
5. that r1 tnl rural of the payments mWe bet tM Mgtgepa under la) d paragraph 4 preceding shall emceed t1,0 amount of payments acwauy mane by tM
4sspc,aLOn for tames and assessments and insurance premiums. es tM eaw may De. such otiose sMll ire credited by tM AssocraLOn on subseouent payments
ro tx made by the Mortgagor II. trowever. tM montNy payments made by tM Mgepagq under tit of paragraph 4 preceding snail not nave trees wffrcrent to
paY to+es drwl assessments and ,nwrante prerrutrmf. as tM case may W. when tM same Shat bCOme due and payable. then. the ASSOtratrOn may at its op~
!Kn, imnerWrately paY such to+es and asssssntents and rnsurarrce premium, and tM Mortgagor Snail pay to the AssocraLOn any ar•,punt necessary t0 make up
ttre defKrlrKY and such payment Shall tee due and wyibte w,IMn 1Mrty 1301 days ante the data of mal,r,g 01 noLt! by the ASSOC,ahon setting /urih the amount
cl wet: debuency il. at any drift. tM Mortgagor shall tender t0 tM Assouatron, in acCgdance with tree provrs:ons of the note secwed Hereby full payment o1
ir,e attire rn•,llbterf:`ess r._presentQd Mreby. tM ASfOCratron sha11. in computing tM amount of such indebtedness credit io the account of fire Mortgagor any
trata•rce rema:n,ny .n the funds accumu4tW undp tM govrsrorts of bl of paragraph 4
6 TO perrnt. comma or suffer n0 waste. impanment q dlter.oratron of sad property. O• any part tfreteOf. and upon the la•lure of th! Mortgago• to keep the
bu,'d,ng5 a^ Said p:cperty ,n good COrditrOn q repair and maintenance. tM AsfOCNtrOn may demand proper mainteninC! and the immed,ate repa,r o! Said
burtd•nys nr an r•,crease rn tM amount of secunty. q tM rmmed:ate repayment of tM debt herel>,r secured. and the fade-,: of the Mortgagor fo comply w,ih
seed dernarwf of :tie Ast,ocratron fq a Derrod o1 tMrty 1301 days sMll constitute a beach of tMS mortgage. and at the opt+on of ttre AssocraLOn ,r•rmediatety
maTWe IhP entire amount of phntrpal and interes! heretly secured. and [M AssociatrOn ,mmedrately and without notce may 1nSDtute prOCeedrngs to foreclose
;ors mwtgago and aptly for tM appantment of a reserver. as frerNrgher prov,ded. and ,n case of tM refusal neglect q rnabrhty of the Mortgagor to roper and
n:a~ntd•n sa•d G•+,:rer;y tM Assocratron may. at qs opaorr, snake ouch repaHS q Cause the sam6 SO be made. and advance moneys m that trehalf
~ i~ pe•forr., ro^,p!•r vertu std abide l1y each and every the stipu4tioas. agreements. cad,tions and covenants m sa,d promissory note and this mortgage set
forth
B ; O c^^rp:Y 'xith tr~e ~u:+r!rv,5.On reftrrctronS ird tM mumCipai rOMnp gd+narrcQS epdKible t0 tM morlgdged DrpperiV not to Erect Or perm,t to be erected any
new t*„!d.••9> tin !tie premrset hereinn mortgaged q t0 add to q perrrut t0 ire attded to. make q permit to ire made. any Structural slterationt t0 any d try ea-
•~tin~ !•nprover"e••is thereon, Wrtyout tM written Content d tM AssocratrOn, ird rn the lveni Of any vrOlaUOn Or attempt t0 vrplafe these stiputatrOns Or any Of
them tars +,•f.iQdlre and all sums secured Mretty Shall ,mrt,edritely becOrM due and piyibt! at the Option of the ASSOC,atiOn
g That •n ~asP of a d~fautt m any of tM terms of this rnortgag! and tM hLrrg of a bit to Igecbse tMS O. any other mortgage encumbenng the within descr,bed
