Loading...
HomeMy WebLinkAbout0752~ ~ ~ss ,• Ttye ~o orde• ~o oroiec~ ~~ ru~h ~M s~c~~~er o~ en~s ~++a~pap~ tM Ma~papo~ tOyfthlr w~lA and ~n ~pd~t~on t0 Ih! mO~Mfy p~YrMn1S und~r me ~e~ms o~ cne note Slcur~ her~py. pn t1N fp~C~h~d p~YrtNnt d~11 OI ~~CA mOnth untd lA~ ~~d n0!! ~S fuih~ p~d Wdl p7Y t0 ih! ASSOC~il~OO TM fOllOw~np SumS ~a1 An ~nstallm~nl ol tM t~aq an0 ~ss~sun~nts ~wNd a to W I~nW ~p~~nst the p~m~s~s co+~~rsd py trns mwtqay~. and sn ~nsts~iment ol Ine w~m~um or pr~m~ums that w~N OKOm~ dw ~n0 paY~bN to nn~w tM ~nwr~nc~ on ~M p~m~us cover~d h~r~py ap~~nst bss by ~~~~ and w~ndstam. ss aor~ded ~. br w~+o~+vh 3 a~c~wnp. a wc~ ot~~ na:aro ~s mar ~~+sa+aDhr os rpwr~d py iM AsSOC~aUw~ s~d a~ ~nSt~llm~nt ol the D~~~um init vwN o.ca+~e du~ ~nd wrsW~ a nn~w er» ma~pap~ ~+w~anc~. a s~r Sucn msuiim~n~s snau be eQwt resp~u~v~~~ ~o on~ cw~Utn Ili t2M~ o~ tn~ ~s t~matsd pnmwm o~ pr~~ruums fa wch ~nwr~nc~. ~nd t~~~s ~nd ass~ssm~ots neai dw lis esumstW by tM Assoaa[ron1 t~ss ali ~nstsum~~es a~~e~dy pad tner~lw d~r~d~d by tM r+umba ol mpnths utiat ~r~ lo Naps~ a~e mor+tl+ pw. to eM ds~a whe~ suc~ p~m~un+ o~ pr~m~ums sM u^~s s~+d sss~ssm~ncs w~ll D~co~n~ d~hnpu~nt TM Asfouatqn. wMN apply~~p suc1+ p~Yments to ~~s~r~nte pem~ums tiaes ind ssssssm~nis Os~w~ ths ssms bacane de~~~+pWnt. SMII npt p~y mtK~st t0 iM Mpty~pW On suth lu~+ds. ~nd st~ sucA paYments maY tx comm~ny~~ by Ihs Assoustwn ~wntA anY otAer wM lundt W vmth it1 Own ~unds TA~ fur+d3 ~r~ plbpb ~S ~d0~iw~~1 ~untY ~a the wms sew~ed bY tn~s RRortgiga and are subyect to use by the AsSOCytWn M plymMt O/ '~I~t~ CMry~s ~ ~nd b~nk CWtKtqn cha~~ls ~b~ All p~ymMts rrNntw.Md m t1N p~~t~dnp iubfKhon ol iMS paragrsph ~nd s11 p~ymeMS to ~ made u~de~ ~~+e ~ote secured narebv snaii be sdded eogs~ne. and IM ayq.pab amoum tM~wt sAaU p~ p~~d by ~he Monpa9or exn mw~en ~n a s~~q4 pay~neni ~o ba sppr~W ~V tne Assoaslwn ~o tec ~Wbw~ng ~tsms ~~ th~ wder s~t iath t T~~~s. ~saessm~nts ~nd ~~wr~nce p+sm~ums 2 Late cna~ges a~d ba~k coucc~~o~ cnaryes u~iesa w~ :n ~na~~e~ pov~ded N+ pupnoh ~ 1~1 3 ~Ma~st o~ the note stwred MnDr 1 Amorarsnon o~ ~ne m~~~~w+ o~ sa~d noee Any dahcien~y ~n the am~wnt of suth agyregst~ montNy p~Ymen~s sAS~I unless pa~d by the Marga~ p~ror ~~ the due date n1 ene ~e^t wch parme~t con stnu~a an event o~ detsu~; unde~ th~ matysge WrtAOUt ws~ver ol sny nght. the Assouatwn mar couect a