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HomeMy WebLinkAbout1031 w • ~ 1 • !t L ~ 1 i 4- That. ,n order to potett mWe fully tM fetunty Of tMf mortgage. tM Mortgagor. together ann. and m addition tn. tM monthly payments under cite terms of me rate secured hereby On tM fpetrlNd payment dale of oath month until tM sad not! is fully pad. vYill pay to tM Association the fo:rowrrq wma lore An inttiiiment Of tM lafef and affeasmentf levied or to be Nvied against IM pemisef COVaed by this mortgage. and an rnttallrrrenl o) IM j>•emium or pernwms that well bacon! dw and paYabN to reMw tM rnwrante On tM premiNS covered t+ereby against bas by fire aril wirdst0/m. as aoudad for by paragraph 3 pecedrng, a wen other Mtard q maY reasonably be repurred by the Association. and an instanment of tM prertrum that will bacon! dw and PaYab4 to renew tM mplgage inwrente. d any Such insbllments shalt De e0wl respetziwly eo one twsihh 11 r t 2tA1 of tM es- Pmated pemwm M pemrumf for wch inwrarrte. and !saes and afseffinentt Mal dtw tors efUmated Dy.tM AffOtutiOnl }efs all mstallmenls akeady pad thNelW. drvded by tM Hunger Of rnonthf flat are 10 elapse or.e ngn(h pia to tM data wrren such pemium Or p'emrums and taafl and aesessmMts will become delrrpuent TM Aulocratwn. wMle appfyulg such payments to insurance premrumf. caeca and assessments before Iris same become debrpuent. shall not pay mterest t0 th0 Mortgagor on such furls. and aN such payments may (re Gommrnglad Dy lice AssocNtiOn wrtA any other such funds a rwth ris own funds TM funds ara »fedged as additional sltunty for the sums secured by this Mertgage and are subject to us! by the Association m OaYment OI "yb charges' and bank cdlection cMrges +bl Art payments mentioned rn tM pretedrrtg subsection of this paragraph and all payments to bt made under tM note secured hereby shau be added together and tM aggregaq amwrnt IMrept (hall De pail by tM Mortgage lath month in s srngb PsYment to be apDl,ed by the AsscxraTion ?o the folbwing items m tM order set forth 1 Tsaes. assefunents. and mwrence premiums 2 Late cnargss and bank coilectror charges. unless paiC m maru.ar Wovrfed m paragraph 4 Ial 3 Innrest on tM sore secured MrebY 4 Amonrtation of tM ptintipal of card Hots Any dsfrcienty m tM amount of wM aggregate monthly payments sMll. unless pad by !tie Mortgagor txror to the due dace of the ne.t such gagmen con suture an event of delauh under tM mortgage Without warw? of any right. tM ASSOtiatiOn may couect a late charge- as Marled m the Note g Treat d the afore of tM payments mad! by tM Mortgagor under Ia1 of paragraph 4 petadrrtp sM11 aaceed the amount of payments actually made by tMt Association fa to:es and afsessrnentf and mwrence premwms. as tM qf! may be. such aaceff shall Oa credited Ay tM Afsocistron on wbfeQuent payments to tx made M tM Mortgagor If, ltowewr, tM monthly payments mad! by tM Mortgage under lore of wragrsph 4 precedrq shau not Haw been wffrcient to PaY taus and aSSessmantf and mwnrlte premwmf. of lM case may De. when tM fame shall become du! and payable. IMn. the ASSOCiatiOn may at its ot` tiort immediately pay sutra caeca and assessmems and msurente premium, and tM Mortgage sMU pay to tM AfSOtiatrOn any amount necessary to make up the r1lfrcrervq and wch payment shall lee due and Datable witMrt Minty 130) days aher the data of marbng of notice tfy lne Association setting forth tM amount Of w[h defitienty 11. at any time. tM Mortgage shall tender t0 the ASSOtrabOn- rn itCOrdint! Wrth lire WOVIsIOnt Of the note Secured hereby full payment O! rlre entire indebtedness reWesltnted Mreby. tM