p+o[,e•ry :hP N esnc,adon shaft be entdted to apply at arty Line wrtl,0ut notice perdrng such foreclosure sort. to the court having iunsd•ction thereof for etre ap-
p;nnh•,ent or a +e'_Pwe• of a!! end singular tM mortgaged property. and of ill tM rents. incomes. pohts. issues and re:enuet thereof. from whatsoever source
•fon?rVf a"'f !nPrp,;;Mn •t rs hereby e¦pessly crn'enanted and agreed that the court shau fonnw,ih appo~nt a rote+ver of said mortgaged p.ocerty all and
s•ngula• a:•+! o! s,r-_n re•+ts. ir~omes. profits. levees and revenues ti,ereo( 6om whatsoever source derived. with the usual powers and dupes of receivers rn Lte
cases anti such apt>n~~.t^•eat shat: W made dY wch court as a matter of Slnct npht to the Association. and w:[nout reference eo the adequacy or ,nadeguacy of
:r,e ~a~op of ;r,e p•.-,ppry Hereby mortgaged. q to tM fpiventy q ,nsoivency of the Mortgagor. and that such rents profits. ,nco^,es. issues and revenues shalt
ire appl•r:1 by such rpce~.e• to tM payment of tM mgtgage indebtedness costs and charges acco+dmq to the order of such court
1 O T^di ,n the e.e•,t The p•P~nrSpS hereby mortgaged q any part lhlrepf shall t)e condemned and taken under ttre pOwe• of eminln: dpma~n the ASSOC,atiOn shall
wave in.. r.onr •r. de~•ran•: t'`at al! damages awarded Iq the taking of or •nlury to card p,emses shall be lard to the Assoc,at:on. •ts successors or assigns up :o
me qr• r>•,ni •ne•, u:+:,a•d on th•s mgtgage and may l7e applied to any wins cast payable Hereunder
11 i Hai t•^•e ,r or t•*.• nssen: ~ of this contrast and that no waver of any oDlrgation hereunde+ w of tie pb+~gat,or• Se.ured nreby. snaU ai any t,mp thereaftc+ lx
•>o'd i0 he r wa'•:r• 7r ;n~ terms hereof Or Of ihE prom,SSgy not! Secured he+cDy
12 tr Y`r eve•+• c•f a~ r •f4f, ,.t :n ar,v OI tM terms of this mortgage. or ,n the not! secured hereby a•d acceterauon :ry the no der, o: any otne• srtuat•on that would
cacsP •nP ,o...•PS: p~•d +:r cavab'e under this Obi,gadon to exceed the rntere5r .ate autnonred try taw then rn such eve^+ ail p+cess •n;lrect *nere•ernrP na•d than
tie r.n:d fed to p••.,•.~twl aid a:• xcrued and unpa,d excess interest s^ail abate and shau not tre an obi gat,oo of the makor M of any othe• person
/ 3 That tr, the a,tent Of the mdeDtedness of tree Mgtgagq to tM ASSOCiit,On described hereinn or secured hereby the Assx~abon rs Hereby subrogated to the iron
n• Irons a•,d rn the •:ghfs of t?,e owner and holder thered d each and every mortgage. Iron m other encumbrance on the land descr,Ded herein. wh,cn ,s paid and
yatrSrrPd m wnotn rn pan. out O} tM proceeds Ot tM loan described Mrem q Secured hereby. and fine teipeCtive bens of card mortgages. teens q other e.^.
u,mbances shall r_ a•+d the same end each of them Mreby rs Drlfervld and shat: pass to and be held by the Association herein ss secunty for the m~
deDtrdne5s . ~ the aSSO,:~af+On herein described Or hereby Secured. t0 the farRe !=tint that ,t wOUtd have been preSen'ed and wOUtd have been passed to and
been heN D: the 4ssx•anon had rt (teen duly and regularly assigned Lansferred. set over. and dNwered unto the AsSOt,at+on by separate deed of ass,gnment.
