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Home My WebLink About0384 l ~ ? 1 - ~ ail ~t d• •Mt in order to protect more fully tM secunty of lhrs mortgage. tM Mortgagor. together nnth, and in sddrtan to. tM monthly payments cantle tM tams of tM rah secured heretfy orr tM specified DaYment date W each mptrih canoe tM sad rrOb rs tuuy paid. wr11 pay to tM Asstxratan 1M btbwrng sums fat An +rtstaM+rrent o1 tM uses am asNSSments Nvred w to bs levied agaurst tM psmrses covered by this rr?ortgaga. and an rnatalYtrant of tM psmwm w pamrums drat vvJl becorrre dw and paYabN to renew tM rnwrancs on tM penises cowrerf Mrtby against bas by tiro, and wrndawm, as povrded for Dy paragraph 3 pecedrng. w such other hazard as r^aY roasOnably bs required by tM Ataocutan. end sn a?stsMnrsnt d tM pronwMn tMt will become dw and paysbts to renew tM mwtpage rnwrorres. d airy Such rnstauments shah W equal, rsspectrvsly. to orte•twelhh Ili12Ml of tM tss- trmsted pemwm w pemrums for such inwrancs, and tease and assessments neat dw less ssermated by tM AssoerataN feels sti rrrstawrler?b already pad therefor. drvded by tM number of month U1lt era b elapse w.e month pror to tM dab wMn sud? pemwm w prorrrwns and qaK and assessments wru become dekr+querrt TM Assouatron. wlxN applyr+tg such psyrMnts to rrrsrrrarres pemwms. feast and asesssrttsnts. bNors tM same become dN+rrpuent. shau not pay interest !o tM Mortgagor ort such hinds. and au such payments may be con+nwtglsd by tM Arsocratan wNh any other such furls w vnth its own funds TM funds ere pIWgW as addreronal secwrry for tM wms secured by thts Mortgage and aro strblecl b use by tM Assouatan rn DaYrrtsnl OI "lets charges' and bank cOasctan charges Ibl Ap payments rrrsntroned m tM preceding subssctan Of the paragraph and au payments to be made under tM riots sscwsd MrsbY shah Ds added together and tM aggregate amount thereof tRtatt be pad by tM Mortgagor exh month in a vnNM payment to W applied by tM Assoustron to tIN Idlowrrg items in tM order sat forts 1 Taxes. sssessmertts. and rrrswance pemrums 2 "late cMrgss'- and bank colNCtan Nterges. urtlass pad m manner povded in paragraph 4 (al 3 Interest on tM note securW hereby L Amorbtstan of tM purcrpsl of sad hots Any dehcrencY n tM amount of sudt aggrsgab montfrly payments shag. unless pad by tM Mortgagor par to tM dw dab d tM nut twrch payment. oon- suture sn event d debuh order tM rrartgags. Without wsrva of any right. tM Assocwan may couect a "late clwgi' as poYrded n tM Note. S TMt rf the total of tM paymMls mods by tM Mortgagor under lal of paragraph 4 petedrrq atoll eacsed tM amount of paymNttf sttuatly roads by tM Assocratan for cues and ssssssments and wtwrance pamwms. as the use ffrsY be. such eacsss shat be credited by tM Astlocratan on srrbasqusrN payrryr?ts to be made by tM Mortgagor. It, lrowwa. tM mortthly payments made by tM Mortgagor under Ial of paragraph L pet»drrtg shah not haw bean wfhcrant b ply saes and assessments end tnwroncs pamwms, as tM case may be. wMn tM same shaa become dw and psyabh. than: tl+e Assocrstwn may, at its op- tan. rmmedrately pay such bees and asNSSrMnti and rnsuranq psmwm. and tM Mortgage span pay to its Assoaatan any amOt?nt nsussary t4 rraks up the defrcrerrey. and such payment sheer bs dw and PaYSble vnthn thRy 1301 daYS she tM deb of marMrrg of notrtf by tM Afsotritron ssttrrg froth lM amount of such deficiency If, at any tune. its Mortgpor shau terrda to the Assocratan. n iccwdance rvreh tM povrsarts of tM note secwed hlrobY. tuts payment d tM entire indebtedness rspssanted