HomeMy WebLinkAbout0249 ± ;
~ i
4. that w+ order to poroct rr+ori fury tM SitiM+tY d ilw mortgage, tM Mortgagor- together Meth ird M adWt+on to. tM mor+tNy wyrrronts undo tM tams o! the
hots secured hereby. on tM spetrhed payrMr?t date d Nth month iMt~l tM Nrd note, K fuuy pad vrdl pay ro tM Assoc+it+on tM lotfoww+g wins
lat• An mstillmant d 1M baq and assHSrrsenq lev+ad Rr to tli lev+ed apemst tM prienrbei covered by sews mortgage. and ar+ rutsgrrtint d tM penwm
a pemrums tMt vets! OeoorrN drN and paYabN t0 renew sere irtatrnrrci on Uti premWS cowed Mnby iganst loss by tae. and wudstorm. ss provwid
for try paragraph 3 preeidrtg. Or such Offset haa!sM q may reasonably be reported by IM At+socratron- and sn r+sisument d tM prenwrn+ that Melt
become due and psyaDli to renew tM mta<tpege rrierarrce. if any Such rrrotaintents shall be iVUal. ?ispictrvely to o•ro•tweMth 11! 12th1 d 1M es-
t+mated pehrum or pemums for sertfr rtrowant». and bent and aiaissrrrents rroat dw less esumated btl tM Assoc+aaon) less aN +nstiurrrents sMNdy
• pad thaefa- d+vded by tM nwtrbM d month that ire q eUpae p•e nanYs pr+or ro tM date wMn such pemrum a prem+ums and tsars and
assessments wra t»OOrrre deMrttauirtt. TM Asaopatron. ylrMle applyuq such wyments ro rr+W?snp premiums. seep and assissn+enK. Wfore tM same
become detrerpWnt. shall not pay mterMt t0 tM Mortgagpr on such lands- and aN atxh payments may W comrr+r,gled by tM Asaocraaen Meth any
other such !ands or with its own funds TM /ends an oNdpid es add+taMl sicw+ty for tM sums secured by this Mongage and i•e sutslict to use by
the Assocvt+on n payment d '•Nte eharpas-. ar,d beak oolNCtan ehargea
rb1 An payments mentaMd rn tM precedwsp subiectron d the persgnph and ant payments to be made under tM rare sxwee Mreby shin be added
together and eM aggregaa amount thered t+1+aM be Psrd DY tM fylortgagpr each month M a strsgle piYmMt to be applNd DY tM Assacratan to tM
fdtow+ng gems M tM oroar aN forth. 1 Taxes. assessments, end tnwrance premwms 2 '•lan charges" end pink cotlsctar. cl+argK. unless pad sn
manrror povdW paragraph 4 lal 3. Interest On tM note san,rad Mreby 4 Ar+ortastan d CM prtrCrpal d sad note
Any def+oency rn the an+ounl d wch agtlregaM morrthly payments shah. uNess pad by tM Matgsgor poor to tM dw data d tM neat such payrneM, con-
sbturo an event of dtfsuM undo tM mortgage- Washout waver d any rrght• tM Assoraatron may wlkct s -late charge" u povded n the Note
S That iM total o! tM paynrenN made try tM Matgpor trrtde? eel d paragraph 4 preced+rq rhea exceed tM amount d psymMts xtwey rnsde by tM
Assoctatan fa !saes and assessnronts and rrrewartC• Drtrrrrtrrns. N tIN case may be. such txcess shay bi pelted by tM Assowtan on subseawM payments
ro be made by the Mortgages. If. froM+iver, fete monthly peymN,ts made b1l tM Mortgagor carder lal d pxagnph 4 preced+ng shsi not Mve been wff+cront to
oar taxes and assessments and i+swsnce pnnrums, u tM tier may bi. wf+en iM suns shit become dos error piysbk. tt+er,, tM Assocratron maY. at +ts op•
r+on rmrr+ed+ately pay such taws end assessrr+enb and rnfunnce pren,+um std tM Mongigo. shah piY to tM Assoc+stan srry amount necessary to •nake up
the defic+er,cv. and such payment sMb W due and WysbN vMthrn tlerty 1301 days she tM Oise d rr+arbr+g d r,ot+ce by tt~ Assocrat+on seta,g lprth the amount
of such defrc+er,cy It. at any trrrri. tM Mortgagor rMg ta,der to tM Atax+at+on. m acoordince Math tM powstoi?s of tM note setwW froreby. fun payment d
the ant+re u,debtedness repssented Mreby. tM Assoc+atwn shah- rn computrp tM amount d such indebtedness. trade to the xcount d iM Mortgage ar+y
babnce remae+r•,g in tree funds aewnwlsted under tM potnsorp Of Ia1 d parsgnph 4.