iate cha~ge as ~NOV~ded ~n tl+e Note S lna+ ~i the wal 01 the paymMb mad~ Oy tM Morty~pw urWa 1~) 01 p~t~r~pA 1 pMtltl~r~ Shill QaCQld lhQ i~WUnt OI y~ymMtt Ktuiily m~O! by thQ Assouae~on fa ta^es and isssss~++ants and ~nwr~ne~ p~~mwms. as tM cas~ may G~, such ~icess shau bs creo~ted by tM Assoc~st~on o~ subsevua~t psv^+~^ts to be made by tM Monp~por II. ApwtvK. tM montnly wpmtr+ts made py tM Matp~ya unda~ Isl ol psray~sph 4 weced~nq shs~~ not have bee~ wHK~ent to paY taaes ~nA aSif~im~nt! ~nd ~niuri~t~ W~m~umt. i~ tA~ Cif~ m~Y p~. wMn Ih! fii++! ~-UN ~pm~ du! ind paYiWe thln. the ASSOC~it~On mJY ~t AS Op~ tron ~mmed~stNy psy such taa~s a~d ~ss~ss~+e~ts ~~d ~nw~~~ce pem~um. ~nd ine Mo~~pa9a sha~~ D~v ~o ~he Assoc~at~o~ any amoun~ ~ecessary w make up tne def~c~sncy and such p~Ym~nt s~+a~~ W du~ a~+d paY~~ w~~M^ tMny 1301 days sher the date of ma~~~ng of not~c! bv tne Assouat~on sen~ng /~rtn tne amoun~ o~ such Oef,c~ency ~I. ~t a~y nme, tM Matqapw s-uu t~nda to tM Assouatwn ~n iccordance w~th tAe prows~uns o~ tne note se~ured he~eby fu~~ pa~me~t ot tlu enUre ~~debtld~ii ~lWaSRnt~d hM~Dy. tM Aztot~at~on SAiU ~n tompuUnp the amount of suCh ~rWebtedness cred~t to the account o} the Mortgagor a~y bild~t! remi~rnng ~n Ihp lu~dt iCCUmUI~tld u~r thf p~OVKqnf OI (~) O~ pirlQ~iph t 6 To perm~t commrt a wHa ~o wasis. ~mpaurn~nt a whrqr~~pn o~ ss~d prope~ty a sny par! tnereo~ uxf upw~ ~ne h~~uro ot tne Mortgagw io teep ene pu~id~ngs o~ Si~d prOperty ~^ pOOd COrW~tiOn d rp~u ~i+d ma~~Unance. tA! Assoustro~ m~Y dem~nA Propl~ mi~~tlnante i~d 1t~! ~mmed~ite repa+r ol ss~d budd.ngs or an ~naesse ~n tM amount of s~cunty, a tM ~mm~dut~ rtpaymem o~ tRe debt hereby secu~ed and tne fa~l~•,: o~ tne Mo~tgaga ~o comply v.,tn sa~d demaM of t~e Assocytan la s paad ol th~ny 1301 dsys shsu constrtute s breacn a1 tn+s ma~yage and at the opuo.~ o} tne Assauatw~ ~mmedate~y macu~e ~ne ent~.e a~++ount ot pmapai s~d mte~sst hsreby s~cu~W. and tne Assoua~wn ~mmQWately ~nd without notce m~y ~nsuw~e poceed~ngs to ~o~ecbse fh,s mwtgape aM app1Y for Ih~ spp0~nt~nt o} a nc~~v~r. ss Aer~,ryher pov~d~d. s~+d ~n use of tne refusat negt~t a,nsbd~ty ot the MQrtgagw ro rcpan ar+d ma~nta~n sa~d prppe~ty th! bSOC~~tqn may st ~ts OptiOn make sVCh :fp~us o~ tsuS! the Sime to be made and advance ~*wneYS ~n tASt beh~If 7 T~ pe~}wm ComO~Y vmth ind ~bde by Nth ~nd lv~ry the St~pul~LWnt. ~pr~ements. Co~+dA~s and Co~lr.anis ~n sa~d yrom.