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Home My WebLink About0641 \ ~ ~ 8• That in ceder to protect mad fuuy tM security of ilt+s rnatgage. tM Matgaga. togetMr with and +n add+tan to tM mOmttly Wyments under tM terms of LM note secured Mrtfby. on tM specd+ed payment dab Ol each tnonM unto tM sad note rs fusty pa+d Mull pay to IM Assoc+atan the fuilowuTg Sums sal An m3taltmMt Ol tM tams arts aawssments kvted a to W Nv+ed against tM prem+gs covered tit! CMS matgsye. and an msbument of tM wemwm a pretnrums tMt Mall bef.Orne dW and payabN to reMw tM tnwrance on tM prem+sK covered Mreby aga,nst foss by Ere and w+ndstorm. as provded la by paragraph 3 pretedtrtg. a such other hazard as mar reasonably be rtepuued by LM Assoeutan sod an +nsbument of tM premium roar will become dw and payaDN to renew tM mortgage inwrance. d any Such trtstsllments s?tau t» forties. respecuwh to Dire Lwathn I I t 121nf of iM es~ umated pertrtrm a premwms fa wch rnaurartte, and uses and assestvrtents nest dtre Ids esomated by tM AssocraLant less su +nseagmenis alreadr pad therefor, drvded by tM numbN Ol rtwnths teat era to Noose a+e month p+or to tM date when such pem+um a premiums sod taxes and assessments wry become dtslrtquMt TM Asttocratan. urfttN apphwtg such payt+tentS to ,nwrance premwms. taxes and asSessngnts. trefee Ilte same become debrtgtrent. shall ral pay intNest t0 tM Matgaga on such funds-'and su such parments mar be comm+ngkd br tM Assoc+at+on w+tn am other such furls a vwth its own fertile TM funds era pledged as add,batal secwity to the wms secured by iMS Metgsge aril are subysct ro ties by tM Assorattan to payment d `qb charges" and bank cwlectan cMrgK IDI Au payments niMttprted m tM prteced,ng wbsectan of Ctrs paragraph and au payments to Oe made under tM rate secured hereby shall be added together and tM aggregate amount tfNreAf Sftall be pad by tM Matgsga each month +n a s+rtgte paymem to be appl+sd br the Aswc+aTan to iM Idlow,rtg ttem3 in tM Order set lath 1 Tides. aeNSemMK. and inwrance pem+umf 2 elate Charges ~ and bank collect+oc tharCeS unite pad rr. + manrNr prov+ded in Oaragraph 4 Ia1 3 IntNest on tM nob secured Mrebr 4 Amorutatan of tM pnnc+pat of sad note Any dehcrencY rrt tM amount Of such aggregate monthly parments sftag, unless pad M the Metgayor par to the due date d the ne,t such payment. con shrub sn evM1 Of delatiM under fM rrtortgags Without wstver of any rght. tM Assocutan may collect a Tate cttarye as Wovded in tM Note S Thst +f tM tout Of IM paymentf made by tM Mortgagor under sal of paragraph 4 peced+ng shau exceed tM evident of payments sctuauy made by tM ASSOCrattOn for taxes and essessmertts and trlwrenCe pemwms. es tM use ritaY be. such sacess shau t?e crsd+ted by LM Assoc+auon on wbsegwnt payments to be made br eM Mortgagor H, howwver. tM montfth payments made by the Matgsga under sat of paragraph 4 aecebng shau rat nave been wH+c,ent to pay tease and assessments and trtwnrtu pemrums. as tM use mar bs. MrlNrt tM firrte shau ltecome due and payable. then the Assoc+suon mar at ,is op iron. rmnted+ateh par such lases and assessments and rtuuratxe prem,um. aril tM Mortgage shau pay to LM Asstlc•atan am smuum necessary to make up tM deftcrertcy. end wch parment shiN W dw and parable vatMn tMrty 1301 days aher the date of mad,ng of not+ce by the Assoc+at+on seiung twin the amoum of such defrc,ertcy 11. at a+ty ttrrte. tM Mortgagor filters tinder to tM ASSOCrat+On. in sccedance w+ih it+e prov+s,ons of the note secured Hereby full paymem of the enure ,rtdebtedrtess reaesented hereby. tM Assoc+atan shau. m computing tM