HomeMy WebLinkAbout1794~- Tn~t ~+ ore~r ~o p.ot~tt ma~ luuy tM Ncu~~ty ol t1+~s matpap~. tM MaeQSya tope~M~ w~tn a~d ~n ~dd~oon to tne montn~y wrments under ~tie ro~ms o~ tne
nota secu.ed ntr~by on tne spfcd.~d piYrn~et date ot ~scn monlh unbl !1y ~d ~.ote ~s lu~!r w~d wa~ pay ro ebe Assoc~auoo ~M fo~~ow~ny soms
~s~ An ~nsunm~nt o~ tM ~u~s s~d ~ss~ss~ntt Nv~W a to Ot I~v~W sps~nst tne a~m~s~s cover~ ~, ~n~s mo.~yaq~. a~d an msuumant ot tM Wem,,,m
p pr~m~ums th~t w~N WtOmt dw ~nd p~Y~bl~ t0 r~Mw tM ~~u~inc~ On tM psm~s~s corerW Mr~bV ay~~nst bss bY I~re. ar~ w~~dttpm ~s pw~dsd
~w er a~+wsW~ 3 a~c.dMp. a sucn o~n~r tiu.ro ss m~r «+w~aar e. ~puuea bv ~ne Assoaanw+ s~e an ~~su~~ment or ~ne c~ar.u~m ~na~ w~u
Deca*e dw snd WYS~N to r~nwa tM mat9ap~ ~nw.anc~. ~~ s~y Sucn ~ns~a~~mems sna~~ ee edua~. .espectrve~y [o one ewe;hn ~1. t2~h~ 01 ehe es
umst~d pnnuum w p~mwms fa sucA mwqnc~. ~nd taa~s ~nd ~ss~ssrtyots n~at dw ~ss ~snma~ea br Ne Assouaewn~ iess ~u inslsllmeMS atre~dy
p~d tAMlb~. dnd~d by IM numbN of mp~tAS t1~1 ~r~ t0 N~pse o~.~ nwntA pwr to the date wnen sucA pem~~m or prem~ums a~d t~tls and
sss~ssmp+ts MnM b~com~ d~hrqwnt TM Assouitwn. wh~h ~pWWnp suth p~yme~ts to ~nSU~D~C! p~lm:umS ti~QS i~d aS3lSSme~{S oeiae ~ne same
Deca+~ ds1~^Ou~ni• s~aH no~ WY ~~tNfft !O ~tN MptQiQ01 On fuCA ~undf. ~~d i~~ Suc~ pdyml~tS miY ~ Cum~mngleQ py thR ASSOCqtMn wrtA ~ny
othe~ wch hinds p vwM ,ts own hiods Th~ 1u~OS sro ~edpW ~s sdd~uasa~ ucw~tv ~o~ the wms ucurod by tn~s Mo~tgage a~w are sub~ec~ ro use by
the ASfOd~tWn M plY~Nn~ Of ..4b chiiy~s' ind bink c011Kt~On tA~r~
~b~ A!t p~yments ~+entqnsd ~~ tM prKW~np aubscctan ol th~s parsg~aph and aii p~yrnenn to ~e made u~Mer tne note xcuretl nerebr sna~, De added
eogahn a~d the syp~y~a a~++ou~t therepf ~u pe p~~d py ~he Matpayor sxn mpnth ~~ a s~~g~e Rarme~t ro be app~rld bY th! AsSOCrit~O~ !O Ih!
~Wbw~ng ~bms m thf adN sft brtA 1 Tsaq iiNSSments. s~d ~nw~ante pem.~ms 2 late cna~ges and Dank co+~ectwe charges untess pa~C :r.
