HomeMy WebLinkAbout2620Tnat. ~n adN a poaet mor~ (uuy c1» s~cwn~ ol ll~s matpsp~. tM Ma~Qapa. topahN wnh. and w+ Nldilan to. th~ mw~~hlr Wr~nq und~r !h~ ~~~ms ot ~M
not~ s~cund Mr~by. on tM sp~t~Md paymMt dal~ ol ~~th month u~W tM Nd noq a fully pa~d. wdl paY to tM Assouatan tM iWlow~np wmf
l+) M~~suumN-t ol tM t~a~s uW ~aNSSm~nts MvNd a ~0 0~ 1wMd pau-st tM p~rtus~s cova~d by ~1rs matp~. and an u-siaum~nt ot tM pa-uum
a p~nuums that w~U b~tom~ dw ~nd pay~bN to ~~Mw tl~ inwru~t~ o~ IM pr~mats covaW Atr~by apa~nst lots by lus snd wu~dstam. ~s p~ovd~d
fa by paqpqph 3 p~c~drip. or tuch othw Au~rd ~s may rNSO~01y b~ rpuw~d by tlr Assoc~itan. ~nd M mst~Ym~nl d tM p~mwm tA~t w~N
becom~ dw ~nd paYSDN to ~~Nw th~ matp~p~ uawsna. d~ny Such ~nsaUm~nts sMU p~ pua1. r~sp~cuwly. to on~-t.vNhA I 1 i 12tn1 0~ tM r. ~
uma~~d p~~m~um o~ pr~rtwums la such ~nsur~nca. and tu~s and ~a~ssm~nts n~^t dw (as ~sumaad Dy tM A»ouatanl Nss ~N ~nsuUm~nts ~a~Wp
p~d t1~~fa. drvd~d by tM nw~ of montM tMt u~ to ~Ipw a~s month pqr to tho dat~ wh~n wch p~mwm a pemwms u~d ux~a ~nd
ass~ssm~nN w~M b~wnN dNmquM-t TM AswcNtan. wlwl~ ~pplyu~p wch p~ymertts to Mw~snc~ pnm~ums, taa~s ~nd ~as~ssm~nts. Wtor~ tt~ Nrrw
Wcwn~ d~h~~+t. ~AaM not p~y mt~ral to tM Matppa on sucA lunds. and aN sucA payrt~nts msy b~ commu~pf~d by tM AssocNtan w~th ~ny
oths~ wch funds a vmtA rts own funds TM fue-ds u~ pbdp~d u add~uonal s~cunty fw the wms s~cur~d py tn~s Mwty~ snd sr~ wq~a to us~ by
tM Assocutqn in p~ym~nt ol "laq charp~i' ~nd b~rJc coll~ctan charp~s
Ib) AN p~ymenlf mauq~Nd m GN prit~~p W01~Ctan OI llul pNpaph ~nd all p~YtrNMS to bs mWe unti~r tM not~ aetur~d h~r~by ahaN b~ addad
toyatMr snd tM ~pprp~u ~mount tlN~wl sMH D~ pad by th~ Matp~yo~ ~uh month ~~ s ynqt~ wYmsn~ to W appb~d by tlw bsouatan to tM
Idbvmnp ~tsms ~n th~ a~ s~t fath 1 Tax~a. ~ss~ssmMts. ~~d mwr~nc~ pnrtuums 2°Uts chsryes' and b~nk coH~ctan cM~y~s. unbss psW ~n
awnn~ wov~d~d M Pa~p~+M- 4(~) 3. Int~nst on tM ~ot~ s~cur~d MnDy 4 Amwt~tstao of tM pnnaW~ ol sad not~
Any dshaerxy ~n tM amount ol wch sp~rp~t~ montMy psYmt+us shsN. unleu psd by the Ma~9ago• Wwr to cl~e due date d tha r»~t wch psynNnt. co~-
st~wre an event of ds(ault undK ths matyp~ W~thoul wa~wr ol any nght. lhs AuocNUOn may c~iec~ a"ute cha~ye ~ as pov~ded ~~ the Note
5 That d the totsl of th! p~ym~ntf m~ by tM Mortp~po- urdN (d Ot pu~priph 4 plt~np slqN ~ac~sd th~ smouM ot WYm~nts scW~uy made by tAS.
