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Home My WebLink About0588 A• That rn adN to wotact mesa fully tM satwrty d tMS mortgage. tM Mortgages. togettrer wdn. and m sdd+tan to. tM mpntHly payrMnis under the temrs of tM note secured Mrepy. on tM sl»crfNd paymanl data d each month until tM sa=d note rs furry pad wnll Day to tM Assocratan the ldlowrrrg sums Ial An rMtaMlMrlt d tM taxes Ntd assessrnants revved a to be revved aparnst tM psmrsas covered by ihs mortgage. and an rnstaltment of tM premium a txemrums that cane bacortre dw and peYabN to renew tM rnwrance a+ tM pemrses covered Mreby aga+nst loss by hie and w+ndstesm. ss pOVrded for by puagraph 3 petedrng. or such otttN harard as IMY rearoMbh be retlurred by tM Assocratan. and an instaumMt a IM premium snit wnu beCOrM dW and WYabla t0 reMw tM mortgage rrtwgrrte, d any $uth installrrterrts small M eWNI, respechYely. to OrtetWelflA Ili 12th) OI the K~ amazed premwm a pemwms for such rnwrant». and caeca and assest:rMnts Mat due Ias eurmated by tM Assocratanl less su instatkMnts already pad therefor. divided by tM rtumba? d months Wet are to Napsa a.e month Wror to tM data wMn such premwm or premrrrms and caeca and assessments wrM bet:orne dekrtgtrarM TM Assocratron. whN apptYrrtg such payments t0 insurance pemrums teats and asssssmenu. before IM same ltetOrrw delinquent. shah rWt pay interest t0 tM Mortgagor on such funds. and all such payments may be commrrtgled by lM AssocUlrOn wrih any other such funds a wrtA rts own funds TM funds ara pledged K adtlraoMl security to tM cams secwed by this Mortgage and ors sublsct to use by tM Assocratron m payment d °lan cM?gei'-and bank coltectan cMrpes Ibl Alt payments rtrenlrOrNd rn tM Wecetlrng subsectren of tfrs paragraph artd aN payments to be made under tM note secured hereby shalt fte added together and tM aggrepaa amount tMred shore W pad by tM Matgaga each month rn a single payment to be applied Dy the Assoc+atan to tM falOwnng items rn tM adN Nl lath 1. Taaea. ifsesirrNrttt. and inwrante pemrumS 2 -'Late charges ~ and Dank collector charges. unless paid en manner wovdW to paragraph 4 q! 3 Interest on tM note secured MrebY 4 Amortasuon o1 tM prrntrpal of sad note Any defraerrcy in IM amount of such aggregate montNY payments shit, carless yard by [M Mestgayes pray to the due date of rive neat such payment. con secure sn event d default under tM matgsga Without wa+wr of any right. tM Assoaatron may collect a Iate~charge~~ as provided rn tM Note 5 Thar rf [M rural d tM payrttants made by tM Mortgagor under Ui d paragraph 4 pacedng snau exceed tM amount of payments actuauY made btr tM Association to caeca and assessmatts and rMUrante prernrurns. as tM use maybe. such excess shalt be credited by IM Assocratron on subsequent payments to be made M tM Mortgage If, 1tovlrevar. tM rnontNY paYrnents made by tM Matpages under lal of paragraph 4 p.ecedrrp matt not have been wNKrene to pay caeca and assestunMts and inwrante prsmrums. as tM case may be. wMrt tM saute sMll bernme due and payable. then. lice Assoc+aLOn rosy a: rts OD tan. rmmedratety OaY such tsars and assessments and rrrsursnts pemrum- and tM Mortgages shill pay to the Assooat+on any amount necessary to make up LM defKrency. and such paYrrrMl (hall be dW and payable wnthin lMrtY 1301 days after tM dal! OI ma+hng Of nOt+Ce by the ASSOG+afan SetLng forth the amtwnt OI such defKrenty If_ it any hint. IM Matgeges shall tMdef tOIM Assocratan, M aCCadartce wrtA tfrE prOYrsrpns O) the note secured he/tby full payment Of eM Mtrre rrtdebtedness repesanted hereby. tM