HomeMy WebLinkAbout0794 1• That m esder to protect mesa fuNy the Ncunry of th+s mestgaga. tM Mestgaga. tOgHter write aril in add+t+o+t to. the rrontrttr Wvmerts under itt! terms o} the
rate secured hereby on ttta LpecJled paYrrNnl ilia Of Each mesHh until lbe sad Hole is fully pad will par to tt+e Assa.UUOrt ttte Ia 10w+ng Sums
lal An insgNmMt Of llti tires aril ibbabbrtMntb bvtttd es t0 be bvted igi+nsl tM pemisef COVerld br IMS mestgige and an mstalimenl of in! Wern+urrt
a pemwms chit wtU becolni due end wyibb to reMMr chi +ns'~ratxe on tM premises covered hereby sga'nst toss by f.re and w+ndstam. as prov+dad
fes by paragraph 3 pecedtrq. or Each ptfter Mtird orb may nisonably Oi retTuxed by tM Associatan and an insuument of the Wem:um that will
becesne dw and piyabN to renew tM lrtortgage +nwrartte. tl illy $trch tnsullments Styll tN equal. respacl+vehr. to OrM tWllftn 11+t?th? of the es
UmateO prem'Ym p pemtumb IOr both mwnnce. and tareb ird assessmenls neat dw bs estimated by the Associat+unt less alt mStaltmeMS ilgady
pad tnereles drvtdld by tM rwmbN OI months flat an to e4pse ess month pr+w to flee date when such premium a premwms and texas and
issessmints wtu Mwme deM?attMt TM Astwuatton. wMb ipplY'ng sucA DaYrMms to +nwrancs pemwms taxes and assessments petese tM same
become dNtrtgwnt. shill not pay Inttgest to tM Mortgagor on aucA funds. and au such payments may lye commxigted by the Associatan wtM inY
other such lands o. with Its own funds The funds in pbdgad u add+tanit Saturity tar ttte sums secured by this Mortgage and are subject to use by
the Asstlcutan M payment d "era cMrgeti' erd bank catectan charges
Ibl AN payments mentioned to the ptltttdrng subsection Ol tMS paragraph aril ate piyrrynts to 0e made under the not! secwed Hereby shall be added
togatMr and the iggregau amount tharepl shat) be pad by tM Mestgages each month in a smyte Dayment to be apps,etl by the Assoc+atron to the
laboring items in tM Order sit Iprth t Tares. assassrrNnts. and +nwnrre pemiums 2 Late charges ant bank couect+or charges unless pa+d u,
manner povdod n piriWaWl • Ill 3 Interest on flee note secwed hereby 4 Amon+tation or the prinCiWl of said note
Any deficiency m the amount of strt:h aggregate monlhlY piYrnents shall. unless pad by the Mortgagor Ixa. to tMt due date r>I the neat sucn payment. con
shtute an event of defiirh antler the matgige W+thout wirver of anY right the Associatan may correct a Tate charge as Mov+ded m flee Note
S Tnat +f the total of tM payments made by the Mestgiga under la) of tt»ragrsph 4 praced+ng shad !.teed the amount Of payments sctwuy made by the
Aasociatan tes ores and assebbrMrtK and insunriCa prem+ums. as [M case may De. such excess matt be cred+ted by flee Associat+on on subsequent parntents
to be made by the Mestgsga 11. Aoryelrer, tM rrionthltt payments made by the Mortgagor order lal of paragraph 1 preceding shalt not nave been suffiuem to
piY taxes and assessments and inwrance premwms as tM case may a. when the same shalt ttecome due and payabb. then ttie Association may at +ts op
tan immed+itegr pay Such uses and assessments end tnsunrtca prem+um. and the Mestgages shalt pay to the Assoc+at:on any ama+nt necessary to make uD
the defic'encY• and such payment shall be dW ird DaYabb witMn tMrtY 1301 days apex the date of mid+ng o} not+ce by the Associatan Sltung forth the amount
et such deficiency 11, it imr tune. tM Mestgsges shall tender to the Arsocutan. m accordance with the prov+sans nl the note slowed Hereby tuft payment of
the enure indeptednett repsstenlad Mreby. ifie Astwciation shin. in computing the arnoum of such +ridebtedness credit to rite account of the Mortgages any