6 To perm+t. uxnrmt a wNa no wpn, urrpa+rment a deter,oratan d sad property or any pert thereof. and upon tM /a+lure d the Mortgage ro keep the
Du.ICt+.+gs on sad property in good wndtan a raper and rnstntirrent:e- tM Assocratron may demand pops mamaryr,u end tM +rrsrned+ate repau d sad
tw+k:+++gs. o+ an ,ncrease rn tM amount d securely, or tM rnetredrab repayment d tM debt hereby secwad. and the fah:-: of the Mortgage to comply Meth
saw demand d the Assocratron for a paved of thrty 130) days shah wnsatut! a beech d the mortgage- end st tM opton d tM Assocratan- ,mmedrate?y
mature ibe ensue amount d p+rKrpaLSrd interest tweby setwed. and tM Assowtan rrnn+ed+atey end w+tfaut notes may +nsatute pocaed+•+gs to loredose
tMS mo•rgage and apply for the appananerrt Of a reserver. a lwerrrofur poMded. and rn use Of the n!usil. rreglact or msbbty of the fNortgsgor to reDiu end
ma:nra+n sa+d poperty. tM Assoctatwn may. at its optan. verb srrCh vipers or cause tM semi ro be made and sdvir,ce morroys m that beMlf
7 T~ perfo•m comply w+th and ibrde by each and every tM st+pu4trons. agrNma,ts- cond+t+or,s and covenants in sad pomrstAry nWe and CMS mortgage set
1Mth
8 IL e~+n+pey vy+rn the wbdrwsan reStrKt+Ons end tM memrppal tOrr+rrp ordr+ances spplrcabli ro tM mongaged popMy. not ro erect a parrot to be erected sr,y
new txr+kM•ps on the pemrseS herein mortgigW a ro add to or points ro be sdde0 to. make a paint to be made, arty slructwal.etastarrs to arty d tM ex-
~sbrg +mprovements thereon w+tAOUt tM written consent d tM Assocrat+on, end in the event of any vatatan Or attempt to vatite thole sta„4tans. o. any of
them ihrs mortgage and sa wins secured fseribY shah ,mrtsirsstefY trocarse due cad paysbk st tM aptron d the Assoc+at+on
9 That +n case o! a defeats rn any d the firms d th+s rr+ortgige and tM fdr,g pf a bk ro foreNOSe tAs or any other mortgage incirmbausg tM w+tl+rr described
o•Ope•!y the Assac+atron shall W int,tied to ippfY. at any came Mnihout not+ce padrr+g such foriclosurc sort. to the cam havmq grr+sd+ct+on shored for tM sp-
tamiment of a receiver d su end s+rrgular tM mortgaged property, std d alt tM riots. rr+co•r+es. profits: +ssues and rem,ues tMred. from Mrhatsoever sowce
cle.n-wf anA rhereutXX+. rt K hereby eaptessly cOVeninted and agreed that 1M court dsaii /pthwrtA appoint a reGe+wr d sad mortgaged pOperty. au and
urwufa• and of wcn :r•htS.:rrcprnei probes. +sfuel and reyerMNi tlreriof- hom wMtswver spume denved. vwth the usual poMrorS end dut+es d receivers in bk!