amount of auto +ndebtedneu. credit to the account of rite Mortgage any balance remaetrng in the furls accumu4ted under tM provrsrons Ol Isl of paragraph 4 6 To pcrm,l. COmmtt a caller rep waste. tmpa+rment a detNarat+On OI sad property. a airy part thereof. aril upon the ta+lure of tt+e Mortgagor t0 keep the burld+rtgS On Sad poperty in good COrtd,LrOn a repair ird rrta+MfMltCe. IM ASSOCralan mar demand proper ma+nttnante aril it+e +mmed+ite repau of sad txr+ld+ngs. a an ,nCresse in tM amount of securrry. p tM ,tnmed,ate repsymenf of tM debt hereby secured and the la+l~•,: of the Mortgages to comply w+tn • sad demand of iM Assocratan fa a period of tMrty 1301 days shau cortsutute a breech of th,s mortgage. and at the Doran of the Assoc+at+on. rmmed+atety mature the enure amount of ptrtcrpal and interest Mnby secured. end tM Ass/xrat+on ,mmed+ateh and w+tnoul notice mar +nsntute proceed+rtgs to IorKtose iMS mortgage and apply to tM appantment of a rece,rer, as Mrernaher provdsd. aril rn case of the refusal. neg!Kt a +nab+6ty o1 the Mortgagor to repau and ma,nia+n sad prOperry. lM Atsoaatan may. a1 ,tf opL+On. make such rlpa+rf a tame the same to be made: aril advance moneys +n that behaH 7 TJ pertain, comply with •rt0 abd_ a by each atW evO+Y tIN st+pulatrOrts. agrNmentS. cond+tan5 and Covenants m Sa+tf p+om+zSOry rate and th+s mOrtgig! set lath - 8 To comply oath tM wbdrv,san reetrrtttpnt and tM munrtgil torwng edinances appl,Cabk to the mortgaged DropertY, not 10 erect or permit to be erected any new bu,ld+rtgs On tM premises Mrern matgagtW a t0 add t0 a pNmrt t0 be added t0. make or permit to be made. any structural ~IteratanS to any Of tM +St+rrg +mprOVemenlS lttereOn wrlftOUl fM writtM tprtSent Of tM Assoctat+on, and in [M evert Ot any v,WiL+on or attempt to vaWte these Snpulatans. a any of them. CMS mortgage aril an wms secured hereby shau ,mmed+atsh becene due and parable at the opt+on of the Assoc+at+on 9 That m else Ot a delaull in arty OI tM tNmS Of lMf mortgage and tM hlrrtg Of a bill t0 faKbse tM5 or my Oltter mortgage encumber+ng the witMn described property. the ASSOtratan Shad be entttltld t0 apply at airy [vivre vyrthout not,Ce ptMd+ng such 1orK~Owr! SuA. t0 the Court hav+ng Lurisd+Ct+on Ihereol /or lM ip- pantment of a receiver of s11 and strtgubr tM metgsged popertr. and of ail tM Ants. +rtcomlS. prOf+is- +sSUes and re.cnues thereof from whatsoever source Oenved. and. thereupon. A rs hertyby eiwessh covenanted aril agreed that tM court shau fethwitn appant a voce+ver of sad mortgaged aoperty. au end yngular and of wch rents. tncOmes. poha. ,SStrei and revenuK tlxerttOf, from WMtsOever source derived won the uswt powers aril dut+ls of rKe+vNS m hte cases. and such atxtantment shall be made by such court es a matter of sir,ct r+ght to the Assoc+auon art w+treuut reference to [rte adequacy or +nadequacy of the value of ttte property Mreby mortgaged- or to tM soterener a +nsoltrency of the Mortgages and that seen rents profits +ncomeS. +ssues and revenues shat) fk appl+ed by such reCe+yfr t0 tM paymMt Of tM mortgage rndlbtedMS3. costs and charges altord+ng to the order of such co:,rt 10 That rn the event the pem+ses hereby mortgaged- a any part thereof. shall its condemned and taken under the power o! em+nent Oonta.n the Associatan snap have the r+ght to demand that alt damages awarded fa tM tak,reg of a rrtWry to sad aenr+Sls malt De pa+d to the Assoc+at+on ,ts wccessors or ass,gns up to fife amount then unpad or+ this mortgage. and may be apps+ed to any wms last payable hereunder 1 t That rim! K of the essence Of this cOntgtt aril