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HomeMy WebLinkAbout1357 r , I4 ~,..~rf 4• TMt. m order to protect more luMy tM security 01 thn mortgage. tM Matgaga. together with. and M addtan to. tM monihty payments under tM terms of tM note secured hereby. w~ tM speuMd payment date of each month until tM sad note rs fuNy pad. will pay to tM Assocntan tM foMOwrnY sums - !a1 An rnsaument OI tM rues and assessments bend or to W levied against tM premrset covered by thn rrrortgage. and an uutallment OI tM wemrum a prsmwms tMt wiM became dw and psyab:e rorenew tM urwrenu on IM premises covered Inreby apsirxtt loss by Iue. and wrndstam. as provded for'by perttgraph 3 precedrq. or such other hazard ss may reasonably be regrwed by tM Assocntion. and an utsuNmenl of tM pemwm tMt vrdl become dw and payabN ro rernw tM matpaps wrsurartce. it any. Such ingauments slaw be egt?al. respedrvNy..1o ors-twelhh (1112th! of tM es- trmated pn)mwm a premiums for such rnwrartp. and taxes and asNSSments next dw less estimated by tM Assa:ratanl less aN rrretaNmNtts akeady pad tMrefor. drvded by tM nwnber of month tMt era ro abpee or~a month par to tM date when such premium a prerewums and taxes and assessments wrM betxxrn.dekrrgrant. T1» Assowbon, while apphrrp such payments to rrterrrartce prerewms. taxes end assessments- belae tM same became dekrtgtrant. ahW not pay interest to tM Mortpepa on such funds. and aN such payments may W corrwrtrrrgled by tM Assocntan with any other such funds a with its own funds Tln funds are pbdged a addrtrorral security for tM wms secured by this Mortgage and are wbpct to use M tM Associatan in payment of '-late iitarges" and bank cokectan~eharpes Ibl AN payments mentioned in tM ptecedirtp subNCtron Ot the pitrepraph and all pyrn.nt} to be made under tM Hole segued hereby shah be added togettrsr gird tM aggregaa amount tltsreol shah a geld by tM Mortgage each month wt a single payment to be appked by tM Assocntuxt ro tM /oNowup items b tM order wt forth: 1 Taxes. assessments. end rniurarvice prererrums 2. "late charger and Dank cosectron dnrpes. trnbss pad m manner provided b peragreph 4 IN 3. Interest on tM note secured hereby. 4. Areratuatan of tM prurcrpal of sad note. Any dehcnrrcy b tM amount of such sggregan monthly payments shah. unba pail by tM Matgsga prat to tM due date of IM rnxt such payment. cor?- steuts sn went of dehuN under tM mortgage. Without waives of airy right. tM Assoaation may cdba a '-late chargi' as provided in tM Note 5. That it tM total of tM payments made by tM Matpega under lsl of paragraph 4 precedirp sMM exceed tM amount of payments sctwlly made by tM Assoaatan for taxes and ass~ssretents and irrsruance prerrwms. as tM case may be. suM excess s1nN W credited Dy tM Asrocntron on subsequent payments to be marls by tM Mortgage. M. howwer, tM monthly payments made by tM Matgaga under la10l paragraph 4 precodrng shsN not haw been wffrcnnt to pay taxes and assessments and hstrrsrtee premiums. as tM uses may be. wham tM same shah become due and payabb. tMn. tM Assocratan may. at its op- tan. immsdrately pay such axes and asNSSmMrb and wtsrxarrce prertuum. and cM Mortgagor sMN pay to tM Assocntan any amount necessary to make up the deficiency. girl such payment shall be due srrd peyabN Mnthin thirty IZO) days after tM date of markrp of noacs by iM Association setting lath tM amount of such deficiency. 11. at any time, tM Mortgagor sMU tender ro tM Association. in saadanu vrrth tM provisions of tM note secured Mreby. fuN payment of tM entire indebtedness repres~erited hereby. the Asaociatan slnN. M coreiputirtp tM amount of such irtdebttitfriess. credit to tM account of tM Metgages any balance remauiup M the funds securrwrlated under tM provisions of la) of paragraph 4. 5 To permit. comrt?it a wlfer no wale. wnpairmwit a deteriaatan of sad property. a any part thereof. and upon tM failures of tM Mortgage to keep tM buikieigs on sad property in good irortdition or repair and msintenarice. tM Astaaation may demand proper mamtenartce and tM immediate repair of sad buildings. or an increase in tM amount of Beauty. or tM immediate repayment of tM debt Mreby secured. and tM failur,r of tM Mortgages to lprriply vnth earl demand of tM Association la • period of thirty 1301 days shell caisutua a breach of .this mortgage. and. at tM option of tM Assoaatan. irrtrriediately mature tM enure amount o! pririCipal and interest hereby secured. and tM Association immediately and wuhout notice may institute proceedings to faedose the reiortgage and apply la tM appointment M s receiver. as MreiMher provided: and in case o/ tM refusal, rieglsct a inabil,ty of tM Mortgages to repair and maintsm sad property. tM Association may. at its option. rrisb suM repairs a cause tM same to be merle. and sdvarice moneys m that beliiH. 