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HomeMy WebLinkAbout0954 i ~ . 4. That m order to Wotect more fully tM tecu•rty of [MS mortgage, the Mortgagor, together with. and m addrtrpn to the monthly piymentf under tlil rirmt of tM note secure0 hereby on the Spx,fied psyment date Of esM month until the said note ~S fully pa,d, will pay to tM Afsocratron eM fdbwrng wmf lal An ,nstatlment o1 tM tsxes and asfetfinentr lev,ed a to be lev,ed aga„st the Txemrsas covered by this mortgage. and an mstalknMt of tM pemwm pr pemrumf that will become dui and payable 10 reMw the ,nlursnte On the prem,SeS covered Trereby aga,nSt ties by hre. and wrrdtlMm, if povwled For by parag•aph 3 weced,ng. a cacti other hsesrd as may reasonably be retturred by the Association. end in rnirillnrent of the pnmwm that will become due and payaDN W rireW tM rrrortgigi mSurarKe. rf any Such rnStat:meniS Shall DO equal, refpectrvely. t0 OM•twNfth I1/I~thl Of the N• timatad premium Or pem,umt Mr such rnwranCi. and taxis irW afiefimenlr Mxt due laf estimated by tM AffOtritrOn? lest ill rnstagmirttt already paid therefor d,vrded by trN number of months tyat ire to elapse wre ngnth grew to chi date whin such p•emrum W Wimrumt and axes and assessments will bhome dilmpl,ent iM AttOCratren, while applYrrlg Such payments to ,nfursnce premiums. taxes end atiseftmMti. baton ilN same become dsbnquent. shah not paV r^tlrest to chi Mortgagor On such Surds. and all sutra paymems may bi commirglid by chi AttocNtron with my other such funds p w,th ,ts own lands The Sancta are pledged as additronal SlCUntr for tf+e wms secured by this Mortgage and an wbfict to use by the Assocratron rn payment of lari thereat' and bank collection charges lhl All payments mMbonld m chi prxeding subsect,on Ot this paragraph and all payrnenlS LO t1e made order the note sxYrid Fteriby shall bi added together and the aggregari amount thereof shall (N yard by the Mortgagor exh mw,tn rn a t,ngle payment to bi aopliid by tM Atfociatron to the fouaw,rg items rn the order set Filth 1 Taxes. isussmentf. end inwrancs premwms 2 'late charges and bank couictron charges. unless yard m manner provrdW +n paragraph 4 lal 3 lntsnst On Me note Secwed hereby 4 Amorntat,on OF chi prrnC,Wl o/ card rate Any rtehcrerr_y M the amount of wch aggregate monthly payments shall. unless pad by the Mortgagor prrpr to the due date of tM Mat suer payment. pon- stitute an went of defauh under the mortgage Wdh4ut waiver of any r,ght. the Association may collect a '"late charge" as povtded rn chi Ivoti. b Tnat rf the oriel of ttre payments made by tM Morepaga under lal of parsprsph 4 prxedrng shall exceed !hs amount of tNymMn actually made by chi i Assocratron }or :axes and assessments and mwrince Wemwms. as tM use may Ds. such excess shall be cred,ted by the Assocratron on wbsipuent p+ymenri { to be made by the Mortgage If however. the monthly payments made by the Mortgages under Its! of paragraph 4 wxedrng shall not f+aw biro wHiaent to . pay taxes and assessments and inwrinte premiUmS. aS lh! [iSe may tM. When the same shall Aecome due and payable. thin, tM AffOC~ation may. at rtf OD- tron ,mmwdrately pay such taxes and assessments and ,nwrance psm:um. and the Mortgago+ sr,atl pay to the Associsti4n any amount necessary t4 make up The defrc,ericy. and wcn pavmMt shall be due end payable within thirty 130! dsys aher the date of ma,bng of notice by the Assoclatron fitting forth tM amount cf such defrCientY IF at any time. the Mortgage shat) tender t0 the ASSOtUti4n m xtordance w,lh the provisions Of the note 7xured Mriby. full payment of ttie entire rndebtedntss represented hereby. chi