HomeMy WebLinkAbout07794. That. ~n ordN Io pro1~c1 ma~ IuNy th~ s~cunty ol tlws matosp~. tM MatQapa. topqM~ wuh. snd ~n sdd~uon to. tns montnlY pavrrNnts uoWr t1y u~ms ol tM
nots secur~d INrspy, pl~ th~ jp~c~fNd p~Ym~n! d~t~ ol ~~th ma-th untd tIN sud ~ot~ ~s fuNy W~d. wdl pay to tM AsSOU~twn IM Idbwnq wms
lal An Msqllm~nt of tM t~a~s ~nd asi~ssm~nts NvNd a to b~ NvNd pw~st tM p~m~s~s cover~d by tlus mat{Np~. ~nd s~ ~nsullm~nt ol tM w~nuum
o~ psm~ums that w~U b~com~ du~ ~nd pay~bl~ 1o r~n~w tM mwr~nce on tM p~rtusss cov~rsd h~My sys~nst bu by hra ~nd wmdstam, as pov~d~d
to~ by pa~ip~sph 3 p~t~dnp. a wtA otAN huard ~s may r~~sor-~bl~r b~ rpwr~d by tl~ Assoustan: and an ~nstaNm~nt ol tA~ pr~m~um thal vmll
becan~ dw ~nd p~y~bN to r~n~w tM matp~p~ ~nw-~~c~. A~ny Such ~nsaWne~ts sAsN be pusl. ~espat~wly. to on~-twelhA (tit~ihl ol tM es~
t~mstsd p~~mwm a pr~mums fa wch mwr~r+c~. N-d t~a~s snd ass~ssm~MS n~,- dw I~s ~stim~~sd by th~ Assoua~ion) ~~u ~u mst~km~nts ~b~sdr
pad tMrela. dvd~d by tM numba oi months tMt u~ to Naps~ a~ monM p~a ~o tM da~~ wMn such p~m,um a p~m~ums u+d ta.ss snd
asssssms~ts wdl b~car» d~Mnqwnt TM Assoaatqn. wh~ apphi~np tuth psyme~ts to Msurant~ pr~~ruums. taxes and sssessmtnis. b~ta~ th~ sams
beoorM d~Mrpwnt. shall not p~Y ~nta~st to th~ Mat~pa on wcA funds. snd ~n sucn psymen~s may D~ wmm~nq~sd py ~h~ AssocNtwn wntn ~~y
otM~ wch fu~ds a vrrth ~IS own funds TM funds ~n pNOpW ~s sddaan~l s~cunty to~ tna wms sscursd by tms Matyap~ snd sre wq~ct to use by
the Auoc~atan ~n paym~nl ol "Iat~ charp~s" ~nd b~nk tolkctq~+ tMrpss
(b) All piyments rMnt~pNd in tIN p~tWinp subsKlqn Ot tMS pirs~iph ~nd ~II paymsnls to be madc unWr the not~ secund he~eby thall be ~dd~d
topNhsr and tM ~pprs9st~ ~mount tM~wf sMU b~ pa~d by tM MatQapor each monih n s s~nyle payment to be spp~~d by tM Assoc~stron to tM
fdbw~np ~tems ~n tM orda s~t lorth 1 T~aq. ~ss~ssmN-ts. ~nd mwrsnt~ prertuums 2"LOte CAarpes' ~nd bink tdl~ttqn chityet. unNSS p~d m
man~ prowd~d m p~~prph 4 ~~- 3 IntN~st on tM not~ s~cur~d Mr~~y 4 Amatwstron ol tM pr~nupal of sa~d nob
Any delK~ency ~n the amount ot wth sppregate ma~thly payments shall. unbu pad by the Matyagor pr~a lo tAe due Aate ot the neat wch psymunt, con•
strtute an event of default under tM matpsgs Without warver o1 any nght. the AssouaUOn may cultec~ a late cha~ye' as prowded :n the Nots.