hereby. tM Assocraean shah, m computrq tM amount of such rndabtedrtess. uadrt to tM account of tM Mortgagor any balance remsuvng rn the funds accumulated under tM povrs+wli o1 Ise of W+agrsph 1 6 To permit. commit or roller no wash. lmparrmsnt w detsrarltron o1 sad poperty. w arhr pen thereof. and upon tM fsrlwe d tM Mortgagor to keep tM burtdrngs on sad poperty m good car+dtron w repair and maintenance. its Assocratron rosy demard pope msmter+anCS srd tM rmmsdrab rtrpsw O/ sad burldrngs. or an increase in the amount d actuary. w tM rmmedrate repayment of tM debt hereby secured. and tM Isrh;~,r of tM Mortgagor to contDftl with sad demand of tM Assocratron for a pared of thRy 1301 daYS shNl COnsbtub a breach of tlrs mortgage. and. at tM optan Of tM Assoaatan. rmmsdralsly maturo tM enbro amount of prrrcpal and interest hereby secured. and tM Assoaatan inrmedrately and without nOtrCe may institute prOtssdrngs to fprecbse ttrs mortgage arid apply for tM appantment of • receiver. as Mrernaher povrdW. and in use of tM refusal. neglect ot'rr?abrkty o1 tM Mortgagor to repsa and maintain sad woperty. tM Assocutan rosy. at rti optrOn. make such repairs or cause the same to be made. end adrsnat moneys in that bshaM. 7 Ta perform. comply with and abide by each end wary tM strpulatrons. agreements. condtrorrs and covenants in sad porrusswy rats and this mortgage set lath 8 To tomph with tM wbdmsan resenetrorrs and tM munrapal >;onrng ordinances spplrcaWe to tM mortgaged property. not to erect w permit to be erected airy new bu+Idrngs on the pemrses Aertrrt rrrortgaged w to add b w permit to be added to. males w permit to be made. any structural altaatrons to any d tM ea- rsnrtg rmpowments thereon vnthout tM carmen consent of tM Assocutan, and in tM went o/ any vaiatan w attempt to vaiste these strpubtans. or anY d them this mortgage and s11 sums teeured hertrby shah rmmedratehr become due srd payable at tM opirOrt of tM Assocrstan. g That in case of s default in any of tM tams of tMS rrrortgage and its hlrrrg of s bill to forscbse the w arty other rtartgsge ertcumbenng tM w+tM dtrscrrbad popery. tM Assocratron shah be enbtNd to apply. at any bme rvrtttout notice pend+rrg such foreclowre cart. to the cowl Mvrrg lurrfdretan thersd for tM ap• ppnirrrent or a receiver ol. au and singular tM mortgagM poperty. and M an tM ~rerrts. incomes. pohts. issues end re.enuss therad. hom wMtsower sowce der+ved. and. thereuppn, rt rs frereby eapsssly covenanted and agreed that tM court shah forthw+th appoint s rscerver of sad mortgaged poperty. al srd srcrgular. and of such rents. incwnes. pOhs. rifUei and rwenues thereof, from wMtsoever source der+ved. wish the usual powers and duties of receivers in Mks cases. and such appanlmeM shall be made by such court as i matter 01 stmt right to the Assocratron. and without roterence t0 tM adequacy or inadequacy 01 :he value Of the poperty frerebr mortgaged. w to tM sohrency w insolvency of tM Mortgagor. and that such rents. polite. rrttbmeS. rlstres. and revenues shah be appl,ed by such receiver to tM payment of the mortgage indebtedness. costs and charges xcordrng to tM order of such LOUR. 10 That rn tM event the pemrset hereby mortgaged. a any part tl+ereol, shall be condemned and Liken under the power o1 eminent domain, tM Assonatan shah have the right to demsrd that su damages awarded for tM takrrlg of w rrrlwY to sad pemrie5 Snail be pad to the Assoastron, ds successors w asvpns. LIP to the amoum then unpad on.tMS mortgage. and may be spplrod to any wins lift payable hereunder. 