HomeMy WebLinkAbout1672 That rn «da to protect m«s fuuy tM sscunty of eMS mortgage. tM M«tgaga. togstM+ w+th. and +n add+tan to. EM montNy paYr*rants undN tM tams d [M
note secured frNeoy on tM apece+ed wYment den d each month anal tM sad rate rs sassy wd. veto wY t0 tM AffOCratron tM Iouow+ng wms
sere An rnstallmeM d tM teats std asassmenls kvred « to be kvred aga+nst tM pem+MS covNed by eMS rrtortgage. end an instalY+tant d tM premwm
a pemwmf gnat wdl become dw and wYabN to renew tM rnwraae on tM gamrsas covered hNeby agartw bq by hrs. and wwdstOrm, as povrdfd
for by wnpraph 3 acceding. «wch othN har'aro as mar naserabN be required br tM AssocratrOn. and an rtstaarrrent d tM prtmwm tMt wrM
becer+c dw and wrsbN to renew tM metgage rnwrancc. d any Such msulunents shau lee etlual rfspectrvely. to etc-twNhh Itr12th1 Of tM es•
amated pemwm a pramrrmf for wch rnwunce. and uses and assesfmcnu neat dw sere esumated by ester Astaaatronl less erg rrtsuamcnu skcaiy
wd tnasl«. drvded by tM number d morttM that arc to elapN «+e month p+e t0 tM date when such pemwm a premiums and uses and
assessments NnN OetOrrte dNrnquMt TM Arsocrat+on wMk applying loch payments t0 +nwranee pemrumf. cereal and assessmenta. bNaa tM price
- become dsbnquent. sMtt not wY mtNCSt to tM Metgagor On such funds. and au such payments rnaY be comrrrrpNd by the Asweratrtln with anti
otnN such funds « wrM its own lands TM funds ac pledged as addtanal security /e tM wms fccwed by iMS Mortgage and Ne wbpet t0 ass by ;
tM Assocratron in wyment d "WC cMrgei' and bank cotkxtan charges
Ibl All payments menlaned m tM gecedrrg wbsectan Of this wrsgrsph end all wyments to be made undN tM note secured hNeby ahaU W added +
togsthN and tM aggregau amount tMreol slrau De wd by tM Metgsges each rrronth rn s single wymMt to be applied by tM Asfocratron to tM
fMlovrnrq rtem3 m tM eda set lath 1 Taaef. assessrrtcnts. and mwrance gemrums 2 'late charged' and bank CoNactrprt thargq. unless pad m
mannN gOVdW M paragraph t ter) 3 Interaft On tM noes secured hereby 4 Am«tuatan of tM prmppal d sad Hera -
Any defrcrency n tM amount of such sgyregaro monthly payments aerate, urrlefs w+d by tM M«tgag« pre to tM due deer d tM Hart such ptrYrrrent. ton•
st+tute an event of dsfsufl under eM m«tgage Without waver d anY rght. tM ASSOCratrOn may cotNCt a "beer chargi' t13 txovdad n tM Note
6 That rl tM total of eM wyr„ents made by tM Metgage under hl d wrapaph 4 pecedrng shah tatted tM amount d wwr»nu actwNy made by tM
Assocratron for tease end assessments and rnwrance gcmwms. as tM use maY bs. such eatass sMN be aedrted by tM AtfgtNtron on tuMapwnt payments
to bs made by tM Mortgage If, hOwevN. tM monthly paymMts made by tM Metgagor under sere of wrsgraWr t peteduq slop not haw bean wH.acnt to
wY teats and assessments and rtwrance gemrums. as tM ass may Oe. wMn tM same shall become due and wYSbk. than. tM AafOtratrgn may, at rte op-
tan. rmmed+atehr wY such taxes and assessments and rnwratte gcrrwm. end tM Mestgag« span pay eo tM Assocratan any amount necessary to rnaka up
tM detrcrNrcy. and wch payment shah tN due and wYab!e within tMrty 1301 days after tM date d marking of notice by the Assoroatron alttrrtg teth tM amount
ct srr_h delrcrency 11- at any bins. tM Mortgage snau tender to tM Assocratron. m sccadance w+ih eM gonfans of tM note secured ftNCby. full payment o1
the enure rrdebtednass reprssltnted Mreby. tM Asstxratan sl+an- m computing the amount Ol such rrdtbtedrress. urd+t t0 tM account d tM Mortgage any