Auocratwn shell, rn COrrrputing the amount Or Suth ,ndebtedMSS. credit to the xcount of the Mortgagor any balance ramarmng m the funds accumulated under the provisons of tai of paragraph 1 6 To permit comma d suffer rip waste. impairment W detlr,oratron of rail property. w my part [here0l. and upon the failure OI chi Mortgagor to keep the bu:dings on sad properh rn good cOndi[ron or repair and mi,niaMnte. the Association may demand proper mamtenanCe and chi immidrite repair Of Ned tw:ktings Wan increase m the amount Of fecunty. W the immedrat! repayment of the debt hereby secured. and the fair-s of tM Mortgagor to comply with sad demand of the Association for a period of M,rtY 130) dsys shalt constitute a bleach of tMS mortgage. and, at the option o/ tIN Atfoaatron, rmmed,atNy mature the entire amount o1 prrrrcrpil end mtereft hereby secured. end the Association immediately aril w,tt+0ut not,p msy mrtitute Drotee[lrngs to ForxFose en,s mortgage and alwh for tM appantment of a receiver. as herainaher pr4vrded. end m case of the refusal neglect or rnabl,h M the Mortgagor to rspau and maintain saiA property. the ASSOCratiOn msy. at its Option, make such repairs or cause the same to be made. and advance moneys ,n that behalf 7 T~ perform comply with and able Dv each and even the stipulations agreements cordrtrons and covenants m sad promissory not! and this mortgage set Forth 8 To comply witfi the wbdrvrsron restrictions sod tree murwCipal >•orong ordinances applicable to the mortgaged property. not to erect or permit to be erxtid any new bu,ld,ngs an the premises herein mortgaged Or to add to d permit to tx added to. make or permit to be made. any structural .lteratiOns to any of chi ex- snng ,mp.ovements thereon witF,out the wnirin consent of the Association. end rn the event of arty violation w attempt to vrdate these ttipulatront. w my of them th,s mortgage and all wms secured hereby shill imn:ediatehr txcome due and payable at the option of The Association - 1 9 Tna[ m case of a default m arryr of the terms of this mortgage and the filing of a tilt to fweciose th,s or any other mortgage encumbering the within destnbld grope+ty the Association shalt be enacted to sppty- at any time without notice pend,ng wcn }Oreclowre Burt. to the court hav,ng llrnsdiCtiOn thereof for the sp- pOmtment of a receiver of alt and singular chi mortgaged property. and of all the rents. incomes profits. iswes and revenuer thereof, from whatsoeve• source denyM aril. thereupon. it is hereby expressly covenanted end agreed that the court snap forthwith appant a receiver of sect mortgaged WoOerh- all and s~rguta• and o} such rents. incomes wofi!s. rswes and revenues thereof, from whatsoenr source derived. with tfie uwal powers end duties of receivers m tike cav!s and such appwntmera Shell be made by such coca+t as s mattlr o1 stnct tight t0 the Association. and without reference to the adequacy or msdequaey of [he value of the propertr hereby mortgaged. w to the solvency or insolvency of the Mortgagor. and that such rents- profits. ,rtCOmeS. rswes. and revenues shall tie applied by such roceiver to the payment of the mortgage irdebisdnerr. costs and charges aCCOrding t0 the order of such court TO Tnat •n trap event the wemises hereby mortgaged. Or any part thereof. shall be condemned and taken under the power of eminent domain. the ASSOtration shall have The tight to demand that a!1 damages awarded for Ili! taking Of Or mryry t0 said premrStS Shall be pad 10 the Association, rt5 wCCesSMS Or aSSrgrK. up t0 lire amount then unpaid on 1hiS mortgage. and may De applied t0 any Sums fast payable hereunde• T 1 Tnar time is of the