HomeMy WebLinkAbout0584 4• That. to «du to potect m«e fully tM security of this m«ipape. tM M«tpapa. topetMr anth. end m sdd~tan to. tM monthtY Pawnents under tM terms of tM
note securW Mreby. on tM tpeafied PaYrttertt date d each month until tM sad note is tuNy pad. wrN wy to tM Assocntan tM lotlowrrtg wms
Ia1 An rnstaNmertt d tM riaa and assessments letrred « to be NvNd apunat tM pemrses covered by the mongage. and an tnstaltrr?er?t d tM gemrum
« gemwms that will trecortte dw and payabN to renew ttta rrtauranca on tM gemtsa covered hueby agsirnt bas by Itre. all wrndst«m. es eovtded
1« by paragraph 3 precedeq. or such other hasud a may nesetaWy be regtuired by tM Assoaatron. and an trtatatlrnertt d tM pentium tMt wrN
beconn due and WYabM to rMtaw the mortgage rrtswanq. d any. SuM instaNmenri ahaN be equal. gspectrvNy. to one-twNhh 11/12th1 of tM es•
etmated gemtum a gemwrna for wM rnwrart0e. and taxes and.sa.sant.rtri next dw less estimated by tM Assoaatanl lase aN rnstsNrrtents already
pail thuete. drvded by tM number d months tMt are to elapse eye month pn« to tM date when such pentium « perrwums and taaa end
sssessntenri witl betwrrte Oekrtquutt. TM Aeeoaatrtln. whle apWYtrtg such payments to rrnurarrp gemrums. tires and asNSSmutts. befoe tM same
become delrrpuuN. shah not pay interest to ill Mortgage on such funds. and aN such payments may be Commrtglert by tM Assouatron with arty
othu such funds a will iri own hrrtda. Tlti lands an pledged a add~ttenl secuaty 1« tM wms scarred by the M«tgage cad are wbect to ua by
tM Asaowtion in payment d "4te t9tuga" and bank tOYettron cMrga ~
Ibl Atl payments mentioned in tM prepdutg strbaectan d tlw paragraph end aN payments to De made u:du lM note serxrred hereby ahaN be added
together and tM aggregate amount tMred ehatl be pad by tM M«tgagor each montA m a srrple payment to be sppked by tM Assocatan to tM
IoNowirtg items a tM eder eel forth 1. Tana. astawrrtents. end rnsrrrartca pemwms 2 "isle charges' end bank colNctan charges. artless pad m
msmer povded in paragraph 4 lal. 3. Intuat on tM nos secured hueby. 4. Amortrsatan d tM putctpal d sad nos
Arty deficnrtcy in tM amount d such aggregari montNy payments shah. unless paid by tM M«tgsg« prior to 1M due date d tM rrat wch payment. oon-
stituts sn event d riefsuh under dta mortgage. Wrtltout waiver of airy nght. tM Assocntion may cdlect s "yte chugi' es govided n tM Note.
fi T1nt if tM total of the payments made OY ilia Mortgage randu lal d paragraph 4 pecedup sMtl exceed tM amount of payments actuaNy made by tM
Assocatron for riaa end asastrMnb and iMUrartCe gemiums. a tM ua maybe. such eatess sMN be credited by tM Assocntan on wbsegwnt paymenri
to be mails by tM Mortgagor. If, however. tM montMy paymutri made by tM Mortgage under Ia1 d paragraph 4 gecedrng sMll not Mw been wfftcrM?t to
pay tires aril a:sessmertri aril trtswanca pemiums. as tM can may be. when tM same aMN become dw and paysbh. then. tM Assoctation may. at rri op-
tan. immediately pay sud? teas and asaessrrtenri and irtw?artce pemium. and tM Mortgagor sMN pay to tM Association arty amount necessary to rrtab up
tM deficiency. and wM payment shNl De dw and payabN within thirty 1301 days ahu ill date d madrrtg of notate by tM Assoctstan attrng forth tM amount
of such deficisrtcy If, at any bme. the Mortgage sltatl tender to tM Assoaatron. in accordance wrtA tM govisarts of tM note secured Mrsby. IuN payment of
tM entire rrtdebtedMSS repeynted hereby. tM A»otastan shah. in o«nputirtg tM amount of such rrtdebtedrtess. uedt to tM account of tM Mortgagor any
balance remaining in the funds atturttulated under tM povistorts d !a1 of paragraph 4.
