HomeMy WebLinkAbout2931~• Tna- ~n ordsr to pobtt mpf ~u~~Y IM 3Kunty O~ M~f r*wrtgap~. t~s MMtpspp ~opetM~ w~t~ ,frf'< d,1~~t~pn to lhe ~+o~~thly p~ymintS u~dl~ the tt~m3 0~ t~!
rate secured hereby on tM swahW paYm~nl date ol ~~cA month um~~ tn~ ss~d not~ ~s 1u1iy pa~d w:'. c»y tn the Assd.~dt~^n f~e to~tow~~~y su~*+s
IA1 An mstai~m~n~ 01 tM uus and ~swum~nes i~wW a w be ~awed iy~~nst t1ro p~m~s~s cOVered py tMS mo~tyags a~xi a~ ~~Sti~~menl O~ tAR yrlm~u~+
~ .~1 ~l w p~nuvms IAat Mnll pKpm~ du~ ~nd p~Y~pl~ lo r~Mw tM ~nw~ancs o~ ~M pem~s~s ~ayrQd A~~ebv agams~ ~oss by hre a~W w~~dstam. ss ponded
~ ~a br paray'ap~ 3 W~c~drq. a sucn otMr Au~rd ~s m~Y r~~sonaWy be rpuued Dy tne Aswc.ae~or~ a~a a~ ~nstdtim~nt oi th! D~em~um t~at wdl
t~ Dccoma dw snd paY~bN ~o r~n~w tM ~natp~ye ~nsu.~nc~. d any Sucn msuUmN,ts snsu be spua~ •especnveiY ro w+e ewe~ttn I1 ~ 12tro o~ tne es
' f,.~ t~m~tW pr~~nwm p p~~rtuum! (p syCA mW~~ntf. ind t~a~t ~nd ilNifmMtf ryat du~ lis esUm~tsd by the AssOU~t~on~ ~ess a~t mstsUme~~s s~read~
~ pad lMrtfO~ drvd~d Oy tM numpN OI montM t1lt s~~ to Nipsf a.e mont~ p~a to the d~te ~rhsn sut~ Wem~~m o~ p~em~ums ~nd t7als 7~d
sssfssmenb vmll p~COrM d~brpuMt TA~ Assot~~tw~. w1+d~ spWpnp wch p~ymsnts lo ~nw•ance crem:ums ta^es and assessments be~ore Ine same
becw+w de~~rque~t. sha11 no1 psv ~~t~r~St t0 t~N MO~1payW On SuCA ~un~t a~0 ~~~ SuCh payml~ts maY pe Co~~m~ng1~ by th! ASSOC~at~On Wrt1~ iny
othe+ suc~ ~unds o~ vwth ~ts own fu~ds TM ~unds srs yWpW u add~bonal securrty ~o. the sums secur~d Ay ~n~s Mongaqe ana a~e suDiece to use by
the Asspeytqn ~n Wym~nt o1 laU cASrp~s a~d Wnk cWlectwn tASr9es
, Ih~ All paymMts +MntanM m tAe pr~cW~np subsect~a+ of tn;s paraWap~+ anO a~~ oavme~ts to De made unde~ ~ne note uwreA hereby snat! be added
to9etr+~r snd the syq~paq a~+~oum therepl Shi~~ b! W~tl Oy tA! MO~tyipo~ ex~ r+omn ~~ a s~r.q~e pavmen~ ~o be app~~ca by tne Assooat~c~ to Me
folbw~ng ~tems ~~ tM a0e~ s~t ~ath. 1 TsRes. ~ssessn+~nts. snd mwt~~Ce prem~ums 2 Late cnarges and Ca•~k co~~ecuoc cna~ges untess pa~Q +r.