cases and such appo+nunent shau be midi by wch court p a mitts of str+ct rrgf+t to tM Assxrst+on- and Mnttavt reference to tM sdeQtrxy or ,rydegrshr of
the veiue o! rrw prorerty heretry mortgaged. a to tM lOf+rirretr Or +nsotvincy d tM MMtgagor, end that such rents. pofits +ncon+es- risues. and revlMres Shia -
r+e app'+ed bs wch recervr to the ttaymerst d tiro mortgage rrsdebtadrross. wets end charges. xw•br+g to the order d such Court
r t O That m tr+e e•.±nt tt+r pemrses hereby mortgaged, or any part tlrersof- sMU be corwemned end taken under the power of etn+r,ent domain. tM Assocutan shag
nave the •+ght to demand that aN damages awarded IOr tM takrq d or +r,Nry ro sad pemrses shaA be pad to tM Assoc+at+on. +ts successes or sst+gns- up to
:he amount then unpad or+ CMS rrrartyage. and rosy be ipphed ro any wins last paysbk hereunder
t t Treat vine is a1 the essence d thrS t:Ontrxt and that ra wa+ver d any obl=gatan hereunder. or p/ the oW+gat+or, secured hereby- areas! at any t+me tr+erea/ter be
hok t.• t:e a .>:a,ver of the ter+^s f+erep! a d tM promissory note severed hereby
t 2 !n t!•e eve'+t of any default +n ar+y d tM tams d this rr+ortgage. or in tM rate sxurad hereby and xcekratan by tM !solder. or arty other srtwt•on that world
c x~se •r+e mtrrect Da•d M payibie under CAS Obt•gat+On ro iaceed Chi interest rate autl+d+red by taw. then in wch event au excess ,reforest tneretotore pa,d s!+au
be t•erl+:ed to p+rc+pal and a:' accrued end ur+pid iaCefs interest enter abate and Shah not be an obl+gat+on d 1M mikes or d arty Other person
t 3 That to the extent o1 the +ndebtedrross d tM Mortgspor to tM Astaastan descr+bed hereu+ M sKwsd hereby. tM Assoc+atan ss Hereby subrogated to tiro ben
a t+e:,s and to the rghtt of tM owner end fsotder shred d oath and curry mortgage, lron or otlror encumbrance on the land Cescnbed herein, wAch n pad and {
sat,sl.a3 zn w:.o'e « M pan. out d tM proceeds d tM loa+ dese.+bsd Mre«+ a secured hereby. end the ?especirve bens d sad mortgages. tens or other en-
cumbrances sleet bar end tM same and exh d thin Mreby K preserved and shsu pia to and be held by tree Assoc+at•orr herein as secunry for tM in-
debtedness ro the Assx+atan trorsin descrrbW a froreby secured. to tM same a.tent [fist d would Mve pooh peserved and would Hive been passed to and
been held by tr+e Assoc•at+or: had rt been duly end regugrfy assrgr+ed. transferred. see over. end delrvr-ed unto the Assocratron by separate deed of sss+gnmen!
notw+rnstanrl:ng ttie fact trait the semi may be sattsf+ed end tarsceMe+d d record. rt be+rp tM rntentrOn or the partros hereto that the same Moo be sansr~ed and ~
r-an[eiled o+ •ecor•f by the hOtdlrs thereof it p about the came d tM retord+rq d CMS mortgage
14 Thar any or tt+e wins d money herein referred to be rat promptly end fogy paw within th•rty 1301 days neat after the same seversuy become due error PiYable-- -
` qr r} each a: W every the st+putatans. sgreimints. wnbtgns and wvenints d sad praressory rate and etas mo*tgage. or ether. are not duly performed. coin- j
pt+ed w•rh error ab.ded DY. tt'e aggregate win unpad under aid pomrssory note and tfvs rr+ortgage shat! become due r+d payable lorthw+th o: thereafter, at the !
opt+o:+ of the Assouatan- ss !very end wmpNtey as .f sad aggregate win d rr+Or,ey were or+gtna:ty st+putatM to be pad o++ such day. snythu,g ,n said j
pom~s»ry note or here+ t0 tBe Contrary nOtvvrthiterrdttrg _ ~
15 That +n order to xceterate tree maturity d tM rr,debtedness hereby secured because d the Isdure or the Mortgagor to pay s•ry leer assessment. bsb.hty odrga ~
` t•on or encumbrance upon saw Drpperitl as Mrelr, prOV+dad. d shaft reef be necessary nor reou+s+te stye the ASSOCNt+Or+_sha11 first pay tt+e same 1
1fi Thar rye ab;:rxt or abstracts d at4 tM mat i
I ~Orfirrng gigid property ante! at ill bn+is dunrg the 1~f~ d tMS mWtgagl. remain n+ the posslss+On o! the i
I Assa_-•atan and +n even of the foreclowrc d CAS matpige. or other trirrsta d t+t4 to tt+i mortgaged p•perty_ m eat+ngu+shment of tAe indebtedness secured S
t+e.ehy al: r:ght t,ry and intros! d Chi Mortgage en end t0 ir?y s.,cf+ abstrsaf d bik st+al+ pats t0 the purchaser or grime! !
