HomeMy WebLinkAbout1873ihat ~n orda to pot~tt ma~ Iui1y tM s~cunty ot tMS matpa~. tM Matpapp. top~lht~ nnth. ~~d ~n ~dd~tan w. !M monthlY paYrtNnis u~r 1M tams of tM
~o~e secwsd M~~by. on 1M W~cdHd paYm~M d~t~ ol NtA month unW tM s~~d noa a(ully ps~d. w~l psy to tM Assouauon ~M IdbMnnp wms
lal M~nstsllm~nt ot tM tu~s and ~st~sam~nts Nv»d a to b~ NvNd ap~~nst tM p~rtas~s cov~red py tlws ma~psp~. snd sn ~nstsUm~nt ol ~IN w~rtium
a premwms tlut w~M b~com~ dw ~nd p~y~GM lo ~NMw 1M ~nsursnc~ on tM pr~rrus~s cov~qd Mr~by apa~nst bss by hr~. snd w~ndstwm. ~s p~ov~dsd
fw by ps~ap~ph 3 p~t~dnp. w suth otMr huard u may rNSOn~bly 0~ rpwrW py tM Aswustan. and sn ~nsta4m~n1 0) ths pr~mwm ths~ w~ll
bstorne du~ ~nd p~Y~bb ~o r~MW tM mOrtpip~ ~MUr~nt~. ~1 My SuCA u-ftlllmMts ahall b~ equsl. r~sp~tt~wly. to ons twNlth (1/1Tth1 of tM es
umaad p~nuum a pr~mwms fw such r-wr~nc~. ~nd t~x~s ~nd ass~ssm~nts r»at dw I~s tst~matsd by ~M Assoastwnl Nu Nt ~~suum~nts si~~ady
ps~d tMrefp, diwd~d by tM numb~r ot months tMt u~ to d~ps~ a~ month pa~ to tM dst~ wMn such pnrtuum a pe~ums ~nd tu~s ~nd
assessm~nts w~Y b~corty d~4nqwnt TM Aswcwtqn. wMl~ apply~np such p~ymsnts to ~nw~anc~ prsrtuums. tues and ~ss~ssm~nts. b~foq th~ sams
DlcwM dN~rqWnl. fMll n0! p~Y MtNHt t0 tM MM1p~pW On iuCh fu~fdf. ~nd ~II ~h p~ymMlt m~y b! COmmuipl~d by th0 AiiOCNt~Or- NntA ~ny
o~M. suc~ funds or vr~th rts own lunda 1M funds ar~ pNdwd ~s bdrtan~l s~cur~ry Ia ths wms sscursd by th~s Mo~t~ +~d ar~ s~:qsct 1o us~ D~r
ths Assouatan m p~YmN+t ol "lat~ th~rp~s" ~nd bMk coN~ctan tM~pss .
IDI All psyments ma-uaNd K- tM p~cWmp wDs~ttan ol tAq Parap~sph {nd ~II paYrt~nts io bs mads undsr lhs note satvnd Mreby slull 0~ add~d
togethsr and tM syprpsu amoum tha~ol shaN b~ p~~d by tM Matpaya ~acn month ~n a an~e paYmen~ to be ~ppiNd by tns Assouatan eo ~hs
fdbw~ng rtsms ~n tM WdN qt brth 1 T~a~s. ~ss~ssm~nts. a~d ~nwrs~c~ p-emwms Y' L~te charpes' and Wnk cdl~ctan cha~p~s. unlsu yad ~n
ma~x~er pro+ndsd ~n p~pr~ph 4 Is1 3. IntK~st on tM not~ s~cur~d Mr~bp 1 Amwtustwn ol th~ p~~nupsl of sa~d not~
Any def~c~cy u~ ths amouM of such aq~rspsU montNy WYm~nts shsll. unless pa~d by Ihe Matgaga priw to the due date d the nsat such paymeM. con
suWte an avent ol delsult under tM mortyiys W~thout ws~ver ol ~ny ngh1, the Auoaatan may cullect a"Iate cha~ye" as prowded ~n ths Note
5 Tna~ J ~hs totsl ol the payme~ts mad~ by tM Matypa und~r (~) ol psnpr~pA 4 pnced~np ahau axcead the smount of psym~nts actwNy made by ths
Assouatan ta ax~s snd ass~umN+ts ~nd a~wru~c~ p~nwms. is tM qw m~y b~. sucA ~auu shaU b~ crsd~tsd by ths Assoc~stwn on wbssqwM payments
to bs ~nade by ths Mat9a9a II, howwer. th~ montAly paymM+ls m~ Dy tM Matysya undN (s) ol para9rsph 4 peced~rp sMll not hsw btsn wM~c~ent to
