HomeMy WebLinkAbout08584• Tha1 m ord« t0 prOt~tt mw~ fully tM s~c~+~rty ol tlws mortp~p~. tM Matpapw. topNM~ w~th. ~nd ~n adtl~t~w~ to. the monthly psyments unda ttw terms o~ tAe
rwle s~cutM Mwby. on tM sp~cd~ed p~Y~rNnt WN ol Nth month untd tM si~d o01~ ~s lully pa~d. w~H pay to the Assouauun IM IWbw~~y sums
ls1 M~nst~llm~nt ol tM t~a~s and ~ss~ssm~nts NvNd a to W I~vNd ~pa~~st tM penus~s covaW by ths matya~e. a~d sn ~nslalim~~t of tAe yr~mwm
a prem~ums th~1 w~U D~com~ du~ u+d paY~~N to r~new tM msu~~ncs on IM pem~s~s coversd Mr~by a~~nst bu by I~~o. snd w~ndstam as pov~dsd
fa by puprsph 3 p~t~~p. a such otMr hu~~d as m~y nawnaDh D~ rpur~d Dy tM Assoc~atan. s~d an msullm~nl ol ths wem~um tM~ wd~
bscom~ dw snd paY~bN to r~Mw th~ mortp~y~ ~nsuranc~. d~Mr Such mstallm~nts sBS11 be Oqual. ~espeu~vely. to ont twNhh 11~12th1 of tM es
t~mated p~~rtuum a pr~rtuums la such ~nwranc~. ~nd tu~s ~~d ~ss~ssm~nts n~at dw (ss ~st~mated by lM Assouatwn) I~ss all ~nstallm~nls su~~dy
pa,d th~.dor, d,vd«f by th~ numbN ot months tAat ~re to N~pse a~ month p~ar to ths dau wnen such premwm o~ p~emwms snd a^ss and
szsessm~nts w~N atom~ dNu+qu~n1 TM Assoa~uon. wlrls ~pWn~ such payrtNnts to ~nsu~a~cs p~m~ums. tsxss srW sssessme~ts. bsia~ tna same
bacome de4npwnt. sMN not p~y ~ntaqt to 1M Matpapor on wth lurds. and aU such psyments msy be comm~~glsd by the Assoustwn vmth any
other such funds a vruh us own lu~ds TM fu~ds u~ pl~dp~d ~s sdd~tansl s~cuu-~ ta the sums wcu~ed by ih~s Mortyaqe snd ars wqact tu use by
ths Auoc~stan m paym~n! ol "laq cM~p~i' end D~nk co~Nctan cMrp~s
Ib! AI~ psym~nts msntar-W r- tM pnc~d~ny wbs~ctan of tlws parsgwpA ~nd ~11 p~ymenis to t-e made unde~ ine note ss~ur~d herebp shau Ds addsd
~ogelAe~ snd ttr ap~epat~ ~mount tMrsol sAaU b~ pa~d by the Mwtyspa ssch mon~n m a s~ny~e payment to Ix appl~sd by the Assa:~auon ro the
fdbw~ng rtems N+ tM adK s~t fWtA 1 Taxq. ~ss~ssm~rsts. and ~nsursnce pamwms 2"Late cha~~es' and bank coUSCbon chsrp~s. unisu pa~d :n
ma~rw~ Worded s~ Wnpr~ph 4 lal 3 intsr~st on tM non secu~ed M.eby ~ AnwrO~it~on o} tM p~nc~pal ot sa~d tat~
Any dehaency ~n lhe amount of wch agyregite monlhly paYme^~s shsil. unless pad by the Mwtyaya pr~a tu tt~e due date ol the neat such yaymen~. con~
strtute an avent of detault uoder Ihe mortg~gs Wrthoui waiver oi amr r~ght, the Assoc~auun maY coUect a iate cha~ye as urowded ~n the Note
S 7ha~ ~1 the wtst ol ths'paYme~ts m~ by tM Mwtp~por und~r (~) OI pir~9r~ph ~ ptlcldrny Sh~ll eic6ed the amount O1 paymlMS attui~iy made by ihe
Assoc~atan tor taaes u-d ast~urewnts and inwranc~ pamwms. ~s ths us~ rrNY be. wd- eacass shau be cred~tea oy tne Assouaeon on subseqw~l paYments
to ~e made by the MortpsQa 1~. howavM. tl» montAly p~ym~~is m~ by IM Mwtqapa under la) of parag~sph 4 D~ecad~!N~ sha11 not have bsen wif~cwM tu
pay taras and sssessments snd ~rtwra~+Ce pnmeums. ~s tM uss msy b~. wMn the ssms sMll become due and payaWe tAen. tt~ Assouatron may. at ~ts op