nntwitt•sta^d~•~g the tact that flee same may be saLSfied and'cancet!ed of record rt blirrg the rntentiOr? of tM parses hereto that the same w,R t>o satisfied a•d
cancP~~pd of reco••: by the tro'ders thereof at q al)Oirt tM Line of the record,ng of this mortgage -
14 Tnar any Ot ;no sums Of •-,only MrNn referred 10 tf! not promptly and fully pad with,n th,rty 13C? days rest after the same severally become due and payable
:?r ea_~ 3^'~ eVP•Y the st•p7!atiOns agreements c0•d,tiOns and covenants of Sad promrsso•y Wore and the munga3e or a:mer• a•e no: duly performed. coin
pared a an ea••1pd by the aggregate win unpad under sad prom•ssory note and tHS mortgage shall trecome due and payable forthwith dr tnereaRer a: the
npAOr. of Ass~'`c,a:,c,n as fully and somp'Nlly e5 d Bird iggregite win of mono were O•rp~ra!lY stipulated to ire paid on such day anr'th,ng m sa+d
I 7.'C,.T.•1S,)ry 'n)to n- hPfP,n [o the contrary nOtwithttandirrg
~ 15 T•,ar nailer to av.e~e•ate the matunry of the rrdebtedness freret/y secured trecause of the fadurP o' the Mongagor to pay a•+y :a. assess•nPnt !+ab~!•:r•. obl•ga
r+,~^ c^cuTD•a-LP v: on card property ss hNer provided rt shall opt tfe necessaryY ^o• :e0u•s~te that the Assor,•aDOn sna'~ frtst pay the same
t 16 That '~P a!, c••ar; n• ahs:ra CtS Of Gile cOYenng the mortgaged property shat! at alt limes du••ny the fife Of the m0•tyaye rlmd'n ,n the posSeSYOn of the
r :•ss0=•?r•f,^ •r:u1 P~+Pni of thg r07lClOSUr! Of this T.Ortgigl. Or OtMr [ranSfer Of titi! TO the mOnyaged property rn e¦!,•'yu~Snmer; bf the indebtedness see. tired
t nerebr d!~ '•J•,t. ;4:P dud ,niere52 Of the Mortgagq m and t0 any wch ibS[ractS Of title Snail Dass f0 the purchaser Or yrdntee
t 7 S!`o:a~ i••e ~ :d,r, n• ',e•+ of fns mortgage. W the rwte secured thereby. be contested br !•t gat•on or othe.wse the !1Rortgago+ ag•ees :o oar to me Assouatron
•r.p cost o! :lprec^~ ,Q the same rnClud,•ig a reasonable attorneys fee '
18 Tn par a'1 a ~rl s.:•~ ra• the costs. charges ant e.Denses. rnctud•ng atrornev s tees seasonably mcur•e•f nr pa d err an. rime Hy fine Assnc•anon twCaute tit the
€ fa•h,r• rf rn~ Mnrtoa•1nr to prlprm. comply with and abide try each and every tF.e st,pvlatiors a4rPerrents rpnd,ponc and covenants of sa,d prom•sSO+y note
arM ih~c rt.n•taa se m er,',er. arv3 every Such ieacept for the payment of the monthly mstallmenr as reCU•rpd Dr rho Pmmrssory NPtP! snail bear :merest from
+Sai•i tun •s•e n• irran~ per cenT f 18,1 per annum uMd fully paid
19 Tn? Ac:Oaa; •?r V,aa nay! the r,ght at any time and from brtre LO time and W,ihppt nOUC! tO Or consent O+ any person to 'a: •r:ease any porhOn O} the prem,Se3
f+o••• rr:e lrP~ ~.r ?•s mnr;oape. !Di release snY Dorton Dable fq payment of my indebtedness Secwed hereby. rr e+tend the tame of payment or al;e• the terms