paY ta:ss snd ssssuments and msur~nc~ pr~rtrums. ~s tlr us~ m~Y b~. wMn tM sartw shsN p~come due ~nd psysW~. then. tM Assoaatan rrNy. a~ ~ts op
t~on. ~mmed~ately psy wch u:es ~nd ass~ssm~nts end w~wr~nu pr~mwm. ~nd tM Mwtp~pa shstl p~y ~o ~hs Assouauon any amount necssssry to maks up
t1~e dehuency. snd wtA p~ymN-t sMll b~ dw and pay~bM w~tMn tMrty (30) days ahK ths dau d mad~np ol nouca by the Assouauon setUn9lorM ths ~mount
of wcn dsfK~erxy 11. st sMr flms. tM Mortp~pa shaU tuda to tA~ Assoc~atwn. ~n sccadsnce vmtn ths pov~swns ol tne note secur~d hareby. lutl psyment o1
~he enurs ~ndebtednsu rsprssAntsd Mr~by. tM Assoaatan shall. m compubnp the ~mount ol sucA ~~dsbtedness. ved~t to t1~a xcou~t ol tM Mortpsga a~y
balance rema~n~r~ m the /w+ds sccumulatsd undK tM pronsans ol (~) ot pusprsph 1
5 To perrtut. comm~t w wNN no w~sts. ~mps~rrrNnt a dsb-arstqn of ~~d p~pptrty p any parf therepl. ~nd upon the bdure of the Mwtyspw to ke~p tne
bu~ld~ngs o~ sad propsrtr in pood ca+d~tan a npa~. ~nd m~~nteoanc~. ths Assoc~~tan may demand proper ma~ntenance and tna ~mmed~ate repau o1 sa~d
bu~ld~ngs. w an ~ncreasa ~n ths amouM ol secu~~ty. a tM ~mm~ate ~ps~m~nt ol the debt hereby sscured. snd the Is~h:•~ of ihe Mortgapa to comply vnth
w~a demard ol tAs Assocatan iw s psrpd ol ~h~rty (30) days sA~N consututs ~ b-ssch ot tMs mortyape. and. at the optron of the Assouatwn. ~mmsd~ately
maturo the entne amount of pnnnpal snd ~nt~nst Mnby s~cund. ~nd the Assoc~ata~ ~mmad~ately and w~thout not~cs may ~~sUtute procasd~nps to tweclose
tn~s matgage and sppM fa ths sppantm~nt of ~ ncNwr. ~s Mrem~ha povded. snd ~n csse of the ro~usa~. neg~ect a inab~l~ty ot ths Mortyapa to repa~r snd
ma~ntaM sa+A poperty, tM AssotNtwn miy. ~t as optan. make such rspsus a csuse the wmc to be made. and advsnce rtwneys ~~ thst bensll
7 7o pe~fam. comply w~th and ~Mda by e~ch ~nd tvery the sUput~twns. pre~ments. cond~tans and covenants ~n sad prom~ssay note and tMS matysye set
J«th
8 To comply nn~h the wbdmsan restncta~s ~nd tM murrcpil iorrnp pdin~nces sppl~taWe to Ihs matysged properiy. not to erect w psrm~t to bs erected u~y
new bu~~gs on the prem~sqs here~n mwtpapW a to add to a p~rrtut lo bs added to. msks or permn to be made, any strucw~al slteratrons to any of ths ea-
~sbng ~mprovements thereon nnthout tM wnttsn cons~nt oi tM Assou~t~on. and ~n tha evsnt ol ~ny valatan o~ atcempt to vwlate tMse supulstans. o~ sny o1
them t-us ~wrtgage and sll wms secur~d M~eDy shall ~mmad~~tely b~come due snd payabie a1 the optan ol the Assoc~atwn
9 Tnat m case ot a delsult e- smr ol tAs tNms ol tha mortQ~ps ~nd tM 6bnp ol s MI! to loreclose tMs w any othe~ mwtyage encumbenng the wnh~n dsunbed
property. [he AssocNtwn shalt bs e~tuNd ~o ippt~. s~ ~ny ume Mnthout notKe pe~np wch twecbwre sun. to tne cwrt havup ~unsd~ctwn ~hareot fa ths aP-