balance reman+ng rn the funds accumukted under tM govrsrons of la) of paragraph 4
6 To wrmrt. c«nrtut « suffer no waste. rmpaumsnt « dearrestron o1 sad goperty. « airy wit therept, end upon tM farlun d tM Mortgagp? to kNp tM
buildings on sad aopNty rr+ good condrtron « repay and marmenance. tM Assocratron may demand proper mamtarance and the rrnntadiaa rapsi? d sad
bu+id+ngs. « an +ncresse rn tM amount o/ secunry, « tM immed+ats repayment of tM debt Mreby secured. end tM fak~,r OI tM Mortgage to comply vrreh
sad demand o1 tM Assocratron fe s pNad d tMrty (301 days t!Mu COnsbtut! a breech of this mortgage, end. at tM option d tM Asaoaatrort, rmmadiatehl
matwe the enhte amount d grncrpal and mterett hereby secured. and tM AEWtratrOn rmmed+atNy and without notice may rnfututa pOCeedMgf t0 /eeCbse
iMS mo+tgage and apply tM appdnlmeet OI a feCavN, as MrNMftN pOVded. and n Cafe O} tM rsluSal. neglect a rnabil++y d tM Mortgagor to revert and
~+a+ntarn sad gOperty. tM Assocratan may. at rti option. make such rewus « cause the same to be made. and sdvarrce morays rn that behsN
7 Ter pert«m comply with end abide by each end awry tM snpu!atans. agrsemsnrs. cand+tans and covenants in sad promssory rqu and eMS matgaga set -
t«Ih
8 TO comply w+th tM wblmsan restrrcirOni and tM muntrpal tOrpng edrMnCQS applrcabls t0 the m«tgagad gOpatY. not t0 NaCt Or pNnut t0 be Netted anY
new burtd+ngs on tM gamrsss hNan mortgaged « to add to « Detroit to be added to. make « permit to be made, any structwal ~BNatrons to arty d tM ea•
atrrrg +mgOVements thereon wrthwt tM wrrttM consent of tM Assoc+atan: and m tM event of any vrotatan « attempt IO violate tfrep strpulstrOnf. a any d
them. eMS mortgage and all wms seCwaO hNeby these rmmedrately become due and wyabk of tM Option of tM Assptytrpn
9 Ttrat m tees of a delsult rn airy d tM tams of eMS mortgage and tM hbng of a b+H to Ieecbse eMS a any Other mortgage MCtNnbNwrg tM within dptnbad
goperty. tM Assocratan shah be enutNd to apply. at any time wrttrout nptrte Dend+r'g wch t«ecbw.e wit. to tM COwI Mvmg furydrttrpn 1Mrad fix tM aP
ppntment of a reteivN of al! std srrtgutar tM metgsgcd goperty. and d all tM rents. +ncomes. pdrts.:swK and rerenuef thNed. from wMttacvN sown
der+ved. and. theroupon, rt rs Mreby eapessly covenanted and agreed tMt tM court shsu f«ttWrrth appo+nt a rsCNVer d sad mortgaged property, aq end
angular. and of such rants- rnCO!rres. Oroh's. reface end reverWeS thereof. from whatsoever source denved. with tM uswl ppvverf and dutref d retarvaf rn bke
cases. and auto appesntmMt tihalt bs made by. such court as a mattN of strict right to the Assacrstan, and without referNrte to tM adequacy a inadequacy d
cite value of the goperty hNeby mortgaged. « t0 the sohrenty a rnsWrenty of tM Mortgsg«. and that such rents. gohts. encomes. reeves. and nwrwss shah
be applied by such recover to the wyment d tM mortgage +rtdeptedness, costs and charges. stead+rrg to tM edN of wch COUrt
10 That m the event ens gemrset hNeby metgaged. « any part thNep/. these W cOrrdemrred end taken unde+ the pOwN Ol errurtent domain. tM Asfocratan ihaM }
have tM +gnt to demand that su damages awarded tM taking of « rryury to sad gem,ses shall rte pad to tM Assoaa[an, rte successors « assigns. up to
the amount then urrpad on eMS mortgage. and may ba appl+ed to any wms last payable hereunder
1 t That tome rs of the essence OI tlws contract and that rip waiver of eny oW+gstan hereunder a of the pW+gatan secured Mreby. shall at arty time tMreaher be '