5 Tha1 d tM Iotsl uf th~ Wym~nb m~d~ by tM Mwtp~yor urWor U) ot p~q9ypA ~ p~csd~np sAa11 s~ceed the smouM of payments xtu~lly mads by the
Assouatan la taaes and ~ssessm~nts snd wura~cs pr~mwms. ~s tM us~ m~y 0~. such ucess shan b~ creWt~d Dy ths Assoast~on on suDssquent payments
to Oe mad~ by ths Mortysya If. howevn. tM montM~r p~ym~nts made by tM Matp~pa u~ (a) ol parspraph ~ preced~np shall not havs besn wihc,•nt ro
pay b^es and asssssmsnts and ~nsw~~ce pnmwms. ~s ths us~ may b~. wMn tM s~m~ shsll D~come due snd payade. then. tt~s Assocutron may. at rts ap
tan. ~mmedately pay such tu~s snd ass~ssm~nb ~nd ~nsur~rK~ pr~mwm. ~nd tM Mortpa~or sAS11 pay to the Assouatan a~y amount nec~ssary to mske uD
the def~uencY. and wcA paYmsM sh~il b~ du~ and p~yabl~ vrith~n tlurty 130) Wys ~h~r ths dau ol ma~4ng o1 not~ce Dy the Auoaatwn setunp fwtA tM amount
ol wch delK~ency II. at a~y t~m~. ths Matp~pa sh~u u!Wa to tM Assoc~stan. ~n sccadance wrth the p~ov~swns ol the note satured Aereby, full payment ol
the enbre uidebtednsss rsprespnt~d M~Wy, tM Assot~atwn_~a~~. m compuunp the ~mount oi such ~~debtedness. cred~t to the account ot tAe Mo~tgspa any
balanca roma~n~ng ~n ths tunds accumuland undsr tM pro+ns~ons oi (~) of p~rsp~aph 4
5 io perm~t. tommrt or wMsr np w~sts. ~mpsurt~M ot dsterqt~tan o1 sa~d propsrty. a s~y part the~eof and upon the Ia~lure o1 the Mo~tyapw to ksep tne
bu~ld~ngs on sa~d poperty m gOOd cOr~tqn Or -p~u ~nd mi~ntOM~tl. the ASSOtV[ron miy demand proper ma~nte~ance ard the ~mmad~au npa~r ol sa~d
bu~ld~ngs. a an ~rxraass ~n ths smount oi s~curuy. a ths ~mm~d~ate rspaYm~nt ol the dsbt I~ereby sacured. snd ths ta~tu•, of the Mo~~yaqw ro comply anth
sad demand of tM Aswaatan fw a psrwd o( tMrty (30) days sMtl consatuq ~ breach of thsmortyaps. snd. at ~he optan of the Asso,uatwn. ~mmed~stely
mature the enure smauM ol pnnc~l and u~t~r~st Mr~by sstur~d. ~nd tAs Assou~twn ~mmed~itely sr.d w~thout nouce may ~nsutute proceed~~ps to ~aecbss
~h~s mortgaae and appl~r (a ths ~ppantm~nt of ~ r~cs~v~r. ss hsn~nshsr pw~eed. and ~n case ol tne rotusa~. nep~ect a~nab+hty o! the Mortyaya to reps~r and
ma~nta~~ ss~d p.ope~ty. tM Assocutan may. at rts optan. make wcA ~pars w uuss the ssme to be made. snd sdvance ma~eys ~n ~hat benall
7 To periwm. comply nnth snd abd~ Dy s~cA ~nd wery the sdpulatwns. ap~e~ments. cand~uons ~nd covenants ~n sad prom~sswy note and tlrs mwtyaps sat
fpth
8 To comply w~th the wbdw~sqn restnctans and tM murucp~l iorunp ord~nantss sppbcsWe to the mortyaged property. not to ersct oi perm~t to be erected any
new DuddmgS on the prerrrS~s AfrMn mptp~y~d Or to idd to Or p~rm~t to W addsd to. rt~ake or ps~m~t to De msde, arry struttuUl alter~twos to snp of the e~
~s[mg ~mprovemeMS tAereon nnihout tM wnibo oonsMt of tM Asfouatw~. and ~n tM ewnt oi any vrolatwn or attempt to v~olate these st~putstrons. a sny of
thsm th~s mMtgigs and all sums seCUr~d Mr~by sh~ll ~mmed~atNy O~toms Aue snd paysbl~ st the optwn of tAe Assoaatwn
g TAat m case ol a defsult ~n aMr of tAs trrms oi tlus mwtpaps u+d tM Iden~ ol ~ D~II to foraclose tMS w any othsr mp[gsge encum~enng tne w~[1un dsscnbed
