HomeMy WebLinkAbout00784. Tna~ m ada w wot~ct mae fuNy tA~ s~cunty ol tMS matQap~. ~M Matpapor. top~tna vwth and ~~ sOd~twn to. tM montMV p~YmeMi unW~ IM t~rmS of tM
note sacurod tyr~by. on th~ yp~c~fNd p~Ym~nt d~tf OI ~Kh mp~tA uMd tM M.d not~ ~t IuNY p~~d vr.il p~y lo ~M Aswc~st~on ~ho Id4ow~ny s~r.~s
Ia1 An ~nsa~~mM~ ol tM ua~s ~nd ~ss~asm~nts Nv»d a to E~ Nv~W p~~n~~ tnt p~m~s~s rnraed by ~MS ma~psq~. and sn msu~~m~M oi ~M w~~TMUm
a a~~urt+s that w~N b~cw+N dw ~nd p~Y~bl~ to r~rywtM buw~nc~ on th~ pr~m~a~s cow~W M~~by s9s~ns~ bss brl~r~ s~d w~nds~am. ss wov~dW
ra er osr.p~.on 3 w.c.a~q. a wc!~ o~h.. na:.ro ss mar ~.awnaeh w~.v~,~~w or ~n. nssoc~a~w~ ~nd ~n ~nst~itm~nt ol tM p~~um t-V~ wd~
b~can~ dw +ad Wv~bN to nMnr th~ n,atpap~ u~wranc~. d~ny Such ~nsuwnM~s snsu w pus~. ~~sp~cuwty. ~o or+~ ~w~~hn Iti 12iM ot ~r~ ~s
uma~ed p.~n+wm a p~rewurtu ta wc1~ ~nw~~c~. ~nd t~ap ~nd asN~sm~nts n~at dw I~s est~m~tW by t~ Auou~twnl i~u a~~ ~nsuUm~n~s ~b~idy
psd ~nNela. d~vdW by tM rwmba o1 ma+tl+s ttia~ a~ to ~4ps~ a~ month p~pr ~o ~M dat~ wMn sucn p~mN,m o~ p~m~ums a~d qa~s +f+d
ssseism~nts rvdl b~cpm~ ~Mnpu~nt TM A~sp~~atqn. w-w1~ ~pply~np such psym~nta to ~nsur~nc~ pem~ums. t~a~s snd sssessm~nts. be~a~ th~ same
Wtom~ d~W~u~~t. sMll eqt p~y ~nt~~~st to tM Mwtpayw on sutA lunds. snd a~~ such p~ym~nts may W tommmplsd by Ihs Assouitqn w~t~ sny
other sucn funds p Mnth ~ts oMm iunds T!y funds ~n p1~dp~d ~s Wd~tanal ~u~~tr ~a the sums secu~ed by en~s Matpape snd sn wD~~ct to usa by
t~+e Astoc~atan ~n payrMnt OI '~I~tf CM~p~s" ~nd bink tWlKtqn CAi~p~s
Ibl All psYm~~t1 mOntwrVd n tlf~ pr~C~M~p WDf~CUOn o/ lMS pi~sq~~ph ~nd ~II p~ym~nti to be msde undar th! nON flCUrb Mrepy SA»I pe ~~b
~ope~n~r and tns app.paa ~moum tMrpl snau p~ p~~d py ~M Matp~pa ~acn monin ~n a s~nyle PaYment to be spplrod by the AssocuUOn to the
1dlow~ng ~tlmt ~n tIN pd~r Nt brtA 1 T~t~f. ~tf~fsm~ntf. ~nd w~tur~nt~ pr~m~um~ 2 Lste cnar9~s and b~nk cWNctwr. cnarpe:. wuess pa~ +n
ma~ awdW ~n c+~ap~~ph ~ lal 3 Innnst o~ ~M noa s~cursd Mr~by 4 Amorius~~ o~ ~ne w~~~w~ oi sa~d no~~
Any dshuency ~n tna sma,M M sucl~ sQ~rpsa moMhly psrments shs11. unleu p~d by tne Margsgo. w~« ro Me due da-e of tna ne^~ such paymen:. con-
sntuts sn event ot datsuk unda th~ mohyap~ W~thout wa~wr ol sny np1+t. ~he Assoaatwn mav cdbct a late char~ as prmndea ~n ~ne Not~
S Tnse ~1 ~ne ~o~al of tne ps~rm~nts m~~ py tM Maty~por uoWr (~) O~ p~r~yr~ph 1 plC~dny tAiil ~aCNd tM irt~ount Of WYm~nts ~ctu~liy m~6t py iM
ASSpC~atqn for 1~7[~f and iil~fSANni{ Md ~nfv~anC~ p~fRMUR~f. af th! C~iO IMy b~. fuCh faCftt Shal) b~ Cr~d~tld by tIN AfiOC~ilWn On fubNquMt piynNntf
ro be mad~ py the Matp~yor 11. Apw~vp. th~ montAly psymte+ts m~ by tM Mpty~9or w+der Isl o} psr~p~spA ~ p~c~np shsll not 1+svs besr+ wffK~~nt to
