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HomeMy WebLinkAbout13744• TMt.1n eda to protect mee fully tM security of the metgage. tM Metgage. togetMr with. and in addrtron to. tM montMy payments under tM terms of tM note secured Mreby. on tM specrMd payment date d each month unW tM sad note n fuNy paid. wrN pay to tM Assocratan tM Idlowu-g wms Ial An rnstaNtMnt d tM uses and aueumeets levied a ro be lowed against tM premises covered by the mortgage. and an rnstatlmcnt of tM premium or Wemrums that vyrN become dw aril payable to reMw tM insurartu on tM premrsts covered Mreby apairtst bu by lire. and wredstem. as povded for by paragraph 3 precedrtg. a such otna hoard as may ressonaDly be required by tM Assouatan, and an ugtaNmMt of tM premwm tMt will become ilia and WYabM to renew tM mOttQage rnsurartce. if any. Such utstaNrttents sMN W equal, respectively. to orte~twelhh (Ir12th) of tM es- timated premium a premwms fe such rnsurertce. and taaes and asseumeets Mvt dw las estrrrtated by tM Assouatanl less au rnstaNments aMeady pad tltaefor, drvded by tM number of mon1M that ere to elapse e.e month prte to tM as when such premrtrm a premiums and uses end asseuments vviN becane dakrtquent TM Aseouatron. whle applyutp such payments to utwurtu premiums. rues and auessments. bebre tM time become debrtgtrent. shah riot pay intagt to tM Metgage on such lands. and aN streh payments may be eommutgled Dy tM Assocratron vvith ar-y other such funds a with its own funds TM funds an pNdged as addrtronal actuary for tM wms sscurW by true Mortgage and ors wgect to use by tM Assoaatan in wym«tt d "late charges' and bank rwllectron charges Ibl AN payments mentioned in tM precedrrp twDNCtion d rifts paagreph arp aN payments to be made under tM note secured Mreby rJtau W added topetMr and tM aggregate amount tMred sM11 be pad by tM Metpage each meth in a sutgle payment to M appked by tM Assocutron to tM IoNowirtg items in tM order set forts: 1 Tues. assassrnents. aril uteWartCe premwms 2 "Late charges' and bank cotNctron cMrges. unNu pad rn manner provded in paragraph 4 la) 3. Interest on tM note secured Mreby. 4 Amortuatan d tM principal of sad note Any detruatcy n tM amount of such spprspate monthly payments shah. unless pad by tM Metgage pre to tM due date d tM next such payment. con- stitute an event d defatrh under tM mortgage. Without waiver d any right. tM Association may coNSCt a 'late charge" as provided in tM Note. 5 TMt rf tM total of tM payments made by tM Mortgagor under la) d pawpraph 4 preudutp sMN exceed tM amount d payments sctuaNy made by tM Association for axes aril assessmatts and rnwrartq premiums. as tM case may be. such excess sMll be credited by tM Assocratan an wbsegwnt payments to bt made by tM Mortgagor. If. however, tM monthly payments made by tM Mortgage under lal d paragraph 4 pecsdrrp shall not Mw been wlfruatt to pay axes end assessments and irtwrartu premiums. as tM cue may be. when tM acme sMN become due and payable. then. tM Assocatan may. st ns op- tan. immeduteb pay strcA rues and asussmatu end ir-srrrartee premium, and tM Mortgage ehaH pay to tM Assouatan any amount necessary to make up 1M dehcrency. and such payment sMN rte dw and payabM vvithir- flirty 1301 days aha tM date d madrnp of notice by tM Assocuran sarong Iorth tM amount of such defrtrertty. If. at any here. tM Mortgage shall tender to tM Associatan. M accordance vwth tM provrsans of tM rate secured hereby. full payment of tM entire rrdebtedness represented fraeby. tM Association sftaN, in torttputrrrg tM amount of such rndebtsdneu. credit to tM account of tM Mortgage any balance remauting in tM funds accumulated under tM protnstons d la) of paragraph 4. S To permit. commit a wHa no waste. irrtpaumMt a dsteraratron d sad property. a arty part thereof, and upon tM IsdurQ d tM Mortgage to keep tM burWrnge on said property m good condition a repair and mainunanu. tM AeeoGation may demand proper maintenance and tM rmmedrate repair of sad buildings. a an irtersase in tM amount d security. a the rmmedrate repayment o/ tM debt hereby secured. and tM farkr•J of tM Metgage to comply vvith sad demand d tM Assoaation far a period d thrty 1301 days sMll constitute a breach d the mortgage. and. at tM optan of tM Assocation. immediately mawre tM entire amount d pmcipal and interest hereby secured. and tM Assocution rmmedrately and without notru may rnstituu proceedings to teecbss this mortgage and apply fa tM appointment of a receiver, as ftaeinaha provided: and M case d tM refusal, neglect or reablrty of tM Mortgage to rspau and maintain said property. tM Association may. at iu option. make such repairs a uuse tM same to be made. and advance meters in that beMlf 