. Wope~tY ine Assoaatw~ shs11 bs snutt~d to spply. N ~ny t~me w+thout notKS pend~ny wch faeclosure wu. to tne coun hav~ng ~w~sdKtwn ~hereol tw tha sp
pantment oi a rece~ver ol a11 snd s~n9ul~r tM mwtpsp~d propsrty. ~nd ol ~it tM ~ents. ~ncomes. prot~ts. ~ssues and revenues ihereoi. from whatsoever source
denveA. and the~eupon. ~t ~s he~eDy sapnssly cwsnsnted snd ~preed tMt tAe court sha11 to~tAw~th appa~~ a recewe~ of sa~d mortgaged popsrty. all snd
s~ngula~. and ot such rsnts. ~ncomes. prd+!s. ~swes and rwenues thereol. f~om whstsoevsr source denved. w~th the usuai powers and dut~es o1 rece~rers ~n bke
cases and such appantment sMll D~ mad~ py such court ~s ~ matta o1 su~ct npAt to tAS AssocNUOn. and w~~hout reterence to the sdeQuacy a~nsdaQuscy of
u,e value d~he property nereby mortpap~d. w to tM soivsncy w~nwlve~cy of tAS Ma~pspo~. s~d tna~ such rents. profits ~ncomes. ~ssues. and revenues shail
be appl~ed by such recewer to tM payment of the mortyaps ~nd~btsdn~ss. cosis and charpes. accad~ng :o t-~e order o~ sucA court
1 O Tnat ~n the event the prertuses hersby mortpa9sd. or ~Mr part tMrwt, sAS11 bs corWemned and uken under the power of em~nent domam. tl~e Assoaauon sMa~~
have ehe rght to demand thst su damapss awardsd ~p thsiak~np ol or m~ury to sad pre~ses sh~l1 be pa~d to :he Assouatwn. ~ts wccessors or ass+gns. up to
the amount thee~ unps~d on 1MS mwtpa9s. snd m~y ba ~ppl~ed to ~ny wms I~st p~Yible herounder
1 1 Tnat r~me ~s ot ~he essence of th~s contnct ano that no wa~ver ot any oDlpata~ hereunder or ot the od~gatwn secured hereby shall at any t~me thereafter De
neld to be a warve~ of tM terms herwl w ol the prom~uwy note secured Aereby
12 In the event o1 any defau~t ~n any of ths tsrms of tMs mortpspe. a~n the note secured Aereby snd accete~at~on by tne AWder. or any other s~tua[w~ that would
~ cause the ~~terest pa~d w paYSWe under tMS oW~p~tan to sxcead tM ~nterest r~te autlarued by ~aw tnen ~n such event a11 e~cess ~nterest aheretolore pa~d sfwn
be credrted to pnndpel ind 0S~ ~CCru~d snd unp~~d sxcess ~ntenst sAslt sbste snd s~+sll oot be an oW~gauc~n ot fhe maker or o~ any other person
13 That to the eatent of the ~rwlebtadneu ot !bs Mwtpapa to tM Assoustan descnped here~n a secured hereby the Assouauon ~s her~by wbroqated to the I~en
a bens a~d Io the nghts ot the own~r snd hold~r tM~so1 o) each ~nd every mongspe. f~en or other encumbrance on the Iand descnped he~e~n. wh~ch ~s pa~d and
SaLSfied. m rrhple or ~n p~rt. out ot tM prOCNdf 01 tM IWn d~Knbld AOrein or feCUred hereby arsd the respecnve bens oi sa~d mortpapes. hens or other en-
cumb.ances. shatl be. and the sams and ~ach ot thsm hsr~by ~s praserved and shatl pass to snd be hetd by ihe Assouauo~ herem as secunty f« the ~n-
debtedness to the Assoc~atan Aersm d~scnbsd or Mreby s~tur~d. to tAS same eatent tAat ~t wouW have been p~eserved and would have been pass~d to snd
been held by the Assoastan Md ~t b~en duly and rpululy sss~p~wd. transferred. set ovr. ard de~~vered unto ine Assocutan by separate Aeed of ass~pnment.