Assocatron s1y11, in compuunp tM amount of such rrdMtedrtess. credit to tM account of the Mortgages arty Wtance remarnng in tM funds itcumulated undo tM prpvrsrOns d Ial of paragraph 4 6 TO permit. ComnMt a caller nO wash. rmparrmMt a detNrOratan Of said poperty. a any part thereof. and upon the fa+iure of ttre Motgages to kelp the twrtdrngs on sad property rn good catdrtron a repair artd mainteMnte. tM Ast+ocratron r*rsY demand wooer mamteMnce and tM rmmedrate repair of Bard burtd+ngs. or sn rncnase in tM amount Of saCUntY. a tM rmmedute repayment of tM debt trereby secured and the fa+tc•a of the Mortgages t0 comply wdh sad demand d tM AttsOtratron fa s pared of tMrty (301 days sMlt tonstrtute a breach of the mo.tgsge arxf at tM option Of ttre Assoc+atan rmmedratety mature tM chars amount d prrntrpal and +ntMest ite+eby secured. and tM Assocrstan rmmedateh/ and wrthow notice may :nsutute poceed+ngs t0 foreclose the rrrestgige and apply fa tM ippantment 01 a retMYN. is (terMMflN provrdelf. and m rile Of IM relusar. neglect Or tnahhty Of tM Mortgages t0 repair and ma+ntaa sad poperry. tM Assooatron may. at rts Dolan. make such repairs a cause tM same to be made and advance moneys +n IMt beHSH 7 T~ perfesm. comply wrath artd sbde by each and awry tM sbpulatans. agreements. Cadrt~Orrs and covenants :n sad Womrssory rate and tMS mortgage set fatA 8 To cOrtrD1Y wrM tM wbdrvrsron restnctrons and tM murrtrpal rOrrrnp adrMncss apWrcable to tM mortgaged property. not to erect a perrrnt to be erected any new buildings Orr tM pemrses hMen mortgaged a to add to a parrot to be added to. make es perms w be made. am structural aheratans to airy d tM ea- rsang improvements thereon awthOUt tM w+rrtten consent d tM Assocratan. and rn iM event of any v:datrOn Or attempt to v+oWte tMSe salwlatrons. es any Of them. tMS mortgage and alt cams secured MrebY sMu rmmedistsh become dw and payable st the option of tM Assocutan 9 TMt rn case of a default in any d tM terms d the rrrOripige and tM filrrrg a a bill to /aecbse the a any other mortgage encumtxrrng the within descnDed property. tM Assoastan ttMN be enatled to aptly. at shy anre vvrtltout notice pertdrnp such lorecbsure sun. to the court navirrg lunsdret+On tltere0l for tM ap- panimeni of a receiver d aN and sutpular tM mortgagW property, and d aH tM rents. +ncornes. WOhts issues and roienues ttrerep/. from whatsoever source der+ved. and. tMreupon. rt rs Mreby expressly coveMnted and agreed that tM court shat! festnwdn aPPO+nt a rece+ver of sad mortgaged property. a1i and - singular. and d wch rents. rntanes. proh:s. rssues and revenws thereof. from wMtsoever source derived wdH the usual powers irk duets o1 receives m Eke cases. and such sppesntnrent sM0 be made by such covet N a matter o} strict right to the Assaciahon. and wdnout reference to IM adequacy or +nadequacy of rrtt value of the property Mretrtr mortgaged. or to tM savengr a insolvency of tM Mortgages. aril that such rents. profits incomes iswes and revenues shad be wow=ed by such receiver to tM payrrtent of tM mortgage rndebtedMSS. costs and charges accord+ng to the order of such court 10 That m the event the premiSQS hereby mortgaged. a arty par? tftereof. shall be Cestdemned and taken under Itte power O/ em+nent doma+n the Associatan snarl nave the right to demand tMt se damages awarded fa tM taking of a rniury to said pemises shau Oe pad to the Assoc+aaon. rts successors o• ass+gns. up to the amount tHM canoed Ort tMS rrtOrtgage. and may be applied t0 any cams last Payable Hereunder 1 1 Thai hme is of the essence of the