manner pov~d~d ~n p~rp~aph 4 ia1 3 tntaest on tns ~oee sacurad he.eb~r ~ Amor~itat:on o~ ene ~.~..ui,a~ o~ sa~a M,ee
Am dehaencr m the smount ol such sg}r~gate montM1ly payments sha~t. u~ieu pa~d br r-~e Ma~yaiµ,~ u~'b+ ~n erw due d~re of tne ne^~ tuch parment. con
satute an ~vent o~ Aehuk und~r Me mortgage WrtAOUt wa~vei ol arW rght. ~he Asaouaeae+ mar ~~~~~~~ a~aee cha~ye as roowAeA +n the Note
5 Tnat ~i the t~t~7 ot the psym~nts msd~ by tM Matasya urWa (a1 0~ paqy~sp~ 4 precN~ng sr•a~~ eaceed tne amount o~ parRents sc~ua~1~ matle by tne
Auoaatwx+ fp ts:es s~+d sss~ssments snd mwr~nca prem~ums. as tA~ ease m~y be wcn eacess s1u~' be cred~ted bv the Assoc~at~o~+ on subsepucnt payments
ro be made br the Mqtgspa. N. how~ver. iM monthly p~yments msde by the Matpapa under Is1 of ua~ag~aph 4 preced~~+g sna~i not nave ~een w}buem to
pav ~aaes and asseuments snd ~nsurance D~emeums.•ss the qse m~y pe wt+en tne same snaE~ become aoe a~+d vayab~e ~nen tne Assx~afwn may at ~IS op
twn. ~mmed~atal-r D~Y suCh U~fi iM iisaSSmantt i~d mSU~int! p~emwm. ind the Mo~tgaga sh~il pay to tne Assoaahon any amounc nrcessary to m~ke uo
the de}K~e~cy snd wch paym~nt sAaU be Cus and psy~We w~th~n Muty ~301 d~ys sfte~ tAe date o} ma~~~ng o~ ^c~~ce Dy tne Assouauo~ sett~ng tortn tne amount
of such Aefiueoty If. st smr bma. the Mptpiyw shalt ts~Wer to Ihe Assocutron ~n sccorna~ce w~tn tne wuv~s~ons ~! fne ~oce secu.eC he~ebv (ull pdYr^Mt o~
the ennre ~~de0ted~ess roaasented Aereby. the Assoaat~on sh~n. m comp~ur~ tne amant o~ suc~ ~.+debtecl^ess C~Pd~t t0 th~ dC[ounl o! t~B Mo~tgago+ any
ba~a~ce rema~rnny ~~ rhe tunds sccumu~stsd under the prov~sw~s o~ lal 0/ parap~ap~ 4
6 To pe+m~t co~+m~t w wHer no wsste. ~mpsur.Knt a de2e~~astron o~ sa~d popenr w a~Y Da't t~e.eot a~d upun ~ne ~a~~wc o~ tne 11Aortgayo~ to keep tne
bu~~d~ng5 on Ssid pOperty u~ gOOd COr~t~On p rpiv ~nd m~mtlnince. the ASSOU~t~on mar dema~d p~oper ma~~te~ance and tne immed~ate ~epa~~ ot sa~d
bu~~d~ngs o~ an ~ncrease .n the smouot of secu*~ty. o~ the ~mmed~ate rep~ym~nt ot the debt he~eDy secu~ed d~(1 thp !ad~•': O} tlr@ MOrtgdgW t0 COmply With
sa~d demand of t~+e Assoaatan Ia s perqa o~ tA~rty i30! Csys s-+s~~ const~tute a besch o1 fh~s mwrgage d~d af t~! opt~on O~ th! AsSbt~dt~0~ ~mm~~ateiY
mature tne enure a~*wunt o~ prmupal snd ~nurss~ ~ere0y secured. snd tbe /-ssouaewr, ~mm~d~dtnly d~d w~thout ~o2~ce may ~nsntute proceed~ngs to fo~eUOSe
th~s mongage and app1Y for the ~ppointment o} a rece~ver ss neremstter prpv~ded. and ~n case ot tne re}usa~ neg~ecc or ~naD:t~ty of ~r,e Mo~tgago~ ro.eva~. and