11 Tna(nme rs of the essence of [MS contract end that ra waver of any oWrgstan hereunder. w of the odrgatra. secured hereby. shah at any ame thaeaha De hl+d to be a Wawa Of tM terms herepl w pf tM pomrsstxy note secured hereby 12 In the event of any default in anti of tM tams of the mortgage. w m tM note secured hereby. and acceleratwn M the holder. w anti otMr s+twtan that would cause the interest yard w payable wrier this oblrgatan to exceed tM interest rote suthorr=eel by law. then in such event all eacsas interest therot0lws pad shsN be credited to w+ncrpai and a:' xcrued and unpad excess interest span at»te and span not tx an obiyatan of tM makes w of any other person 13 That to tM extent o/ the rrrdebtedrreis of tM Mortgagor to tM Assoaatan described herein w secured Mreby. tM Assouatan rs hereby subrogated to tM Iren w Irene and to the rrg?rts of tM owner end troller tMreof of sstA and every nartgsge. hen w other encumbrance on tM bird desurbed Nsrein. which M pad end satrsfred. in whole w in part. out of the ptxeads of tM loan described herein w secured hereby. and tM respectrw hens of sad mortgages. kern w other sn- cumbances. sheu be end tM same and each M them h3.eby rs peserved and shall pass to and tx t+e1d try tM Assowtan Mrsin as sswrrty for tM in• debtedness to the Assocratan haan dexrrbed w hereby secured. to tM same extent that rt would have been peserved and would haw bean passed to and been held ny the Assocrat+on had d been duly and reQufady assrgrrsd. trsrrSferred. set over. and debvered unto the Assocratron by separate dead of assrgnnrant. ratwrthstandrng the tact that tM same may be satrsired and cancelled of record. rt tMrrrg the rntentrOn of the pirbeS hereto that tM same tMN be SitaMd and canoe+led of record by the holders thereof at or about tM bme of the recording of this mortgage j 14 That rf arty of the wms of money M,rem referred tO be rat promptly and fully pad wr1Mn [fNrty 1301 days neat aher the same severally become dW and piysble. i w d each and wiry the strpuistrorti. agreements. condrtani and covenants of sad pomrsswy note and this mortgage. w edher. ere not duly performed. Com- pled with and atnded bY. tM aggregate win unpad under sad pomrssory note srd tMS mortgage shah become d.re end payable forthtsrtA or tMreaher. at tM aptron of the Assocratan. as fully end compbtely as rl sari aggregate win of money were ong,nany suputated to be pad on such day. anythrq rn sad promissory note w herein to the contrary notwrthstandrng - 5 That m order to accelerate the mstunry of Che indebtedness hereby secured because of the fa+lure of the Mortgagor to pay any tea assessment. ksbrbry. obbgs- torn w encumbance upon sad poperty as Mrein povded. rt shall not be nKessary rar requ~srte Mat the ASSOCrstan Shan fr?St pay tM Santo. t6 That the abstract w abStractS of nth Covering tM rrrortgaged poperry styli at ill nines. du+rng the fife of the mortgage. amain in tM possessan of tM Assocratron aid. rn event of the foreclowre of tins mortgage. w other transfer of t+tle to the mortgaged polxrry. in eanngurshment of tM indebtedness secured hereby. alt,!rght. tr[le sari rMlreSf Of IM Mortgagor m and t0 any SUCK ibShiCtS 9f Trtl! Sher++ psis tO the purthafer w grantee. 