~ssory note ir.d th~s mortOspe Set fpth 8 To comO~Y w~M the subdwiwn ~lstnctWnS i~+d tA! mun+cpil lOtarp Wdm~n~eS ~pp~~pb~e t0 tht mortgaged p~ope~tY not to !~ltt or permrt to ~e e~ected any new buAd~ngs on the premists Mtf~n mortp~p~G pr t0 ~dd t0 0~ plrrmt t0 b! addltl l0 m~kE Or pprm~t LO b! m~d~ a~Y sbuttwal .~ie~atw.,s to ~~v o~ ene e^- ~shnQ ~mp.ovEmintS thlr~ vnthOUt th! wrrttln COnflnt O} tA! A3tOaatan. sod ~~ ~~+e avent o} s~v ~~aat~on o~ ~ttlmpt t0 vro~a~e t~+ese supu~at~ons. or s~~ o~ mem u~+s mwtgage and a~i wms securW Aer~by s~aH ~mmld~at~ly bKOm! duE ~r+d piY~~~e ~t Me opUOn ot =he Assouatrun g Tnat ~n case o~ s de}autt m srryr ol the t~rms of th~s mwtp~ye ~nd tM +~~+np o~ s b~~~ ro/orecbx tMS a aRv oine~ ~*wrtgape er+cumpe~~ng tne w~~n~n Aexnped pro~xrtr ~r+e Assocat~ snslt be entd~sd to ~pp~y. ~t ~ny ams vnthout nouce pend~np sucn lorecbsu~e w~t. ro ene coa•t nsv~ng ~ur~sd~ct~on ene•eo~ fa tne sp- pomrment o} a recewe~ oi ~t1 snd s~nput~r tM matpay~d propert~r uW o} s~~ ~ha ~e~ts +~+comes po}ns ~ssues ane re~e~~es tneroo~ from wnatsoev~. sou*ce Vnr+reA and IhertupOn rt~3 hlqbr lapr~SS~y COVQnintld ~~O iOrKd th~t tA! COU~t S~iil tO~thw~ih ~ppp~nt d r~Clwl~ O} Sa~O mOrtyigQO D'~W~~ty 711 ind s~nyu~a~ a*+d of sucn re~ts. ~ncom~s. p~obts. ~sswa s~d qv~nuef tAttlpl frOm wA~tSOevlr SOUrC~ Al~wld w~tn ~n~ ususi powe~s and dW~es o~ ~cce~vcrs ~n hke ~ases a+•d wch appo~ntmeM fhall pp mad! by fuch cowt i~ i matbr o~ itnct nyAt to ehe Assouat~on ana w~tnout re~erence to tne adeqwcY o~ naAeqwcy o~ rne ~a~ue o+ ~!,e p~operry nerepy mprtpsped a to tAe sWvency a msoive~cy o} the Mo~tyayo. a~a tnat sucn r~nts p~u}rts ~~comes ~ssoes. and rerea,es shan t~e api,:,ed by suCh .ece~ver to tM paYm~nt o~ tM mptpape ~ndebeadneu costs snd cha~9es acco.tl~rg to fne a~0e~ o~ sucn co~.t 10 Tnat ~n tht event the pE~r.+SlS h!tl~y mp`tQ~Rd. Or,nY p~rt t-+Rrepf Shall bp COt~dlmnld i~d qken u~aE~ tne uowe~ o} e~~nenf domrn tne Assoc~at~on snau have t~ •~qnt fo d!ma~d tnst sll d~magss ~wudeG la tbe tak~np o~ a~n~ury t0 si~d Wem~s~s ihsi~ De pa~d co tne Assooat~o~ rts sur.esso~s o+ ass<g.n uD to tre arrount then ~~~.d pn thK mortp~yl. ~nd m~Y be ~ppl~~d to sny sums IaSt pAYaWe he~eunCY• . 