ASfptiatgrt Shall. m computing its amount of such indebtedness. cred•t to the account of the Mortgagor any balance remsuung in the funds accumulated under tM powswns of tor) of paragraph 4 6 to permit. commit Or wNer n0 wash. rrrtpairrrtem W deterioration of fad Woperty. a arty art thereof. and upon the failure of fire Matpagor to kelp the buidirrgS On sad p?Operty rn good COrldrtiOn 01 repau and mamteMntl. tM Association may demand proper marntenanGe and the immediate repair of sad buildings. or an intreafe m tM amount of accuracy. a tM immedran repaymMt Of tM debt hereby SlCUreO and the fadu-s o' fire Mortgagor to comply with sad demand of the ASSOCrstrort for a pergd o/ thirty 130) days shall tonfbtute a broth o! tfrs mortgage. aid. st ttte option of the Association. immediately mawre the enure amount of prir!CrDai and mgrest hNebY secwed. and tM Afsociatiort rmmediatdy and withptit nouce may msutute pOtsldingS to forecbse tMS mortgage and apply for the appomtrMnt of a reteiver. as Mrernaher provded. and in us! of the refusar. neglect or rnadkty of the Mortgagor to repau and maintain sad il•OI>Kty. tM Assotiaton may. at its option- make wch repairs or cause tM same !o be made, and advance moneys in that behalf 7 7~ perform comply with and sad! by oath and every tea stipulations. sgrNmeMf. tondiirons and covenants en slid promissory note and this mortgage set forth 8 To comply antra ttre wbdmSrOn nstrrctronf and tM mun+crpal toning ortlmantes apolrcable to the mortgaged property. not to erect or perms to be erected any new buildings on the penises Mrein mortgaged a to add to or permit to be added to. make or permit to be made. any structural .Iterations to any of the a¦- rSirnq rmjMOVementi thereon WrihOUt tM wrrttM.tOnSent Of tM AfiOtiatgn, aril rn the event Of any violation Or attempt t0 vrOldte IheSe SGjwlatrOnS. or any Of them. tMS mortgage aril all sums fecured Mreby shau immeWately become tlw and payable at the option of the Association 9 That m case of a default m arty of tM farms of tMS rriortgape and tM hkng of a bit to lorscbse tMS a arty other mongags encumbering the within described DroplrtY. th! ASSOCIitWn Shall be MtitNd t0 apply- a: any tittle without r,Otite pending such lorecbwra surf. to the court navrr,g junsdictron iMreol }or the ap traniment of a receiver of s11 and firlgular tM mortgaged property. and of ail tM rents. incomes. wet:ts. issues and revenues thereof. from whatsoever Source derived and. drertupOn, rt rt Mreby aaprefspr cwenania0 and agreed that tM court Shah lorthwrth appoint a recerwr of said rtwrtgaged poperry. all and singular arxJ of wch rents, rrr_Omef. profits, iswes and rwenws thereof, from whats0lvlr court! derived wqh the usual powers and duties of receners m tike cases and such aDDantment snail ba made by such tours of a matter of evict right to the Assocunon. and witnd,t reference to s!re adeouacy or :nadepuacy of the value of trr property hereby mortgaged. W to tM solvency Or infplwnty of the Mortgagor. aril Mat such rents profits. incomes. issues. and revenues shau be atK,l.ed by s;rch retener to tM paymMi of tM mortgage indebtedness. costs and cfyrges according to the order of such court 1 O That m the event tnM premiie5 hereby mortgaged. or any part lherepl. Shall W Condemned and liken under the power of eminent domain. the Association Shall have the right to demand that au damages awarded for tM taking of or injury to sad premises shau be Dad to the Association its wccessors or assgns up to the amount then unpad on M:S rr,Ortgage. trail may be applied to arty toms torte DaYSD1e hereunder t 1 Test time is