pay taass snd asstssments ~nd msu~~nt~ pnmumt. st tM c~s~ m~Y b~. wMn tM same shsll b~come due snd paysW~. t1+M. ths Assuaatan msy at ~ts op-
tan. ~mmed~at~ty psy suc~ ts~ts s~+d ~swssm~nts and ~nsur~net p~m~um. ~nd tM Mortp~pa sha~l pay to the Assoc~st~on aMr smou~t nscess~ry ta m~ke uD
ehe detK,~ncy. snd wch paym~nt sMll b~ dw ~nd pay~Dl~ wntlu~ t~Nty (301 d~ys aher the dste o! m~,l~ng ol nouc~ by ~he Assouuan setnnp twth ~ne smoum
ot sucn delK~enry tl. st sny ums. tM Mortp~pw shaU unda to tM Assoaatan. x~ ~ccadance wrth tne prov~s~ons o1 tne nae secured MreOV ~ull paYment Ot
tAe enbre ~nCebtedness rspresOnted AK~by, tM Assoasiron s-y~1. m tompuunp tM aRwum o~ sucn mdeDtcdness cred~t to ~ne account o~ tne Mo~~ya9w any
w~ance rema~rrny ~n tne funds sccumu4bd unde~ tAS pwnsans o~ (~) o} p~~+prapA ~
6 To pe~nnt tomm~t p wNer rq wast~. ~mWurtN~t W detN~atqn O~ asd prop~rty. p inY psrt tAe~eof u+d upon lhe ~sdure ot tne Mo~tga9a to keeA t~a
bu~W~ngs on sa~d Wope~ty r+ yood corW~tqn o~ rpa~r ~nd ma~ntNNnc~. tM Assotutwn msY demand Drope~ ms~ntens~ue ~nd tRe immad~ste repa~r of sa~d
bu~kl~ngs d sn ~ncrease ~n tM s~nount o1 Ntunry. p tAe ~mmed~~t~ repiym~~it o~ tM debt herlby SlCU~ed ~nd the fs~l~•t O} tAe Mortgigw to COmp1Y with
sa~d demand ol tM Asscaai+an ~o- ~ ppqd o~ tMrty (30) d~ys s~s~~ consG-ute a beach of tMS matgage. ar+d. at ths oDt~on o} the Assocuuon ~mmedyte~y
mature the entue amount o1 pnnc~l ~r~ ~nt~r~st Mreby secur~d. and tAe Assoust~on ~mmsd~ate~y and w~thout nat~ce may ~nsutute p~oceed~~+qs to ~orscbse
th~s ma~gage snd spply fw tM appantmsnt o~ s rx~rve~. ~s Mrt~r+sha p~ov~d~d. snd ~n csse a~ tne rofuss~. ney~ect o~ ~nsb~bty ol the Mo~tgaQo. to.epa~~ and
ma~~tam sad property. the Assoastwn m~y. at rtt Optwn. m~k~ WCA r~ps~~s a csuse tns s~me to be m~de. ~nd adv~n:.a mona~Y ~n th~t O~ha~1
7 T~ per}pm comply vintA and ibds Dq NCA ~nd Wfry the ~UpulatWns. ~pMements. cMWtans a~d Covenanls m sa~d p.om~ssory ~o2e and tfus mwtpspe set
ipth
e ro c«r~vhr w~~n ihe wed~v~~or~ ~escrKians ~nd cne murncwat :or~.ny ad~soc~s spW~csae co ~ha rrwnysyed wouerty rwt to ere~t a pe~m~t to be erectad sny
new tw~td~rgs on the pertns~s Mr~m mWty~p~d w to ~dd to o- plrmd t0 b~ id0~d t0 mak~ w pe~m~t ro bt m~ snY st~uttuql e~terstw~n to sny ot tAS et-
~st~ng ~mprovemems tneraon vintAOUt tA~ wr~tnn consent o~ tM /~ssoc~stan. and ~n tAe ~~~~t ot sny vro~stwn O~ attempt to v~olate these supulstrons. a ar+y o1
cnem t~s mortgage and aN wms secu~W h~r~by shaU ~mmed~alNy bscome due ~nd p~~aWe a~ ~he opt~on o~ ~n~ Assouat~on
9 Tn~~ ~~ csse of s de/auh ~r+ a~y of tM tams a! Uus mortpspe ~nd the td~np o~ a b~~ to laecbse tMS w a~r otlxr mortgape e~cumb~r~ng tne w+thm descnped
poperty the Assoaatan sh~u p~ ~ndtl~d to ~pply. ~t any t~m~ vntAOUt not~ts pendmq suth foretbsure swt. to Ihe court h~v~t+y rynsd~ctw~ thersollor tM sp