~*s~ne~ wovdsd m p~.p.ap1+ 1 til 3 Innnst on tne note secu~ed ne~eby 1 Amo.t~ianon o~ 1ne p.~~uw~ o~ sa~d ncie
Any dsf~c~cr M+ ehe smount o~ sucA sgyrega[e momnh payrnen~s shan. uniess pa.d by ine M«~gayo~ ~.~o~ ~o the due date ot tne newt wch paymMt. Con-
stnu~e an event o~ de~suit unda ~ne matgsgs W~thout ws~ve. o~ a~+r ~~ght. the Assoaatan mav coUect a Iate charge ax p~ov~ded ~n the Note
5 That ~f the t~tai of tA! p~Y~Nntf rnid~ by tM MWIQipp undl~ li) 0/ pir~r~pA t praced•ny S~ali ettEed !he ampynt O~ WVmints ittuilly m~ py Ih~
As50C~it~On ~W qaK ~nd atMSfrtlfnt3 arb MyUra~lt! ptemwmt. at tA~ uf0 mar b!, zUth eRClSS sA~~~ DQ crld~tQd by th! AsSGCNt~On O~ subSlQuent piYments
to be msde by tne Mwtpspor 11. Apwevp. the montMy paym~nts m~ py tMe Matpsyor u~Wer lat o1 psragraph 4 weced~ng shaii no~ nave been w1t~c~ent to
var ~~^es and sssessments ~nd mwnnes wenuums. as the csse m~y pe, wnen the same s~au become due a~d pavaWe then ~ne Assoc•aho~ m~y at rts op-
twn. rmrt~ed~stNy psy suth qass ~nd ~tS~umtnts and mwr~nce Wem~um. arW tne Mongagor shan pay 20 [ne Assoaanon any amoum necessary t~ make uF
1he dehue~c~r. i~+d wtb D~YmMt SAiII pe dua ind p~Y~ble w~th~n thuty i30) diyS i}ter tne date of ma~l~ng ol nOt~ce by tne Assouat~on xu~ng fprtn tAe amount
o~ wch def.ae~cv I/. at sny Nms. tA~ Mort9ayp~ shax terMer to tAe Auoc+stron. ~n sccadance Mn~n ~~,~ prov~s.ons o1 en¢ noee ucu.ea nereby tu;~ pavme~t o}
ene ent~re ~ndeDtedness rep.es~nted hereby. tAe Auouatan shs~l. ~n comp~t~~y the amount o~ sucn ~ndeDtedness aed~t to tne account o~ tne Morigayo~ a~v
ba~a~ce rema~rnng ~n the twWa stcumut~ted under tAe prw~srons of ial oi parap~aph 4
6 To pe~m~t. comm~t a wH~r np wsste. ~mps~rrrKnf a dete~~asta~ of saW praperty p any part thcreof. ar+d upon the ~a~~ure ol tne Moregago~ to keep tne
bu~M~ngS O~ SiR1 pOpl+ty ~n 900d Cd~Wt~pl p rp~~r ~~ m~~ntenante. tAe AssOt~stron m~y denynd proper ma~ntend~C! a~+d thE ~mmed~ate rop~~~ O~ Si~d
bu~~d~ngs. o~ s~ ~ncrease u+ tne smount o~ secunty. o. the ~mmed~sta repaymeM o~ the debt ~e~eby secu~ed. a~d tne ~a~te-a o~ tne Mo~tgago~ to comply wrth
ssd de~+and o1 tne Assooatan fo. s pe.rod oi t~urty 1301 tlsys shs~t const~eute s bescn ot tn~s maegage ana at the oDt~on o~ the Assouat~o~. ~mm~W~[tly
maturc the en[Ke aRwune o/ pnn~~pat and w+terest hereby secured. and the Assoc~atwn ~mmed~a2e~y anA w~~hout not~ce may ~nsertuce p~oceed~ngs ro iwecbse