ma~~sa~n sad property. the Aisoc~atron may. at rtS opt~on. m~ke Suc1+ repsvs or cause tRe same to be maae and adva~ce mo~~eys ~~ enat beha~f
7 T~ pe~lorm tOmpty vmih ind ibde by e~ch ~nd erlry th! St~pulatiOni. ap~eements contl~t~ons a~~d cuvena~ts in ~,d yrom~ssory r.ote and th~s mortgage set
~Of2h
E TO COmply w~M ShQ SubdrviS~On feSI~KtWnS ind Ib! mun~C~pi~ lOntnQ OrOmanCQS ipp~~Cad¢ tU ihe mortgdy@d D~Uperty nOt t0 CrcCt O~ p2~mrt tU be @rp~t8d dny
rtew buJd~ngs on tht prem~SlS hlrem mWtp~y~d q to ~dd t0 w plrmrt to bC adde0 t0 m~ke o~ pe~m~t to tw made any structera~ .Reratwrs to a~v of the e^
~St~ng ~mprOVemMtS thl~GOn wrthWlt Ih! Wt~itln CO~Slnl O~ t1+C ASSOC~2t~On. i~d ~n tne eve~t o~ a.+y vw~a~~o~ o~ aSSQTpT }V V~O~OfP ShESC SS~pu~at~o~~s. w any o~
tn~m tMS r++atgage a~d sll SumS SetWld ~+e~eDy s~ilt ~mmed~ste~y bltome due a~d payab}e at the opt~u~ o~ ~he Assouat~on '
"' "' 9 That m csse o~ a de}autt ~~ any ot the terms of th~s mdtpape ar+d tne hbny o} ~ D~u to fo~ecfose th~s o~ anv othe~ mu~tgaye e~wmbenng tne wrtAm descnp~
~ D~ODC'[Y tAe AsSOUBtro~+ Sh~ll be enbtbO to app~Y~ at inY t~m! w~thOUt nOUC! pei+d~ng suc~ fo~edow~e w~t co t~e court hdnng ~u*~S~~Ct~On the~epf ~O~ Lh! ap
pantment o~ a recaver o1 a~~ and s~ngubr tAe mortpsped WoDe~ty. and o/ a~~ tRe re~ts ~nco~+es o~o~~ts ~ssues and ~e,P~ues the~eof irom wnatsoever source
-' de•~ved and tt+ereupon. rt~s nerebr e.press~r cwenan~ed ud apreed tnat tne cou~c snai~ eorcnw~tn aoa ~~' a rece.ve~ of sa•d morrgaged p~ope~2y. ai~ a~d
s~ngula• dM Of S~~Ch rl~tS. rnCpm~t. p~01~!S. KSUlS ind rlvCnuQS thlreOf. hOm wArtScevl+ SOU+CE OenvEd wrt~ ine us~a~ powe~s and au:.es o~ rece~rers m tikE
~ casez ancl such. aD;.J~ntment snatl p! m~ by suth cOUrt ss a matte~ 01 stnct r.9ht to tne Asw.~at:o~ a'Nf w~tnuut ~r~e~ence to tne adepuacy o~ ~~adeduacy o~
thv va'~ue o- the prope~tr hereby mortgagN o~ SO L~ SO~YQnCY O~ mso~vency o~ tne Mo~tgago~ a~u tnat w~~~ ~e~;s pro~:ts ~ncomes :ssues and .eve~~es s!+a'~
oe dDO~~etl bY Sut~ reCNVe~ to tns Davment o} the mwipape ~ndebtedn~ss costs and cha~ges acco~d~na !o tne c~de~ of suc~ cowt
10 T~+ar ~n tne e.~e~t tne Mem~xs ~e~eby mortgsped or s~Y Da*t fhereof sha~~ be condemned and ta4e~ u~tle• ~hr ~owe~ o} em~..e~t doma~~, the Assouatron snau
navp !he nqnt to demand that a~~ dsmages awsrded }or the tak~n~ of or ~~~ury to Sd~d O~tm~ses S~a~! be oa~d to the Assa.~at~o~ ~ts successo~s o~ ass~gns uD ~o