€ nr pay^~Pnt o` as aw pa+t of the ,ndebtadness. without allotting q reieas,r,g tM persona! !iaD,Lty of any person ~•aWe lother than err DersOn wleaseci a,•
a <„art r•Pre•rr liar tnr eau^,rnt of any win q interest secured heretry and without m any verse attenng varying nr d•••:,nsn:rig the fprces effec•s or lien of tn~s
^•or:ga•rP a;i i , • :rises not SpecitKaily :@12:Sev' from the firer of this mo,igage Dr tl,e Aserr_•at~0•,
~ 20 Ary ao•AemP^r tip:ea!ir.• --ado by Mortgagor and Assocubon pursusm to this mortgage snarl be supenw to the •rgnts of ir•e no'•fer o' any •nterve^•ny Len or
2 t L'?•^ r°TJPSt Of t'!~•!gdgru tnl AsSOCrst•On may. at its sob Opt,on from t,me to t,me before full paYT+e',t o' a~' indebtedness secured hereby make fu+Ihlr ad
var•cP: M AAo•tgay^* p•ov,ded ROwlvlr. that tfre togl principal Secured hereby and rema:mng unpad. rnUud,ng any Such advances. Shall rot at any Ume e+
• reel too c,nG•nal ;,•r",c,pa? sum secured hereby Mgtgagq sha4 pay all such further advances wet r, into+est acd Me same shat, be seta+ed tie+eby All p+ov~mons
or 'f•r• mnrGage smart apory to each further advance as wtfi as t0 all OtMr ,ndebtednett SecureA hereby Noihmy hgrlm cOntd•ned However. snap Lma the
a•r n•,^r co%,,.pd Ct th s'-,n•;gage d such amount n increased try advances made t)1+ the Assooat•on as Here,n eisewne+e p•ov:ded for to protect the secunty
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<^J. t • ;nom Vr r hqo• rwre•n or any wbseauent Mortoagw Or any per5pn Or COrpgrdFnn OWrnnq any !nte'QGi Ylr,atsOrt:er ct•o:dd pnU,mtW the prOpe'tV
? r.irn,n +^o•r^,•rrle•f ar a•ci•3me^t comr•gnly refe•rod to and krWw•, as a ~wran-around mwtyagP w~rhour heal nM,am,rq tnP wn.tPn consent of rhP Assx•a
son. :rPn err inn r,•i.o+, the AssoCWt,on the oblr attor: secured this Mortoa chart ~mr.,ed~ l
9 M qP ate y tw amn due a•,•f paranlP
73 Tn tr+nc-itP r:n c,;;.,.-:a•,.,n .Mrh good Insurance Coverage rf the real property rs now or he•eaf!o. determoned to tip wan,n a speua~ fiorXf Hazard a•ea as shover
r':,•,.. '+.~.,r•t n•:,^.!a•~ flop Fcood Inwrance Rate Map as published by the Federal insurance Artm n•strannr
24 At t•»• •n•t,:p•r ^f 1+lo+t•}agor the AfsOtratrOrr egress to waive tM provif,OnS of paraggph 4 relative [o the c+eaLOn of a narard'nsurance account. provided
noYYr lrn• t•,r r~ Ac,o-.:~ar~en •etans tM tight. at ds option. to ro-instate wch prOVSrons of sa,d paragraph 4 as an obngation of the Mortgagor hereunder upon
the naC;,r±n.•,,i r r;t tt,e fOIlOY1n•rg
A ca,;;;re to •nate ~^y payment regwred under TM trmf of tM mote on or befMe the due date thereof
c, i a::ura ^o'y N+ fns mwranCe prpyrfrons d Wrepraph 3. q of any of tM otMr terms ant cond,LOns of tors mortgage nr note O• with the msurince
) ••~rn •P:••s!•rtc r•lr;?•^71 m the OeNawtan of Condomm,um ant rNated dosumMts shotitd the mortgaged wopenr ire committed ro condominium
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