balance rema+mng in tM lands accumulated under the provisans of Isf of paragraph 4
6 To permit. commit es wfbr no waste. impaxmam es deterantion of lid property. or any part thereof and upon the facture of iris Mortgagor to keep the
build+ngs on sad property m good corid+tan a repiu and mialtenance. flee Assac+itan rnaY dlmird proper maintenance and the +mmedute reDa+r of sad
lw+tdings. es an +rKrease in the amount Of security. es the immediate repayment Of the debt hereby secured and the tadu-_ of the Mortgages to comply with
sad demand of flee Associatan for a pared Of tMrty 130) days shall cixlsbtute a breach of tMS mortgage and at the Doran of the Associatan, immedistrr
mature the enure amount of prlnCipil and mNrest hereby secured. end the Associatan +mme,liately and w+tnout notice may inst,tute woceed+ngs to foreclose
this mortgage arNl apply tes rtes appesntment of a receiver, as hereiniher provded. and 'n case of the refusal neglect a inability of the Mortgages to repau and
mainta+n sad pooerty. the ASSOCiatiOn may, at Ns option. make such repaxs es cease the same to Ile made. and advance moneys in that behalf
7 T~ perform. comptr with and abde by each aril !very ttr sbpulatans. agreements. cond+uons and covenants in sa+d prom+sSOry note and tMS mortgage set
festh
8 to comply witA the wbdmsan restrictions and the nWniCipit rprnng esdininces ippncible to the mestgaged property. riot to erect w permit eo be erected any
rtlW Ituiidirigs On tree pemisiK herMn rriOrigigad es t0 add t0 es perrrut t0 be iddld to. make es permd t0 be made. any Strutturit ~tteritanS to my OI ifi!
istirW imprOVlrnlntS thereon withOUt tM WtrttM cOnslnt of ilia Assocbtan, ird in the event o1 any vplation or attempt to viGlate these Sdpr~latans. Or anKof
them tMS mortgage and all Sums secured Nereby Shah immldytNy betOme due end paYiW! at tree Dolan Ot the AssOC'at,On
g Thaf in raise of a default in any of the arms of tMS mortgage and tM filing of a belt to feseclose tMS or any other mortgage encumbering the w,th+n desGribld
poperry the Assoctatan sfiall (N enhtlad to apply. it anti Gina without notii:a pertdirtp such fesecbwre w+t to the court haviryg lurisdictton thereof for the aD~
pesntmMt of s receiver Of all end srriputar tIN mortgaged property. and of ill the rents. ,ncomes. profits. issues and revenues tt!erepf from whatsoever source
derived and. lhtreupOn. it_is hereby erpessly COVaninted aril agreed that the court shall festnwith appant a receiver of sa+d mortgaged WoDerty. all aril
s+ngutar. and of Such rents. aromas. prOfi!b. issws and rwenws tfieripf, from whatsoever source derived with the usual powers and dunes of recewers m tike _
cases. and lath appO+ntment spilt be made by such court p a mater of strict right !o the Assoc+auon. and wuraut roterence to the adequacy or inadequacy of
tr+e vertu! of the property Hereby mestgiged. es to the solvency es insaventy of the Mortgagor. and that sucn rents pror+ts +ncomes ,styes and revenues Shan
be apDt+ed lyy wch receiver to the payment of the mestgsge rndebtedrte3s. costs aril charges. accesdmg to the o+der of such court
10 Tnat in the event the genuses hereby mortgaged es anY part thereo/. shalt lye condemned aril taken under till power of rmment domain the Assoc+atan shalt
nave the right to demand that alt Oimages awarded fes the uk+ng Of es mryry t0 said pemises Shit be paid to the AssocUi,on its wccessors or asLgnS uD IO
the amount then uripad On tMS mortgage. aril may be appt'ed t0 inY sums Iasi payable hereunder
11 That pine K Of the essertt! Of IMS COrlpaCt and [hat n0 wi+vlr Ot any Obt:gatan hereunder, O* of the 4D'igat,pn Slurred hereby Shari at any Line [hlrlaher b!