? 7 Shou+d itie ~ al.dtty p hM O! tMs rr+Ortgage. or tM tali severed tlroreby. be Contested by M+gat+or+ or Olherw+se. the 1NOrtgsgor sprees [O pay t0 tM Assoc+al+m
the cost of defending tr+e same sndudrp a rtssonabk attomiy i /N
t8 1o pay au amt s+naula+ the costs. charges and expenses- w+rJirJu+g attorr+eti s fees reasonably u+cuned or psrd at any r+me p!r tfv_ Assowt+on. because of the
la+lure o} the Mortgagor to perform. comply ++ntfr end abide by each and every tM st+putst+ons. agreements- cond+t+ons and covenants of saw pom+ssay note
and th+s mortgage- M Hther, a•d every such (exppt fpr tM payment d the monthly +nStaurr+ent as reguued by tM PrornrssorY Note) Shall bear interest from
date err the +ate of nrlhteen per cent 1181 pe• atrnum until fully pad -
1
19 Tr•e Asu>>~at~on steal: nave the rght at arty bin! and from amB t0 hero and w+tlaut notrCe to or consent of srW perloh tp lal re:lale arty pOltrpn of tM pemrses
frrxh the iron o! tA+s mortgage tbt release any person kable for payment of arty +rrdertednesS secured hereby. Icf extend the tome or payment or aRer tM tams
t,l payment o' a't M airy par, o/ the rndebtedrress. without iHest+rp p rskasrq tM personal hsbd+ty d any person batik iorher then any person released pu•
suanr r+e-etol {or the payment of any w•n or interest secured hereby and Mnthout in any w+se slter+rp, varytr+g. or d+m,•,+sh+ng the taus. ef/ects. or Irer+ or th+s
mrxtgage on an the pem+ses not sptK+lrCaNy released from tM Iron d CMS mortgage by tM Assoaatan
20 Any aveement !+e•eahcr made by MortgagM end Assoc+atan pursuant to tMs mortgage shah be super+or to the r+phts of ir+e kidder of ar+y mtara,+hg hen or
encumbance
2 t upon •equest of Mortgagor. the Assoc+ii+or+ rosy. at rri sOte optrpn, from t+rr,e to Ume. before full payment d alt tndebtedrross secured he!eby. make funkier ad-
vances to Mortgagor. provwed- however- that the total pnnc+pal secured lrorebY end rema+nrr+g unpaw. +rKludrrg any such advances sha'1 not at any came ex-
ceed the or+g•nat p,rv_tpat cam Secured hereby fNOngigpr shag pry all wch furtl+er advances Mrttb •nteresi end tM same shat b! secured l+ereby Au poveyw+s
of th+s r^o*tgau snarl apply to each further adrante as wait as to erg otMr rr,debttdness severed hereby Nothing Mran COnti+r,et however. ante: I.rmt the
lnrount socvred by rh•s mortgage d such amoun! K +ncreassd M sdvsnces made by flee Assoc+at.on. ss here+n Nsewhere pov+ded for to potect tM setunty t
E : 2 r" t!w want th•e !1tn••ga5p hereto. Cr any w-liepuent Mongagor. or any person of corppatgn own.ng any +nter.st wt+atsoe,-e.. st•nrM encumber the poperty
t~:e+n mortgaged by an m.5:rurnMrt COm•r+M+IY referred to end known ass 'wrap-around mor!gage ' vrthovt lust obta+n.ng the Mn+tten cor+sent of the ASSOCra-
t:rx+ ?lore. err :M apaor, n! tM ASSOCratan. tM obbgatan secued by this Mortgage shau +r^. n,edta+eh become du. ant psY?Me - l
13 Tn prm•+rta r!+e Assnt+at+on w+th Flood tr,lurarrCe Coverage rf the rest poplrtY K raw M hweahe+ Aeterm+ned toxic wuMn a spegai food hdtard a•ea as shown
X: F!.nd Nara•d 8nundar~ Map/F1ood Insurance Rate Map it pubi•shed by tM Federal tnStrrar+Ce tufmuns!•atwn
74 At tree r.-q+,.s! of one Mortgagor. tM Assoaatan agrNS to wswi tM prorsrons of paragraph 4 re4trve to tM c.estan o! a hazard +nw.inci r-count- provrded-
!w,weva.. t',at the Asswatton vacates tM rrpM- at rte option. to n rrKnn such pov+sror+s d sew paragrapl 4 as an obF+gattan o~ the Mortgagor haeuMa upon
ii tree '+apue•u•,o rat am~ of the fWiovnrq
1 b Fa:+ure to make any payment re4trrid urrdir Chi tarns d the note on or bNon the due date thereof
E19 8 'aau•e to comply Meth tM mwranoi prons,orb d paig•aph 3. or d any d tM other terms end cond+t+ons d sets mortgage or :+oti, w MnM Chi rnsws•xe
-^vu+rements conta+tssd n Chi OeNaratwrr d Cadom•nwm end noted dorruments should tM mortgaged poperW be corr+•n,tted to cadoranrum
~•veiooment ,
~C~'~•n -
T; P-A
!I en~~ ~ -
MICA 17 - BOOK NtJV PAGE
- _ s _ _ '