t~. ~mmed~stely psy such aaes ~nd ~sssum~nts and mwr~nc~ pem~um. ~nd ths Mwtpsya snsn paY io ihe Assouat~on any amounl necsuary ~o make up
tt~c defK~ancy and wch psyment shall p~ due ~nd payabl~ w~tMn tlurty 130) days ~h~r t1~ d~te of ma~l~ng ol nutKe by Ine Assoc~at~on sett~nQ fwth tha ~mount
of wch def~c~e~cy If. st any ums. tM Mwtpapor shs~l t~~ to ths Auocatwn. ~~ xcordsnca w~th ttie prov~s~ons ol the note secwed hereby. Iu11 payment of
tAe enWe ~ndebtedness reprsspnted hsrepy. tM AssocUtwn shaN. m compuUny the artauot ot sutA ~ndebtedness. cred~t w ttie accoun~ of tne Mortgsfla any
baia~ce rema~rnng ~n the funds accumulatW undN the prmns~ons ol (~1 of psn9raph !
5 To perm~t. commrt a wffe- no wssts. ~mp~~rment w deterq~auon ol sa~d property. a any part thereof. and upon tAe fadure ol 1he Mortyapor to Aeep tne
ou~kl~ngs on sa~d property u~ good conditan a rp~~~ and m~~nte~sncs. ths Assousaon may demand p+oper ma~~tenance and tne ~mmed~ate repa~r ot sa~d
bu~-d~nys. a an mcrasse m ths amount of s~cu~~t~r. w the ~mm~d+ate rspayment ol the debt Rs~eby secu~ed. and t-~e la~~u•a of the Mo~tgapa to comply w~th
sad dema~d of the Assoaata~ la a ps~ad ol tlurty 130) days shsll consutute s bex~ 01 t-us mor~9ape. and. at the opuon of the Assouatwn. ~mmsd~stely
mature the entue amount ot p~~psl snd mtaest hsrsb; s~cur~d. s~d the Assoustwn ~mmed~stely and w~tlwut noace may ~nst~tu[e proceed~nps to (aecbse
Uns mo+tgage and apply fa ths ~ppwntmMt ol s r~cewer. as Asre~nafttr prw~ded, and ~n pse ol the re}usa~ neylect a ~nab~6ty of the Mortyagor to reps~r and
ma+nta~n sa~d p~operty. ths Assoastan rrwy. at ds optan. m~ks wch rspsus w csuse the same to ba made. and advance mo~eys m tt~st benall
7 To pe~fpm. comply wrth snd ab:ds by ~ach and ~vsry ths suputatans. sp~esme~+ts. tondrtwns ~nd covenants ~n sa~d prom~uory note and thn mortpsye set
fqth
8 To comply w~tA the wbd~ws~on restncta~s snd tM muirap~l iorn:~ ~dmances ~pD~K~bie to the ma2ga~eA property ~ol to e~ect a perm~f to be e~ected any
new budd+ngs on ihe pre~*uses i»~~~~ mat9s~d a to add to a pe~m~t to be Wdsd to. m~ke or perm~t to be made any svucwrai suersia~s to any ol the ea
~sT~ng ~mprovemeots thsreon vmtAout tM wnttM co~seM of tM Assocutwn. snd m the sre~t ol sMr vwlatwn o~ atlempt to wolare these sUpuWtwns. or any of
them tMS matgage and a~t sums sscu~~d hsreby sha~~ ~mm~d~atNy Mcome dua snd paYSble st the op~an of 1he Assoaat~on
g Tnat m case of a defsult in any of the t~rms ol tMS matpps ~nd ths hhnp ot s blt to twecbse th~s or amr otner mwtgage encumbennfl the wrtMn descnDed
p~operty. IAe AsSOaitwn sl~sll De anUNsd t0 spply. at iny Um0 wnthOUt not~ce pend~~p wCA IpatbSUrE w~t. t0 lhe Court hsv~ng ~unsd~Gtq~ lher~ol fOr tAR ap
pomtmen2 of a rece~ve~ ol a8 snd s~nflu4r the matpapsd popeitY. snd of sll the rents ~ncomes. potrts. ~ssues and reienues thereof. from wAatsoew+ Source
denved and thereupon. n~s hersby eapessty covarunted ~M ~yrsed that the court shsu fathw~th appo~nt a recerve. ot sa~d mortqaged p~ope~ty aN a~d