Contract and that ra waiver of any OblrgaLOn hereunder es of the ob+~gaaon secwed Hereby shalt at any t+me thereafter be held to tx a waiver of tM terms Mrept es of tM promissory rate secured Mreby 12 M the-event 01 any default m any Ot tM terms of the monpage a m the rate secured Hereby. and aCCeleraLOn tnr the Holder Or any other vtWtion that would cause the interest cad a paWbb under the oWrgstan to exceed IM interest rate sutMr+:ed W law. then m such event ai! excess .nterest theretofore pad snarl be cred+ted to W+ncipal and a•' accrued and canoed excess in[erest shall abate and sha:I rat 17e an obi:gat+on of the maker o* of any other persOr 13 That t0 the eaten[ d the rrrdebtedne3s Of tM Mortgages to the Assoc4tan described herein or secured hereby the Association is hereby siib•ogated to the ben a IrMS and to tM rrglrts of tM owner and holder thMed of each and every moripsgl. I+M a other encumbrance on the Iand Cestribed rrerein. which rs pad and satisfied. M whole or rn part. out of tM proceeds of tM ban dascnbed Mrein a secured hreDy and the respective teens of sad mortgages. bens or other en- cumbances. shalt be. and tM same and each of them Mreby rs Dreserved and shall pass to and be nerd by the Associat+On herein as security for the m- debtedness t0 the Assotratan Mrein desurbsd or Mreby secured. to the same extent that rt would nave been eseserved and would have Deep passed to and been nerd try the Assocratan had rt bent duly and regu4rly assigned. transferred. set over. and del+vered unto the Assoc+ation by separate deed of assignment. nOIwdhSianding tM fact [hat IM sarrre may be sat4lre0 and Cancelled O} record. ri arcing lire +ntent+On O} the part+e5 he*et0 that the same will rte saLSfied and cancelled of record by the holden tMreof at a shout the wine of the record+ng o+ this mortgage ~ 14 That A airy d the cams d money Mxein re/erred t0 W rot promptly and fully pad wdhm tnrctr +30' days neat after t!te same seversny become due and payable. or ri exh and every tM stpulatans. agreements. caWtans and covMants of sad prom+ssory note and tn+s mortgage or e+tne•. are not duty performed. com~ f16 erred with and abided by. tM sggragste sum urrpard under sad Wom+ssory mote wild tMS mortgage shah become due and payable !onnw+th or thereafter. at the Doran o/ the Assoastan, as fuoy and completely as d said sggrega[e cam o1 money were a+g•natly st+putated to Oe paid on such day anything in sad pomissOry note a here+n to tM contrary MtYtnthsUrdrrtg . / 5 That rn order to accelerate the maturity of tM indebtedness MrlDy seCUred because of the fa+iure o} me Mortgagor ro Day any ta¦ assessment paahtr obi+ga { povided. rt sha4 not De necessary nor regwS=te that me Assouat,on shah f=ist pay the same lion es encumbrance rrPOn sad property as Mrdn I 16 That the abstract es abstracts of acre covering tM mortgaged property strati at at! times during the t,fe of the mo•tgage remain in the possesvon of the } Assoc+ai:On and. in event Of [M fesecbwr! Of tMS morlgape. Or Other IgnSfer O/ Ulte to the mo•tgaged pope*ty rn p¦Ungwshmeni o! the :•~deL'ed•ieSS Secured it hKreby all right. btte an0 interest of the NlatgagOr m and to arty such abstracts of t+tle snail pass to the purchaser or grantre 17 SHOUW the rald+ty es I+M Of tMS mortgage. Or tM rate secured [Hereby. be contested by i~t~gat+on or otherwise. the Mortgagor agrees to pay to ttre Assoc+at+on lire cost of defending the same r:Kltding a reasonable attorney-s fee - 18 TO pay wit and singular ttte costs. charges and eapenSeS. +ncluding attorney s fits •eaw~abty incurred or