held :o be a waiver el the terms hereof « O/ tM pomrssory twee SecureQ hereby
12 In tM event of any default rn airy d tM terms of this m«tgage. es rn the note secured hereby. and accelNatan by tM holder. « any otMr atuatron that would
cause rM rntNest wd « wvabk under tfws odgatron to exceed tM interest rate auth«rted by taw. then m wch event su excess rrttNest thNetdon pad shah
be credited to grrrc+wl and as accrued and unpsd a:tees rnterest shau abate end shall not be an oW+gatan of tM maker « Of any Other person
t 3 That to tM extent of tM rrdebtedness d the Mortgages to tM Assocratan descr+bed Mre+n « secured Mreby. tM Assowtan 4 Mraby eubtOgited to tM Iron
« hens and to tM rights of tM owner and holder thereof of each and every mortgage. ben p other encumbrance on tM land dMtnbad frarart, which ra pad and
seas/rM. m while « rn part. out d tM poueds of tM loan described frerern « secured Mrepy, and tM respective bans of clad mortgagaf. ha+s w Other a+-
cumWances span be. and tM same std each of them Mreby a presNVed and shall was to and be Mld by tM Assoaatan lrerarn as Mu+r?tY lo? tM in-
~ debtedrress to the Assocution hNNn described « hereby secured, to tM same extent roar rt would have been geferved and would haw beat passed to end
been herd by the Assocratan had rt trsen duly and rrrgularly assrgrrad. vansfe.red. set over, and delivered unto the Assoaation by sawrau deed of afsrgnrrrnt.
rotw+thstandirrg tM /act that tM same may be sabshed and cancelled of raced. it (x+ng the +ntentan o1 tM wrt+es hereto that tM same wrU be fatiffied aril
cancelled of roc«d by tM holders thaept at « about tM t+me of tM recesd+rig of this mo+tgage -
1 ~ That +f arty Of the wms d money fvtrem referred t0 be not promptly and fully veil wrtMn th+rtY 1301 days neat ifter yt
a fame s@varally bKArM dtN and payable.
«+f each and every tM strpulatans. agreements. corrdtrorrs and covenants of sad gom+ssory note and tMS m«tgsge. a either. ere not duly pNl«msd. Coin- _
d+ed with and ab+ded by tM aggregate win urrwd order sad prom,ssory note and th+s m«tgage she!! become due and wWbls fortMMh «thaghN. at tM
optan o/ tM Assocrat+on, as fusty soil comdetely as d sad aggregate win of money were «rg+natly strputated to be pad On wch day. snytMng m sad
gOm+S50ry rate « here+n to tM Contrary ratwitMUhd+ng
15 That m «der to xcNerate tM maturity of the indebtedness Mreby secured because of the fa+lure of the M«egages to wY any tea asaessrnent. babrbty. obbgs• -
f tan « encumbance upon Sad pOwrh of Mran govrded. rt Shill opt be rreceSSary n« regws+te that the Assocratron shalt hilt pay !M sarrie
.16 That the absvact « abstracts of utk cover+ng tM mortgaged popery shau at all nines during tM fife of eMS mortgage. remain rn tM possasaon o/ tM
' Assocratan and. m event of the 1«ecbsure of tMS n+«tgsge. « other transfer of utk to the m«tgaged gopeiry. m eabngurshment d tM rndebtednlss secured
hereby. a!r right. uUe and rnterest d the Mortgage rn and to any such abstracts of title shalt was to tM purthssN « grantN. -
17 $hould the vald+ty « I+M o1 this mortgage. « tM note secured thereby. be [ontesleC by ht+gat+on « otherwise. tM Mortgage agrees to pay to tM Assoaitan
the cost o1 detend+ng tM same u+clpdirtg a reasonable ate«rrey's fee
18 TO pay aN and singular the costs. charges and expenses. including act«ner s fees reasonably +ncuned. « paid at any hint by tM Afspaatan. because o/ the