pwntment of a ~ece~rer of sll and s~npulsr the mwtp~p~d poperry. and of a11 ths rents. uicomss. prohts. ~ssues and ~e+enues thereot. t~om whatsoaver source
derwed. and thereupon. rt~s Mrepy eapressly covensnt~d ~nd ap~eed tRSt tAe court shsll lorthwRh appo~m a rece~ver oi sad moriQayed property. atl and
s~ng~,~a.. and ol such rents. i. n. Woh!s. ~swss ~nd nwnu~s th~reof. hom whatsoever source denved. w~th the uwai powers and duues ot recewers m hkA
cases and wch appantm~nt shstt bs made by wch coun as a matte~ of stnct npht ro iMe Assocwtwn. and nnthout relerence to the sdequacy or inadequscy ol
the value ol tbe propart~r hN~by mortyap~d. a to ths solvency a msolventy ot the Mortysya. snd tAat such rents. p~oGts. ~ncomes. ~ssues. and revenues sball
be appt~rd by such recewsr to tns psym~nt of tM monpap~ ~ndebtsd~ess, costs and charpes accad~ng ;o the wder ol sucA court
10 That ~~ tAe event lhe pem~sss Aereby mwtpaysd. w any yut IMrwt. thall be condemned snd taken u~der the power of em+nent doma~n. the Ascoc~atwn shall
have tAe r~ghi to demand thst all damspes sw~rded for th~~ak~rp ol or ~n~ury to sad prerruses shall be pa~d to tAe Assouatron. ~~s wccessors or ass~pns. up to
the amoum then u~pa~d on tius mortpsps. snd may be ~pplNd to ~~y wms Isst paysbb F~ereunder
1 1 TAat ume ~s ot the esx~ce ol t-us contr~et and tAat rq warver o1 any obl~pauon Aereunder o~ oi tne oW~gauo~ secured hereby. snau s~ any ums the~eaher be
neld to be a waner ot tAS terms Ms~eof or of tM pom~swry note sscurad hereby
12 In tAe event of a~y defsult ~n sm o( the tsrms of tMS mwip~p~. or ~n tl~e ~ote secured Aereby. and acteteralw~ by the holder. w any otAer s~tu~tan tAat would
cause the ~ntereSt ps~d or psyable undsr tMs Obkpatqn to a:cald the ~~terest nte autAa~ied by Iaw. tA6n ~n such event atl eacess ~nterest theretofore pad stw11
be credrted ro p.~napsl a~d aN ~ccrueA snd unpa~d e~cess ~nteres~ snan awte ~nd s-uu not oe an obt~gatwn oi tl~e maker or ol any other person
13 ~Aat to Ihe e^fYx~t of the u~debtsdnsss of tM Mortp~9or to tAs Assocuta~ descnbed hereu~ a secured hereby. the Assoc~atwn ~s hereby wbrogated to tt~e I~en
or 6ens a+x~ !s the r~ghts ol ths owner snd hoida tha~ot of NcA snd every matpsye. I~an w other encumbrance on the land descnbsd hare~n. wh~ch ~s pad snd
sat~shed. ~n wAole w en part, out of the procesds ot tM Iwn dexnbsd hsrei~ a secured he~eby. and the respectne I~ens ol sad mortgapes. hens w otAe. e~
cumDrances. shail bs. and 1hs sams and ~xh of tMm Asr~by ~s pr~sened ~nd shsl~ pass to and be held by the Assouatron liere~n as secunty fw the m
debeedness to the Assocutan hersin deunb~d w#~snDy s~cur~d. to the same e~te~t that n wouid hare bee~ p~eserved and would have been passed to and
been held by tAe Assoaatwn Aad u b~en dul~r ~nd rpularlp asspned. transhrred, se~ ove~. and de~wered unto the Assouatwn by separate desd of ass~g~ment.