s~nguiar. and ol wch rents. ~ncomss. pohts. ~ssues and rewnues thsrsol. f~om wAstsoever source der~ved v~nth the usual powers e:~d dubes of rece~vers ~n l~ke
cases and such appo~ntmsnt sASll Ds mads by such court ss ~ matte~ o~ s!net rpht to tha Assoast~on. arM w,thout reference ~o tne adequacy or madequacy of
the value of tAe poperty Asrspy mortyayed. a to iM sdv~nCy a msoFvency o1 the Mortpsyor. snd tAat sucA rents. pro~~ts •~comes. ~ssues and rovenues shall
be appl~ed Dy wch recervsr to the paY~t o/ tM matpspe ~rKlebtedness: costs ard cASryes. accord~ng to the wder ol such court
t O Tnat m tt~e evem ~ne pre~russs MrsDy matQspsd. a anp psn the~sol. shsU be condsmnsd and uken under [he power of em~nent doma~~. the Assouatan snali
have IAe r~ght to dema~d thst aN dsma9ss ~w~rdW fot tM~t~ku+p ol d~n~ury to sad pem~ses shsll be pa~d to the Assouat~on as wccessors or ass~gns. up to
ihe amount then unpa~d on ih~s mortpsys. ~nd m~Y bs ~PW~ed to ~ny wms lsst pa~sbb hereunder
1 1 That ome ~s ol the essence of tlus contrsct and that no wsrver of any obt~paUOn hereunde~ a oi t~e oW~gacwn sewred he~eby. sna~~ ac any ume tAe~eafter be
hekl to be a wa~re. ol the terms Aereol or ot the pom~ssory note sccured hereby
12 In IAe eveM O~ dny del8ult ~n inY 01 ~tb tlrmf Of th~i mMtp~pl. d~n tA! note secu~ed hereby. and accelaatwr~ ~y the hoider. or any other s~tuat~on that would
cause the mteres[ pa~d w paYabk unde~ ttrs Oblpatan to eiceed the mterost rate suthonied by taw tt~en ~n such event ail eacess ~~terest the~etofore pa:d sbaU
ee cred~ted eo p.~~upst and aN xcruad snd unpa~d e;cess ~nterest snan abate and shs~~ not be an ob~~gatron ol the maker o~ o~ a~Y other person
13 Tnat to the eatent ol the ~ndebtedness of ths Mortyapa to tAe Assou~twn deur~bed here~n or secured he~eDY tne Assouatwn ~s nereby wWogated to the I~en
o~ I~ens and to the nghts ol the owner and ho~der tAereof o~ esch ~nd evsry mortyape. i~en o~ other encumbrance o~ the lend descnbed here~n wn~ch is pa~d and
sat~shed. ~n wtqle w m part. out of tM p~otNds of th~ Iwn deftnDed Asrem or setwed her~by. ar.d the respecave ~~ens ol sa~d mprtgages. ba~s or other en
:.umbrances sha11 be. and the same and ~sch of tMm hers-s~ ~s preservsd a~d shall psss to and be neid by the Assoc~auon here~n as sei.urrty fw t1~e ~n
deb[edness to the Assoc~atron here~~ d~scnbed a hsnDY secured. to tAe same s^ten~ fhat ~t woukf have ~ee~ p~eserved and wouM have bee~ passed to snd
been held by tAe Assoaatwn Asd ~t b~M duly ~nd rpulatly ~ss~pned. trans(e«Ed. set ove~ and de~~vered unto fne Assouauo~ by seya~ate deed ot ass~gnment
no~w+thsta*+d~ng the fsct that tMS sarr~ m~1r b~ s~bsiNd and uncsued ol recerd ~t ~ear.a the mien~ron o} tne pa~ues ne~eto tnat tne same w~~i be sat~si~ed a~d
cancelled ot record by the noldsrs tMreo~ ~t a ~bout the Urt» oi the record~np of th,s matgage '
14 That ~t any of tlie wms ol money Mre~n ref~rr~d lo be not promptly and fulty pa~d wnA~n th+rtY 130! days ne^: a~ter tne same seve~ally pecome due and payaWe.
