HomeMy WebLinkAbout1338 ~ rin, ~ { ' ; ~ i
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A• That. m order to po1Kt rrWre fully tM Ntunry d rMs mortgage. tM Metgago?. togetMr with- and in add"'t~iOn
to. tM monthly payments unWr tM tams of the
r
;re secured hiriby. On tttt? ipeG+tad piyrtl~nt dati d iiCh rtgnlh unW ill sad noie +i tUiiY Da+d. Mrtii DiY t0 tM AssOt~atgn lIN iOlWwwrq ruin!
lal An installment d tM taws and ssecesrtynts levied a to be levied against tM pemipa covered by 1MS rriortpage. and an instaNmNit of tM pemium
a prertuwns that veld betorfie dw and tyYabfe to renew tM u,wrsnce on tM goings covered Mreby agiiryt loss by bro. and wrridstorm, as povidsd
fa by paragraph 3 peceding. a such otMr hoard as fMY reasonabfY be requued by tM AssOCiatiOn. and an instaument d tM pemium roar win
tycome dw and paYfible to renew tM metWge insurance, i1 any Such rnstaurnents shall ly equal, respKtrwly to one twelhn t li 12th1 of tM es-
timated pemwm a pemnrms for such insurance. and taxes and asNasments neat dw less estimated by tM Association! less all instsiMnents already
cad enerefe, divded M tM number d month flat are t0 elapse e+ month pion t0 tM daq wMn wch peinium a pemwms and Gass and
asssssrrients will botany dNuiquMt TM Assocroli0n, while applying such payments t0 inwgrite pemwms. taxes and aspssments before tM same
tycoma delinquent. shas rtot MY interest ro tM Mortpegor on such funds. and au such payments may be commingled W tM Association Moth any
other such funds a Meth its own funds TM funds eh pNdged p additional security for tM wins secured by tMS Mortgage and are wgKt eo use by
tM Associstwn in payment d '-4a charger and bank cdhxtiori chigoe
Ibl AN payments mentioned m tM pKedinp wbsKtron d tlrs paragrapi sod ail payments l0 be made under ill Wort secured Mreby shah w added
together and tM aggregste.amount thereof shall De pad by tM Mortgage each month in a Ingle payment to ty applied by the Associarion to the
idlowrng items in ell order set forth 1 Tsaes. aspssments. and inwrance pemiums ?-'Late charges "and bank couectan charges i.rrless pad in
manner povded in ttaregraph ~ lal 3 interest on tM note sKUred hereby t Ameuration d tM princpat of sad note
Any deficiency in IM amount of wch eglMeWq monthly payments sMU. unless pad by tM Metgage pie to tM due date d tM neat such payment. ton-
sutute an event d eelauh undo tM mortgage Without wanrN d any right. tM Assocytiori mar cdNct a ' Wte charge' as povdsd m tM Note
S TMt d tiro veal of tM payments made M tM Mongagor under U! of paragraph ~ pecedeng sheu exceed tM amount d t»Yrtronts Kiwlfy made by the
Associatron fe taaK and sssessrtlents and inwwnce pemwma. as tM uN may W. siiNi eacep shalt be credited by tM AssOtiation M wbsegwnt payments
robe made by tM Mixtgage. If, igwever, tM monthy payments made by tM Metgagor under Isl d paragraph 4 precewng shau opt Mw been wHrcront to
DaY pay and ispssrtlNHe and nsutanp pertwlrmf. of tM Wp may be. when tM pine !hall OecOrry dw and DeYebh. rhea ill AssOCNtipn miK at rte Op
t.ori. immed+ately PaY such taxes and assessrrynts and insurance pemium. and tM Metgaga shall pay to 1M Associstan any amount nKespry to make up
the de}rciency. end such paymMt shag be dw and payable witfrn tMrty 1301 days aher tM dale of mailing of notice by tM AssOCration ptarig forth the amount
of such ifeliciency Il, at soy brr+e. tM Mortgage shah tender to tM AssocrotiOn. in KcorWnce Meth the povisiOns of tM note secured Mreby full payment d
i::F Fnt:te i.'.ebte:~:y3s icy: e>;pi$ed ly+eby ill AssocroaOn stroll- in kOnipuliflg by amount Oi e1Kn indebtedness. Creel IO tM KCOUnt 01 tM Metgsgor any
babnce remaining in the lands accumulated under tM povrsiOns d la! of paragraph ~
6 To perrtrit. comrmt a wHe. nO wafts. irtipairrrient a detaioratan d pd poperry. a any part thersd. srd upon ill taihire d the Mortgsgoc to keep ih!