that ra wi+trer of any pbl+gatan hereurtdtr pr Of the obfeyatan StCUred Hereby shau at any Urne tt+treaftN be rtetd to rte a waiver of the terms Mrepf or of the pom+ssory note secured hereby 12 In the lvMt Of any default rn my 01 tM terms OI tMt mortgag! a ,n the note seCUred hereby and aCtekrat+On by tot nO~Cer or any other S~T+,dAOn that wOUtd cause the interest pad a parsbk under flue oblepat,ort to esceed the interest rate autlar,red by law. then m such event rf e¦cess interest theretofore pad matt be credited to pnrtc+pal and at' acauad and unWd euess interest sftall abate and shaft rwr be an ubi:yaUOn o! me maker or o1 any other perso^ 13 That to ttte e¦tent of tM rrtdebtedness of the Mortgagor to tM Assoc+atron described here+n or secured hereby the Aswc+atron +s Hereby subrogated to the i+en or tens end to tM rrghis of tM owMr end holder tttereol of each and every metgsge. l+en es other encumbrance or, the tend Cesct+bed herein. wh+ch +s pad aril sansfied. ,n whole or m part. out of the poceedf of tM loan dsscr+bM heron a secured hereby. a*d the respective i+errs of sa+d mortgages tens a other en cumbances. shau tit, and tM same and Fisch of them Mreby K peLtervld end matt pass to and rte nerd br the Assoc+at+on here+n as security tes the +n- debtedness to tM Assoctat,on Mrein described a Mreby secured. to tM same a.tent that rt would nave been preserved and would nave peen passed to and been herd by ttte Assoc+atan had +t been duh aril regutsrh asssgned transferred. set over and dN+vered unto the Assoc+at+on by separate deed of ass+gnment notw+Lhstard+ng tM fact that tM SarrN may (Ie satst,ed end canceued of rKed. rt brng the :ntentan o/ tt+e part+cs Hereto twat t++e same w+lt be sansr~ed and cancelled of record by tM ftoldert tMrep} st a about the rim! of tM record+ng of tn,s mortgage ~ 14 That +f artr of the wms Of mprtey MlrNn referred to be not promptly and fully pad witn.n to+rty !30r days neat after the same severauy become due and pavatNe or rf each aril every Lhe st+pulatrOns. agreements. condrtans and covenants o! sa+d aom+ssory note and to.s murtgage or e+:Her are not duty performed com- plied w+M and added Or. tM aggregate win unpa,d under sad promissory rate and to+s mortgage snat+ Decome due and payable fo•tnw+tn or thereafter at the opl+on Of the Assoaat+on. as loth and Comdeteh aS ,f sad aggregate win Of mover were orig+r,atiy St+puUted to tit pa+d on such day anytMng m said prom+ssory note or herein to tM contrary notw+thsbnd,ng 15 Thal ,n order to accelerate the mstur+ty of tM +ndebtedness hereby secured because o} the fa+!ure o' the Mortgayo• to pax any ta¦ assessment t:ab+t+ty oW+ga eon a encumbrance upon sad property as Mrein aovded. rt shau opt be necessary r`Or requ~ste that tot Assouanon she!' !+rsr pay the same ~ t6 That the abstract or abstracts of titre cova,ng tM mortgaged property shaft st aft t+mes der+ng the :+re of cos r*•u•tyage rema+r• +n the possess+on of the ASSOC+at+On and. m event of the fesKlOwr! of LMS mortgage. a other lransfR o} htte to the mo•tgagerf property +n e•h~gu~Sh moot o' the ~~debtedness secured r+erebv. su right. atk and interest of tM Mortgagor ,n end to any such abstracts of ntk sna? pass to the purchaser o• grantee 17 Should the valdrtr a I+en of this mortgage. a tM note secured ;hereby. be contested by tat+gat~on or otnerw.se the Vo•tyago• agates to pay to the Assoc+anon Lhe cost of defend+ng the same +rtclud+ng a reasonable attorne?s tee 18 To pay aft and Angutar the costs. charges aril e¦penses. +nclcd+ng attorns!y~5 fees reasonat,ty +nCUrred nr paid at any :.me tn• me Assx:at+on