pa+r) at any h.me ray the Asscc+at+on because of the fadwe of the Mortgagor to perfesm. comply with and abide by exh and every the snpu:at:Ons agreements a>nd+Lixts and covenants of sad promissesy note and tMs mortgage. a either. and every Birth teatept for tM payment of the monthly +nstatlment as rertureA by the PrOmissesy Notes shall tzar ;nterest fiom date at the •ate of eigHteen per cent Ilt3°KI per annum until fully pad 19 The Assoc+atan shall have the right at arty hme and from tame to hme and vrnfhout notice ro es consent o} any person to +at release any pestion of the ptmises from the Iran of the mortgage. Ibl release airy person IiaDlt fa payment of any indebtedness secured hereby. tci extend the rme of paymem or alter tr+e terms . Of payment Of all a wive part d tM rndebtedMSS. wdhout affecting or releasing tM personal liab+l+ty of any person tiaWe [other than any person re+eased pur~ want hereto! for the payment of wire cam es interest secured MrebY and without m any verse airenng varying n• d+min+snmg the forces eHecrs es een of tMS mestgige on all tM pemrses not specifically released from tM hen of Mrs mortgage by the Assoc+at+on 20 Any agreement Mreshcr made by Mortgagor and Assoaatan pursuant to tMS mortgage she!! be weever to the rights of me holder of any mrerven+ny ben or encumbrance 21 upon request of Mortgages. the Associatan may. at rts sole OPtan. Aom hme to time. ttdort /can payment of at! +ndebted~ess secured hereby make furtter ad vances to Mortgages. Drovrded. howwer, that tM tots! prrncrpal secured Hereby and rema+n~ng unpa+d. including any such advances shall not at arty Line ex- ceed the esrg+nal prrncipil cam secured hereby Mesigagor fhiR pay afl wch further advances wah +nterest and the same shah be Secured hereby An prOVisans 01 tMS mortgage shall apph t0 each further advirtC! as yyell as to all other indebtedness secured hereby Nothing hero=n contained however shat" Lind the amOUnr secured by [MS mortgage r1 such amOUni is irrpeased by advances made by ttte Assoc+atan as he*e+n elsewhere prov+ded for to protect the stcuniy 22 In the event the Mortgagor lterern, es any subsequent Mortgagor. es any person or Cespesat+on own•rxt any +nterost whatscewr shoukt encumHt* the property g heron mortgaged by an instrument commrxtly re/erred to and known as a ' wrap around mortgage wdhcwt krst ohtaimng tfte whiten rpnSent of the Associa ran. [hen. at the Option Of tM AssOtritan 1M Obhgatron secwed try this Mortgage aha+l immed~aTety trncnme due art.! payaH!e 23 To povide the Assoc+atarr w+th flood irtwrance Coverage d the real property rs now or r,e•eafter determ+ned to rw -v=tH~n a speua+ f4xx! haired crew as shown on Flood Harard Boundary MaprFlood Insurance Rate Map as published by the Federal lnwrance Admin+straLOn 24 A! tM request d tM Mortgage. tM Assoaatan apices t0 wsrw tM provrsaM of paragraph 4 relat+ve to the creation of a nanrd inwrarKe account. Ixovrded frOyYever. that tM~Asaoaatan ntirM the npltt. at rts Dorton. to re•rnstats such povrsiOns of sad paragraph 4 as an obligation of tM Mortgagor hereunder upon lM etsppenirrg d arty d tM falownng A Failure to make arty payment required under tM farms of tM note on a before ttte due date thereof , g Failure to tomph wrath tM rnfurartCe provtsans d paragraph 3. es of any of tM other terms and conditans of this mortgage es note. or wrath tM rnwrante requirements COnUrned m 1M Oedaretron d Catdanirtwm and rNsted documents should the mortgaged property be committed to cOrtdominrum development • , _ / T/P-A , , , , 1 MICA 47 Qty R34o PAGE - = :a