pNntment o~ a recewe. o! sN snd s~npul~r th~ matyipW pope-ty. ~n0 ot ~0 tM rents. mcoR+es. pohts ~ssues and r~renues thareof hom whatsoever source
denved. and. tne~eupa+. ~t n MrWy pprtss~y cownsnted snd sqreed ~hst tM coun sha~~ lortnw~th sppomf a~ece~ver of ~d mortpsyad propsrty sU snd
vnpu~a. a~d ol sucn rents. ~. .~. pohts. ~sw~s and rw~n,HS tMrspf, from wAStsower ~rce dernred w~th ~he uswl ppwers snd dut~es o~ ncerv~n m hke
casPS a~ wch apppntment shali pe m~ by wcA court ~f a matta o~ stnct n9h1 t0 !he ASSPC~aUOn. i~d v~nthouT rE~~~lrsCe ~O the idlaW[y or ~~adequ~cy o~
tne va~ue of tM poperty hersby matyiyeA. a to tM soivency w~nsolvency o~ tAe Mortpago.. and tnst suc~ rents wof~ts. ~ncomes +ssues. and reve~ues snan
Ae applKd try Svch r~cNVN t0 tM pirrrNnt Ot tM mWtp~p! mO~btedn~ss. costs ~nd c~srg~s. accord~ng to the wder p1 wth covR
1 O Tnaf m the eveM ihe p~emises Aersby mottyapsd. w any psrt ihsrapf. shall be cw+demned and tsken under the power of em~nent doms~~- tAe AssOt~atqn shail
navo !ne .ght to demard fn~t sl1 dsmap~s aw~rded iw ths uku+p oi pr ~n~ury ro ss~d prem~ses sn~!1 y~ pad to the Assouat~on ds wccessors or sss~gns up to
~~+e amoum then unpa~d on tMS matp~pe. ~nd m~y be appl~ed to any sums Isst psY~ae ~e~eu~der
1 t That =~me ~s of the essencr of tfus contrict snd tASt no wa~ver of a~y obhgat~on Aere~nde~ or o1 the ob~+gat~o~~ xcur~ he~cby s~a~~ s! any t~me tnereaher be
held !o bo a wa~ve~ o~ the terms herepi a o~ tAe Wom~ssory note setured Aeroby ~
~ 2 In the eve•+t of any defau~t ~n ~ny of tfK t~rms oi tMS mortpsaa. o~ m the note secured AerebY arW sccete~ae~on Dy f~e nolde~ or am ocne. s~~uae.or, ~nst wou~d
cause tne ~nre~est os~a a psysde under t-ws odpitan to uceed the ~ntares~ rate au[1w~~:M by isw then,n sucn event an e^cess mterest theretotae p~~d shaU
bC creyitCd (O D~~~CWa~ iRd a~' acc.uW snd unps~d eicess ~nterest sha~i sb~te sM sna~~ r.ot be an ob~+gat~On O~ i~! m~kEr u~ p( iny other persw,
13 That to the eatent o1 the ~ndebtWn~ss of the Matpsyor to the Assocutan d~xnbed nere~~ w sew~ed he~eby the Assoc~suon n hereby wb~o9ated to the ben
o. hens ind t0 tha rgnts oi tAe own~~ ~nd hold~r tha.eol of ~sch a~d every monpiQe. I~sn a other encumb.snce on tne tand Cescnbed here~n. wnKn n ps~d ~nd
sai~Sfild. in whOlc pr ~~ pirt. O~f 01 thQ p-OC~~d3 Of tM i0in ~Knpld ifOrl~n p SlCUr~d h~rlbY. 7M 11~! ~lSplCtrv! (~QnS 01 SAid mOrt9i0lS I~QnS Or OlAN !n-
cumbances. shsli pe. and t1+e ssm~ a~d escA of them Mrepy ~s pese~vsd ~nd s-un pass to s~d be heW Dy the Assoastwn here~n ss xcunt~r fp the m-
debtedness to the Assoasta~ -~erem d~scnbed a Mrepy sscund. to tAS s~me e:tent tn~t rt wOUld havE Del~ plSe~ved And wouW have beln p~ssRd 10 ~nd
Deen he:d by the Assoaatro~ had ~t bs~n duly and rpularly ~ss~pned. tr~nsierred. set over, a~+d dN~ve•ed unto tae Auoastan by s~w•ate deed ot asvq.+ment.
