HomeMy WebLinkAbout0633 d. That in ordN to potact more htxlt 1M sKWAy M Clue mortgage the Mortgagor together wrtn aril in addeart to tyre moretMy payrte^ts under the terms of tree
note secwed Mrebr. on tM fpaafra0 paymMt date d each month until the rail Hop rs fuiy pad. wix par to iMe Associat,on the fdtow.ng cams
lal An rnfpxrnerrt o1 the taps and asiNSmer+p leered a p ba Nvrad apw+u the pamises cover W br Clive mortgage and an rrisssxmene of the wem,um
or premiums that vytll OatorM dw and payable to rsryry tM wwancs on ttre prttrrt+ses cwersd hereby aga+nst toss by kin aril wrnditorm ss povde0
fp by paragraph 3 pratadrrq. or sunk other hatstd as rsray nasortably ba rsprwed btr rive Astwcyuori aril an initaxrrrent of ttte pramwm roar wix
beconra dw and paysbN t0 n+tarr tlti rrrprtgage rflfuranq. d any Sutft rnstswrrents strax rte eQuar respscavety to one twNhn t t.12tn? of the et-
ermatad premwm a parrwMtts for wilt +rsurarrca. sod Cafes and affafirttartp Haar due tss estimated OY ttte Assocat«onl teas ax rnstsrtmer:a already
yard thirelor, dndad by tlta nuntbar of month slat era q alapaa or.e month pr+p to ttre sate when such perrerum a pemwms acrd p¦es acrd
atfasftMrtp w+li batons daMtattMtl Tiro AatOCritroR wins applyrtg such payments to +nsurartce pem+ums taxes a'rO assessments bebre the same
becorrN daMptNrrt. fftatl not pay rntMatt [O ttta Mptgagor on wilt fords- and ax such parmMts mar be comm.ng!ed br tree Assoc.auon oath airy
other such lwrds a wttA rp own ftMtdf The /ands as phdgad ss add.tiortat faCwrfy for the sums secured br CMS Mortgage aril are wbiect t0 use by
the Asfotratron rn payment d 'tats charges'- and bar+lt coaactwn charges
Ibl Ax payments mMtra+ad m the p*acedrrrg subsittron d t1rK psragrsph irrd ax DiymNtts to tie r•+ade order tt+e note sKurad Hereby snap be added
togett+u and the aggregap antowrt thereof sttax ba pad br the Mortgsgo? eaM month in a s,ngk payment t0 be applied br tMt Assocratron to the
loitoeenrg rterrti xt fire OrdN sat forth 1 Taxes. afifffmants. and resurirres perrrumi 2 -late charges and pant cottacsron charges unless parC :n
mannN provided m pMagradt L Isl 3 interest on tM npp fattxsd hereby d Amortastan M the p+rtc.va+ of sad rate
Any defrcrettcy n tM amount d sudr aggregate rtrenthly paymtinb shah. un4ss pail by the Matgagor p+or to ere sue date d the rre¦t wen payment. con
strhrp an event d de4uh under the mortgage Wrtirout wsner of any right. the Assowtrorr mar cdkct a !ate charg* as goaded in the Note
S That rf tM cater of the psymants made OY rive Mortgagor under Isl of parspsph 1 prtcedrrrg shoo saceed ttre smoum d parmMts sctuaxy made b1l the
Assoaation ip peas and affafsrrrertp std rrtwrante p?amrums as tiro case may ba such geese snix be Cradrted br trrt Assoc+atan ore wDieQuMt paymMK
to be made by the Mortgagor M, ltoyyever. the montNy payntants made by the Mongagor unde* lal 01 paragraph 4 pecedng shoo not have been wH,cier:t to
car paK aril issassmanp irrd +tswarrce pramrums. as the Cafe may be wean the fence snax becurrre due aril payable tn!^ t+re Assocratan may at its op
torn. irrrrrredratefy piY such tsaas and afsesfmanb and erswsnce pemwm aril the Mortgages sna+t pay to ttte Assocutan arrr amount necessary to make up
the defrtrenCb. aril itrCh payment shah M dW and piyiWs vathn thrtty 1301 days skier the date M ma.r+ng or nonce by the Assocutan setnng hr.tn the amount
