HomeMy WebLinkAbout1736~- ihs1. ie-ord~t b pauct ma~ fuW tA~ Nw~~b ol ths matp~p~. IM Matp~pw. top~tM~ wdh. and m add~~qn to. tM montAly psYm~nts un0~~ tM tams of tM
not~ s~cu~W h~nby. on IM sp~t~Md p~YmaH d~t~ ol Nch month un1A IM sad not~ q h~lly pud. w~ll paY lo IM Astoaatan tM Io1Ww~np wms
(s! M u~stallm~nt of iM ua~s u~d ~sMSSm~na bv»d a w b~ IwNd pMnst 1M pN+rws wwr~d by tlrs ma~p~p~. u~d ~n w-s~W~maH o1 tM pr~mwm
a p~mwms HNt w~N b~toiM dw and Wy~bN to rMMw iM mswMt~ on tA~ p~rtwsq cov~nd M~~by ~pnrut tou Oy tu~. uW wnndstam. ~s povd~d
~ M Dxqw~ 3 p~e~drq. a wch ahM Auard a mw ~M~a~+bN b~ rpuw~d br ~h~ AswcNUOn. snd a~ aat~Mn-~M d eM w•mwm ~h~~ w~a
b~can~ dw ~nd piy~bN to r«»w tM na~lp~p~ w~wa~C~. d M~y. Such msuMm~nts sMq W pu~l. r~spKUVNy. to aN~twNhh (1/1~IA1 0l tM ~s•
tanaad pamwm a prMnMMnf Iw wth N-w~Mit~. Md tuq M~d ~sNSSmM-IS Mal dw Iq ~sum~tW by tM AsWUatanl Ma ~M wqt~wMnts ak~ady
p~d tMrNw. dnd~d by tM ~un~ M months tMt ~r~ to N~ps~ aw montA p.~a to th~ dat~ wMn wd- p~mwm a pr~mwms ~nd ua~s and
sssessnwnq w~M b~cwn~ dNw+q~Nnt. TM AssocNtqn, wMN ~pplrinp wch p~rm~nts to raur~nu p~mwms. ua~s a~d asassmonn. b~bn tM s~m~
Wcor-r dNequ~~~ shaM not P~Y w~t~~st to tM Monp~pa on sucA lunds. and W such p~ym~MS mar b~ commw~p~d bY ~M Assocwlwn antA ~nY
olM~ wth lundt a vmth ~q ow~ lunds TM h~rWs N~ pNdp~d ~s WdtaMl s~tunty fa tM sums s~cu~~d b~r tlus Matosp~ snd ~+~ wuNct to us~ by
th~ IlssotuUOn n paymaN of "I~l~ cl-upp~~ ~nd Q~nk tolNttwn cMrpp
Ibl AM p~ymaHf m~ntqrMd ~n tM p~udw-p MiOs~ttqn Oi tMt pMSpraOh M-d ~e paYmMts lo b~ m~ u~dM tM ~ot~ sOCUnd Mr~by shs11 p~ ~dd~d
topstMr and tM app~p~t~ smount tMnof sh~M b~ pad by tM Nlatp~pa each momh m s s~npN paY~t tu b~ spplad Dy tiw Asaousua+ to Uu
foNOVnnp ~tems n tM adN sN torth. 1 Tws. ~swssrt~nts. and nwNnc~ p~mwms 2"Ut~ ch~~p~s" ~nd b~nk coWcuon chup~s. unNss pi~d u+
m+rr~ Pror~d~d m Prpra~h ~(~) 3. Intwut an tM rou s~cw~d hablr. 4 Amac~stcon o~ tM p~u~upai ol sad not~.
Any ds(~aency m tM ~mount of sucA spprpaq montNy psymN+b sMM. unNss psd by the Matysya p~a to ths due dale d th~ M~t wch paymsnl. con•
st~tuts sn ewot ol defsuh wda th~ mortpp~ W~thout wsnK d any rght. ths Assoustan may colNct s"late charga" as pov+dsd in the Not~
S That ~1 ~n~ ~uu1 of ~h~ wrn~e-a m.d. by ~M Monp.pa und~ 1~) M P+~+~~P~+ 4 wK~w ~+a uc.ed iM smoun~ of ~»Ym.n~s scrosnr msd~ by in.