7 To perlorm. comply vvith and abide by each and every ill strpu4tions. agreements. cetdrtans and covertarits in sad premssory note and the metgage set forth 8 To comply vwth tM wbdmsan restrictions and tM murrcrpal zixting edinartus appheabls to tM mortgaged property. not to erect a permit to be erected any new burWrrtgs on tM premrsss herein mortgaged a to add to a permit to bs added to. make a permit to be made. any structural al[eratarts to aey d tM ex- rsbng improvements thereon without tM written cetsertt of tM Associatan: and m tM event of arty viobtan a attempt to violate tMse stipulations. a any of them. tins mortgage and aN wms severed Itaeby sMN imrttediately become dw and paysbN at tM optan of tM Associatron- g That in case of a default in any d tM tams d tM mortgage and the fdirtp of a brN to foreclose the a arty otMr mortgage encumbering tM within described property. tM Assocution shall be endtNd to apply. at arty time without ratite pendrrtg such forecbsure wit. to tM court Mving lurisdretan tMred fe tM sp- Iwintment of a receiver of aN and singular tM mortgaged property. end d aN tM rents. incomes. profits. issues and revenues tttereol. from whatsosva source derived. ord. thereupon. it is hereby errpressly covenante0 end agreed that tM court shah torthvvith appent a recava of sad mortgaged property. aN and srrtgular, and of such rents. irtcorttss. profits. issues and revsnires thereof, from whatsoever source darved. vnth tM uwal powers and duties of recertras in like cases: and such appantntertt shah bs made by sots court es a matter of strict right to tM Association. and vnthout reference to tM adequacy a inadegwcy of tM value of tM property hereby mortgaged, a to tM solvency a insohrency of tM Mortgagor. and that such rents. profits. rrtcorrreS. issues. and revenues sMll be applied by such receiver to tM payment of tM mortgage irtdebtedrtsss. costs and charges. acceding to tM edar of such court 10 That in tM event tM prsmrses Mreby mortgaged. a any part thereof, shell Os cedemned and taken under tM power of ertunent domain, tM Assocutan shall have tM right to demand that aN damages awarded for tM taking of a rryirry to sad premises ahaN bs pad to tM Assouatan. its wccessors or assrprs. irp to tM amount then unpad on this mortgage. and may bs appbed to arty wms las! payable hereunder. 1 / That time is d tM essence d the contract and that rto waiver of any obligatan Mreunder. a of tM obligatan secured hereby. stroll at any ame thereaher be held to be a waiver d tM tams Itaeol a d tM promissory note secured Mreby 12 le the event of any default in any d tM terms of the mortgage. or M tM note secured hereby. and accebratron by tM holder. a any other srtuatan that would cause tM rntaest yard a payable order this oblrgatan to exceed tM interest rate auther:ed by law. then in such event all excess rntaest theretofore pad shall be credited to prirtapal and ah accrued and unpad excess interest sMN abate and shall not be an oblrgatan of ill make a of arty otMr person t 3 That to tM extent of tM irdsbtedneu of tM Mortgagor to tM Associatan desurbed herein a secured Mreby. tM Assocutan is hereby wbrogated to tM ben or bens and to tM rights d tM owria and holder thereof of each and every mortgage. Iran a other encumbrance on tM land described Mrein. winch is pad and satisfied. in whob or in part. out of tM proueds d tM ban described Mrsin a secured hereby, artd tM respective bens of sad mortgages. bens or other en- curtiMances. shah be, and tM same and each of them hereby is preserved and shall pair to end be Mkt by tM Assocratan Mrein as security fe tM in- debtedness to tM Assouatan basin described a hereby secured. to tM same extant that a would have been preserved and would have been passed to and been Mid try tM Assopation had it barn duly end regularly essrpried. trarisfared. set ova. and debvered unto tM Assocratron by separate deed of assignment. ratwithstaridrry tM /act that tM same may be satisfied and urtcelled d raced. it berrtg 1M intention of tM goitres Mreto that tM same wilt Oe satisfied end cancelled of raced by tM holders thaed at a about tM time of tM recording of tMs mortgage 14 That d arty d 1M wms d money herein referred to be rat promptly and fully pad vnthn thrty 1301 days next aher tM same severalty become due and payabb. or if each end every tM stipubtior-s. agraemenlf. conditions and covenants of sad promissory note and the mortgage. or erttier. are not duly periemed, cen- plied with and abided Dy. tM aggregate vim unpaid under said pomiuey note and this mortgage shall become due end payable forthwith or thereaha. at tM option of tM Assouatan, as fully and completely as if said aggregate vim of moray