R To permit. twmmit « wafer no waste. impairment « deterioretan of sad property. « any part tttued. and upon tM failure d tM Mortgage to keep tM
burldrrgs on said poperty in good condition « repair and maintertartce. tM Assowtron may demand ewer maintenanu and tM tmrrtediari repay d sad
Duddtrtgs. « an rncresse n tM amount d secrrnry. « tM immednri repayment of tM debt hereby secured. end tM fsrlu~.r of the Mortgagor to comply with
sad demand of tM Assocation fe a period d thirty (301 days shah oornutute a breach d this mortgage. and. st tM option of tM Assoastan. immediately
mature tM enure amount d principal aril intuat hueby severed. and tM Associatan imrttedNtely end vnthout nonce may institute goceerkrtgs to f«ecbse
this m«tysgs and apply f« tM appointment d a receiver, as Mreinaher povded: and in use d tM reh,ssl. r»gtect «tnabdrty of tM Mongsg« to repair aril
maintain said property. tM Association may. at iri option. rrnke wth repairs « cause tM same to be made. and sdvante moneys tit that beMH.
7 To pert«m. comply vinth and sbde by Ndt and awry tM stipu4tans. egrNmenri. c«tdrtarts snd covenants in sad pomrssory note and the mortgage set
brth
S To comply with tM strbdinsan restrictions and tM nwnapal zorwrtg «dinancas applicable to tM nartgaged property. not to erect « permit to be erected any
new ttuddings on tM genuses huein mortgape0 a to add to « pumit to be added to. make « pumit to be made. arty structural altersttons to ar?y d tM ex-
istirtg rmproverttenri tMreon without tM WfitlM Consent d tM Associaton: and n tM event d any violation «attempt to vabte (Mss stipulateons. « arty of
them. this m«tgags and atl sums secured Mreby-shatl immediately become diN and paysbN at tM optan d tM Assocntan
9 TMt in case d s ifsfsiitl in any d tM terms d this mortgage end tM fiMnp d • Dill to f«etba ties « any other metgage entumberirtg tM within dsscnbsd
poperty. tM Assocntan shah to entitled to apply. at any time without notate pendirq such (eeclowrs wrt. to tM court having tunsdictan (hued f« tM ap-
p«ntment of a rxena of stl and stngula? tM mortgaged poperty. and d sN die rents. rtwntes. pofits. issues and rewrtues thereof. from whatsoever source
derived. and. tttsrsupon. it is hueby •:pessly covenanted and agreed tMt tM court sttaN forthwith apppnt s retetver d sad mortgagid goperty. aN and
sirtgiilar. and d such rents. wtcomas. profiri. Ksws and rwuiues (hued. from wMtsoewr soiirq derived. with tM uswl powers and darns d recovers in kke
cases. and such apporntmsrtt shsN be made by such court as • mattes of strict right to tM Assrxiatan, and without reference to tM adequacy a inadequacy of
tM vahie ril tM poperty hereby mortgaged. « to tM solvency « insohuxy d tM Mortgage. and that such rents. gohts. incomes. issues. and rewntws shah
be sppbsd by such receiver to tM payment d tM nartgage irtdebtedrtess. costs and charges, scc«dirtg to tM «du of such twrt.