~+otw~thstandmg the lact that ths sam~ may b~ s~GSfNd ~nd uncell~d ot recad. d be~r~ the mtenuon o1 the parues he~eto t~at tne same wd~ be sausfisd and
cancelled ol recaA by ths Iwldsrs tMrwt ~t d~bout tAS bm~ of ths ncord~ng ot tlus maigage
14 That ~f any of the wms ot money Mxem nfs~rsd to b~ rat promptty ~nd fully ps~d vr~t~m tA~rty 1301 days ne^t alter the same seve~aily become due and paYable.
or ~t each and every the sapulat~au. aqrMments. cond:Fsons ind coven~nts o( Sa~d p~Omissory note and M~s mortgage o~ ertner a~e not duly perfamed com-
pl~ed w~th ~nd abded by. the ayyrpab wm unp~d urW~r sa~d prom~ssory rate snd th~s mortgaye shari p~ome due and payab~e tprthw~tn or tAereafter. at iRe
opt~on o~ tne Assoaatan. ss lully ~nd comptetNy ~s ~1 wM a~eyate wm ot monty were ongmally Shp~l2ted [o be pa~d on a:xh aay anytn:ng m w~d
pom~ssory note w 1~erem to the tontrary nplnnihsU~dr-p '
15 Thai ~n ~der to acceNnte tbe mawnry ol tM ind~btWrNSS hersby sscured bacsuse of the fa~iure of tlx Matyaqor to pa~ ao~ ta^ assessme~~ haD~i~ty. obl~ga-
-t~on or ~ncumbrance upoo sad prop~rty as I~~~n pov~Otd. rt shail not Oe necessary nor ~epu~s~te tAat tAe Assoc~sLOn shall f~~st pay tAe same
16 That the absnact w sbstrxts ot Ltls cowr~np tM maty~ysd poperty shau s~ ~II umes dunrp ihe I~fe ol tlus mortgage rema~n m the possess~on o1 tM
Assoaatwn and. ~n wsnt oi the fw~cbsure of tMs mortysps o~ othsr trans~er ot utle !~ t1x macpaged property m exL~gwshment of the e~debtedness setwed
hereDy aN rghe t~tle and mtsrest of tM Mortp~ya ~n ~nd to any wch sbstricts o1 tn~e snaii pass to tne purchaser or gran~ee
17 ShouW tRe val~d~ty a I~en of th~s mortyspa. a the nots secursd thersby. be contested by I:ugat.on or otherw,se the Mortgagor agrees to pay tb the Aswc~at~on
the cost of defend~ng the same ~ncludrnp ~ rsssw~able attorney's tee
18 To pay aR and s~nguWr the costs, charges snd e~penses. inciudmy attorney's fees reasonably ~rxu~~ec1 0~ pa~d at any bme by the Assoc~atwn. because o1 tAe
/adure of ~tie Mwtgagor to pertorm. comply w~th and abde by each and every the shpula~~oRS ag.eemenTS co~d~t~ons dr.A ~ovenants of sa~d prom~ssory note
arxf this mortgage. a e~~her. and every wch (e:tept ipr the payment ol the monthly mstaliment as requ~red by lhe Prom~ss~y Note) shatl pear ~nterest (~om
date at tne ~ate o~ ' 18~~ per anrtum until fully pad
? 9 Tne Assocwtrc~n sba~~ Aave tAe ngM it sny Gms and from ume to time ~nd wrtAout not~te to a tonsent o~ any person to Ial re:ease any aoruon of the prem~ses
from the ben of th~s mortgage. (b) rslease any person I~sble fw payment ol a~ryr ~ndebtedness secureA ~e~eby 4c1 e^te~A tne i~me of patment or a~te~ the terms