het0 to tx a waiver of the terms hlrepl es of the pom+ssesy not! secured ftereby
1? In the lvlnt Of any d!}auh m inY Of the Mrms 01 tM5 mGrlgagl. es in the note secured hereby and aCCetlydt+on Dy the hu%der Or any Otrier SiluaLGn that Would
cause the interest pad es payable under tMS oCtpation toe:teed the interest rate sutrarired by law. then in such event a!+!¦clki ,nterest theretofore paid Shalt
be credaed t0 Dr+nt'pat and a:' accrued end unpid excess interest shin abate and sna't not !ye an ub:~gatGn of the r-+dkl: ur Of any Otnl+ pe+SOn
13 That ro the a¦tent of the +ndebtedness of the Mortgagor to the Associitan described herein or secwed Hereby the Assxiauon +s Hereby wbrogated to the ten
o. tens and to the rghts of the owner and pourer thereol of each and very mortgage. ten es other encumbrance on the rand described tilre+n. vvh~cn is pa'd and,
satisfied m whole es in part. Out Of the p.oueds of the loin descnbsd tMre'in es secwed hereby aril the respect+ve 1+lns of sa+d rnestgages Lens or other en.
cumbrances. sttau be ird the same and eith of them hereby 's preterved and shay pass to and be nerd by the Association Herein as security for the in
debtedness to the Assocytion herein described es hereby secured. to the same extent that ,t would nave been preserved and would nave been passed to and
been herd by tree Assr%ration had rt been duN ird regularly assigned. tnnsfenld. see over and deLVered unto me Assoc+auon by separate deed of assignment
nOTwithSiarding the fact that the same may b! siusfied and cancelled of record. rt being the ~ntentan of the parties rteret0 that the lam! will be SdUSfild and
cancet!ed of record by the Waders thereof it es about the Line of rite recording of this mortgaye
II / 4 That d anY Of Ifie wins Or money herern referred to ty! not pr0•Tptly end tut1Y paid w+trnn tn~rry e30i days plat diter the Same sevlra!ty txcome due and paYabtl
or d NCn and every the Shpulatans. agreements. coed+IiOnt and Covenants of sa,a DtOm~iw+y note era Ih,s murtgaye or e,; he* are not duly Dlrfurmed cOm~
died with and abded by the aggregate sum urtpad order sad promissory note and this mortgage shat! become due and nayaPe forthwith or tnlreaiter st ills
{ Optan of the ASSOCIatan. as fully and completely of d aid aggregate win Ot money werE o*+g~naily supwated to be Dd~d on sucn der anyth.ng m sad
li ~ promissory note o+ here+n to the Contrary nOtw+thstanding
! • 15 Tnat m esder to accelerate the mitunty of the +rdlbtedness Hereby secured because of tr,e fa~~ure v me Mortyayor to pay any ;a¦ assesv*tenr hab~!+ty ob!r9a
~ tan es enCUmtXan[! utrea bad OrOpertY aS hlrbn ! Y n0• regws~Te thdi Lne ASSOC+abGr~ Shd!~ fir St ay the sa^i!