~n~s maigage ~rb ~pplq ior tM sppantmem ot a rece~va. as here~~+after pme~ded, and ~n cax o~ tne re}usa~ neg!ect or ~nab~!rtY d ttx Mo~tgago~ to repa~~ and
mD~~ta~n ~d prpp~rty, ih! ASiOd~tan rryy. it itS Oplron. m~ke futh re0~~rs o~ C~ute tht same to be r.:ade aRd advance montys m tbat OEhalf
7 T~ p~rtorm complr vr~th snd sbde by eac1+ snd every tM st~pW~tans. spreements. co~d~t~ons and co.er.anes ~n sa:o pr~m~sso~y note a~d thsz !nprtgage set
(o.tA
8 To comp~~ w~th tne subd~ws.on ~estnctans snd the mun~ups~ iorwnp ad~~ances app~ecaWe to tne maigaged propertv ~~ot to erect or perm~t to ~e erected any
~~lw budd~ng5 On th! p~lrt~S~S M/NA ~T1WtQiQW W l0 add 10 p pfrTq t0 b! addld t0. T~kE Ot p~rmrt t0 bC matl! dnY SpuCtW21 eltl~dUOnS LO i~y 01 [11C Q~~
~iT~*KJ ~mpOxeR`lnt5 thl~lOf1 NnihOYt thQ Wr~ttM COnSl~t O~ lhQ ASSOC~~tW(1. ~r1d In Ih! tveM 01 drty vp~dt~On O+ dltEmpt tp v~OldiC the5~ sLpuidt~0~15. W iny O~
them. tr++s ~+wrtgage a~d sll wms secu~eA herepy Sn~11 ~mmed~atNy become due and payaCle at tne opt~on o1 tne Assouat~on
9 TA~i m case of a de/su~t m sny oi the terms o} tMS mortpsge and the hhng o} a bd~ to ~wec~ose fMS w a~y othe~ mortyage encump~nng the wrthm desu~ped
p~ooe~ty the Assoaatw~ sAati~e entrtle~ to spp~y, sf sMr b~++e rv~thout not~ce pe~Wng sucA fwec~owre su~t. to tne court nav+~g ~unsd~ct~o~ thereof to~ the ao
oo~nhnent o} a r~cerve~ 01 stl snd s~ngu~s• tne monpapsd wooe~tv aM o! s1~ tne re~ts ~ncomes. o~o~~ts ~ssues and ro+enues tner~} irom whatsoever ~rce
~crn~ed al+d thereupon n+S hlreby lapeSSfy cOVlM~ted snd ~r~ thit t~+! tourt sAaC forthwrtn appo~nt a rece~ver ot sa.tl mortgaged pope~ty alt and
smgula~ and o~ such rents. ~_ n. profi!s. ~swes snd ~evenues ther~f. hom wn~tsoeve~ source denved wrtn t~e usua~ powe~s and dut~es o~ rece~vers m hke
cases a~W wcn apoo~ntment sha~~ be made by sucA court ss s mstter oi stnct nght to t~e Assouat~m anA .v~thow ~e~eren~e to tne adea~acv or madeawc~ o~
t~+e va~ue o/ the p~opert~r herlby ~++ortgaged. O~ to tAe so:vMCy o~ mso~ve~cy o} the Morcgago~ a~o rnat sucn +e~:s p~o}rts ~~+comes ~ssues and revenues sha~~
be apa~~ed bv wc~ .ece~ve~ to the parmer.t of tAe mortpspe ~ndebtedoess costs a~0 cna.ges acco~tl~ng to tne o~de. of such court
1 O Tnat ~n the ev~nt the prem~xs he~eby mortgsQed. a arryr pan t~+ereof. ;haU be condemn~ and iake~ u~de~ tne power of em~ne~t Oomam ehe Assoaano~ s~a~~