rx~twrtns~and~ng the isct that ths sarn~ msy b~ s~UShr! and uncslled ol recwd. ~t De~~g the mtenuon of the pa~ues i~ere[o that ihe same wdt be saust~ed and
cancelled of record by-the holders 1~~~ ~t a ~bout the t~m~ ol the rscad~np o1 tMS mortgage
14 Tha~ d any of the wms of , . ~ Mrs~n relerr~d to b~ oot promptly snd fully pa~d wrth~~ thuty 1301 days ne^t ahe~ ~ne same severall~ become Sue and payaDle
w~t each and erery the stpubtans. spre~ments. corW~t~ons and covenants oi sa~d prom~sw.y ~ote and tMS mor2gage. or e~tAer are not duly performed com
p1~ed w~th and ab~dsd by. the sgyr~g~t~ wm unpad unds~ s~~d pom~isory note aRd tfus mcrtgape snall becorne due and pavable ~.^..Khw~th or thereafter, at the
opuon o~ tne /-ssouatwn. ss tuny ~nd conw~etely ss ~1 s~~d ~pprepste wm of mo~ey were a~g~nauy supulated to ~e pa~d on sucb day. snytlung m sa~d
prom~ssory note M here.n ~0 1hs Contr~ry noMntAsund~np
15 Tnat ~~ o.der to acceleraee the mstunty ol tM md~bt~rss Mreby s~cured beuuse ol the Ia~1ure ol the Mor~yagor to pay any a; assessment. I~ab~~~ty. obnga
uon o. encumbance upon ss~d prop~rty ~s herNn povd~d. ~t shsll not be necesssry no~ reqws~te that the Assouatwn sha11 hrsl pay the ssme
t6 Tnat the abstract a abstrscts of t~tlt cownnp [M matp~p~d_ poperty shslt at a11 t~mes dunng the I~fe of th~s mortpage, remam ~n the possess~on ol the
Assx~atwn anA. ~n event o~ the fpeclown of tMS moripsye. or othar trsnsls~ ot utle to the mortpaped property m e~cUngwshment of !he ~ndebtedness setuted
ne~ei,y st1 r~ght. utb and mtmsst of tM Moriyapor m and to any wch abstraas ol aue sAall pass to the purchaaer or gramee
17 SMx,ld ~he vaid~ty or 1bn o1 th~s mortys9e. o~ tM rate secu~sd ther~by. be co~tested by I~UpaUOn or otherw~se the Mortgagor a~~ees to pay to tAe Assoc+at~on
the cost ot detendmg the same ~rfclud~np s reasonabla ~ttorney i fee
I B To pay ail and s~ngular the costs. chargss and espenses mclud~ng attorney's fees reasonaMy ~ncunwl w pa~d at any hme by tfie Assocratro~ because o1 ihe
fa~lurr. oi the Mortyagor to perfwm comply wrth and abrde by each and every fhe st~pulatwos agreemenis co~d~t~ons anA cu>enants o1 sa~d prom~swry note
dru~ th~s mortydgC or e~~her a~xl every wch (euept (or tAe psymeN of the rtwmhty ~nstallment as rer~u~~ec1 by the Pmm~ss~xy kote) sna~~ bear ~nte~est from
date at rhe rate o~ 1~r txr annum unbt fuily pa~d
19 The Azsw ~auon sha11 nave tAe nyht a[ any time snd from pme to t~m~ snd without not~ce to a consent u~ any y~rxx~ to ia1 recease any port~x, ot the prem~ses
f~om the I~e~ oi th~s mortgage (b) ~e~ease ~rty perspn I~~ble for psyment ot any ~ndebtedness sccured i,ereby. Ic) e^tenA the t~me ot payment o~ alter the terms