because o} the fa+lUrE Of tbE Mortgage 10 perform. Comply W+th and abide by each and every the SOpuiaUpnl agreementc CCM+Ad+nnS and Covenants of sd+d prOm+SSesY note and [MS mortgage. es ether, did every wen leaclpt fa the parr*,ent Ot the monih:y +nStdliment ac requ+retl by the Prnmgwry Note! shall bear +nterest fiOm date at the rate o1 e+ghteen per tent 11811,1 per annum until lush pa+d 19 The Assor+abOn shau nave the right a! any time and Iron bin! to time and vtnthout no±•ce to or conSect of any txrsa` to 'a! release any port+on o! the prem+ses from the I+en of th+S mortgage. IDI release any person Laub fa payment Of any +ndebtedness Secured hereby- !tt e¦te+d the Dine of DaYment Or aher Irte terms of payment o} au a arty pert of tM ,rdebtedness Mnthout affect+np a rekas+ng tM personal t+aD+++tr of any person t+ab+e Cotner than env cerson released per want hereto) fe tM payment Ot arty cam a interest secured hereby and w+thout +n my w+se a+tenny varying Or d~m+n+sn~ng the fo.ces eHCCts or Fen of tn+s mortgage on au tM premises not spec,frcauy released from the hen of th+s mortgage by the Assoc+auon 20 Any agreement nereaftcr made by Mortgagor and Assocrat+on pursuant to tfer3 mortgage sheet be sucer+or to the rights o! Lhe t+olde, of env mterven+ng I,en or encumbrance 2 t upon request of Mortgagor. the Assocrstan may. at +ts sore optan from time to t+me before }tit! pavr*meri of all •r.dcbtedrtess secured Hereby make further ad vartces to Mortgages. aovtded. however. that tM total pyrite+pat secured hereby end rema+mng unpa+d +nctudmg any su:n advances sna+! rat at arty time e¦ teed the orig+nal prrnt+pal cam Secured hNt!•btr Mortgagor shau pay aft such turiher advances wain +merest and rite same shat! tit secured neroby Au provrs+ons - Ot TMS mortgigE shall apply t0 each further advance of Weil aS to aft OthN indebtedness secured Hereby Notting t+erem contained nowtver Snap I+mit the amount secured by CMS mortgage d wch amounts +ncreased by advances made try the Assoc+at+on as Herein elsewhere prov+ded for to protect the security ~ 22 fn the event the Mortgagor tre.en, or any wbsequent Mortgages. or any person or cesporaT~un own~nq any mte•ect whatcnev~r Shoutrt er.r_umt,er the property herein mortgaged br an instrumtlnt comrnonlY referred to and krtpwn as a wrap-around mortgage withait (:rat nblam+ng the wnt:en consent o! tot Assoc+a- ~ tan. then. at the option of the Assocratan. the obt+gatwn secured by this Mortgage sha'~ +mmerfiarely Der_omo CuP arxt pavahte ; 23 To povde fife Associat+on wrath Flood Irtwrance Coverage +f the rcatproperir +s now o+ he•eafter c'.ererm+ned t~ iw w•rnn, a cpPC+ax final na~ard dace as snows on Flood Haiard Boundary MadFrood IrtSr,rartte Rste Map ss pubs+shed by Toe Fedora! l::wrance Administration 24 At tM request o1 tM Mortgage. tM Assoeratan sprees to werve tM povrt:ro.•ts of paragraph 4 relative to tM creation of a hazard mwrsnce account. provdad. however. that tM Assocratan nbtM tM npht. et tb opttOn, to n•+nstats such 1>.ovsrons of sad paragraph 4 as an obt+gatan of the Mortgage nereurtder apart the happening of anti of tM fouovarq A Failure to make airy payment required under tM terms of tM note on a before tree due date tttereol g Fsduro to comply oath tM inwrance povrerorts of paregraph 3. a of. arty of tM otMr terms and condit+ons of iMS mortgage a note. or with the mwrance i requrremerttf con[NMd in tM OKlaratron Of Cordornrroum and rNated documents slwutd the metgsged poperty tit commrttsd t0 condpminwm development • ~C~'~-x . ~ 8~(t~ PAGE . 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