tne amo~nt ;ne~ unoa~d o~ th~s rnwtgaee. a~+d m~y be aD~j~~d to a-+v sums ~ast parabe nereu~ae•
11 That nme ~s o~ the esx~ce o~ N~s contr~ct and thst no wa~ver o! anY ob~~gac~on nereun~e~ o+ of t~e ob~•g~ro•~ sew~e~ ne~eDy sna'~ a: a~y bme t~e~eafte~ De
ne~d To t»~ a wa~ve~ o~ tne terms ne~eol o~ oi tne D~Om~SSOry note secured nerehr
12 . ~n ~he e.~e~t o1 anY deta~~t ~~ any O} thE tl~mi 0) M~S mO~tpag! o• ~~ tne note secu~ed nerebY an0 acc«,e~at~o^ bY ~he ~01~7pi o+ anr otner rtuac~o~ inat wou~d
cause the ~nterest Da~d W piYaWE undlr M~S Obbgit~0~ t0lRC!!d if+e mltrlSt ritt ~u!~o~~¢ed by laa rhen ~n suc~ event a~i e~cess mterest thereto~o~e Da~d iha~:
bC c~Cd~tCd LO p~~~Gp21 ar+d a'! sccrued i~d u~A~~d !~Cl55 ~~tlre5i Shah abate a~W snai: no! 'ue dn ~l~ngdt.Un O~ tAe mdkCi O' O~ d~y uth¢t ~rwn
13 7na! to tne eate~t o~ the ~~+debtedness o! tne Mortysgo+ to the Assousuon desc~~bed ne~e ^ o~ secu~ed ne~eD~~ t~e Assooat~on ~s hereDy sun~oga?ed to tne ~~e~
• o~ i~e~s and to i~+e ~eghts oi the owntr snd 1+Wde. thereof o~ euh s~+d every mo~tpspe ~~e~ o~ othe~ encump+a~ce o~ the ~and desc.~bed here~~ wn,cn ~s w~d a~+d
sans4rJ ~~ wtio~e o+ ~~ part. out of the p~oceeds ot tAe ba~ desc•~bed he~es~ o~ secu•ed he*eby acd rne •esnecnve i~ens ot ssd mwtgages bens o~ other en
cumpra~ces. sha~' be an0 :he same sr+d esch o~ them hereby ~s O~eserved ar+d s~a~~ pass to a~d tre he~d ~y r~e Assoc~at~on here~~ as secu~~ty fo. tbe ~n
deb:edness to tr+e Assoc~atan Aere~~ descnbed a ~+e~eby securep. to the same eate~t ~Rat ~t wou~e nave uee.+ V'ese~ved a~d wou~d nave beP~ passed to a~0
bee~ !+e~d bv ihe Assoaat~on h~d ~t been du~Y sM reguis~~v ass~Q~ed t~a~ste~~ed se! ove• aM de~~Yer~ u-+tc tho asso-=~aro~ by xpa~ate deed of ass~gnment
~otw~th5tdnd~'+g iht ~a[t that the S0m! maY pe SaUif~ltl B~d ca~ce~~ed ot ~ecord rt ne~~g the ~nt@nt~0~ o~ ~hP pa•t~es •~e•eto rna: tRe same w~.~ be sar~s~~ed a~d
ca.+cellpd o~ reCO~d Dy the hO~de~s Mertpl at o~ abOUt the Ume o' the ~ecord:~g O' t~~s ~"o~igaye
14 Tnat ~~ a~V ot thC Sums o1 mprtey h!rli~ refer.ld to bC ~+Ot promDt~Y aM }u~~v Ca~o v~rtn•n rn.•t~ ~30' oays ~e^t ahe~ t~e sa~e seve•a~~y become due a~+d payab~e
- o~ ~~ eacn and eve.y cne st~autaoo~s ag~eeme~ts. cono~t~o~s and cove~a~ts o~ sa~d p'om~ssv~r ~ote a~:e f~,s mu•tgage o~ e~tne~ a•e not du!y prr!Urmpp COm
d~ed w~th and ab~ded Cy the agg~egste sum u~pa~d u~+de~ sa~d prom~ssory note a~+0 th:s mortya3e s~a : becon+e c„e a•~o ya~an e~o~tnw~tn ~~ rnerea`te~ at che