17 Shoukt the valdrty or ben of this mortgage. w the note sawed thereby, be contested by bugat,on or otherwise the Mortgagor agrees to pay to tM Assoaatan - the cost of dcfendrng the same rnclud+ng s reasonable attwney~s fee i 18 To pay aU and yrgular the costs. charges and expenses. mcludng attwne?s tees reasonably incurred. or yard at any ame by the Assocatan. because of tM itq farhne of the Mortgagor to perform. comply vvrth end abide by each and every the snpula[ans. agreements. cordrtrons and cowrwnts of sad pomrsswy note aril th5 mortgage. w ether, and very such (except for tM payment of the monthly installment as required by the Promissory Notel shau bear interest from date at the rate of eghieen per cent 118tW per anrwm Unbl fully pad 19. The Assocratron shall have the r tat an nine and from bme to came and wnihOUt nonce to w consent of any person to la1 rsleisa a rgh Y rry pwtan Of tM pfmriei from itre ben of this mortgage. IDI release airy person lybb for payment of any rrdebtedneis secured hereby. Ic1 cereal tM tins M payment w alter tM te•mf Of payment of an w any part Of the rdebtedness. vtnthOUt a1feCUng w reteasrrp the personal habrbry of any person bable (other than any person released pw- want hereto) for the payment of any win w interest secured hereby and without m irry w+se altenrrg. vary+ng. w drmrnrthrng tM twos. effects. or Bert of the mortgage on an the pemrses rat spxrfruny released from tM Iren of ihrs mortgage by the Assoc:atron 20 Arty agreement hereahc. made by Mortgagor and Assocytan purwsnt to the mortgage shah be sulxnw to tM rights of tM holder of anp intervertrrrg ton or encumbrance 21 (rPOrr request of Mortgagor. the Assoastron rosy. at rti sole optan, from nine to Dine. before fop paymen! of au rndebtedrress secwed hereby, make further ad- vances to Mortgagor. wooded. however. that tM teal prnupsi secured hereby and rema+rnng unpaid. rnclUdrng airy such advances. Shan rat at any bins a:- ceed the original wrncrpal win secured hereby Mortgage shall pay alt such further advances with interest end tM same sM11 be secured Mrsby AM povrsrons of this mortgage shin apply to exA further advance as wen ss to au other rndebterlness secured hereby NotMng Mien conta+rred. ltorveva. shau hind tM amount secured by tMS mortgage rf such amount rs rrruessW by advances made by the Assocutron. ss herein elsewhere pooled for to potect tM secrMrry 22 - In rho -went the Mortgagor heren. w arty subsequent Mortgagor. w arty person or cwporatron owmnq any interest wtratsoever- should encumber Tl+s property herein mortgaged by an instrument r_pmmpniy referred to and known as a wrap-around mortgage without first Obtarmng tM wnttM COnSerrt of the AssoW- non then. at the OptrOn of the Assocrat+on. the Oblrgitan secured by ihrs Mortgage shah rmrnetratNy become due and payable 23 To povde tM ASSOCratrOn oath flood Inwrarrce Coverage rt tM real poperty rs rrpw a fre•eahe detemrned to oe wrthn a special food Itusrd area as tlr0rvrl on Flood Hazard Boundary Map/Flood Insurance Rate Map ss published by the Federal Inwrance Admrnrstratron 2• At the request of tM Mortgagor. tM Aseoustan egress to waive tM povrsrons of puagroph 4 relative to tM uestan of a hazard insurorru scca+nt: povrded. however. that tM Assocytan rotsins tM nght. at its optan. to ro-rnsub such povrsarrs of sad paragraph 4 as sn obigatan of tM Mortgagor Mrerrnder upon j the happening of anti o/ tM fouowrng ! A Failure to make airy p.ymertt required under tM tams of tM note on w Detoro the due date thereof B Failure to comely with tM rnsurante povrsrorti o: oeragroph 3. w o1 any of tM other terms and condrtans of this mortgage w note. w with tM insrwantb requirements contained in tM Oecleratron of t•wrOOrnrnwm and relattrd documents should tM mortgaged poperty bs oorrrmrtted to oortdomrrrrum dwelopment f (C)•M-7i ~~T/p-A - 8339 P~ 384 ~ =~:r fl~ci? a .~n - =s