of payrr.ent of ali w any part ot the ~ndebtedness. w~tAOUt aNecunp p.el~ss~np the pe~sonai I~aD~i~ty of any person baGle fo~ner ~ban any person released pur
suant hereroi tor the psyment of s~y wm a uiterest stcursd h~reby and w~thout ~n any w~se anermg. varymg. or d~m~n~sh~ng the (aces et}ects. o. hen o~ tb~s
mortyage ~ au che prerrNSes not spsuiKSlly relused from the ben o1 tb~s mo+tpsye by the Assouatwn
20 Any ayrpement hereaFter made by Mortpaya and Assoa~tron purwaM to th~s mortpape sha~~ be wtx~~o~ to the nghts of the holder ol any mtenen~ny I~en m
erx.umWance
11 UWr~ ~equest o1 Mwtyspor_ the Associstwn may. at rts sole optwn. Irom ume to nme befae (uU payment oi all mdebtedness secured hereDy. maka IurtAer ad
va.~e:es to Mwtgagor. prov~ded. nowever. that tM total pruiupal s~cured hereby and rema~mng ~~pa~d. ~nclud~ny any such advances. sna11 not at s~ryr t~mo e•
ceed tne ong~nal pnnupal wm secured Aeqby Mortpapor shall p~y ~II such further advances w~tA ~merest and the same shall be secured nereby AI! pronswns
of ~' ~s mortgaye shan apply to each lurtner advsnce ~s weU as to dt other ~ndebtedness secured hmeby Nottung he~e~r~ conta~.rod, nowever. shan I~rrut tAe
an.,,un~ seu,red by th~s mortpaqe ~1 such ~mount ~s mcrsas~d by sdvMCes made by the Assouatron as here~n elsewfiere p~ov~ded la to qotect ths secur~ty
?2 In ~ne event the Matgagor he~em. or sny wbsequent Mortgaga. a a~y person a corporatwn owmng arry mterest wAatsaever. sta~ild encumAer the ~operty
Mrn~n mor.gageA by an instrument tommonly re~erreA to and known as a°wrap a~ound mortgage nnthout lust obta~rnng tlw wntten co~s~nt o! the Assoaa-
tan then at the optan o( tt~e Assocwtan. the oblryatan secured by M~s Matgaye sha~l ~mmcd~ate~y become due anA payable
23 To provde the Assouauon with Fiood iruurance Coverage ~I the real property is now a he~eatter detcrm~ned ro be w~th~n a speual /bod haia~d erea as shown
a, flo«f Harard Boundary Map/Ftoad Inwrance Rate Map as p:,Ul~shed by the Federal Inswance f4lmm~stranon
24 At the requsst of tbs M~xtpaya, tM Assoc~+tan ~yrNS to w~~w tM proas~oos o1 psrsp~~ 4 relauve to the creat~on o1 s ns:ard mwrance account. pov~dsd.
I. . r. that the Assocatan r~tau~s tM rpAt. ~t ~ts optan. to n-~nstaa wch p~ov~sans ol ssd pa~ap~aph + ss an obbyatan o1 the Mortpspor hsrwnd~r upon
the happernng of any of tM tdlowi~p
A ia~~uro to maks any p~yrt~+t rpwrsd u~r ch~ tKms o1 tM non on a bs(ws the due date therwf
B Fa~luro to corndy anth tM mw-~nu prov~s+ons of puprph 3. w o( a~y o1 tM othsr [erms snd cond~tans of tMs monysys or no[s. o~ nnth tn~ ~~wranc~
rsqu~rements conta~n~d u~ tM dsclar~tan of Condo~+xwum and rNated documents slwuld the rtw.tgaped popsrty bs comm~tisd to co~dom~nrum
development
i -. .
~ ~°
~.
i
IC1-M-7~ n,
T/P-A
~--=~- :._-,_~
~.~:~4~ pa~f1~~
80~K