11 Tnat hme ~s o} p~e eisente o~ this CO~lqCt ~nd tMt no wi~vl~ O~ ~ny pbl~gst~on he~eu~de~ o~ o~ t~e obi~yac~o~~ Ycu~tQ hereby Sh~~t at d~y t~me Ihe~tafler D~ l~e:d to be a wa~ve* O} tAE terms ~+e~eo~ W of the prom~siory nOtE SeCUred h!~lGy ~ 12 i~ th. evenf of any detau~t ~~ sny o~ :he [l~ms ot tMS mortpspe or m l~! nOt! SlCUr~p RtreDy a~+C acce~er~uon by tne ho~ae~. or a~r ome~ s~tuat:on tnac woutd cauu tne ~n~e+est pa~d w wYaWe unde. tMS odp~t+on to e:ceed Ne mtarost rste autnonted Dy ~sw tnen ~n sucn ev4nt a,~ e~cess ~~tereSi there(ofO~e pi~d Shi1f tw ~~e~~!ed to p.~nupa~ a~d a:' acc~ue0 u+d u~ps~d e~cess ~~terest sna~~ aoate and s^a: ^o! De a~ uD~:yaro~ O} SnP '~~dkG• or o~ a~y ot^e~ pe~son 13 Tfia~ to (AC !atlnt of tAt ~rMlbtlOnRii O~ th! MptQ~p~r IO th! ASfOt+~tqn 0lSC~~~ld ht~e~n O~ SECU~lO ~ereby t~+t AsSOt~~t~On ~s ne~eDy suMogsted to cne ~=e~ o~ ~~MS ind to th! +~ghtS O! th! OWnlr ~nd ffpldl~ tM~lOf M. l~Ch ~rb evlry mO~tp~p! ~~l~ o~ other encumb~7nce oe thE ~sM CescnbEd herem whKh ~S Wd ~nd sa~~s~~ed in wnole d~n p~.t. out o~ the prxeWs ot tbe ban descnbed here~n pr Kcu~ed hercDy srd the ~espectrve ~~e~s o~ sa~d mo~tgayes he~s o• otber em cumb~a~+ces sn~u pe ~rb the same sM esch of them Aereby n pesarved s~0 sha~' pasa to uxf be ne~d by tne Assx~at~on ~.e~~ ss secur~ty tor tne ~n- ~ QeOteAness t0 ine AssOUaL~on ANl~n dlSC~~Old o~ he~eby slCU~eO t0 th! sAme eate~i t~ai rt wouW have bee~ p~eserveA and vroub ~ave Oeen passed to and been ne~d by Me Assoc~atw~ had d Wen dvN snd repu~s~~-r ~ss~pned trsnsterred se~ ore~ a~d de~~ver~d u~ro tne Assouat~on by seDa~ate decd o~ ass~g~~.~e~t ~otw~~nseand•~g tne fact V+st the asma msy De s~US}~ed a~d carttRltad o- ~ecord ~t be~ng trtt ~t~~t~0~ of tht pd~tiES fiCttO thdt tb! samo w~~l p. ~h5{~!d a~d crr+ce~~ed o1 .ecoM Ay tne hWders tnereot at a sbout tAe t~m.e o~ the recor~,n9 0' tn~s mo«gage i A inar A any O~ the SumS o} mOnly Mte~n t!1lrrld t0 DQ nCt prOmDt1Y ~rW fut1Y p~~d wrtf+~n tnvty i30i Oiy i n~~! a!ter tf+e Sime Se~E•d~~Y DlcOme du! dnd DaydDIE o. ~f eac~~ a~d ev~.r the supu~atwns sg~eeme~tS. COr.04Wn5 ~nd COvet+dniS o1 sd~d D~om~ssory note and TA:S mu~tgage a e•tne+ a~e not a~ty Ve~!orm~d com cH~M wrt~ anA aWded by t~+e sggrpste sum unpa~ under H~d prom~ssdy note aro cn~s morcgagr sna+' oecame aae ann pa~ao+e ~o~tnwrtn or tnerea'te~ at tne euf~o.