of the essence of this contract and that n0 waiver of any obligation hereunder W o1 the rrbl:gatrorl secured nerebv shau at any tint thereafter b! l+ekf ro tr a waiver of the terms Mrepf 9r Ot the promissory rate secured hertbY 12 1n the event of arty default in.any of tM feint Of lMi rtdrtg•ge. d in the note secured hereby and attlleration by the ilpidlr. Or any Otrllr s:tuatron that would' r.ausr the mtNlSt paid d payable under tfus Obligation to eat!!d isle mterest rata authOritld by Isw. thin m wch cant iii !:Coss interest theretofore pad shall tie ued~ted to pnnupar and a:' accrued aril unpad eacess mterest Shall abate and sha!i no: be an opiiyabon of me maker or o1 any otne• person 13 That to the latent of the indebtsdrtess of tM Morigappr to the Afsoaatdn described herein o. secured Hereby. the Association rs hereby abrogated [o the ken or IiMS and to the rghts of tM owner and holder thereof of exh aril awry mortgage. lien or other encumbance on tM land Cescnbed heron, which rs paid and sdhsfild in and! W in girt. Out Ot tM prOCledS Of tM ban Oestnbed Mtem W Secured hereby. arty }h! respettrve keni O/ sad mOrtgige3. liens Or Oilier !n~ - cumb•ances. snaU be and the same and each of tMm hereby n preserved and sneer pass to an6 be held by the Association fiere•n as security for the m- debsedness to the Association Mrern described a hereby secured. to !fie same eatent that rt wou!d nave been preserved and would have been passed to and been he'd by ttx Association Had rt been duly and regu4.ly assigned. transferred set over. and delivered unto ttre Association by separate deed of assignment. notwifhstardirg the fxt that [tee tam! may be sabsfiad and uncellld Of record it be'n9 the miention of the parties hereto that the same wilt btr saUSfied and canceued of record by the tillers iMrpf at a shout the tin! of tM recording of this mortgage 14 That if any M the wins Of money herein referred t0 be not promptly and fully pad within lMrty +301 days nett after the same severally become du! and piyaW.e. re d each and every the sUfwlationS igreementf. COnditiOnS and COVenani3 of card promissory not! and this mortgage. or eithgr are not duly perfpr moil tom- ~ plied with aril abided by ifle aggregate win unpad under fad promissory not! and this mortgage shalt become due and payable forthwith or thereaher at the option of the Association. as lolly and complenly as if sad agprsgate sum of money were origina+ty stipulated to be paid on such der- anytMrg m sad i promissory rote or herein W the contrary notwrtnstsrd:np 15 That rn order to accNerat! the maturity of the indebtedness hereby Secured Dltsuse of rr,e failure o1 itre Mortgagor to pay any tai: assessment. habihty obirgs lion Or 6nCUmbrante upon sad poperty as Mrem povded. it shall not be necessary nor rtoursite that the Assocratiorr Shah first pay Me cam! 16 That thx abstract Or abSiractf of cafe! COwnng the mortgaged property Shalt at all times dunrrg the Id! of tMS mptgage. remain m the pozzessron of [Me ~ Assocratrtxi and rn event of the /OretlOwre of tMS mortgage. a other transfer of title to tfr mortgaged property m eatingurshment o} The indebtedness secured hereby. aC right title and interest 01 tM Mortgagor m and to any wch abstracts of Hite shau pass to the purchaser or grantee 17 Should the vatdiTy or ken of Mrs mortgage. or tM not! secured thereby. be contests) by htigatioh or otherwise. the Mortgagor agrees to flay to the Association rho cost cf defenMng th! tarrte intiudirig a reastmsDle attorney's fee 18 To pay au and srnguiar the costs. cllarpes and eapMSes. including attorneys fees reasonably intoned or jiard at any time ray the Assoc+atan betaurse o1 fir, failure of the Mortgagor to perform, tOr*lpllr with and sdde by each and every the stipulations agreements. tonifmons and covenants of zed promissory note 1 aunt tMS mortgage. or ertlrer, and every Such leacept for the payment of tn! monthly msrallment as repuned by the Promissory Novel shall bear interest from i Ante at the rate of eighteen per cent 118'i6) t~!