10. That tit tM event tM gemisa lnreby niortgaped. or any pert tltereo/. shatl W cortderruted and liken order tM power of eminent domain. tM Association iWtaN
Mve tM right to demand that aN damage awarded for tM•riking d « iryWy to sad pemiaa shsN bs pad to tM Assocntan. rte siiccess«s « assigns. up to
tM amount then unpaid ort flue mortgage. end may be appMed to any wms last payabN huwrdu
11 That time n d tM essence Of this Contract and that ra waiver O1 any obbgstan herwrider, e d tM gbligstan secured hereby. shah at any time ttnreahu be
tii;ld to be a waiver d tM terms Mred or of tM gomissory note secured Inreby.
12 In tM event d airy rie(ault in any d tM terms d thn mortgage. « in tM note secured hereby. and atceleratan by tM holder. « any other sitwtan that would
pose tM interest paid a psysbN under this obkgstan to exceed tM intuest rate wth«uW by law. than to such awns sU excess interest theretof«s pad shall
be uedrted to pnrtapal and ere' attrued and unpad capes lilt«at sltaN abate and shsN rwt be an obipstwn of tM maker or-of any tither person
13 That to tM extent of tM irtdebtedrNSS d tM Mortgagor to tM Assoaatan described Mrein « secured Mreby. tM Assotntan is hueby stibrogated to tM Inn
« harts and to tM righri d tM owner and holder thued d each aril awry mortgage. lien a other encumbrance on tM land tiescnbed Mrein. which is pad and
put out of tM goceeds d tM ban desuibed herein « severed hueby. and tM respscuw kens of sad mortgages. karts «otMr en-
satisfied. m whole « in
~ curribrances. sMl~ be. aril fM same and each d them f?ueby is geserved and sMlt pass to and be Mid by tM Associstan Mrein as secunry f« the in-
debtedness to tM Association herein describe0 a hereby secured. to tM same extent that it would Mw been peserved and would Mw been passed to and
been Mkt by [M Assoaatan had M been duly and regularly assrgried. trsrtsterred. set over. and detiwred unto the Associatan by separate deed of assignment.
noMnthstartdirtg tM fact that tM same may be satisfied and cancetled d record. it being tM intentan of tM parties hereto that tM same wiN to sstistind and
cancelled d recd by tM holders (hared at or about tM time d tM recordirp of afire m«tgage
14 That ii arty d tM wms d m«ny fterern referred to a riot promptly artd fuNy pad withn flirty 1301 days neat sitar tM same severally tncOme due and payable.
« i1 ea:.h and every tM strpulatiorts. agramutri. t«drtam and tovernnts of sad gomissory note and the ~r«tgage. « ether, are rot duly pail«mad. com-
~ pled with and abirlsd by. tM aggregate vein unpaid under said porrwssory note and thn rrtortgsge SMN become due and payable (orthvwth o? thereaher. a: tM
~ option of tM Assoaatan, es fatly and ConipNtely a 8 said aggregate vein d money were «igmaNy stipulated to its pad on such day. snythrtg in sad
pomissory note or hueirt to tM contrary notwithstartdwtg
15 iMt in «der to accelerate the maturity d tM irtdebtedrtess hereby secured baea:rse of tM (adore of tM M«tgsg« to pay arty tea assessment. ksbihry. rttinga•
tan « entumbrartp upon sad poperty a Mrein povdW. K shat) rat be neussary n« requisite tMt tM Assocntan sMll first pay tM same
18 TMt tM abstract a abstracts d title towrrtp tM mortgaged popery sMN at aN times. durirtp tM fits d afire mortgage. remain in tM possessan d tM
Assowtan and. tit event d tM toredaure d the mortgage. a otMr uanslu of title to tM mortgaged goperty. m eatirtguishment of tM indebtedness secured
hereby. aN right. trtk and inlayer d tM Mortgage in aril to any such abstracts o/ utN shah pass to tM purchaser « grantee
17 Should tM ralidiry a lnri d thn mortgage. a tM note secured thereby, M contested by btigstan a ocMrwise. tM M«tgage agrees to pay to tM Assocntan
tM cost d deferdirtp tM same enchdmg a reasonable alt«ney's fa
18 To pay aN and sirtgrilar tM cosri, charges all eapertses. irtckrdirtg atteney's fees reasonably incurred. « pad at arty time by tM Assouatan. bepuse d tM
failure of tM Mortgagor to pert«m. comply with and abide by each and awry tM stipulstarts. agreements. cond~tans and covenants of sad gomissory note
and this mortgage. « ititlter. and every such (except tM payment d tM rttonthty iristafiment as required by tM Promissory Note) shah bear interest from
date at tM rate of ten per cent I10%1 per annum unM IuNy paid.