, ODt~on p1 tA! ASSOt~dtrOn. d5 fu~N and compietety as rf sa~tl apg~eyate sum o' mo~ev we~e O'~g~~d~~y ShU~~'dierJ TO bn Dd~n on wcn dar anytn~ng ,n sa•0
p~OmiSSOry nOfB O~ h!r@'n t0 :n! [Ont~iry nOtw~thSt2~C~~g
15 That ~~ o•de~ to acce~erate the matunty of t~e ~~debted.~ess ne~eDy secu~ed Decause o} tne'a~•we c' t'+e '.to•~yayo• r_~ ~a, 3^r ta. assess•~e^t ~~ab•~~t~ eb~~ga
n~n o• e~cumb~a~ce viw~ sa~d Wopaty as hero~n prov~ded ~t snaii not be necessa~y ro• •eQ., s ce t^a• <.tiP Assx a• n-, 5~3 I~:•s~ ua~ t~e same
16 Thar the absrac! o• abst.acts o~ !rtle covermg the ma~tgaped prove~tv sna~~ ac a!' r^~es ~~• ^y t~r '~e d!^ ; ~•~~rtgage re~na •~ ~~ ttie Acssesvon of t^e
Assec~aron and ~~ eve~t o~ the ~pedosure o~ th~s mo~tgage Or Ot~lr L~d~S~l~ O~ 1~!~P t0 thp ^+o~tga~e^. w~,ae•~~ ~~ e•c • q,. s^.••~e~r, o't~e ~ntlP~teAness sec~~etl
herebv a~' ~~gnt :~t~e a~d ~nterest o~ the Mortgago~ ~n and to anY sucn abstracts o' t~Ye s^a~~~ pass fo t~e c,,,~~naso~ a• y~ancee
17 S~+ou~A the va~~d~r~ m ne~ o~ tn~s ~+o~tgage or tRe ~oie secur~ tRereby Qe cortestetl Dti t ga* o~+ or o?he•.~ se *ne ti:o•tya~n• ag~?es to pa~ to t~+e Assx~at~on
t~e cost o{ de}e~d~ng rne same ~~dud~ng a reasonaNe attwney s!ee
18 To pay' all and s,ngular tha cos:z ~1+arges a~d e.penses mdud~na dtfOmPy c~eBS rP~I~O~~db!y :^r ~. P~f n;~n ~. ,,r a^. nm.- bv t~e Ace.x,at:nn tvr_ause of tho_
}a~lure o~ the Mo~tgaqa* to pe+~orm ~omplY w~th anA ab:de t~y each and eve~y the st~ou~~at~o^4 ~~t*~°~P^'~ ~~~ •~~ ~~'s an:s ~.o~~ena~ts n~ w~d p*nm~san.y note
a~+d rh~s ~+wrtoaga or P~tne~. an~f eve~Y wch ieuept fo. tne [~rme.+t ot cne mo~•n~ti ~~«anTP„r ati .~~i,.~~~.^. h.,~ r~,E• ~•~,..•,~sr~,~- hrve~ shat! bea• ;nte,est from
~iaTe at 7he rBte of e~t~htn_v,n pe• reM (1$'x! Der gn~um unhl fu~~Y ~a~A
19 Tha ASSOt~dho~ Shd~~ hdv! t~E n(~A1 2t a~Y Ame anQ hOm i~mt t0 hm! d~d w~thOUt ~oUCP t0 O~ C6^Sa^i o~ d^~ i~°'SO~ F:, a~ ~e.eaae a~Y .~~=~on o! tne prem~ses
~~om ine !~e~ o! tn~s *++o~rgage. ib~ reiease a~y pery~., habte ~o+ payme~t of aRy ~ndeotet~ess sec~ree tierenY ~~ e.rr~~~s me rme o! payme~t o~ a°rer tne ~erms
o! Dayme~i o~ af! or anr vart oi the ~ndehtedness wd-wut aHect~np o~ ~e+eas~ng the oe~so~a~ ~~au•~ t~ o~ any pwrson ' an!e ~otne~ cha^ a~~ pe~so~ •~teaseA pu~-
sua~! nereto~ for the payment o~ a~+y wm or ~ntercst secu~ed he~eDy a~d r-~thout ~n a~v w~se a'tennA va~v ~g o• a m ms~~~g !ne ~o~~es e~~?crs o• ~~en o~ M~s
r.,ptgage o~ a~~ the D~em~ses not specd~cs~ly r!~lsSEd ~rom the-~~tn O~ ttn5 mo~tgage by ~~e Assooa?~o~