buiWirtgs on sad property in good Corfdition o. span and maintenance. tM Assoaation rnaY demand power maintenance and tM irtMnediate repiir d pd
huitdirigs. a an iricnase m tM amount d secunry. a tM iinrtiediste repeymen! of tM debt hereby sKWed. and lM hJ~-,r of tM Mortgagor to comply MnM
sad demand d tM Asaocytion for a period of thirty (301 days sliail cgristitu» a breach of this metpage. end. at tM optan of ill Assocytwn. immediately
mature the mare amount d ptirtcipal and iritNest hereby secwed. and tM Association immsdisteiy end without notice maY insntute pocesGngs to feKbp
rMs mortgage and sppfy !e tM appointrrynt of a reurver. as !yreineher povdsd. and in up of tM refuel. neglect a mabldy d tM Mortgage to.epair and
mamtan sad property, tM Assocytion mey. et its option. make such repaws a cuss tM same to De made. and advance moneys in that bi?Iiatf
7 T~ ppfam. comply Moth end ibde by eat.h and eYKy tM itipulatiOtts. agreemMb. COrditiant and covenants in sad pOnusieY note end tMS metgagf set
forth
8 To comply Moth the wtidivisan restiictgnf end tM rtwnicpal aOrtirrg eduyrices applicable to tM me!giged poperty. not to erect a permit to rte erected any
new buildings on tM pamisef lyrein mortgaged or to add to a permit to be sdde0 to. make a permit to be rrisde. any structural alterations to any d the ea-
is?inq impovements thereon Mnthaut tM Mrritten t.eistnt of ill Assxytiori, and in tM corm of any vitiation or sueinpt to vitiate these stipulaaons. or soy of
them tMS mortgage and all wins secured MrebY shau imniedyteh bcome due and payable at tM option of thq Associatan
g Tnat in case of s default m any Of tM terms d rtes mortgage and tM fdnp Of a bill t0 forKbp this a any other matgsge encumbering tM MntMn isesi:ribed
poperry the ASSOCNtiOn shall bf entitled to apply. at soy time MntlfOtil tiOtite perWmg such loretbwre sort. to tM COUrt Mang liinsdictiOn thereof IOr fly ip-
pwntment of s receiver of all and eirryyler tM mortgaged poperty. and of a!i tM riots. irtcomss. pCfitS: ifSUeS and rerenues thereof from wMtsoever source
derired aid. thereupon. it a Mreby eapessiY cownamed and agreed that tM court shaft lOrihwith sppant s reteirer of pid mortgaged property. ab end
singular. and of such .ants. incense. edits. iesirK and reverWes thereof, Gom vvhatsoewr source denved. mth the usual powers and dunes d reCeiyers m Ake
casos anti wch appointment snail be made by such court a! a matter d evict right t0 the Assocrolion and without refererKe t0 the adequacy Or insdequscy o1
the value of the poperry hereby metgsgW. a t0 tM sohrency a insolvency d by Mortgagor. and that such rents. pofns. intpmes levees. and rownues shah
tx app+ied Ay sw:h receiver to tM payment of tM mortgage indebtedMU. costs and charges. Kceding to the ceder of such court
t O That .n the event the pem.ses Mreby mortgaged, a any Dart thereof- shall be condemned anti taken under the power of eminent domain. tM Associaticri shas