o~ paymem of all a any part of tha ~ndebt~dness. wrtAOUt ~H~cunp a rit~as~np ths prsonst I~sbbty of any person t~abfe (other ~nan any person released pu~~
sua~~ hereroi lo~ the payment of any wm a mfenst s~cured har~by~ ~nd wdhout m srry vmse aita~ng. va~Y~~9 vr d~mm~s~~ng the faces. effeas. w I~en ot tMs
murtgage on aU the p~em~ses not speu~KSICy reiused from ine IKn ol th~s matqsye by ~he Assouano~
20 Any agreemem hereaher made by Matg~gw and Assouatwn purwsnt to tMS mortpspe shail br supena to the nghts o( the hoide: oi any ~me~vernnp I~en or
erxumMante ' -
21 lipon reques~ of Mw[gagw. th! AsSOC~st~On m~y, ~I rt! Sd! Optwn irom ume to ume betore fu~l payment o~ ai~ ~nclebtedness xcured ne~eby. make further ad
vances to Matgago~. prov~ded however. tAat tM tatd pnnup~l sscured nereby a~ rema~n~ng unpa~d ~nc;ud~ng a~y suci, aA.ances. shali not at any t~me e^
ceed ~he a~y~nal q~nupal wm secursd hereby Mortyaya shan pay ~N wch (u~ther advances w~[n mterest and the same sna~~ be secured hereAy AII pov~s~ons
o~ th~s mortgage shaU apptr to each twtber sdvance as we11 as to dl otF.ar ~nde~te*Jness secured hereoy Noth~ng her~~n conta~r.ed. twwever s-u!I i~m~t the
amount secured by tA~s mor[yagE ~t suth ~rrqunt ~S mtrl~sld by advanCes made by [he Assouai~on as hernn eisenrhere pov~ded tor to protect the secunty
22 In the event the Matgagw herem. or any wbsequent Mortgagor Or any pErSpn o~ COrpo~ai~On owmng any ~nterest wRatsoever shoulA erxumber the property
he~e~n mortgaged by an mstrument commonly re(erred to and known as a' wrap around mortgage ' w~ihuut hrst oAta~rony the wntten consent oi t-+e Assoaa-
non then af the op:~on ~f the AssocNt+on. tt~e obl~gauon secured by th~s Mortgage sha~l ~mmed~ately t,~ecume due anA pa~able
23 To prov~de the Assoaatro~ vr~th Flood Inwrance Coverage d the real property ~s now m he~eafte~ Aeterm~ned to be wrthm a speaai floaf harard a~ea as shown
on Flood Harard Boundary MayFlood Inwra~c~ Rate Map as pubbshed by the Fede~al Inwrance Adm~n~strat~on
24 At the reQuest o~ tAS Mortp~pw. tM Asso~:~~twn ~prNS to warve tM prov~sans ef Dsrapr~ph 4 relst~ve to the creauon ot a h~isrd ~nwranca account. prov~OSd.
tawever that the Assoustan rst~~ns tM rpht. tl its optan. to n-insuts such prmnsa~s of sad parag~aph 4 as an obbgatron o} the Mortyagor hsreundsr upon
the hapaemng of +ny ot ths fdiowu~p
A Fadure to make sny payms~t rpwnd und~r tM nrms ol th~ not~ on or M~as the due date the+eol
B Fadura to comp~Y vrith tl» ~rqunnq provis~ons o1 parpraph 3. or of amr of the otMr terms snd cond~uons oi tMs mortysge o~ note. w wnth tAS ~nsur~nc~
reawrsments conta~nsd ~n tM Wc~aratron ot Condommwm ~nd ro~atsd documents shouid the mwtgaged propert/ bs commrttsd ro condommwm
davelopment
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