20 Any aq~eeme~c hereaher made by Mo~lgsgw and Assoc~at~o.~ Dursua~t ~o sh~s mcrtgage s~a!i pe suvP~~~~ TO t^B •:~~{5 O} ~nP nc•de~ o! 2ny `~IB/V@ILfly M1M Of
e~cumD~ance
21 llpon rrpue5l O} MO~t9d90~ the Assoaat~on msv. st ~ts so4 opto~ ~rom nme to t~me befo~e fu!~ patiTent o~ a'•' ~nAebtrMess secureC n~•eby r.~ate ~u•c~e. ad
va~ces to Mortgagor. pronded however thst t~e total p.mupst secu~N ~r.ebr a~d re~^a n.~g ~~pa d mcud ~g a~y such aAva~ces s'+a~i no2 a: a~v ome e^
ceM ~~+e ongma~ p.muDa~ sum secu~ed heroby Mortpapo~ ina~~ oay a~~ such lu~ther adva~ces w,t~ ~~terest a~d tnv sa^+e sha!: be ycu~eA ne•eDV A~~ orons~o~+s
~ O~ th~s mOr,gag~ s~aU app~y f0 l~th }urth~r adva~ce as wd~ as to a~~ othe~ ~ndebtedness secu~ed ~erebv Noth,ng !.ere~~, co•~!a~~eA no,neve~ snai~ bm~t ~ tne
,7mMln; seti:r~A by this moriyag! ~~ Suth ~mpunt ~s ~~creased tr~ advances made by tne Assx~at~o~ as ~r.~v~~ e~sew~e~e n•ov~neA ~o~ to protect Tht 5@cur~fy
ZZ In t1fP _WOnt thC ~O{1~gOT hC~l~n a any wbseque~t Mo~tgago. O~ dny pe~5nn Or r.nr~;~rai~~.n ~rwr+,ri~t ~a~~'. ~ri'~,racr w'~at~<.o:o• ch~~ ilr, vn:.,imtwr tha .'t~C~s"1Y
here~n mo.tgaged by an ~ns:r~m~nt Commpniy reI•_r.ed to a^d krx~wr, as a w~a0 a•rnmrf m.,.tqaqP ~ro~tr,.,i,r !~rct n!i•d~rnnq rtip W'iT;nn r pn5~`/li O~ ihP ASSOfIa
non then at the opt+o~ o} th: Assoaat~o~ tne obbgat~on Sor,u•vA bv rti~s Mo.tyaaa an~~ Tm~rt•,aroi~ r=~.~~~a ~;.,.. ~~n~ (~.3yT~1~~
23 To provaie the Assouat~on v~nth Ftood Insarance Coverage ~} the rea~ p.opoty ~s now or hn•ea~rP. r,s.•o•m",e.t !n nF r~,r~.~n ,~ c:,oc~a' f~nn.f rtara.d a~oa as cnown
~ FlooA Harard Bo~~dary Map~Flood Inwrance Rate Man as puDt~saed Ay rna FeAe~a~ I.,au~anra Adr~~.~~cc~a,~n~
24 At the requesc o1 the Mortgsya. tM Assoc~~tro~ ~p~~lf t0 w~~W th! provis~o~5 O~ pA~sp~aD~ 4 re~at~vt to tAe creaLOn o1 a h~lard ~~w~sr.ce acco~~t. pmnded
howeve• tbst the ASSOastron rets~ns th~ rpht.~~t ~ts odtwn. to re~~~sUte wch prov~s~w+s oT sa~tl pa~ag~apfi a ss a~ oN~gat~o~ o~ che Mortpagor hereu~de~ upor+
the -+appem.g of a~ryr O~ the ldbwm+p
A Fa~iure to mate s~y psymsnt rpu~i~d untler th! ts~ms o~ t~e note on or be~o~e tne due date the~eof
8 Fa~~ure to coT.ply vmth ths mwr~nc~ prpv~s~o~s o} pan9~sp~ 3. or o~ sny of the o~hr te~ms snd cond~t~ons o~ tn~s mo~tgage o~ ~ote. o~ w~th tr+e ~nw~ar.~e
.e4u~remMts cr-~~'ed m tM OM_~IarsAOn o~ Condom~~~um and ~e~~tsd tlotuments shar.d !~e ~-+ortqsyW pope~ty be comm~tted to conOommwm
devebv~+ent . C~~f~~~
~ ~~vv
1961 J:~f~ 16 PF; 2~ G 7
ICI-IVI-7~
T/P-A
is~1~K~.)~~ P"GE~J~~
MLCA 17
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