of such def+c.errty If. at any trrrta. the MptyigOr slrsn terroar to [fta Assocrstan. n stcordsnce wrtn the pov+sans of ttre note secured nerebr fu+i payment of
the MUre irdebtedrrsss represarrtad itarebY• afro Associstron shax. rn toerrputrrrg the amount of such i.edeptedness credit to the account o/ the Mortgages any
- wrarrce remsinng in tree funds attumuytad undp the prorrfiortf Of la) of paragraph 4
6 To permit. comrrwt or suffer rtd wasp. rnrparrrrerrt or ditNroritrOn M Sad poperty. a soy part tteereof aril upon ttre fa,!ure d the Mortgagor to keep the
bu+tdrrtgs an sad property rn flood tdfdrtron Or repir sod minterrorte the Afsocytan may demand poplr ma+menarrce and the +mmetlyte repair Of sad
purld.ngf. p sn rrrcreife rn lfte arrtOUnt M Seeunq. a tM rnvtydiap repayment of the debt hereby secured and itee fa.r~•,; of the Mortgage to corr+pty wrtn
sad demand d tM Assoaatron for a perrOd of thirty 1301 days shalt constitute a breach of th.s mortgage. aril at ttre optan o} ttre Assoc+atan ,mmedstNy
mature the enwe amount o1 prncrpal std Mrprast hirebr senired. sod the Assocratron rmmcd•atety and wrtMwt not•ce may .r.satute poceed,ngf to foreclose
CMS mortgage aril apply Mr the sppantrrwtt of a recover. as Mrawfter proveded. and in case Of tM refuse! riegkct or •nabdrty of the Mortgagor to repair and
mamtarn sad poperty. fire AssoCratron may. st rtf optrorr. make such •epirrs a cause the sarr+e to De made a+d advance moneys .n treat OehaN
7 TJ perform. comply oath and abrd! by exJ+ sod evoy the strpulatrons. sgreemenK. [ordrtrorrs and covenants rn sad pom+ssOry note a•d t?rs mortgage set
forth
6 To compiv rvetn tree Subdmsron raftrrttrortf aril the ttMrrtrtpi! zoning pd+earrees appktable to trte mortgaged poverty rat to erect or permit to be eren.ted inn
new bu0d.ngs on the premrfaf harts mortgagW p b add ~ p permit t0 be a:fde0 to. make or plrmri to tie made arhr structwsl aiteratrOnS to airy of the ef-
rst+ng improvements thereon vathout ti+e carman tortsar+t of the Assocrstion. sod n tare event of sr+tr r+Otst.orr or atte-npt to valatc these st.pu!atrorrs. or any of
them tors matgsge aril ax cams secured hereby shies rmrnediitNy become due aril parsDk at ttie optan of the Assowtwrr
9 That m case of a defauN in any d the terms d tics mptgage aril the /.I.rrp of a bits to forec?ose tors p any other mortgage MCUmberrreg thc~rr+thin described
pttDerhr. the Assocratan shah W entrtted to ippty. at any trrrra vathoyt notrt! pordrnp such fpeCM7wre sort. to the court tyrirrg ?ur+fdsct.on thereof for the ap-
ppntment of a reCervM Of as aril SrngtrlF the mortgaged property. irrd of art the rents incorrres pof.ts iswes and reiMUes thereof hom whatsOevlr source
danced. aril thereupon- rt rs hereby eapresstn covertamad and agreed chat the court stesx brtnwrtn appant a race+ver of sad mortgaged pOpertY. sx and
yrrgurar. aril Of wch rents. rr+tOmK. profr's. rsfWf irrd rawrrres tfrereof, from whatsoever scarce decreed w.in tree usua~ DOrrerS and duties of reservers in t.ke
cases. and auto aDpO.ntrrynt shaft be made by such covet as a matter of strrCt right to th! Assocrat.on aril w•tnout reference to the adeauscr or ,nidepuaG? of
tfre value of the pOpertY trlrebY mbrtgaged. or to the fdventy O• rnfderenCy of tfie Mongaga. pro that wch rcntf pof•Tf .ncpmef .sues and revenues shat+