nave tr+e •~ght to demand tAat a!1 dsm~ges iwa~dld ipr tf+! Uk~r+p o~ Or m~ury 10 ss~C Drem~ses S'w!7 bp pa~d to tne Assoaabon :*.s wccesso~s o~ asvgns. uD to
~!~e amounc thr+ urWa~d on tMS mo+tgape. s~d msy be appf~~ to any sums ~ast pavaDte he.euMer
11 Tnaf t~me ~s o! the essence of ~MS conpxt and tAal no wa~ve~ o! any pb~~gat~on nereunCe~ o• o~ 2ne ob~~yaro~+ secu~ed ~ereDV sna~+ at a~~ t~me thereahr. be
hdd ro be a wa~ve. o~ the te•ms herepf or Of the 6romissory note Seturpd hereby
12 , ~'* thg lVM~ Of d~Y 4l~au~t ~n any O~ (A! ~lrmS 6f 21t~5 mOrt000! Or ~n tn! nOt! SlCU~ld herpDy and accelerdf0~ by thE no!tlB' O~ dnY Oihe~ s~tuat~on Nat wou~d
tBUSr th! ~~trest w~d o. wrsWe u~der tMS o5~~pstan to eaceed tne mterese rste sofnw~ild by ~aw thln ~n sucn event a~! eacess mtercst tneretotore pa~d sha~~
pe ~redrted to o•~~c~oal and a'' accrued arW u~pad eacess ~oterest sha~i abate a~d sna~! ~ot oe a~~ ob+•gac~c~ of tne maker or ot a~v otne~ pe~wn
13 ~~at to the eate~t of ine ~~debtedness o~ the Matpapor to the Assoushon descnbed here~n o~ securcd hereby me Assorauon ~s hereby suWOgated to tne 6en
a i~ens ar+d to the r~hts o~ the owner snd hdder tNerwf pl exA snd every ~+ortpspe. tKn a other e.~cum Wance w+ tne ~and Cescnp~d here~~ wh,~h ~s pa~O i~d
sat~s~~ed ~n wlql! or m p~rt, pit Ot thR prOCREdS Of the ~Ofn dlSCr~Dld Aerl~~ Or xcur~d herobY ar.d the ~especare Le~s ot ~,a mortgages ~rons o. otAer en-
CumbrarKlS. Shaii y~. a~d the same an0 eath o~ them Alrtpy ~S M!S!ti!d'nd shai: pass to a~+d be he~d by ih! ASSOC~at~on hEtl~~ a5 SCtunty ~Or th! m~
de~tedness ro tr+e Assoaatwn herem dexnbcd p hereby secwed. to the same e^tent t~+at rt vrou~d nave been p.eserved a~+d woukf nave been passed to and
been hNd by the Assoaatwn nad it been dulr and regu~arly ~ss~pned transferr~ set ove* anA dei~ve~ed ur.to the Assouat~on by xpa~ate Aeed o} ass~gnment
no2w+msfa~d~~g tne fact thst t~+e same m~y p~ ~us}'ed and ca~+ce~iea of rKO.d. ~i be~ng cne ~nte~t~on oi t!+e part~es he.eto tr+rt the same w~c be sanst~ed and
cancetled e~ recor~ by ~ne hplders tlrereoi at w about the t~me o~ t~e record~.+g o~ tn~s mo~tgage
1` That ~f any O~ t~+! SumS O~ R+O~ey Mrl~n rt~lrtld t0 b! nOt p•OmDtiY ~nd iully D~~O wrthm t1+~rtY ~30! days neat 0~te• tne same SEVe~d~~Y b2tome due dnd pdyaW!
