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HomeMy WebLinkAbout07064• That. in edN to potKt more fuNy tM seCUriry of this mortgage. tM Metgage. IogetMr wah. and in adWtan to. tM monthly payments under tM terms of the rate secured Mreby. on tM epettfied payment dab of each month until tM sad note is fully pad. wJl pay to tM Association tM following wms lal An rnstallmsnt of tM taxes and assessments leered a to be Nvied against tM pem+ses covered by tlws rttetgage. and an installment of tM pemium a pemwms that vinq become dw and payabN to renew tM inwrance on tM pemises covered Mreby against ties Dy fire. and windstorm. as pov+drd fa by paragraph 3 peceding. a such other hazard as may reasonably be requwed by tM Ass«ratwn. and an msta0ment d tM pemwm that wrN become dw and payable to renew tM mortgage mwrarice. d arty Such mstaUments sMU be squat. rospecuvety. to orN twelhh It: 12en1 of tM es '.4mated ptmium p pentiums for such inwrance. and taxes and assessments next due less estimated Dy tM Ass«ratan) Nss all utstauments already pad tMrele. divded by tM number of month tMt era to elapse are month par to tM date wMn such pertuum a pemiums and bxes and assessments will become deWiquent TM Association, wHiq applying wch pavmentslq inwrarxe pentiums. b^es and assessments. belee tM same become deurpwnt. shall rtot pay interest to tM Mortgage on such funds. and to such payments may bs commirpled by tM Ass«rauon Mnth any other SucA funds a wiM rte own funds TM funds •r• pledged as addtional security le tM wms savored blr tins Mortgage and are wbpct to use by tM Association m payment of "late charger and bank cdlectan charges Ib) All payments msntarted n 1M pecedmg subsection of ttus paragraph and sU payments to tie made under tM rats secured Hereby sMU bs added together and tM aggrsgab amount thereof shall be pad by tM Mortgagor escA month in a srngk payment to be applied by tM Ass«ratwn to tM fdbwrng items m tM eder set forth 1 Taxes. essessrtwrtts. artd inwrance pemwms 2 "Late charges" and bank cdNctari charges. unNss pad in manner povide0 m paragraph 4 Isl 3 Interest on tM nON secured Mreby 4 Ametuatan of tM piric+pal of sad note Any deficiency in tM amount of such aggregate monthly payments shall. unless pad by iM Mortgage par to the due date of iM next wch payment. con- sutWe an event of defauh under tM mortgage Without waver of arty right. tM Associatan may cotect a elate charge as povided a tM Note 5 That J tM wtal of tM payments made by tM Mortgage under la) of paragraph 4 peceduq shall exceed tM amount d payments actually made br tM Ass«+atan la taxes and assessments and w-suranct! pemwms. as tM case may be. such excess shall bs cred+ted by tM Assoas4on on wDseQuent payments to be made by tM Mortgage If. However, tM monthly payments made by tM Mortgagor under Ial of paragraph 4 pecedirg sMll not have been wHicient to pay taxes and assessments and uiwrartce pemiums. u tM case may be. when tM same shit become due and payable. then. tM Ass«wtwn may. at +ts op tan. immediately pay such taxes and assessments and mwgrtGe psnrum, and iM Metgsge shall pay to tM Ass«ratwn any amount necessary to make up tM deficiency. and wcA payment shall be dw and payabN witMn thirty 1301 days ahN tM date of maihrig of rauce by the Ass«ratan set4ng lorth tM ama,nt of such deficiency If. at any 4me. IM Mortgagor sMN tender to tM Association. n sccedance with tM povisrpns of tM note secured heroby. full payment of the enure indebtedness repesented hereby. tM Ass«~atan sMll. rn computing tM amount of such indebtedness. cred+t to tM account of tM Mortgages any balance remain,ny in tM funds accumuyted under tM povisions of lal of paragraph 4 5 To permu. commit or suffer no waste. impaument a deterieatan of sad poperty. or any part thereof. end upon tM laduro of the Mortgagor to keep fife tw+ld+ngs on card poperry in good cordition d repair and maintenanCS. tM Ass«ratan may demarW poper mamtenarxe and tM +mmedwte repau of sa+d txriWings. or an increase in tM amount of secunry. a tM immediate repayment of tM debt hereby secured. and the fadi:•,; of tM Mortgagor to comply witH sad demand of 1M Ass«rstan fa a pared of ihrrty (30) days sMli cons4tute a breech of ttus mortgage. and. at tM opton of tM Ass«rat+on. +mmed+stely mature the entue amount of piriapal and interest hereby savored. and tM Associatan immadiatety and without nonce may institute p«eedirigs to forecbse the mortgage and apply fa tM appointment of • receiver. as Mrsinaher povded. and in case of tM refusal. neglect a inability of tM Mortgagor to repau end maintain sail poperty. tM Ass«ratan may. st its opton. make wch rspaus or cause tM same to be made. and advance moneys rn that behalf 7 To perform. comply with end abide by each and