be applied try sutA reyrver LO tfte piymMt Of eh! rnatgape urdebtedrvesi GOfts aril Charges aCCpd.ng t0 the Order Of fucn court
1 O Thar .n the evMt tfre plmrfef hereby mortgaged. p Grey girt tteereOf- snax be Condemned aril takM under Lrie power Of em.nem Ooma,n the Assocratan snaN
have tree rrgnt to dernarrd that ax dirrrigef awarded for the taking d or rnit+rY to sail p•emrses sHa++ be Dr0 to the Assoc+atron .ts wccessors or asvgns uD to
the arr+ount flits unpaid o•r thrf mortgage. a+rd may De appMad to any cams last payab+t rrerererder
11 That nine rs of ttre efferres Of CMS contract and that rep wanes o! grey OOr+gatron hNeurdlr. Or of :tee otr.ga;'o^ secured nlrlDY ilia!: ai any tame thNeaftlr tR
nerd to tie a wa+vK d ttre terms hereof p of the pom+ssory rate secured Hereby
12 In the event d aver defauh m any M the terms of ti+rf mortgage or rn the note secured wereDy era acce:e*ai o•• br trm Mr-de• Or any other s~tuauor that would
cause ttie interest pad a wrsde under CMS Obhgatrpn m exceed the intereft .ate suthorrzetl Dy taw then +n such ee.Mt s+! a.teas .merest theretofore pad snsu
rte creel+ted to prnCipa! and a:' attnred and unpid a.teas rntereSt sHa!+ abate a•d sha~+ no: be a^. ob•:ga;-on of trre maker or Ot a^Y Other t7erson
13 That to ttie extent of [tie indebtedness of t?re Mortgagor to the Assocyt.on descr,bed nero^ o• seta*ed nereoy tie Assocrat.on .s hereby wWogated to the bM
or trews and to the rgna Of tlra owner and hpidar thared of each aril every mortgage- ?.en or other ericumbance Or+ ttre rand r+ fCrrtrld haven wH,cn rs peril and
sabsfred. m weak or rn girt. out M rive proceeds of the ban descnbt0 herl.n a secured tm*ebY and tt+e •esDecuve +rens of sad mortgages. wens or ocher M-
CumbanCef. shaft be- ltd the same ird each of thttm hereby rs plservld and Srri!7 t?afs to and t1e new by the AssocNtan herNn as seeurety for the m~
debtedness to the Assocratan Rarein destrroed a trareby secwed. to ttre same patent treat •t wo- d nave Crean pet,crved a•rd wourtl nave been passed to and
I~ been heb by the AfSOCratrorr Had rt been duly and ragtr!s*M iso9!ied transferred set over and do+••ered unto the Assoc•atran by separate deed of assignment
rotw+thstard+rrg ttre fact that the sine may be saMhad and rarrce!+ed of record +t De:reg the :ntMt+On o' the part•es eee•e:o treat flee saT•e w•:! be sansfred and
carxNkd of .ecord by flee holders thereof at or about the time Of the reradr^g of this mortgage
t 4 Treat if airy of the cams of money hwern referred to De cwt Nompt!y and fuxr card wrth.r tr'.rtY +30! cars neat afIr the same sevraay tteGOme due and payable
p rl each and every the firpuritionf igreemMtf. Cddrtronf and Covenants Cf faA p0•'r•SSO•y rot! and tors mUrtgsge w a•:rx+ are rat O.r!Y perfpmed COm~
Bred wrtn aril ibrOld bY. tn! aggregate cam urrpa+d under sad pOrrtrssorY rate a•w tMS mortgage Shay, ttecome due a•w wratYe fortnw,tn Or tr,ereaher at trre
opt.on o! the Assocrst+on. as foxy and torr+pletaiy as :f sad aggregate cam of money were a:g•na+.y s:~pu!ated to rte Dad ore wen der anyth+ng in card
pomissory not! p herein to ttre COniriry notw•thfta•rWng
t S That m order t0 accekrste tree msturrfy M the indebtedneSf Hereby secured because of :ne h,=u•e o' t•ee ~to•Tgago• tO car any ta¦ assessment. t~abrr.tr Ob:rga
tan W enCUmbranCe uteri fad property K hlrern ppvded rt fhi+t not be n!Clssary ^Or •eo~ ~ :e tt+dt trw ASSOC,atrwi S•`a!• brit pay the sam!