Assoastan tor a:~s and sss~ssm~nn ~rW w~ranc~ pr~m~ums. a tM uM m~y b~. wM ~auss sh~Y b~ uM~ad by tM Assocauon on wOs~qwnt paym~nts
to b~ mads by tM Mortpsya H, howwM, th~ monthly phnn~nts m~ by tM Mortp~pa undK (a) ol pa~~pr~ph 4 pr~;.~d+np sha11 not Mw bNn wHKnnt to
Wr ~saes snd ~sssssm~na ~nd Mau~ano~ pnmwms. a tM cas~ m~11 b~. wMn tA~ am~ sAsp b~come due ard psqd~. che~. ths Assocatan m~y. a~ ~ts op
tan. ~mmsd~atNy psy such wus and sss~ssm~nq ~nd r~sw~no~ p~rtrum, snd tM Mwtypa sMU psy to tM Assoc~auon sny amount necesssry 1o m~ke up
ths dei~asncy. snd wch psym~nt slwM b~ dw ~nd p~r~bN vmthn tlwrty i30) days ~hN tlN dst~ ol m~~4np ol notKe by tM Assoustwn settuip torth the smount
of sucA dehc~ency If. at my tur». tM Mptp~pa sAW andK to tM Assoaatan. m ~tcord~ncs Mnth ths prmns~ons ol the ~ote secured h~r~by. fuU psym~nt ol
the entue wKNbt~dness rpna~nt~d I+N~by. tM AstotNt~on sMll. ~n oompuWq tM smount o/ suth uW~btedn~ss. usdt to ths xtounl of ths Mortp~9a sny
W4nce rsmsuurp ~n th~ funds ~ccumulat~d undK tM povwo~ns ol (~) of puap~aph ~
5 To perm~t. comirut a w/hr no w~sN. unp~umpn a d~qnaauon o1 s~~d prop~rty. a sny psh thersot. and upon tne fadure of the Mwtpa9a to IcMp tns
Owldrgs on ssd propsrty in yood cor~uon a rpw snd mar+t~nsnc~. tM Assocata~ may dem~nd p.opa msuu~nsnce snd ths ~mms~at~ rpsx ol sa~d
bwldnys. a an ~nusss~ m tM amouM M s~cunq. or tM ~nun~d~~b rpaym~nt ol tM d~bt ht~~by s~cured, snd tM bdu~~ ot ehs Mortyaga to comphr vnth
ssd demsnd o1 eM Assowtan la ~ p~nod of tAuty (30) days sh~q wnsueua ~ b~ach o1 tlrs rtwrty~. snd. st th~ optan o1 tM Assoc~stan. ~~sa1y
mature the entus smount W pnnc~Wl and mt~~st hKeby wcur~d. ~eW tM Assocwuon ~mm~d~atNy aM vntAout notK~ msy insuwu praceed~nps to laecbse
tlws mortysys and spply fa th~ ~ppou-tmN+t o1 ~ nc«vp. ~s Mrw~aha prov~ded: and in us~ d tM refussl. nsyNct a~n~bhty of the Mortys~o. to repi~r snd
mamta~n ssd pop«ty. tl+~ Astociatan m~y. ~t us optan. mab wch rp~ws a cws~ iM pm~ to bs msde. and sdvsncs Rar~~rs ~n thst bshsli
7 To perlwm. canpiy nnth and sbd~ by Nth u~d tvwY iM atpu4tq~s. aprNm~nn. cond~tans ~nd cov~nants M ss+d aomnsay note snd ih~s mortysy~ sa~
lorth
8 To compl~ vmM th~ wOdmsan nstnct~ons N+d tM mwraWi zawp adin~nqs ~pphcabN to tM monpsyW propeny. not to eract or psrnut to be encted ~mr
new buddu,qs on ths pr~rrrs~s Mr«n mortq~p~d a to ~dd to or p~rm~t a b~ add~d to. m~k~ a perm~t to be mids. sny strucwal altsrauons to ~ny o1 th~ ea-
~sang ~mprovemsnts thK~on Mnthout tM wmri~n cons~nt of th~ Assoaatan. and ~n tM wN+t ol sny valstan a sttempt ro wolste thsse snpulatans. w ~ny ot
them. tlws mwt9sqs snd sM sums s~tund Mnby sh~B unm~O~~tNy b~cort» dw s~d p~ysbN at ths opt~on ol ths Assoc~stan
9 Tnat ~n qse o1 a dsfault n ~~ d tM tKms ot tM mortpp~ snd tM ~Ynp ot ~ b~N to tp~close ths p sMr oths~ matyspe encumbs~~ny tM v~nilw~ d~scnDed