~ or ~f each and every the st~puiatrons. ~p~e~ments. corW~tans and corenants of ss~d prom~ssory note and th~s matgage o~ e~[her a~a not duly periormed ~om-
pi~ed wdh and ab~ded by. the s~pat~ wm unpa~d unda s~~d Wom~ssory note and tMs mortgage sha~~ become due and payabie Iwtnwrtb w!hereafter. at the
opuon o~ tne Assouatan. ss tuily and comp~etNy as ~f sa~d app~epste sum of money were ong~naliy st~Dulated fo be pa~d on sucn day anythmg ~n sa~d
p~om~ssory note w herem tu tM tontrary r+oMnthst~~~y
15 That ~n order to accele~sts the matunry ot tM ~nd~bt~dn~ss henDy s~cwed becsuse of Me ~aJ„re of the Mortgago~ to paY any ta~ assessment I~a~hty. oDHga-
uon or encumbrance upon ss~d prop~rtY ~s Mrem prov~ded. rt sh~ll not be necessary ^or reqws~te that tRr Assouatron snalt hrst pay ~he same
t6 That lhe ab>Vact a abstrscts ot trtl~ cov~ru~p tM mo~tp~psd WoWrry sha~i si a~l ~~mes Aunnq the Ide o1 th~s mortgage. remam ~n che posscss~on ol tne
Assoua~wn and. ~n eve~t of tAS Iweclowr~ 01 ths moripspe. or ot-ier dsnsfer ot t~t1e to the mo~i0aped poper[y ~n e~t~ngu~s~ment Of ihe ~ndebcedness secured
nereby atl rght. trtk and ~ntersst ot th~ Mortps9or ~n ~nd to artp wch aDSdscts o~ utle s-wll pass to the Dur~naser or grantee
t 7 Shqi~d th! vAl,d~ty Or I~En O~ IMS ~nWt~i9l. d LM tWtO SlCUrld ihQtRby b! COnIEStld Dy ~it~$2I~On Or OthErw~56 thE MOrtgdgO+ dgrge5 t0 p2y t0 thC ASSO[~0tron
~ne cost o1 defend~ng the ssme ~ncludmy ~ rossa+ade attaney s fee
18 To pay all and sngular tbe costs, charges and e^peoses. ~~clud~ng atto~~ey"s fees reasonabiv ~ncunrd or pa~d at a~y ome by the Assoc~anon because ot the
fa~lure ot the Mortgagor to pertwm. comply rvrth and ab~de by each and every the st~pulauo~s ayreements cond~uons anA ci.venanSS Of sa~d prom~s5ory no10
and th~s rr.ortgage. or eNher_ and every wch (eacept for !he payment o~ Ihe monthly mstallmeM as ~eqwred h•y the Prom~swry Notel shati bea~ ~nterest from
date at the ~ate o~ 1~~ ' pe~ annum unhl (utlY pa~d
~ g The Assouauon shall have the npht st sny Lme snd t~cm bme to t~me snd w~thout noUCe to or conxnt of any persw~ to ia. retease any port~on ot the prem~ses
hom the hen o1 th~s mortgage. (~) relasse sny perspn hable fo~ p~yment ot ~~y ~~de~tedness secured hereby fc! e^te~~d tt~e t~me u~ payment or alter the te~ms
O} pa~ment Of all q dny part Ot thQ ~rWlbtednlSS. wrtAOUt ~HaGUnp W rel~~t~n0 th~ perSOn21 ~+abd~ty o( any persor. ~~db1e lolher than any perspn rglBasCd pu~~
want heretoY ~or the payment o1 any wm Or mtersst setured he*eby snd wRhout ~n any vnse alter~ng varymg o. d~mm~sh~ng tAe fo~Ces eNects. or I~en of M~s