r+ofwrtl+sta~d~ng the fsct thst t1+s s~me may be sst~st~ed and unc~lletl of rscwd rt bwnp tf~e ~ntlnUO~ O~ [M pirt~lS h!rlt0 lh~t Ih! Sim! wdl b! fih3hld ~nd
cance~kd of recad by tt~e hotdars thKeot ~t w sbout ths t~me o( tAe recwA~np o! th~s mortRage
14 Tnat ~t sny o~ ine wms ot mor,et Mra~o nterrsd to be not p.ompthr ano tuur w~o a~~nm tn~rty ~30i dars ne^c a!ce~ tne sarn~ seYe~suy Decome eue snd payaae
o~ ~t ex~+ and every the sUpulatrons. syr~e+nfnts condrtwrn snd covensnt3 ~i• ss~d prom~ssory note and th~s mo.tgage or ertner are not duiy pcriorrrkd ~pm~
p!~ed vwth ~nd ~MQlQ py. tA! igprp~t~ 3um unpi~d unOfr sid prOT~ifpty rqt! i~d IME mwtgig! sha~~ ~CCOme du! inO piy~bl! fprNw~ih Or IherNhlr it lA!
opt~on of tne Assoc,ahon. ss f~tty ind compteteM as ~f ss~d spp~eyate wm ol money were m~g~natly st~pulsted to De pa~d on such day any~tung :~ sa~d
prom~uwY note or 1+lrNn to cne con2.ary natw~thsts~d~np . .
~ 5 Tnat ~., mder to acce~erate the m~tunty of the ~ndebtsdness ne~My secwed bacsuse o1 the ta:~ure oi tne Mo*tgayor to pay any ~aa assessment baO~nt~. ob~~gs
t~o~ w ertcumbrance uDOn ss~d poperty ~s Mre~n p.ov~d~d rt shsll not be ~ecessary no. reQu~s,te tnar tne Auouat~on shslt f:rst pay the same
16 Tnst V+e abstr~~t or abstr~cts o1 trtle covenny the mo~lp~pe0 property yyll st a~~ t~mes dun~g Iht ~~tE Of tR~S mwtgig~ rlma~n sn the possess~on o~ ~he
Assotutio~ snd. ~n event o1 iM tpKlpfure Ot th~s mOrtyiyl, Or Othl~ tzins~er at ut~e to ~he mo.tgaged proce~tr ~~ e,t~ngu~snment ot the ~ndebtedness secured
he.ebr. aN rght. btb snd ~nterest o~ tAe Mortpapo. m ~nd to sny such ~bstrscts of t~Ue snan pass to the purcnaser w g•antee
17 Sfiould the ra~~d~t~ a i~en oi tMS mortyspe. a the note sscured thsrapy, be cpntested by hngauon o. otnerw~se tne Mortgago~ ag~ees to wv eo the Assoust~o~
ihe cost o/ ~fer~d~ng tAe s~me ~~clud~nq ~.e~sonaWe attaney~s lee
1 B TO pay i~l ind yngu~r ibE COStS. chargK ind lipCnSlS. ~~C~ud~ng ]ttomty'S 4es reasoneMy ~rxurrerf o~ nard ai any nme Mr tne Assx~at~on Aecause of the
1a~l~~re o~ tne Mo+tgagor to peAwm Comply wrth snd sbde by Esth and every tAe st~pulatro~s ayreeme~ts cor.dit~ons arW covendnt5 Of Sa~A prom~SSOry r:otE
and tMS mo~tgage. p erther. and every wCh fextept ~or Ihe payme~t ol tAe mont~ly ~nt~aument as ~eQu~red by the Prom~sswy Nore1 sha11 bear ~nter~st from
date at the rare of e~qhteen per cent (187fJ per annum unt~l tully pad
1 g ~ Tn~ Assouairon shall have tM rpht st s~ry t~me s~d from t~me to urt+e snd w~thout not~ce ~o or consent of any person to ta~ +e:ease any port~on of the prem~ses
hom the I~n o~ tMS mongsge. (bl rel~~se aM person h~Db tor paym~M of ~ny rt~debiedr+ess secured Aereby +c~ e^teno tne rme o1 Davment o~ a~ter tne trms
of pavment o! s~t w sny part o1 tM n+d~btedness. w~thout ~Hecunp a re~e~su+p the perwna~ c~ab~htr ot sny person i~sWe lotne. than an~ person re~eased pu.-
want neretol /or the payment of ~ny wm w intsr~st sscwed hereby snd vmtAout m any w~se sttenny varpng or d~m~mshmy the fo~ces elfects. a ~~en o} tnn
mortgage on aSl the prem~sss not speufit~lly relused from tM be~ ot tMS mwtpspe ty the Assouanon .