ta+lure of the M«tgag« to pert«m, comply nnth and abide by each and every the st+pu!ahons agreements. c«+d~t+ons and covenants of hard prortussory note
and tMs mortgage. « e+fher. and every such IeaCep[ 1« tM payment n! the .monthly mstanment as requued by tM Promissory Note) sltsn beer mtNest from t
date at the rate of erghieen per cent I1B'~1 per annum anti! sully pawl t
19 The Assocwtan shall Aare tM r+ghi at any Line and from time to time and without noun to « consent O1 any person t0 Ise release any portan d the Demises
from the Iron of eMS mortgage. Ib! release any person IraWe f« payment O/ airy rrrdebtedneu Secured hereby. Ice a:tNd tM t•rrta of payment a alto 1M tams
of payment Or ab « any wit Ol tM rndebted+teif. without aHeChng « rekasrrrg tM personal babbty of any person kabk (other than airy person released pun
want Mretol t« tM wvmene pt any win a mtNest secured IrNeby and without +n any w+se ahenng. varying. «drrmnrsMng tM hxces effects. or ben d tlrs
narlgage on alt tM promises not spetitrtally released /tom tM ben d this mortgage by tM AfsOCiat+On %
20 Any agreement hereafter made by Mortgagor and AfSpcist+On p•~rswnt to eMS m«tgsge she!! be wpNror to tM ngl+ts of tM ho1dN of any mtervenurg Iron «
encumbrance
2 t upon request of M«tgages. iM Assocrstion maY. at its sole optan. from nine to Ume. bef«e full payment of all indebtedrNSS fsCwed Mreby. make further ad- s
vances to M«tgsg«. govdrd howevN, that tM rota! grtupat secured Hereby and remaining unpaid, mclud+ry arty such advances, shah not at arty hint ea-
teed tlx «+ginal Dnnaw! win SCCUreo Mreby Mortgagor sleets pay ap wch further advances vrith rnterest and tM same ffiaY be secured Mreby. All prpssrpns ;
of eMS mortgage anal! apply to each further advance as wall as to all other rrdebtedness secured hereby Nothing Mran tontsrred. however, shalt hmK tM
amount secured (ty tMS mortgage it wch amount rs rnusased by advances made by cite Assoc+atron. ss hNNn elsewhere gOVded fo? to protect tM setunry
22 In the tutor the M«tgaga herein. « arty wbsequent Mortgag«, or any person or corpesatan Awning arty rnterest whatsoever. should errcvnber tM goperty
herein m«tgaged hY an instrument commorNy referred to and known as a ' wisp-around mortgage' vnthout first obtaining tM written consent d tM Assoc~a-
ran. then. at the opt+Cn o1 the Assoc+stion, the obbgation secured Sy this Mestgage shat) immediately become due ants payable
23 1o govde the AssoCwtan vrith Flood Insurance Coverage +f the real goperty is now « he•eaher derermrned to be vrrthwr a special flood hared aces as Slaws
on Flood Harard Boundary MspJFlopd Inwrance Rate Map as publ+shM by tfre Federal Insurance Admmrstratiorr.
24 At tM request d the Mortgagor. the Afsoaation agrees to waive tM govisrons of wragraph s relative to the eaten d a hataro inwrance atcoum: provided.
however. Mat tM AssOGratan rstaatf tM rght. at its optrer- to re-insole wch povisans d card paragraph 4 of M oblrgauon d the Mortgages hNeunder upon
tM happenrg d any d tM lOlbwirig:
A Falure to make any payment requrrad urwNr tM terms d chi noes on or bet«e the due date thereof
B .Failure to comply rvrth the uKUrarrCe prwrsions d wragraph 3. a of any o! tM other terms and condrtans d this mortgage or note. p with tM. aaurartee
requirements conurned a tM Oetlaratan d Cedominrum and rNated documenu should tM mortgaged property be cdrrirrirtted to tondorttrtnmt
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