mortgage o~ all the prem~ses not speuhtsllY re~essed irom the I~en of tMS matpaye by the Assoc~at~on
20 An~ agreeme~t nereaher made by Mortyapor and Assoaatwn purwsnt to th~s mortpaQe shau be supeno~ ro tne ~~yhts ot tne hotde~ of a~y ~nierven~ny l~en o•
encumDrance
y 1 1~pc,~ reQuest of Mwtgaga. the Assoasbon may. a[ +ts sole opt~on. (rom ume to Ume Defore fu~l payment of a~~ :ndebtedness secwed ne{eDy make ~urtAer ad
va~ces to Mwtgagw. prpv~ded. fawever that the totd prmupal secured I~ereDy a~d ~ema~n~ng unpa~d ~nUud~ny a~y such advances. shalf not at any time e^
ceed the ong~nal p~~~apal wm secured hsreDy Mortpapd shall pay ~N sutA lurther adrances wrth mterest and tne same sna~~ De secured nereby Alt prov~swns
of tr ~ rrwrtgage shall apply to each lurtber ~dvsnce as w~It ss to ~I1 other ~ndeGted~ess secured hereDy Noth~ng t,e~e~n conta+ned howere~ shali O~m~t the
amount secured by th~s mortyspe ~i such amount ~s ~ntrsas~d by advances made by t-ie Assoc+atwr+ as here~~ elsewAere piov~ded for to protect [Ae secur~ty
22 In the event the Mortgagor here~n. or any subsequent Mortgaga. o~ any person or corporatron ow~ung any mte~e5~ whalScevCr shouM encumDer the p~operty
he~ein mortgaged by an mstrument commonly re~e~red to and known as a' wrap arourxl mortyaue w~ttwui Lrst obta~nmy ihe w~~uen r_onsent oi tbe Assoaa
bon then. at the optan of the Assouat~o~. the obl~gatwn secured by th~s Mortgage sha~i ~mmed~atelV become Aue arxf nayaMe
23 To w~~~ tne Assouatwn nnth Flood I~urance Coverage d the ~eal property ~s rx~w or he~eafter dere~mm.,A ~o ire w~thm a s~ua~ tlood narard area as shown
on Ftood Narard Boundary Maprflood Iruurance Rate Map as puW~shed Dv ~he federal ~n5urancC Admu~~s[rabon
24 At tAe repuest o( the MOrtp~p0l. tM AsfOC~~tqn ~prNS t0 w~rv~ th~ prOV~s~Ons of psrapr~ph 1 reiauve to [he creanon ot a ha:ard ~nwra~xe accou~t. prowdso
hawever, thst ths Assoustan ntsms tM n,~ht. st rts optwn. to ~s-unt~ts wch p~ov~sans of sa~G paradraDh 4 as an obl~gatwn o~ ths Mo~tyapw hersunder upal
the happernng ol sny of tM (olb+v~np
A fa~lure to m~ke arty paymeM rpuu~d und~- tM t~rms ot tM rwte w+ a D~fo~s ths due dats thersof
8 Fadure to comdy nnth tM ~nwnnu pov+sans of p~rp~pA 3. a o1 eny of iha other terms a~d cond~t~ons nf th~s mo~tgage w nots. a nnth tM ~nwrancs
~equuements conts~~e.1 u~ ths O~c~aratan o/ Co~danuaum ~nd rs~ated documents shoukf the mortga9e0 WoPSrty be COmmrt[sd to corWorturuum
devebpment
(C)-Nl•7~ Q~
T/P.~ . . . ~346 PaGE VV~
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