have the nigh to demand that an damage ewerded for tM taking of p inniry to said penises sM11 be paid to the Association- as successes a assig+is. up to
the amarnt then unpaid on tMS mortgage. end may b! appiyd t0 arty wins last payable Mreunder
t t That ame is of the essence of tMS contract and that rio wanner Of any obligation hereunder. or of tM obngaaai secured neretrr shai+ at any artre thereaher be
held to be a waver of tM terms Mreof or of tM pomissory note secured Mreby
12 in the r+enr of arty default in any d tM tams d tMS mortgage. a m tM rrote secured Mreby. end acceterstian by fns holder, or any otMr situation that would
cause the .merest pad a payable under tMS obligation to exceed ill interest rate auihaited Dy law. lMn m such event at+ extent interest tiyretdee pad shsa
tie credited to p*incipal and a^ atcried and unpad excess intsrKt sM'I abate and shai+ not be an nbiigaaon of the maker a of any otMr person
13 that to the extent d tM irdebtedryss d tM Milrtgagor to tM Aesocytan described herein a secured Mreby. the Association is hereby wbrogatad to tM hen
a +rons and to tM rphts of tM owner end holder thered d each and every mortgage, lien a other encwrtMsnce on tM land described herein. MIMCh a pad and
sausfied in whole or m part. out of tM pOCNds d tM loan descrbed herein a secured Mreby. srd tM respecave hens of pd mortgages. irons a other sn.
~I cumbrances shall be, anG tM pine and each d thin hereby is peprved and shse pass t0 and be heh! by the Assocrotion Mrein as seCwrry le the in•
deoteifness to the Assocrotion Mrein described a hereby sKWed. to lM pine extent that rt would have been preserved and would Mw been passed to aril
been Held by the AssOaatiori had d been duty and regularly assigned. transferred. set Over. ird delivered unto tM Association by separate deed OI assrgnmMt.
notwittiStandng the Pict chit tM pine maY be Nbsfied and CanCelied d record. rt being the intention Of ill psrtie5 MrltO loaf tM same veil! tit pasfrod and
canceled of record by tM Adders thered at a about tM time d tM retOrd+ng Of tMS mortgage
t I That if amr d the wins d rtrortey Mrein referred to w not promptly and fully pad within iMrty 1301 days neat aher rile same severally become due and payabh:.
a if each ar.d every tM stipulation!. agreements. conditions and covenants d pd portiissory rote end this mortgage a either- are not duly perfemed. com-
Wied won anti added by. tM aggregate win unpaid under pd promissory ripte end this rtre[gage sMii become due and payable fathwifh or theresha. at tM
option d the Assouation as fuNy and completely es it pd aggregate win of rrioney Mrore e:gmauy sapuiated to be paid on such der. anything m said
promissory note a Mrein to by contrary nOtwithstaridirtg
15 Trat m cxifer to scce!erate the maturity of tM irdebladness fyreby secured DKause d the failure of the Mortgagor to par am tea assessment. hatwity. obliaa
ricer a Mtumbrance upon said property as (ierein pOVded. d sMN not De necespry nor reauisrte tMt the Assaisrion Shah first pay the same.