essence o! the convect and that n0 waver of any obhganon hereunder or of [he obhgaron secured hereby. shall at any Ume theresher be he'd to bP a w•a,ve• of the terms hereof or Of Ifie prom,SSwy noee secured hereby t 2 In the event Of anY default rn any of tM terms of tMS mortgage o+ m the note secured Hereby and acce:eranon by the holder. o. any other Situation that would cause the inte•est piled w payable under tMS Obligation to exceed the interest •ate author,red by law. then in such event ail lxcess,nterett theretofore pad shall be uedrted to tx~nc,pal aril a" acoued aril unpard excess interest shall abate and shad not be an obligation of the maker or of anY other person t 3 That to the extent of the indebtedness of the Mortgagor to the Association dexntxd fiere,n or secured hereby, the ASSOCration rs hereby wMogated to the lien w hens and to the tights of the OwMr and holder thereof of each and every mortgage. lien or other encumtxance on the land descnbid harem- wMCh rs paid and satis!,ed, in whole o= in part. out of the proceeds of tf+e loan descntxd harem W secured hereby. and the respective trans of sad mortgages. bins Or other en- cumtxances shay be and tfi! same and exh of them hereby is preserved and stiatl Dass to and be herd try the Association Fierern as secunh for tFie m- debtedness tv the Association herern described or hereby secured. to the same extent inert it would have been preserved aril would have been pasted to end t.ee~ he'd by the Associsuon had rt clean duly and regularly assigned. vansferred se[ over. and delwered unto the Association by separate deed o1 afsrgnment. notw,tnsra•d+ng the /act that the same may be satisfied and cancelled of reco•d iT bung the intertion of the Uarnes fiercto that the same vvril tie satisfied end cancetied of recoM M the frolders thereof at or about Tne Ume o1 the retOrd;ng o! the mortgage /4 Thar if any of tn! wms Of money n!rein referred t0 be not promptly and fully paid within thuty 1301 days next aher the Sam! Severally Decorrle due and psyible- or d earn and every the snpuiations- agreements. corditions and covenants of sa:d promssory note and the mortgage. w either. are not duty peAormed. com- n'~erT w,th and abided by the aggregate sum unpard under sad promissory note and this mortgage shat: become due and payable fortfiwrth w tFlereaher, at the opno•i o! the AssOtiatwn as furry and completely as d said aggregate sum of money were onginaliy stipulated to tie psid.On such day. arrythrng rn sad pr0-^•SSO•y note or here~n t0 Lr+e contrary nOtwrthStird,ng ~ 15 Tha! ,n order to accNerate the matunh O! the ,ndebtedness hereby secured because of the fa,iure of the Mortgagor to pay any tax assessment. hsbrhh. Obligs- nor* or Pn~umD•a^ce upon sad oropertv as haven orovded, rt shaP viol tx necessary nor roqu•site that the ASSOCiaUOn shalt first pay ine same. i 16 Tnar she abstract o+ abstracts o} title coveting the mortgaged property sfiall at all trines dunng the hre of the mortgage, remain m the pOSfeSSeOn of the Assx;anen and m event Of the FweClorure Of this mOrtgagl. Or Other transfer of title to the mortgaged property. m extrngwShrMnt O/ the rrdlbtedMSS secured IIi herot>Y a~! ngnt true and :merest of the Mortgagor in aril to any wcfi abstracts of iNe snau pass to the purchase. W grantee g 1 T Shnutd the vahdrty o• hen of the mortgage. Ot tM note secured thereby. tie contested by hr•ga[ron or etherwrse the Mortgagor agrees to psY to the ~1SSOtiaUOn i the cost of derending the same ~nciuding a reasonable attwrtey s fee 4 18 To pay an and vngular the costs charges and expenses. rnctud,ng attorney s fees reasonably ,ncurred or yard at any