o~ ~t eac~ an0 ev~.y the sAputsirons- sgroeme~ts. cond~uo~s and corenants of ~:C prom~sso•~~ note a~xf m~s ~*+o•tgage o~ ertne• are not du~y performed com~
p~+ed w~th aM aMded br. the sgg~egste sum unpa~d under ssed Drom,ssory note aT+O U~s r^ortgage sna~~ become due and parab~e to~thwrth or the!eaNer at the
opbo.~ of 2he Assocabon. ss fully sn0 compiete~Y ss ~t sad apgr~pate sum o1 mo~ey we~e o~~gna ~~ s2:pu~ated to be pa:d o~ such dar anytn~ng ~n ~~d
p•om~55WY not! O~ htre~~+ t0 t~+E CO'ltqry nOtw~thsti~d~~Q
15 Tnar m o•de~ to a:cNe•ate tne matunty ot tAe ~ndeDtedness nereb- secur~ p~~ause o~ [he fa•~ure o' the Mo•[gayo• ~o nav arty ca. assessTe~i ~~aWbtr ob!~ga
!~o*+ o. e~cumbance uc~o~ sa~d p~operty as he~e~n p~or~ded. ~t sna~~ not be necessary nn~ reQu s:re tha: tne Assoc~ator. sha~~ s,rv Dav :he sa*.~e
16 Tnat t!+e abst~act o• abstracts ot t~tle covenng the mongsped prope~tv sha~~ a; a~+ :~mes o~~~~g r^e <<~e o} tn~s ~,ortyaye ~e~^a~~ m ing p~jSSESS~Gn Of Lhf
Assoc,at~on and ~n ~vlnt O~ ih! fprK~OSUr! O~ ii+~5 mprtgig! O~ Othl~ LtanS~lr O} Atlt t0 ih! mOrtgdg2d propf~ty ~^ l~t:^gwsn..,e~t o' :~e ~debted^ess secu~ed
~+erebv a~~ ~~gnt trt~e and ~nte~est ot ~he Mo~tpspor ~n snd ro any sucn a~st~acts of c.t`e sha~~ oass to !he o:.~cnase• o* g•a~tee
17 Shou~A ttie va~~drtw o• hen ot th~s R+ortgage. or the note secwed Me~My De co~tested by ~~t gat~on o~ othe•w~se ;r.P tilo~tgago• ag-ees co oav to the Assouano~
t~e cost of 3e~erd~~g the same ~~dud~t+g a reasonaWe attwney s ~ee
18 To pav a~~ a~d vnqu~a~ t~+e costs cna~ges and e~pe~ses mclud~~g attorney s fpec roaw~abt; .nc~~~rd ~r ~~a~A at any~ r~mo h~ thP Accxrat~on because oi tne
fa~!ure of tr+e Mo.tgago~ to pe.~orm compty wrth and ab~de hy each and eve*y the sopu!at,u~s ay~eeme~ts c~:n~f.r.ons a~*a r~m~vnants of sa~d nrom~ssory note
aM t~s mong~ge o~ e~tne~ and every wch IeaceDt for the payment o} ~he mon~n~ti ~nsta=tment as ~P~~n~a bY t~C Pr~~mic5o.y Kotel sha~l nea~ :nte~est from
date at ttie rate o~ ew~+teen per ceM (18'~- ~r annum unnt fu~1r pa~d
19 t~+e Assoc~anon sha~+ nave the ngM at any ume anA from Ame to Ume arW w~tt+out ~oi:ce to o~ tOnser.t o} dny pe~so~ to ~a~ ~e~ease any pprt~o~ o! the prem~ses
~rom the IKn o~ th~s mprtgage. Ibl ~!il~s! arry plrspn ~i~b~e fo* paVme~t of any ~ndebtedness s~ured hereDy ~c ~ e*tend tne bmr of payment o* altc~ the te~ms
o~ paymert of i~l p arryr p~rt O~ th! +ndeDteA~ess. wrtnout sHett~ng o~ ~Neaang the pe~sonai i~ab~l~ty o~ any pe~son i•ab~e iothe* t~a~ a~Y Perw~ r?leased pur~
sua~t nereto~ }o• tbe paymem o~ any wm or rnterest secu~ed Ae~eby a~d w~thout m anr w~se a~te~~ng va~Y~^g a• a~m:n~sn:ng tne to~ces ef~ecrs or be~ o~ tn~s