7 To pedam. comply with end abide by esefi end wery tM stipulation. agrNments. ooriditiorur end covenants n sad pronussory rats and this reiortgsgs set forth 8 To comply with tM wbdvisiori restrictions aid tM municipal zorwng ordinances appkcaDb to tM mortgaged property. rat to erect a permit to bs erected any new buildups on tM perriises liorein mortgaged or to add to a permit ro be edifed to..maks a permit to bs made. any structures! alteratans to any of tM ex- isting improvements therea? without tM Mmnen consent of tM Associatan: and in tM event of any valatan a auampt to vitiate these stipubtions. or any of them- the matgags and aN wms secured Hereby slieN imreiediately become dw and payabb at tM option of tM Associatan. 9 That in case of a default in arty of tM terms of the rrtortpepe grid tM fiMrip of • biN to loeclose the a any other mortgage ericrimberup tM vwthn described property. the Assoaation sMll to entitbd to apply. at any time vnthout notice poriding sud? faecbwrs suit to tM court havup pirisdictan thereof for tM sp- pantment of a receiver of ap end saigular tM niortgagad property. and of all tM rents. incomes. profits. issues and rsienues thereo[. from whatsoww source derived. and. thereupon. it n Hereby exprussltr covenanted and agrsad tMt tM toiirt s1iaN Iarthvntl? appant a receiver of sad mortgaged property. aN end sirigubr. and of such rents. irtoorriea, profiri. issues and revenues tMre01, from wMtsoewr source demred. Meth the uwal powers and duties Of receirers in idce cases. girl such sppgiritmsr?t shall to made by such toiut a • matter of strict right to tM Associatan. end without reference to tM aifequscy or inadequacy of the value of tM property hereby mortpegsd. a to tM solvency or insolvency of tM Mortgagor. end that such rents, profits. incomes. awes. and revenues shah be »ppliid by such receiver to tM psyreient of tM rriortpaga indebtsdriess. costs and charges. acoordng to tM order of siich court 1 O. That in tM want tM prererses hereby mortgagd a any part thereof. shall be cordenrred and liken aide tM power of eminent domain, tM Assocutan shah have tM right to demand that aN damages awaded for tM~takup of a inliiry to sad prerYwses shall be pad~to tM Associat~ori. its successes a assilpu. uP to tM amount then unpaid on tltis mortgage. and m.y b. eppked to any wms 4st payabb hersurder. ~1 1 That time is of the essence of the contract and that no wanes of any oDlpatan hersurider, a of tM nbtpatan secured hereby. shah at arty time ttiereaher bs hMd to be a waiver of tM terms hereof or of tM promissory note secured hereby. 12 In the event of ariy default in any of tM terms of the mortgage. or in tM rate secured hereby. and accebratan M tM holder. a any other situatan that would cause the interest pad or payable order the obkgation to exceed tM interest rate authorized by few, then in such even) all excess interest theretofore pad shah be credited to prinapal and sh aixrwd girl upped excess interest iiMll abate eM shall not be an oblpstan of tM maker a of any other person 13 That to tM extent of tM irdebtedMSS of tM Mestgega to tM Assoaatan ilesCribed herein a secured hereby. tM Associatan is hereby subrogated to tM ken a liens and to tM rights of tM owner and holder thereof o1 each and every mortgage. lien a other ancumbrarice on tM land described Mrsut. which is pad and satisfied. in whole or in pert out M tM proceeds o1 tM loan described Mrein a segued hereby. and tM respective kens of sad mortgages. flails or other en- cumbrances. shad cis. and tM same and each of thin hereby is preserved and itMN pass ro std lie held by tM Associstan Mrinn as security fa tM ui- Aebtedness to tM Assoaation herein described or hawby secured. to tM same extent that a would have been preserved and would have been passed to and been Mb by tM Association had it been duly and regtrlarty eosipr»d. irarislerred. set over. and dslivsrsd unto tM Associatan by separate deed of assigrimsnt. riotwithstariduig the fact tint tM same may be satisfied and pnceWd of record. it beuig tM intentan of tM parties hereto that tM same will bs satisfied and ~ cancelled of record by tM Holders thereof at a about tM time of the recording of the mortgage 14 That it airy of tM wms o/ money fnrein refereed to be not promptly end fuNy pad withn thrty 1301 days next ghat the same swerallY become dos and paysbte. a d each girl every tM stipulatiais. agrwrennts. condtions and covenants of sad prornissory note girl ttxs mortgage. a either. are not duly pitrlamed. com- Abed vrith and abided by. tM aggregate vein unpaid under sad promissory note and the mortgage sMN become due and payabb forthwiM or thereafter. at tM optan of the Associatan, as fully and conpbtely es it sad aggregate vein of money were epuially supubted to be pad on wM day. anythrp in sad promissey note a herein to tM contrary riotvnthstniduig. 