~ of rne Assouanon as tu~ir u+d comptetNY ~s d ssd spp~eyate wm o} ~er We+e o~~g ~a~~y s;,µu~ated to oe Ds•d on suc~ aay anytA.nq ~n sa~d i~~Om~55ory ~Ott O~ ntre~n to tn! cp+[r~ry ~ptw~tASt~nO~nO 15 Tnas ~n o~de~ to acce~~rate tbe ma[unty o~ tM ~nde~~adness neroDy secu•ed Decause o~ ~ne }a,w~e o' me !46o~igay~~ b nar an~ ra^ asussrne~t ~~a!,~:rt~ obi.~a ron o• em.umb~ance u[~O~ Si~d MO~R~ty ~S IKrf~n DrOV~dld rt snsn not be neussarr ~o• +ea~~s~ce cnaf t^e Asv~uas,o~ sna~i ' nt oar cne sa'*u 16 Tnar tne aDs:ract or abstrKts o} t~t~e covenoy the mortp~ped poperty sha~~ at a~~ t~mes du~~ng [ne ~~}e of tn~s ~~o~tgage ~a++a~~ ~n t^e tMSSessw~ of tne Assoc~atKr+ aM ~n event o~ ths 1ora~,..-,w~e ot tn~s mo: tpspe or other trans!e~ o~ one to tne m.mtgagea woper~~ ~n e~t•rg~ snmen; o~ ine ~~de~tee~ess secu~ed ne+ebY an .~ghc uNe and ~~tarest o1 t1+e Mortyapo! ~n snd to srry wch sbsc*acts o~ t~k sna~: pass to tne pacnase~ o~ g•ancee t 7 Sho~!d !h~ va~~~s~tr o~ i~e~ ot th~s mo~tQspe w tne note secu•ed tR~reEy be cor+!ested Dy ~~ngat,on o~ otne~v~~;e me'Ho-tgayor agrees to nay to tne Asscuar•o.~ rne cost o~ ae}e~d~~+o the sa~.~e ~nclud~~+q a ressa+swe ~ttwndY s!ee . 18 io pay a~! a~d s+ngular the cos~s char~es and e^penses. ~~ctuA~r+g attomey s/~~ ~easnnaMy ~~ .u~~M o• pa~d a* anv nmr ny rhe Aasonae~on Mcause of tno ~a~~ure o~ tne !1Rongagw ro perlam co~+p~y w~th aM abde Ay eich a~+d eve~Y the srpu~atrons aq~eements r_onA~unns enA cmenants o~ aaid p~om~;sory Mte and rn.s mo~tqage or e~the. Jnd Cvlry SUCh IE~ClpI ~Or iR! paYmt~T o11ht mOnlAiy ~nsrar,menr as .e~~~:~eA Ay th: Pmm~sso.~~ Note~ sha~~ bea~ ~nraest from Aate at tht rate ~~ e~7hteen cer c.wrt 118qF.1 pr_r jnnum unUl fu~~y pd~ /g Tne Asx,c~anor s~a~~ nave ine rpAt st sRy hme a~d Irom t~me to t~me and w:t-auf noi~ce to o~ conxns o! anr pe*w+~ io :a~ ~e~eax any porc~o~ of :ne p~em~ses lrom ~Ae ~~t~ o~ th.S mO+fgi9C lb1 rQ~ei7! affy plr:pn ha0!! f0/ piyminl Of i~y indlOLltlntSS StCO'td ~ErtOy fC. Catl+jA Th! tmt U~ Cdym!'+T O~ ~ItEr She t<rm5 O~ pdYmen! o} ilf O~ 2nY Oi/t 01 iA! ~nd~Dtednlss. w,thout aMect~~ p fdNf~~ th! pltSpnii t~ao~~~tr o~ anv ce~so.~ +'dWQ ~Othtr lnd^ ~ny ptrspn rNNSld pu~ suant hereto~ ~or the parment ot srry wm w~nterest sscur~ hereby a•~d wa!aut ~n any w~se s~tr~ng vary~ng o• O~mm~S~~ng Ihe iO~c<S e~}ecrs o~ i:e~ o~ en~s nw~tgag! on a~~ th! p~em~~ not SpfC~f~C~l1y re~esS!!d ~rom the 1Mn o~ tMS mO~tpay! OY I~+! AssOC+ai~on - 20 An~ rgreeme~t nereahu mxfe py Mortpspo+ s~d Assorst~on pu•wa~~ to trus ~*wrf8a8e sn~n p~ supc*~o~ ~o tne r;gn~s nf tne !w~Ae~ of a~r '~te~ve~•~y ~~e~ o~ c~cumbrenCc 21 Vpo~ ~eQuest o~ Mwtgaqor the Assoc~at~o++ msy at ~ts sde opta~ from. t~me to t~rne be~o~e ~u!