time by the Assocratron, because of the fl fa~'ure or she Mortgagor t0 perform. comply with and ab.de by each and every the st~putat,ons ag•eements. conditions and covenants of card promissory note ~ and this mortgage. or eitfier and every such lexcept for the payment of the mOnth:y ms+arlmenT as rertuvpd by tfie Promssory Note) shall bear interest from date at the rate of eighteen pPr cent 1181.1 tier annum until fully paid 19 TnP Assoaanon snap nave the ngM at any time and fiom time to nine and without nonce to or consent of any person to la) release any pOrLion of the premrfeS horn the !yen o} Ms mortgage. Ibl release any person liable for payment of any indebtedness secured hereby. Ict extend tree Line of Dayment or alter the terms o! payment of au o• any part of the ,ndebtedness. without aHecnng a releasing the personal lrab~4ty of any DerSOn liable lotller than any person released p~r- wa-r heretoi for the payment of anY win or interest SeCUred hereby and wahout ,r. any w•se al[enng. varying. o• drmirnsh,ng the forcer. effects- or ben of tors mortgage on an ilia oromrSeS not SpeCdreslly released trpm the ben of this mortgage fly the Association l 2U Any agreement hereahe.r made by Mortgagor and ASSOCratipn pursuant t0 this mortgage Shall be SUpe~ iOr !O the rights Of the holder Of any tntervemng hen Or i t encumb•ance 21 Upon request of Mortgagor the Assoc,a[ion may. at its sole option from time to t,me before fact payment of alt ,ndebtedness secured hereby. make further ad I vances to Mo•tgago•. provided howeve• that Ne total pnntipa: secured hereby and rema~nrng unpaid. •ncludmg env such advances. ihslt not st any trine ex- ceed [tie ongirat pnnL:pat sum sr_ived hereby Mortgagor shalt pay ate such twther advances with •nteresT and the same shall be sxured hereby. All povisrons p Of [r,i5 m0•tgage Shaft apply t0 each luriher advance ss wNl aS t0 all other ,rdebtedness secured hereby Nothing rlerem Contained. however- (halt bmrt tfte amount SPCU•ed by fns mortgage d such amount rs inCresSed by advances made by the Associat•.on. as herern Nsewhere provided for to potect the tetunt'y 22 In r!w event rnP Mortgago• hPrem qr any wttsPquent MOrtgagor or any parson nr [ orDOrannn own•ng airy interest whatsoever. slld,ld CnWmber the prOt+er[Y herernn mn•rgagert tnr a~ instrument r_omrnonfy referred to and known as a wraparound intr. tgage ~ wrtrirwt first ohtam,rg The written consent of the ASSQda- non Then err the opion cF the Associatron the obligation SPrured by that Mortgage shah immediately tvrcome due and payable 23 To provitfo the Association vrnth Flood Inwrance Coverage :}the real property s now or nerea/te+ determined to be wrthm a Special flood hazard aroa as shown ~ on Flood Harard Boundary Map Flood Inwrance Rate Map as published by the Federal Insurance Adm,mcnation 24 At the request of the Mortgagor. the Associatrori agrees to whys the provisrons of paragraph 4 relative to the creation of a ha>:ard rnsurarics account. provided. However. that the ASSOCiatron retairrf the right. at its option.:o re-instate such wovisions of said paragraph 4 as an obligation of the Mortgages herwndir upon :tie happening of anY of the idbwrng 7 A fa~luro to male any payment required under t.•le terms Of the note on or beforo tf+e due date thereof B Fa~~u•e to comply with chi mwranee provisions of psrigraDh 3. or of any o1 the other terms aM conditions of this mortgage a note. or vnth the rrlwnnce r regO,rerrents contained m tM Declaration of Corldomirnum and related documents should the mortgaged property M committed to eorldomirxum devetOpm fnt 3 i 8 3p~ E IC)-M-K T/P-A ' ~ PAGE 60~JK ~ MICA 17 • ~ .