every tM stipulations. spreemsnts. conditans and covenants in sad pomisSOry note and this mortgage set forth 8 To comply with the wbdmsan restrictans and tM rnuniapal rorung edinancss applicsMe to tM mortgaged poperty. not to erect a permit to be erected any r+ew build+ngs on the painless herein mortgaged a to add to a perrtwt to be added to. make or permit to be made. any structural elteratans to any of tM ex- +sting impovements thereon without tM written consent of tM Ass«ratan. and ~n tM event of any valatan or attempt to valeta tMse supula4ons. or any of them. this mortgage and all wms secured hereby shall immediately become due and payable at tM o~tan of tM Associatan 9 That in case of a default in any of tM bans of this mortgage and tM Ming of s bill to forecbse tMs or any other mortgage encumbering tM witMn described property. the Ass«ratan sMll be en4tled to apply. st any 4me vmihout ratrce perMrrp wch lorecbwre w+t. to the court having iunsd+cuon thereof for tM aD pointment of a receiver of ail and singular tM mortgaged poperty. and of all tM rents. incomes, polite. levees and re+enues thereof. from whatsoever source derived. and- thereupon. it is Mreby expessly covenanted and agreed that tM court shah forthwith appant a receiver of sa+d mortgaged poperry. alt and siriyular- and of such rents. iricomei. polite. issues and reVeriueS thereof. Irom whatsoever source derived. w+th the uwaf powers aril duties of receivers in like cases. and wcn appointment shall cis made by such court as a matter of strict right to tM Ass«ratan. and vwithout reference to tM adequacy or inadequacy of :`c ca:as at tl:s p:a,^ar;-; he:eb-; n•.o:igage:f. R to flee solvt^-'y or snso!vency e! t!re Mxt,~~r.. a.^.d !~a! ~~ h ••~!s. pr^E•!s. rrco^res. ass ,°s. 3^a!ev~x5 sh3!! be applied try wch receiver to tM payment of tM mortgage indebtedness. costs and charges. accad+ng to the ceder of such court 1 O That m the event the pemise5 hereby mortgaged. a any part thereof. shall be condemned and taken under tM power of em+nent domain. the Ass«+atan shall have the rght to demand that all damages 5wsrded le tM-taking of or iniury to sad pemises shall be pa+d to the Assoc+auon. its successors or assigns. up to the amount then unpad on chit metgigs. and may be applied [o any wins last payable Hereunder 1 1 That time +s of [he essence of tMs contract and that no waiver of arty oDl+gatan hereunder. or of the oWigauai secured hereby. shad at any time thereafter be held to De a waver of tM terms hereof a of tM pomissory note secured Mreby 12 In the event of any default in any of tM terms o! tMS mortgage. or in tM rate secured hereby. aril acceierat+on t>1r the Helder. or any other situation that vrould cause the +merest paid a payable under tMs oD4gation to exceed tM interest rate authorrted M Isw then in such event ail excess interest theretofore paid shalt be cred+ted to pincipal and art accrued and unpaid excess interest sMll abate and shaft not be an ODligat+On of the maker or of any other person 13 That to the extent of tM indebtedness of tM Mortgagor to tM Ass«atan described herein or secured hereby. tM Ass«wtan rs hereby wDrogated to the hen or hens and to the rights of tM owner and holder ttisrsof of each and every mortgage. lien a other encumbrance on the lard described harem. wMCh +s pad and - satisfied. in whole a in part. out of tM pocssds of tM ban described Mrem or secured Mreby. and the respective lrens of sad mortgages. liens or other en- cumbrances. shall be. and tM same and each o1 them Hereby is psserved and shall pass to and be Held uy the Ass«+a4on herein as security for the m- deDtectness rothe Ass«iatan Mrern described or Mreby secured. to tM same extent that it vrould have been peserved and would have Deep passed to and been held ny the Association had it been duly and regularly assigned, transferred, set over. and tlebvered unto the Ass«+atan by separate deed o! ass+gnment. notw+thstandmg the fact that the same may be satrsfisd avid anceiisd of record. rt oe+rig the intentan of the parries hereto that the same wib De SatrsrieQ and cariceiled of record by tM holders tfxxeo/ at or about tM LrM of tM recording o1 tMS mortgage 14 ?hat rf any of the sums of money harem referred to tJe not promptly and fully pa+d w+thin th+rty 1301 days next after the same severally become due and payable. or +f each and every tM stipratatans. agreements. corditans and covenants of sad prom+ssory note and this mortgage or either are rat duly perfrxmed coin plied with and abded by. the aggregab win unpaid under sad pomrssory note and this mortgage shat! become due and payable forthwith or therea/tar. at the option o/ the Associatan. as fully and completely as if said aggregate win of-money were or~g,natly st+putated