19 TM Association sMN haw tM right at arty time end hom trrrie to time and without fatale to «consent et any person to Isl release any portan of tM penises
from tM Inn of this m«tgsgs. Ibl release any parson IiabN for payment of any iridebtedrtsss secured Mreby. (cl extend tM time of payment a altar the terms
of payment of sN « any part d 1M irtdebtaditess- tinthout affecting a releiNng tM personal kabrhry of any person babte IotMr than any person released p~r-
want hereto) for tM payment of any vein or intuat secured Mreby cad without in arty wise aherirg. vrryirtg. «diminishing tM forces. effects. « Inn d the
mortgage on atl tM genuses not apeaficatly released from tM ken d the mortgage by tM Assoaation
20 Any agreement Mrsahu mails W Mortgagor and Assowtion pixswnt b this mortgage shall bs superar to tM rights of tM holder of any intervening kart «
encumbrance
21 upon request of Mortgagor. tM Associaton may. at iri sole option, from time to time. bet«e fuN payment of s11 indebtedness secured Mreby. make furthu ad-
varices to Mortgsg«: gowded, howwer. tMt tM total pratcpal saaued hereby and rsmaaung unpsd. mckrdrng arty such sdvsrtces. sMN not at any cams ea-
~ teed the «iginal giricipal vein secixed hereby. Mortgage shah pay atl such further edvsrices with intuest and tM same shah be secured Mri?by. AN pOnfiorts
of this mortgage shall apply t0 each further advartte as weN a t0 all Other irtdsbtedness secured hereby Notting herein contairtrtd. hpvrevu. shah hrrut tM
amount secured by this mortgage if such amount n irtueased by sdvsrtcss made by tM Assoaatan. ss harem elsewhere pOVided f« to gotect tM secwiry
22 In tM event tM Mortgagor herein, a airy siibsegiisnt Mortgage. a arty person « c«p«atan owning any interest whatsoever. should encumber tM goperty
~ herein mortgaged by an instrument commoNy referred to and known es a "wrap-around m«tgage" mthout first obtairting tM carmen consent of tM Assoas-
j tan. then, at tM option d tM Association, tM obligssion seafred fay this Mortgage shall imrnediateh become due and payable
23 To goviite tM Assixiatan with Flood Irtwrartce Coverage d tM real poperty is now « hereaher determined to be rvithn a speual flood hoard area as showy
oa Food Nazud Boundary Map/Flood Irisiirartce pate Map es pubkslted by tM Federal Inwrar?ce Administration.
24. At tM request d tin Mortgage, tM Asaociatart agree to wane tM govisans d paragraph 4 relatne to tM ueation d s hazard irtwrance account: pntrirNd.
however. that tM Aseociatbn retains tM right. at iri option. to re-insriri such prwnsions of said pusgraph 4 as en oblpatan d tM Mrutgsge hueundsr upon.
tM heppsrtitg d any d the fotloryuig:
j A Failure to make any payment required under tM terms d tM note on « before tM dw dale (hued.
I 8 Failure to wrrtpM with tM irisurartte provisions d paragraph 3. e d airy d tM othu tams and cortditiofn d this mortgage «note. «w~tli tM irisifrance
requirerrtenri contained in tM Oeclaratan d C.ondomimum cad related documenri should tM mortgaged property be corr?m,tted to coridorttiuum
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