16 That the abstract or abstracts of btk covering the rra•tgsged poprerty sna++ at psi r.rres d.:r•reg ;ne r.fe o' :h.s •^ortgage re a * rn the possessor of the
Assoc~at+on and. rn evem Of the foreCfOfur! Of tn+s mortgage. or o;ieer tranffe• of t~tk to :ne mortgaged p*oitertr •n a¦n~g, s•+-~en: or the •^deb:ed^ess secured
Hereby ax rrgnt btk and rntlreft Of th! Mortgagor .n aril tO any such ibstricts of ni+e sr+a.r pass to tM! ou.crase. ry g•aretee
17 $fauW ttie va!rdrty or hen of [fns motgage. a tyre rote secured tnreby be contested t» gaT.on o• o:r+e•w se t^e ~fo*tgsgor agrees to Da? to the Assocrat,on
the cost Of defrid.ng the fame +ncFtrd.rrg a rNStx+ibk attor*rerS fee
18 TO par ax and srngubr tree costs charges and e¦pensls irrdud.ng attO•ner-s fees reasonafMy •nc,rr•eA or oa~d at any lime fir tn. Assrx•atio•i because of the
far!ure of t+ee Mortgagor to per}pm. comO?B w+th aril abide try each and evert the st.Du'.ar,o•:s agreements corvs.t ores a^rt covenants o} said prom:ssOry notes
arW iMS mortgage. or Erttee•, aril every fych llaclpt for the paYnren: of the mO^tniy •nsta~:mein as rer7ur.ed br the t'rpmasorr T1{ote~ she!! bea• ~mMest from
date at the rate Of erghteln per CMt 116aW Per amain until }utly pad
19 The Assocratan frail have Toe rrgnt at ar+y trine anO hom bane to time and wrrnOUt notrte to or conse•r: OI err Oe•SOn tO •a~ •e:NSe am port•On o! the pem,fes
lydm ire {ten Of tMf mortgage. Ibl rerasse any perfor+ MsbN for payment OI anti •ndebtedrXfS secured Mtreby rC- eaie^d the t•me of Diyment or d!tN [ne terms
01 payment O/ ax p arty part Of the irrdebtedrreff. Mnifeotlt iffett+reg M rekaSrng ttre perSOna+ r•ab•!~ty or arrY Dt*spr !cable ~OTh!• than any person released par
want hereto) for the payment Of inY cam or rntNest secured Hereby aced yrnthout in ar+y verse s~te^ng •a•r-^g d•m,r.sh-ng the races eNects w n.en of th.s
mortgage on sa the pemifef rat spacrt+caW rekasW hom the Men M th+s mortgage br ttie Assoc•atror
20 Arey agreement hereshcr made OY Mortgpor and Associstron pursuant to t?es mortgage anal; rte supe•+o• to tie ••ghis or the nobler or any •nterven.ny hen w
encumbrance
,
2 t upon reouest of Mortgagor. the AffOCratan may. it rte fill option. iron trrr,e to tune before ru"! payment of a'' r^debted^ess secured ne+eby make further ad ~ t
vances to Mortgagor. por+ded however. that the total prrr+cipa: secured hereby and rema•n,^g unpa•t .nc~rN•ng any auto adva•xes shett not at arty trine ea
teed the orgrnal prrrCrpa! cam secured Hereby Mptgigor she+! pay a!: such further advances wttr interest a•se the same sr+a'! be sec u•ed heretry At! pov,apns
of tMS mortgage ins!! apply to each further idvinc! as wNl as to s+! otr•tr +rrdebtldreeff secured hereby kO;n.ng ne•e•n coma Heil however She:' l.•n+t the
amount secured by tMS mortgage rf wch anaunt rs .rrcreafld by idvsnces made by ttie Assacrat•on as ne•e•n e~sewtre•e pror.ded !w fo potect tr+e setunty
r •nre•e~: wha:soeve• s'*aulG en•_umttC tnP property
22 In the event the Mortgagor hererr. a arty subseouent Mortgagor. a prey person or co•porat.on over ng ar
hewn mortgaged by an instrument comrttonlY referlO to and Dawn as a wrap-around mortgage w~tnout lint a'eta-mng the w•rtten consent of the Assocw
tan then. at the oOtrOn df• the Affoc+st•on. Lhe od+gairon secured t>tr ih+s MO*toage Sh2'r .mmed•ate!y tee! c•r'o rfue aM parah+e
e 23 To provide the Assocratan oath Flood Insurance Coverage .f tfre •N+ poperty rS now a he2dfie• deter n:,ned to ce w~tnm a scecra'• fiaxtd na:aM a•ea as snows
on flood Hazard BouMary MadFbod Insurance Nate Map ss pubt+steed by tree Frede.a! !nwra^ce Adm.r~st•aran 1
2a At the reQueft of Ctrs Mortgages. tM Asaocaitron agrees to urine the prorrrfronri d pirsgrsph 4 retatrre to ttre creat.on o• a Hazard ,nwnnce account. porded
hvwetrer. lost the Assoaitrorr vagina the right. at nts ODtrpn. ton-+nstite such povrfnOnf of sand paragraph 4 as an Opr,gatan of Clue Mortgsgo+ Hereunder agar {
the happervrg of any of tM fotloyrrrq ~
A Failure to make any payrMnt rpurrad under tfra pans of tM rata on or before the due date stre+eof '
8 Fai?ure t0 comply oath tM rrtswanq proafroref d pNagraph 3. or D' any of [tee other terms and cor+QrtiOnS of tros mortgage or note or wrtn the rrrwranc!
reVurrenrerrtf COntirnad in tM OaCiKatron d CQrdbrnaMUm aril related OotumenK should the mortgaged popertr be cpnrmrtted t0 Corrdpm+rrrum
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