R+w:gage o~+ a„ the pre~+~ses ~ot speuf~calty rdeasld irOm the hen of th~s mo~tgage by tne Assoc~at~on
20 Arr~r ag•eement nveahe.r made by ~1o~tgsgo~ and Assoastron purwart to tn~s mortgage snau be s~pe•~w to che ~~ghts o~ the no~de~ of a~v ~~terve~~ny he~ o~
e~cump.ance ~
21 l~pon .equest o~ Mo~tgagor. tne Assouata~ mav st ~ts sole optw~ lrom Ume to nme De~o~e fuli pay~*+e~t of a~'~ ~ndeb:edness sewr~d nerebY make ~~~t'+er ad~
vances to ylortgagor. o~o+nded -wwever. that tne top~ D~~~uDa~ secur~ hereby a~+d ~ema~n~~g u~pa~d. mciua~ng a~y such a~va~ces sna'~ not at any ume e^-
ceed the ong~~al pnn~zp~t wm SlCUred hlrepy MOrtQ~pp+ SA~'I Day aIi such tu~thl~ adva~ces w~tn m2e~est a~d tna same snatt be secu~2d hercDY A~~ WOV+S~0~5
o+ rti~s ~.wftgage s~a~t anoh ro eac~+ turtne• sdva~+ce ss wNl as to a~i otrte~ ~ndebtednesi SecureA he~eby Noth:ng here~~ contd~n~ noweve. sha~' I~m~t t~e
aTCwnt s~ured b~r th~s +*rongsge d such smpunt ~s ~r+creased by a0vanus made by tPe Assoc~ahw+ as ~e~e~~ e~sew~•e~e prov~ded ~o. to D~o:ect t~+e secunty
22 In the event the Matgagor herr•~. or any subseQUent Mortgago. Or 2ny per5pn pr [O~pO•di~On Own~n~ dny mTerost whatsoeve~ anou~d enr ~~m/pr the Drp~~'ty
nere~n mpngaged by a~ ~~strurreent comrnonty re~err•_d ro a~+d known as a w.ao a~ourul mo~t9aaP wrthout 6r5! oAta:n•ng ttw wr:tten r~.,~nr o~ th! Assocra
t~on rhen at the opt~on of N+e Assovatw~+ tr+e ob~~gat~on secu~ed bv th~s Mongaae s!~a~~ :~nmArt~dfPly tu~rOmc! A~:.~ .~:,.! navaA!e
23 To prrn~de tAe Assoc~at~o~ rv~th Fip~ Inwrence Coverage ~t the rea' D~oPertr ~s ~ow o~ ne•ea~rer ~ero.m:ned to no w,ah~n a cpo..rdl ~lnnA ~dtd•A d~oa d5 S~wn
on i~ood Hazard Boundary Map'Flopd Ir+w•a~ce iiate Map as pvbt~shea b~r the fed«.a~ t~su.anca /klm~rti5!idt~~ln
2• At tr+e ~eWiest ol th~ Mortypa. tM Assoc~atan ~prNS to w~ne the pov~srons of p~rsp~sp~+ 4 reiat~ve to the creat~on ot a ~ara~d msurance acca,nt. prov~aee
t, ,. that the Assoaatao nL~ns tM n0ht. ~t rts Optwn. !o rs-~nststs suc~ p~w~s~o~s o~ sa~d parag~aph 4 as a~ obhgatwn o! tne Mortgagw hersunder upo~
tne lvppen~ng of sny of th~ fdtow~np
A Fa~lure to maks s~hr psrment ~pu~nd undN tIN tsrms o~ tM note on or be~ore t~e due date tne~eof
B Fs+lu~! t0 Con+ph w~t~ tM ~nfut~nt~ prpvif~OnS O/ p~~~pr~pA 3. O~ of ~~y Ot [h! Othlr tlrms 2nd cond~t~on5 0~ tA~s mo~tgage w note or w~tA t~+e ~nsu~a~c!
~tOu~roments Conti~Md m tM O~Cl~titwn o~ CorWom~mum ~nd relatsd dotumMts stwu~d th! mortgaqed D~ope~ty be tOmmKted to condom~mum
devebpment
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