were ergrnally stipulated to be pad on wch day. aeythrtg in sad promissey rate a herein to tM contrary ratwithsu-idrrp 15 That in order to accelerate tM maturity of tM rrtdebtedrteet hereby secured because of tM failure of tM Mortgagor to pay any tax assessment. IuWhry. oblrga- tan or encumbrar-u upon sad property as herein povided. it sMll not bs neussary nor rsqursite that tM Assocratron stun first pay tM same 16 TMt tM abstract a sbstrsas of trtN coverirtp tM mortgaged property sMll at all times. during tM 41e d the mortgage. remain in tM possession of tM Asse:ratan and. m event d tM Iesebwn of tlws mortgage. a other transfer of title to tM mortgaged property, in extinguishment of tM indebtedness secured hereby. aH right. title and interest d tM Mortgage in and ro arty such abstracts of brie shall pass to tM purchaser or grantee. t 7 Should tM validity or lien of this mortgage, a tM note secured tMrsby. be contested by 6tegitan a otMrwise. tM Mortgagor agrees to pay to tM Association tM cost of defending tM same utckrdirtp • rusonably atteesy's tss 18 To pay all and singular tM costs. charges aril expenses. includrig attorney's fees reasonably recurred. or pad at any time by tM Assocutan, because of tM failure of tM Mortgage w pafem, comply with and abide by each and every tM stipulatiorn. agreements. coriditans and covenants of sad pronussory note and the mortgage. or either. and every such (except for tM payment d tM monthly installment as regiuired by the Promissory Note) shall bear interest from date at tM rate of ten pa cent 11091;1 pa annum until fully pad 19 TM Associatan stall Mve tM right at any time and from tie-a to hrrN and without notice to or consent of any person to la{ release any potion of tM preewses from tM Iran of this mortgage. Ib1 release any person liable fe payment of any indebtedness secured hereby. Icl a:tend [he t+me of payment or alter tM terms of payment Of aN a any part of tM irtdebtedrtess. without affeebng a releasing tM personal lability of any person ruble lother than any person released pur- suant Mretol for tM payment of any vim a interest secured ftaeby and without in any verse altering. varying, or d+muuslurig tM faces. eNects. a Iran of the rtiortgsge on aN tM premises rat spituficaNy released from tM Iran d the mortgage by tM Assouation 20 Any agreement Mreaher made by Mortgagor and Assouation pursuant to this mortgage shall De wperie to tM rrglits o1 tM holder of arty intervsrurp Iran e encumbarce 21 upon request of Mortgage. tM Assocutan may. at its soN option, from ame to trine. before fuU payment of sII indebtedness secured Mreby. make furtMr ad- vances to Mortgage: provided. however, tMt tM total prirtcrpal severed Mrsby and remaining unpad. iriclirding arty wch advances. shall not at any time ex- ceed tM original principal vim secured hereby. Mortgagor shall pay aN such further advances with interest and tM same shall rte secured Mreby AN provisroris of this mortgage shall apply to each further advance a well as to all other indebtedness secured Mritby Notting herein contained. Iawever. shall limit tM amount secured by this mortgage d such amount rs irtueased by adrartus made by tM Assocation, as harem elsewhere provided le to protect tM security 22 In tM event tM Mortgage herein, a say subsequent Mortgage. a any person a corporation owning any interest whatsoever, should encumber tM property herein mortgaged by an instrument commeAy referred to end known as a '-wrap-around mortgage" without rust Obtaimng tM written consent of tM Associa- tion. then. at tM option of tM Associatan, tM d>figatan secured by this Mortgage shall immediately become due and payable 23 To provide tM Assocutan with Food Irtwrance Coverage if tM real property is raw or Mreaher determined to be vnthin a special Hood hazard area as shown on Flood Nazad Boundary Map/Flood Irtwrarice Rate Map ss published by tM Federal lewrance Admirwstration 24 At tM request d tM Mortgagor. tM Association agrees to vveive tM provisaro of puagraph 4 relative to tM creatan d a hazard insurartu account: provided. however. that tM Assoaation rsuins tM right. at iu optioe. to n-inetau such provisarts of sad paragraph 4 as an obligatvxi o/ tM Mortgage Mreurider upon tM tuppsrwtg d arty of tM folbwing: A Failure to make any payment required under tM tams of tM nou on a before tM due date tMrsd B Failure to comply with tM irtwranu provisia» of paragraph 3. a of any of tM tithe terms and oortdrtam d this mortgage a note. err vnth tM inwrartu regwrsmsnts conuirted in tM Declaration of Cordorninium aril elated dowments should tM mortgaged property bs committed to iprtdornirwirm development. 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