~ Dayme~t of a`! ~~~.^.ebt~~ess seu.~rJ ~e~eD~ ^+ate ~o*t'mr ad vances to Mo.tgagor prov,ded nowever tn~~ the rou1 p~nc~Da~ secur~ herepy ~nd rem~~mng u~pa~d ~~t~uC~rtg any such advances sna~~ ~ot at a~Y t~me e^ ceeA ~he c: ~g~~+a~ w~~+aw~ wm secwed nereoy MonpaQor s~au wr sn wcn tu.me~ adva~ces wa~ ~~uresf anfl tne saTe s~a~: be xcu•se eeretrr An po,nso~n of fn~s mortgage s-~a~~ aop~y to esch fwiAer ~dvsnce ~s we~~ as to ~U other in~lbildnlSS S~cureQ hereQy Notn~ng ne~e~~ co~ta~Red nowever sAa~' hzn~r tne amp~nt SerutEd by th~S ~*+Ortg~g! d futh ~mpynt ~S ~nCrpfld by Wv~rttlS m~de by T~+! ASSxu1~0r+ aS h!r!m G!52wh~r! D~OV~ded }e~ to prote!t ih~ c.~unTy 22 In 1M eVMT ~~I! MMTfj2g0/ ~1CfM~1 0~ a~y wbseouent Mat~~gor or ~ny ~.son er cn.pn~ar~~n nwn~~y anv inlt~~~f whdtt~rP~ sfi~je~l~ nnciimt~r tfie p'Op!~TY . here~n mo.tqaged by a~ ~nstrumtnf commonly re/ened to and known as a w•ap-a~ound mn~tqaga w~thnut }~~st nAra~rnnQ tne wr~tten conse=~ ~~ t~e Assoc~a~ t.n~ Then at fhe optron of the Assouahon the obl~garro~ securM tw tMs Mwtgay~ sha~t .mmeA•arn.t~ fw~om. :fue an~! ~ayah!e _ ?3 To D~nv'~ ih~ ASSOUAt~ nnth FIOOd InSUriME COVlydg~ ~~ the rea~ D~W~~~Y ~c t+ow Or Re•ea~te~ detPrm~nM M rw w~th~n r uwc~at fi~~pd haid~A a•ea as s~nvvn m R~rxf HararA B,^,undary MsyF)odf Inwr~~e Rste Msp as puU~~n~cf by ~he Fede~a: insu~a.+ce Arlm.nnnar~nn 24 At the reQuest o~ tM MortyaQor. tM Assou~tan ~pNS to w~~v~ tM Ww~sans of puag~apn 4 reist~ve to tne crest~o~+ o! a ~atsrd ~nsur~~ce sccount. pov/0s0 Aoweve~. t~st the Aswwatpn nU~~+s tM npbt. st rts optwn. !o n-mst~t~ wc~ p~ov~sa~s o~ ss~C paray~ap~ < as s~ oD!~gstw~ o~ t~e Mo+tpsga he~eund~r upo~ the h~pp~mny o1 srty o~ tM ~dbnnnp ' ' A Fa~~ure to msks sny p~ym~nt -pu~r~d unGr tM [Nms o} tM not~ on a be}we tne due dste tne~eo/ B fadu~e io comply vnth tM ~nwnne~ pronsa~s o~ po~p~W~ 3. o~ o~ ~ny o~ ine ocne~ te~ms snd co.d~hons o} th~s mo•tgaqe o~ ~ote o~ wrtn tne ~nwsance ~MUnemeMS Cwf*~~Md m t~N OKlir~tWn O~ Cp~dWnm~u~+ ~nd r~l~t~d dOCUmenti fhould the mortgiqsd D~~~ty D! Comm~ltM t0 cOnOOmm~um devebnment -n __ ~, ~ ~c,-xt-~n T/ P-A i MICA 1~ ~ a- ~v ~. ~ '` _ - = a:z p'~~X~~S `~ ~GE ~~ U~Q ~ _ - ~ ~_~~ ~._~"