pope~ry. !Ae Assonstqn slt~ll b~ MnWd t0 apply. at ~ny t~ anthout rqt~ p~denp suth loncbwro swT. to ths tourl hsvuq ~unsd~cta~ lASnof for th~ sp-
pantment of a recervt- ot aL' and su~pulsr tM matQ~pW prop~riy. a~d ot ~t1 tM rents. u~cort~ss. profits. ~ssues and revenues thereof, from whatsoever source
denved. and. tAereupon. ~t is htnby ~apnssly covMNnad and prMd th~t th~ court shap lorthvnth apppnt a ~acerver ol sad mort9sped property. s11 and
s~ngubr. snd d wch nnts. u~oorr~s. potr.s. ~ssws and rw~mws thN~ot. hom wAatsoever sourq dsnved. vmth the uwsl powe~s and dW~es of recervs~s ~n I~ke
cases. and wch sppantm~nt shW b~ m~ by such caxt ~s ~ m~na ol unct npAt to tM Assonatan. snd vmthout rofer~nce to the adpuacY a~nsdsquscy o/
ine value o1 t1~e popMty MnD1r morty~p~d. w to t1~ solwncy a~nsohrN+cy d tM Monpsya. and that such rents. profns. ~ncomss. ~swes. snd revsnues shall
be sppMed Dy wch nca~wr to th~ p~yrtwnt of tM mortQsp~ u+O~W~dn~u. costs snd cMrpes. sccad~np to the ader of wch coun
t O That m ths event th~ ptrtws~s hsnby matp~p~d. a a~y p~h tMno/. sh~U b~ cad~rteMd ud tsken w+de~ the power of em~nent doma~n. tha Assoaatan st~aN
Aave the .qht to demsnd that ~M damp~s sward~d !a tM~nkrp d a ryury to saW pr~mises shsN ~s pad to the Assouatwn. ~ts wccessors or ass~yns. up to
the amount then u~D~d on ths mortpa~. and may ~t ~ppM~d to anY wms Isst p~ysbla hareUrWer
t t TAai dme n o1 the ess~ncl 01 ths cootqct ~nd tlyt np vir~v~e pl any eplpetan Me~eunder, or ol tAe oblpatwn securad hereby, sAall at sny t~me tMereaher De
held to be s wsrver d tM tams Mr~o/ o- of tM prortussay noa s~turW I+~~eby
12 1~ thE Evlnt o( sny debu~! in iny d th0 tNmf Of [hf mWtp~Ql. M W- tM nOb slCUrsd Mt~by. ~nd iCCRteratwn by tAe hOlder. W ~ny Othl~ s~tWt~on thit wa~ld
cause the mterest pad or paysWs unds~ ths oblpata~ 10 ~scNd tM Mt~s~st nt~ wthorued by ~sw. then ~n such event all eRCess ~nterest IMrstotore pad sha11
De uedrted to pnncp~l srd sP sccrwd and u~rd ucess ~ntNest shall abate ~nd sASN not be sn obl~gstron of the maker a ot any oths~ person
13 That to the e^tent of tM K~dsOtsdr~ss of ths Maty~pw to tM Assoaatwn dsscnWd M+~a~ or setured hereby. the Assoc~atwn n hereDy wbroyatsd to the lan
a t~s snd to the rqha o/ tks own~r and hoW~r tAawl of uch ~~d wKy mwtp~p~. Dsn a otner encumbrance on the bnd d~scnbsd hereu~. wMch is ps~d snd
saushed. ~n whole a n put out ol tM procNda ol tM lo~n dacnbW heni~ a s~cund hersDy. ~nd the rospecuve hens of sa~d mortya~es. bsns o- other en-
tumba~es. shslt b!. and tht ssrtw and ~atA Ot thtm Mnby ~s prassrv~d ind sMq Wss to u~d De he~d bY tAe Auoaation herom as secunty fp ths ~n-
deb[edness to the Assoaatwn Mnin d~scnb~d o. A~nbfr s~cund. to tM s~me ext~nt tnst rt woub have been preserved and would have'~sen passsd to ~nd
been held by the Assonatan MO K W~n duly M~d rpul~rlp ass~pn~d. tr~nsfKred. s~t ovx. snd deMvaed unto the Assouatron by seps.ate dsed ol aupnmem.