• anrwm unbl fully paid i! 19 The AssrxratrOr shall nave tIM right at any hm! aM hOm tin! t0 tin! and wrtfqut notit! TO Or consent Of any plrspn [O !al re~ease any pprtron of tnE premises Iron the hen of this mortgage. Ibl reMase any perfWl liable for payment of any indebtedness secured hereby. is l eatend the t•me o1 payment Or alter the terms of payment Of iii Or any pint Of tM indebtedness. wrthOUl affecbrg Or releasing the pNiOnal hatY.lriy of arty person liable Wtfrr than any person released pur- want hereto! for th! payment of any win or mterest secured hereby and rvrtllout m any arse altenrlg vsrprlg or dimmisning the forces. effects. or iiln of this mortgage on sU the ixemises not specifically reNased hom the hen of ton mortgage by the Association 20 Anv agreement hreaher made by Mortgagor and Association pursuant to iMS mortga~! snslG be superior to the rights of the holder of any intervening ken or erxumbrante 21 upon reQuest of Mortgagor the Associatwn may. at its sole option. from came to time. before full payment of st1 indebtedness secured hereby. matte further sd- vanceS to Mortgagor- provided, however- that its total pnntrpai secured hereby and remaining unpad. including tray such advances shau rdt at any time !a- teed Sh! Originlil prrnlcrpal sum secured Mrepy Mortgagor (hall pay all wch further idvantes with mterest and trm senile Shall b! Secured tllrebY All provisrOns of this mortgage shaft apply fo each furl Mr advance as well of to all other rndeb[edness secured hereby NotMng hvem contsmed fdweve.- shat! knit flee amrwnt secured try this mortgage if such amor,nt is increased by advances mad! by the Assocratan. as heron eixwhere prOVrded for to protect the security t In the event ter Mortgagor herNn. M any wbsepuent Mortgagor. or any person w tOrppratiOn owning any mterest whatsoever shouts encumber the projrrty t Irrein mortgaged by an instrument commonly referred to and known as a "wisp-around mortgage vinthout fast 6btarrnrlg the written cnnsMi of the Aszocia- f iron then at tll! eptgn of the Assacytan. the oblrgstiOrl secured by tMS Mortgage span immediately trcome due and payable 23 To proud! the Associatdn with Flood Irlswance Coverage ri flee real property is now or Ir•eaher detNminM to bt within a specrat Hood harard area as snows nn Flood Hazard Boundary MaprFlood tnwrance Rate Map as published by the Federal Insurance Administration 2t At ttr repuest of tM Mortgage, tM Asfoeytron agrees to wane tM provisions of paragraph 4 rdstive to the ues[ron of a na:ard inwrante eCtount, provde0 however. tMt the Association nUrM tM right. at rte option. ton-mstau wch provisions of sad paragraph 4 as an obligation of tM Mortgagor Mrsunder upon the Mpperrrlg of arty o1 tM fotbwing A Failure to make any payment rpurred under tM farms of tM note on or belors the due date thereof 8 Failure to comply with tM rMUnnte provragns Of paragraph 3. W of any of tM ctMr terms and COndrtrOns of tMs mortgage a note. a with tM insurance reoi:rrements contaned m tM Oeclantwn o/ Cor'Aommrum aril Heated documents should tM mortgaged property Da tommrttad to cOndOmrrwum devebpment ~ (Cf-N1-ice ~a • • ar~K343 P~cE~~ fil?LCA 17 ~ d fS _ ~