15 That in eder to accebrate tM maturity of tM iridebtedMSS hereby secured because of tM failure of tM Mortgages to pay any tax assessment. kabaty. obliga- tan or encumbrance upon said property a herein proviied. rt shall not be necessary nor requmite that tM Assoaatan shah fast pay tM same. 16 That tM abstract or abstracts o? trtb cowrup tM motpaged property shall at aN times. during tM fife of the mortgage. remain in the pasessan of tM Associatan and. in swot d tM faeebwn of the mortgage. or other trarister of titb to tM mortgaged property. car extinguishment of tM indebtedness secured hereby, aN right. trtb end interest of the Moripapa in and to any such abstracts of titb shah pass to the purchaser a grantee 17 Sliouk! tM validity a hen of this mortgage. a tM nog severed tMreby. bs contested by litigation a otherwise. the Mortgagor agrees to,pey to the Association the cost of daferding the same intlirdirig a rNSOiabM attorney's lee. 18 To pay aN and singubr the costs. charges and expenses. including attorney's fees reasonably uicurred. a paid at any time by the Associatan. because of tM failure of tM Mortgagor to perform. comply with end abide by each and every tM stipulafieis, agreements. corditans and covenants of sad promissory note and tlis mortgage. a either. grid wary such lexupt for tM payment of tM monthly mstalkiient as required bll the Promissory Note) shah bear interest from date at tM rate of ten per tent I1O%1 per amain until fulhr paid 19 The Assoaatan shall Mw tM right at any tune and from Luis to bren and without ratite to or cawent of any person to Ia) release any portan of tM premises frpm the ben of this mortgage. lbl rebase any person kable fe payment of arty indebtedness secured hereby. Icl extend the time of payment a alter the terms of payment of all a arty part of tM iridebtildriess. without eftectirig a releasing tM personal fiabiliry of airy person Wbb (other than any person released pur- want hereto) for tM payment of any vein a interest secured Mreby and without in arty wise alterup. varying. a direumshng tM faces. effects. or ken of tfws mortgage on aN tM prenrses not speafii:alltr rekased from tM ken of this mortgage by tM Assoaation 20 Any agreement hereafter made by Mortgages and Aesotietion pursuant to this mortgage shah be superar co tM rights of tM holder of any intervrirurp hen a encumbrance. 2 t upon request of Mortgages. tM Aitaociation may. at its sob option. from time to bins. before full payment of all indebtedness secured hereby. make lurttnr ad- varxes to Mortgages: provided. however, that the total priricipel secured hereby girl remaimrp iuipaid. iridiidrp any such advances. shah rat at any time ex- ceed the original pririapal vein secured hereby. Mortgagor shah pay eN such further advances with interest and [M same shalt be secured hereby. All provisions of the mortgage shsN apply to each turtltet ildvarits as MMN es to ell other indebtednea secured hereby. Nothrp herein contained. hoMrtver, shah flint tM f amount severed by this mortgage d such amount is inuNSed by itdvarices made by tM Associatan• as herein elsowMre proviil0d for to protect tM security b 22 In the want the Mortgages fxxmn. a airy subsequent fdortgsgor. a any person a corpeatan ovvrwp any interest whatsoever. should encumber tlis property herein mortgaged by an instrument commorilY refereed to end known es a "wrap-around mortgage" vnthout first obtauwig the wMten consent of the Associa- Lion, then. at tM option of tM Assowtion. the obligation secured by the Mortgage shah imrtiediately become due and payable 23 To provide the Association with Flood Iriswsrice Coverage if 1M real property is now a Mreafter determined to be Mnthn a special flood hazard area as shown tt on Flood Hazard Boundary Map flood Irisurarice Rate Msp ss published by the federal Ir?wrance Admirwstratiort t 24. At the request of tM Mortgagor. tM Association agrees ro waive the provisions of peregraph 4 relative to tM creation M a hazard inwrarics aaa:nt. provided. however, that llte Association stains tM right. et its option. to re-irritate such provisions of said paragraph 4 es an obligatan of tM Mortgagor herwrider upon tM happening of any of tM foNowwp: A. Failure to make any payment required under tM terms of tM note on a before Uie dw data thereof. s B Failure to comP(Y with tM wauranp proviaiots OI peragraph 3, or of arty of tM other terms and conditions of this mortgage or note. or Mrith tM iriwrartq requirements contained in the f7edaration of Cordominwm and related dowments should tM rriortpeged property bs cesnmined to development. " ~wyers itle Insurance Corp,