~oMntAStand~np the bCt that tIN fartN rtyr E~ f~dsfi~d and CantW~d d nCpd. rt be~np the ~ntenuon o( the paraes 1~ereto tAat ths same vmll pp sahsf~ed snd
cancNbd d rscwd by ths lwld~ts tMrwl ~t w~bout tfN tuM o1 tM r~cwd~np of tlws matpage
t t Thjt d~ny o( the wms d mo~y hxNn n(Mnd to b~ not promptly ~nd tuNy psd nntlw~ tMrty 1301 days next sher the same severatly become due and payable.
or ~i each and erery tM st~pulstans. sprNm~na. ca+drtans and oow~+ants oE ssd pwrnssory note and ths matgage. or e~thm. ara not duly pe~famed. com-
pl~ed vmth and abded b~r. tAs spprp~t~ sum w~pad undM sad pra-asso~r note u+d tbs mo.tyspe sAaN become due snd psyable brthw~th w thereaher. st 1M
aptan ol the Assoasuon. as 1uRy and tompNtNy as H sad ~pprp~te wm of rrwneY rrsre or~naNlr st~pulated to be w~d on such day. srrytMny m ssd
pom~sspy r+ote d hKw~ to tM canVary notvntASUiWnp
15 That ~n ade~ to xuNrsts tM matunty ot tM r~d~bt~dMSS MrWy s~cw~d b~cwse ol tAe Isdure of tAe Mwtpsgw to paY sny taa sssessment. 4ab+4ty. oLl~qa-
tro~ w encurr~a~u upon sad prop~rty ~s h~rNn provd~d. It shaN not b~ ~ecesssry nw ~eqws~te that the Assouatan shaU f~nt pay ths same
16 That the sbstrstt ot sbst~actt ot trtN cOVNUfp IM mwtp~p~d prop~rtY sAaU at ~U t~mes. duru~y tM Lie ot tMs mortysgs. rema~n m the possessan oi tM
Assoaatqn snd. ~n ewnt d th~ Iontlos~u~ d tlrs mottpp~. or otMr uamta of trtle to tAS mwtp~psd prope+ty. ~n aaunpu~shment of the ~ndebledness secuted
nereby sx rght. title srd mtersst o1 tM Mortpsyor w~ and to any sucA sbat-~cb ol trtle sMall p~ss to the purchaser or gr~ntee
17 StKwld the vald~ty or ben of th~s mort~sp~. w tM not~ s~cund ther~by. De contested by Mt~ystan a otherw~se. the Mongagor ay~ses to Wy to the Assoc~at~on
the cost ot deferWmg tAe sarn~ ~nch:dr+g ~ n~sonabls ~ttan~Y s fw
18 To pay sY and s~ngulu ths cosu. charyss snd eapenses. ~nduding attaney's fees reasonsdy ~ncurred. or pa~d at any nme by the Assocwta~. because ol the
ladu+e of the Mortgagor to p~twm. comply vrrth and ab~de b~r esch and every the stpulatans. agrKments. cond+tans and covenants of sad pom~ssory note
a~+d tMs mortgage, or ~~her, and every wci~ (e:cept fa the paYment d the monthty ~nstaNment as requued by the Prom~ssory Note) shs11 pear mterest from
date at the rate of 18 ~ ~er anrwm untd ful~y paid
19 The Assoaatan shall Asre the npht st ~~y ume and from urrK to urtN ~nd nnthout not~ce to a consent o1 any person to (a) ~e:esse any portan of the pertvses
from the ben of tMS mwtysge. (b) ~elsase a~Y DKS~ W~ ~ WY~•^•M1 d~^Y ~^d~b~ed^sss secured herebp. (c1 e~ten0 the t~me oi psym.eM or alter tAe terms