ptovdld. +t shat not b! n!ClSSar D
16 That the abstract o+ abstracts of htb covering the mortgaged property sheet at alt nines dw,rg the ++te rf th+s rnurtgage re•na~n ,n the ppsSess~on of thr
Assoaatan ant m event of eh! fwectowre of tMS mortgage. or Diner transfer of are to the mortgaged muperrr r'•`^yu,shrnn~t O• ti'p .nrfebtednss seci:red
hereby all rght. Otte ird'interest of the Mortgage in and to anY such abstracts Of trttr shat! Dass to the purchaser or ya~teC
17 Should tM va++dity or ben of this mortgage or the note secured thereby. lye contested by ta,gat•or+ o* otherw,se the Mo•tyayor agrees to pay to lire Associat~m
the cost of defend+r'9 the same inctudinp a reasonable attesneYs lee
18 io Day all and singular the costs. charges and expenses including attorney s tees r«asonab!y ern urrerl n• pa•d at ant t,me by rrrv Assrx+ation tx•caux o! the
failure of the Mortgages to perfesm, comply with end ib'd! fry each and every the snpu!arons ayrnemenrs unvS,tions and covenants n( sled prom+sspry note
and iMS mortgage. es either, and every wch lea[ept for the payment of the monthly !nstaitn•.ent as rwla rreA by the Prrrmssrxv Note! snarl bear ,nterest from
dal! at tie rate Of eighteen per cent Ilfl'tE1 per annum until fatly pad
19 The Assoc+atim shalt Aar! tfte right at any time and from time t0 time and witraut not+ce to or consent of any lierso^ :u a. re:ease any portion of ;rte premises
from the Len of tMS rriOrtgage. Ibl reties! any plrsOn bable for payment of any indebtedness secured hereby. ru e¦teM the t•mr of payment or alter the terms
O} payment of ill es arty Dirt of the irdebtednets. vnihOUi aNettrng or releasing the personal 4sb+Lty o1 any person hour! +other roan any pe•sOn re'eased Du•
want tlerei0) for the payment of arty win es interest secured hereby and w+tltOUt m any w+se a!tlnna vdrpng nr dim:nsh,ng the faces lffeClS o• Len or tMS _
mestgage on iN the WEmises rat LpeCifrCaNy rellifed from the ben Of tMS mortgage by the Assoc.dt+on
?O Any agreement hereahcr mile by Mortgages aril Assxiatan pursuant to this mortgage shs!~ be wtxrior to the rights of the rw!de• of any nterven+ny Len o•
encumtxanCe -
? 1 Upon request of Mortgagor. the Assocytan may. ai its sob option from time to t+me. pefore tut! payn+ent or at! .ndebtedness secured hereby make /usher ad
vances to Mesigsges. provded. however. this the total pnricipi~ secured hereby and rema,mng unpaid ,ncwd~ng any sucn advances shalt not at anY pine em-
ceed the orig+nat pr+ncipal win SlCUred hereby Mortgagor sleet! par at! wch furthe* advances with interest and the same shalt De secued Hereby All prov+sions-
of tMS mortgage shalt apply to etch further sdviriCe is we:~ as t0 an Other indebtedness secured hereby Noth+rg Herein cOnta~ned however shop bm+t the
amoum secured by th+s mortgage d such imOUnt is inCrNSed tr/ advances made by the Assouatian as rte+e~n elsewhere D*ov+ded for to Frotect the security
In tn. event the Mortgagor tterlin. es arty wbsequent Mortgages. es any person or COrpp:atinn Owning any irtrrnct whatsrv:irr choi,irt en~umher the protx!rty
herein mortgaged by an instrument Commonly referred to and known as a ~ wrap-around mortgage wrMOUt first Ob;am,ny the whiten cnnSen; n1 the Associa
tipri. then at the option o/ the Associatan. the oWgat+on secured by this Mortgage snarl immed~atPty become d+,•• ar+rf pavaMe
?3 To provde the ASSOCiatwn with Flood Insurance COVlrage +1 the real property +s now a he•eafter determ,nprl tO rte w th+n a s[~ec:at }:nrx1 harard area as shown
oh Flood Harard Boundary MsdFtood Irtwrsrtte Rate Msp ss pubi+shed by the Federal Insurance Arlm,n+ctrat+M1
24 At the request of the Mortgagor. tM AssoWtan agraea to waive flee pronsans of parigrsph 4 rditive to the creation o' a Harard +nsurance account. provided-
g however. that the Assouitan ratatrts tM ngfit. at its Dolan. ton-msuu sucn provtsans of sa+d pingraph 4 ss an obLgatan of the Mortgagor hereunder upon
76 the happernrg o1 my of the followtrtg
A Faitwe to make arty payment rapuxed under tl+e terms of rtes note on or before the due date thereof '
f; Failure to comply with the tawnnce prpvis+onb of paragraph 3. es of anY of the other terms and cond+tions of th+s mortgage a note or w+M the +nsurance
requirements contained in tM OeCbntan of GOrdesnirnum and nUted documents stioutd the mestgaged property be Committed to cor+dominium
devltopiient
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