to be veld on wch day. anything +n sad promissory note or Mrein to the contrary notwithstandng t 5 That m order to accelerate tM matunry of tM indebtedness Mretry secured because o/ the failure of the Mortgagor to pay any tax assessment. IiaD~bty. obbga lien or encumbrance upon seed poperty as herein povded. it shall not be necessary nor requisite that the Association shat) first pay the same 16 That the abstract or abstracts of title covering tM mortgaged popsrty shall at s't times during the fife of th+s mortgage. remain m five-possession of the Assoc+ai+on and. rn event of the foracbwre of tMS mortgage. a other transfer of t+tle to the mortgaged property in extinguishment of ttie +ndeDtedness secured hereby. all riyht. title and interest of tM Mortgage m and to any wch abstracts of title shat) pass to the purchaser or grantee t 7 Stwuld the vatddy or ben of this mortgage. a the note secured thereby. tx comes±ed try brgauon or otherwise the Mortgagor agrees to par to the Assoc,anon the cost of delend+ng the same inclirdirig a reasonable attorney's fee t 8 To pay all and singular the costs. charges and expenses. including attornev~s fees reasonat,iy irxuned o{ pa+d at any rime by the Assoc+atwn. because of the failure of the Mortyagor to perform. comply with and abde by each and every the supulabons ayreements cnridinons and covenants o} said promessory note arm the mortgage or either. and every such iexcept (or the payment of the mcnthiy mstattment as reyuireA Hy Ure Promiswry Nutei shall bear interest Irom mate at the rate o/ ten per cent 110961 per annum until fully pad 19 The Ass«+atan shall have the right at any time and ?rom lime to 4me and without native to o! consent of any person to ~a! re~ease any portion of the premises !rom the hen of this mortgage. Ibl release arty person liable for payment of any +ndebtedness secured hereby. fcl extend the Tine of payment or alter the terms of payment of all or any part of the indebtedness, without aNecurig or releasing the personal babihty of any perwn liable iother than any person released pur- suant hereto) for the payment of any win a interest sscwad Mreby and witfaut in any wise altering varying or dim+n+shing the forces- effects. or hen of ih+s mortgage on all the premises riot specifically released from [M Iran of this mortgage by the Ass«ianon 20 Any agreement hereafter made by Mortgagor end Ass«ratron purwant to this mortgage shall Ds wperior to the r+ghts o1 the holder of any intervening lien q encumbrance 2 i Upon request of Mortgagor. fM Ass«rat+on may. at its sde opton, from t+ma to time. before fu!I payment of all indebtedness secured hereby. maMe further ad- vances to Mortgagor, povded. however, that tM total piricipal secured Mreby and remaining urylad. including any wch advances- shah not at any time ex- ceed the original pinGpal win Secur80 Mreby Mortgagor Shall pay sU wch (niftier advances virith interest and the same shall be secured hereby Ali pOVisanS of tMs mortgage shad apply to each furtMr advance as well as to all other indebtedness secured hereby Nothing herein ; ontained trowever. shall Irrtnt the amount secured by this mortgage d wch amount is iricreassd by advances made by the Assoc+ation, as herein elsewhere powded (or to potect tM secunry 22 In the event the Mortgagor harem. a any wbsequent Mortgagor. or any person a carporatan owning any +merest whatsoever should encumber the property herein mortgaged by an instrument commonly referred to and known as a"'wrap-around mortgage" without first obtaining the written consent of ti'te Ass«ra hon. then. at the option of the Ass«ratan. the oblrgatron secured by this Mortgage shat) +mmedratety become due and payable 23 To provide the Ass«ration with Flood Insurance Coverage +t the real property rs now or Mrsaher dpternurwd to Q~~ wEtbn a sFec+al (rood hazard area as shown or+ Flood Harard Boundary MaprFbod Inwrance Rate Map as piitilis-ied by the Federal Inwrance AdminisfrBtion 24 At ttie request of tM Mortgagor. tM ASSOCiation agrees to waves tM pansioris of paragraph 4 relative 1~D~It~ 4ee~ori Of • Mzwd inwrance account. povded. however, that tM Assoaatan retnns tM right. at its option. to re-Nf~aM etr2li arevr~onsdZiarQ pMM~Ph4as ar- obbgatlGrt of the Mortgagor hereunMer uptn the happening of any of tM following. A Failure to make airy payment required .rider tM terms of tM note on a before tM due date thereof B Failure to comply with tM inwrarice povisans of peregrepA 3. a of any of tM otft~/ farms and Cariditans of tMs mortgage or note, or with tM inwrariu regwrements contained in tM Dectabtion of Condominium and related Jocumenb should tM mortgaged poperty be cprnmitted to condomirnum devebpment ICI-M-7i T/P-A :, r • ~ ~ ~ - - - X344 p~ . `70fi ..