p1 payrnent of aIt p sr-y psrl 01 tfN ~rW~btbrNSS. nnthout ~tl~chnp p r~t~np ths perswul bsb~dty ol smr psrson l~able lother thin any pMSOn releassd pur-
want heretol ta the psymsnt o( s~ wm a int~r~st sKw~d haeby Md wRhout k- amr wnfe altenny. wrymy. w d~mmcsh~ng the faces. effects. or 6~rn o/ tMs
mortgage on a11 the prem~ses not spKabcatiy rsNss~d from tM MM o( ths mortpape br the Assoustwn
2d Any agroement he~eaher msde py Monpapor ~nd Assoc~stan pursusnt to ths mo.tpa~ shsu be wpe.ar ~o the r~9hts of the ho+der ot sny ~nterven~rp hen a
encumbsnce
21 Upon request of Mortpsgor. the Assou~twn m~y. at ~b soM opuon. hom ume to t~me. beiore IuR payment o~ stl ~ndebtedness secured hereby, mske furtAer sd-
varxes to Mwtyayw. provdsd. howewr. tMt tM totN pnnc~psl wcw~d Iwsby snd rems~rxnp wipsd. ~~cludmg any such adv~nces. s1~sN rqt st sny Ume e:.
teed tF~e or~nal p~ntpil wm W~ured A~nby_ Mortypor i1M11 piy aN futh further sdvsnces w~th interest and the same shall bs setuted hereby All p. .: ,;
ot cn~s mortgage shau spp~y to esch turtt~ sdvsnc~ as w~u as to au otMr ~ndebtedness secured hsreby NotMny herrn conta~ned. howeve~, shsU brr~t the
amount secured by tlrs monpsye d such amou~t ~s Mu~as~d by ~dr~+ces rnad~ bY tAe Assoaatan, ss hereEn elsewhae p~wded ~a to p~otect tAe sscunty
2y In tMe event the Mortysgor here~n. a a~ryr wbsequent Mortysgor. a any pe~son or corpaatwn owrong any ~nrerest whatsoeve-. shou~d encumber the property
hera~ mortgaged by an u~strurt~ent commordy ro(errsd to snd known as a"wrap-around mortgage" vinthout (~rst obta,rung the wrrtte+i consen: of the Assoc~a-
tan. then. at ths option ot the /lssocistan. the obig~tion secwed by tMS Mortgage sha~l ~mrned~ateltr become due and paYable
23 To powde the Assxiation nnth Flood Irowsnce Cover~ye ~f the real property is now a he~eaher determ~ned to be w~thm a speasl f1ooA harard area as shown
on flood Hazxd Boundsry Map/Flood Inwrance Nats Msp as publ~sAed by the Federsl Inwra~ce Admuustratan
24 At the rsQuest ol th~ Matppa. tM As~ouatbe- ~prNS to wNw tM pransans of paapraph 4 rNatns to ths crutwn of s haisrd u-wranu aaoum. prov~0~d.
Aowevsr, that tM AssoasLOn nt~u~s 1f~ npAt. ~t rts opt~on. w r~-rat~a such prans+ons of s~d W~ayraph ~ ~s an oblq~:son of tM Matpspa 1»r~und~ upon
the Asppsrwg ot ar-y of tM foNowup.
A fsduro to malu ~ny WY~~ rpuw~d urW~r d» t~rms d tht nott on or befon tM dw dat~ therwf.
B fa~M,r~ to oonwM rnth tM aau~~q povis~ons of Wrpnph 3, a ol s~Y of tM otl+K [erms ~nd cornLtans of tMS mortqsps a rat~. a vmd+ th~ u~wr~nc~
rpwrem~nts tont~r»d in tM O~clant~on d Corda~rwum Nd rNaUd documa-ts slauld tM mortgs~d Drop~rtY b~ commm~d to condomwrum
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