20 Any agreement hereaftv made by Mortpayor and AssocVtwn purwsnt to tMS mwtgsge shsu be wpeno. to the ~~gnts of the no4der o/ sny r.,terven~ny ~~en or
encumb.ance - ~
21 (~pon re~uest oi Mortgagoc the Asfocutwn may. ~t rts sde optwn, from t~me to t~me. Defo~e }u~i payment o1 a~~ ~~de~tedness secwed Re~eby make ~urtber ad
vances to Mo~tgapo~. prw~ded. i. . r. ihat tA~ tat~l pnnup~i secured hereby s~d rems~n~ng ~npa~d ~nclud~ng sny such adva~Ges. shs~~'+ot at sny Ume e~-
C@!A th! 0~~~~il p~nCrpal 3~JT SlCUfld 11ltfby MptQ~pW fMall piy ill ~h (yrt11e~ adr~MlS W~th ~ntlrCSt ind th! SimE Sh7~~ b! SlCU~Ed hl~EOV All prOV~SWnS
o~ th~s mortgage shatl apply to uch fuhha Wvsnce as wetl as to a11 other mdebtedness ucur~ hereby Noth~ng here~n conta~rred however sn~u I~m~t the
amount secured by tMS mortgape ~i wth amount ~s ~~tre~s~d by sWsncas m~de Dy the Assocratwn ss nere~~ e~xwne~e pronded lo~ to protect tne secur~ty
Z? In tM event t~r_ Mortgagp here,~. or sny wDsepuent Mongagor. or any person or corpo.atwn own+ng anr ~nteresr whatscever shaild encumt~er tne prop!rty
-~c~e~n mortgaqed by an ~~ntrument comrtwnly re~erred tp snd krqwn as a'~w~sD-around mo.tgage w~tFwut fast abta~nmg the wntten consenr o~ the Assoas~
t~on tAen at the opta~ 01 tne Assoustan. the ob'~gatwn secured by th~s Mortgage sha~~ ~mmeA~alety Aecom : Aue arxf parab:e
23 1o pnwd•.the Assocwtwn nntb Fiood ~nwrsnce Coverage ~~ tMe ~eal prr~perty ~s now o. he~ea~ter determ~ned to ne w~th~n a spec~a~ ~~o~f na:ard area as snown
on Flood Hara~d Ba~ndary MsyFlppd Inw~snce Rste Msp as puW~st~ed by the F~era! Inw~axe Mmm~snauon
2a At tn~ ~~yt o1 tne Mortp~po-. tM Assoa~tbn ~prNS to w~rvs tM prmnswns of par~p.~ph ~ reisuve to che ueatwn o~ a nau~d ~nwra~ce ~ccount. p.ov+~W.
1. . thst the Asaoastan rN~~ns 1M npAt. ~t rts optron. ro r~-~rot~b such prov~sw~+s o~ ss~d WrsWSpA 4 ss a~ obt~ystwn oi the Mortgspw M~sundsr upon
the happeM~+g of sny oi tM lolbw~rq
A Fs~~uro to make sn~ psymsnt rpwr~d unda tM t~rms o~ tM not~ o~ a bafo~e Ihe due date tne~eof
Fs~tum to comoh~ w~tti th~ ~nwr~nc~ prov~swns of W r~pnpn 3. a o1 ~ny ot tM other te~ms and co~d~tans ot in~s masps9e a nots w w~th ths ~nsu.~rx~
.eQwromanu ca+umW ~n tM O~cl~ntan o1 Condornurum ~nd ntat~d documents shai~d the mortpa9sd p~opsrtv be con+n'littsd to torWominrum
devebpment
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