16 That the sbstrKt a absvKls d title covering tM rtwrtgsgad poperry sMN at an times during fns file d 1MS mortgage. remain in fire possession d the
Asstxiatiorr and in event of tM IeKbsure d tMS rriortgege. a other transfer of title to the mortgaged poperty in vanguishmem d the indebtedness sec wed
Hereby ail rght. uric and interest d tM Mortgage m and to sriy such abstracts of ark shau pass to the ourcMSer a grantee
1 ~ ShouM the valdiry a Herr Of this mortgage. w tM note secured thereby. be Contested by litigation a Otherwise. till Mortgagor agrees t0 pay to the Associat:an
the cost of defending the same including a reasoMbN attorney s fee
18 To pay all and singular the costs, charges and expenses. including attorney's fees reasonably inturrM a pad at any tune by the Assoc•stion because o1 tfre
failure of the Mortgagor to perform. comply with and abide by each and every tM sapulatiorts agreements. conditions anti covenants of sad promissory note
1 and this mortgage. a either, and every such faaupt fa tM payment of tfy moniMy msyllment as requ+riW by the Promissory Notel sM11 bear interest from
date at the rate of :iyhteen per cent (189'.1 per annum until fully pad
31t 19 Toe Assr+ciatwn shall Haw tM right st any ame and from tins to arty and Mnthout rotice to w consent of any person to iai re:eass soy portan of tM penises
from the ben d tMS mortgage. Ib! reieap any person kable for peyment Of arty iridebledness secured Mreby. ice extend the time of payment or sitar tM terms
Of payment Of ill Or airy part d chi iridebtedryss. without aHKtmg or releasing tM persOMi habliry of any person liable (Otfrer tMn any person released p~r-
want ireret0l for tfie payment GI city cam a iritNeft secured Mreby and without m ally wise aitNirrg varying. a dimimsfiirig IM faces. eHKtS. a lien Of tfn5
metgage on an the penises not spetifeesgy reNsssd from tM hen d tMS mortgage by tM Assoaation
20 Any agreement fyreahv made try Mortgage and AssocroiiOn purwam to tMS mortgage shall be wperip t0 the rights Oi fly ridden of any intervening lye or
encumbrance -
21 trpon request of Mortgages. Inc Assoaation may. at its sole option. from tirrre to time. before full payment of sIl indebtedness secured hereby. make furttrlr ad-
va.xes to Mortgages. prOVded howerrer, tMt tM total principal secured Mreby and remaining unpaid. intruding any such advances siiau not st airy rme ex-
ceM [?ie aiginal pirrcipal cam secueei! hereby Mortgagor sMU pay all such further advances with interest and the same shah be secured Mrebv AH povisans
of this mortgage shag apply to each liirtiier advance as well as to ail OIMr indebtedness secured herelry NotMng herein contained however- shai) bmif the
amount secured W tMS mortgage d such amount n increased by sdvancss made by tM Association ss Mrein elsewhere pOVded la to protect tM security
2? in fix .vent the Metgsge Mrein- or sriy subsequent Mortgagor- a any pNSOn a corpaatiorr owrong arty interest whatsoever. should encumber the poperty
herein mortgaged till art instrument Comrttorily referred to end known ss a 'wrap-around mortgage 'without first otitaning trio Mmtten consent o/ the Assocro-
tion then. at the option Of tM Association, tM obligation secured by this Mortgage shah immediately become due and payable
23 To povde rM Association Meth flood IrisWance Coverage d tM real property is now a he•eaher determirri!d to oe MntMn a special f10onJ harard area as shown
on Ftarxf Hatard Boundary MayFiood Irtwynce Nate Msp as pubhsired by the federal Insurance Administration
2s At the reouest d the Mortgagor, tM AseowtiOn egress to wsiw tM pansans of parapaph 4 relative to tM ueatwn d a Mrird inwrsnce account. provided.
however, that tM Assoctiatxsn mains tM right. st its option. to n-insub wch poviswris d sad paragraph 4 as an d)tigation o! tM Mortgage Mrwnder upon
the happening d any d tM foMoMring
i A Faduro to msb anti payment rpursd urr0a tM arms d tM note on a before tM due date tMreof 4
~ B Fsiluro to comply with tM inwrenp povieiOM d peregraph 3. e d any d tM otMr terms and conditions d this mortgage a note. or Moth tM i•fauranvCe
requirements COnteiried m tM OeWration Of Condominium and rNated documents shOUld tM metgaped poperty W commmed to condbmiroum
dere!opment
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