Assouatan fa tsa~s and ass~ssm~nts and Nauru~c~ pr~mwma. ss tM us~ may b~. wch ~:ctss shsu be uedtsd by tM Assouatan on wbssqu~nt paymtnts
to bs mads by ths MortQapor If, tqw~vN, tM mOntNy p~ymMts m~ Dy tIN Mottp~por und~r (sl ol p~rs9raph 4 pecsd~np shall not hsve bsen wH~aent to
paY ta^es snd ~ss~ssmsnts ~nd insur~nc~ pnm~ums. ~s th~ us~ may b~. wMn tM farrN sM11 pecome due ~nd p~ysbN. tfKn. the Assocutan msy. st ~ts op
twn. ~mmsd~stel~r psY sutA tu~s and ~ss~ssnNnts ~~d ~r-wranc~ pc~mwm. ~nd th~ Mwtp~por shslt p~y to tM Assoust~oti sny smount n~cesssry to mske up
the delK,ency. and wth psymN+t sMll bs dw ~nd p~Y~bl~ vwthn tlurty 1301 d~YS ~hN tM dat~ ol maJ~np ol notKe by tM Assocutwn sen~np fath tM amount
ol such defK:~e~cy 11. at ~m dms. tM Morip~pp ahaN tw~ to tA~ Assot~atwn. n accordants wnth tAe pows~ons of the note setursd hereby. full paymsnt ol
the ent~re i~debtednssa reprsqnt~d Mrsby, tM Assouatwn shaN. ~n oompuWq tM smount of such ~nd~b[edneu. cred~t to the accouM ol tAS Moitpaya sny
balance rsmauunp ~n ths iu~ds actumulst~d und~r tM prows~ons of (~) o~ Wr~praph 4
5 To perm~t. commrt a sufla ~o wssts. ~mpi~rm~nt a d~ta+pr~tqn ol ss~d popaty. a ~~y part Ihereol. snd upo~ ths fsdurs of the Mat~apa to kesp tne
bu~~d~ngs on ssd propsrty m pood ca~d~tan a rpau ~rW mamnn~nts. tM Assouatan may demand propsr mamunsnce and the ~mmsd~ste repsu o1 ss~o
bu~ld~nps. a an ~~cresse m ths amouM o1 s~cunty. a th~ ~mm~ats rep~yment oi tM debt hereby secursd, and tM I~J~-,r ol ths Morty~pa to comply wah
sa~d demand o1 ~he Assoustan for ~ pK~od o~ thrty (30) 0ays sh~li consuwn a~~ach ol th~s mortyape. and. ~i ~M optan ot tns nssocutan. ~mm~atMy
mawre the enure amount of prurcpal ~nd mtH~sl Mnby sscund. a~d tM Assouacan ~mmW~stNy and nntnout nouce msy ~nsututs pocaW~nqs a torscbse
th~s rtwrtgage snd apply for th~ sppwnlm~nt ol ~ ncMVM. ss MrNnshN pov~dW. ~nd m cass ol t~s refussl. neplect a inab~I~ty ol tM Mwtyaya to rspa~r and
ma~~a~n sa~d poperty. ths Asaoaatan may. ~t rts optan. rty1c~ wcA rpa~:s a uuse tM s~me to be msde, and advance maieys ~n tMt b~AaN
7 To perlorm. compiy vr~th snd abd~ by each and w~ry tM stpulatans. prNm~nts. ca~dtqns snd covtnants ~n ss~d pom~ssory note and tMs mortp~ye set
(or1M1 .
8 To comply rv~th ths wbdrv~swn nstnctwns and tM mu~l tawnp adenarxss ~ppbc~bN to ths mortya9ad p~apehy. not to erect w pe~m~t to bs erxtsd any
new bu~ld~ngs o~ ths psm~s~s 1~«n matpapW or to ~dd to a p~rerwt to b~ add~d to. msk~ or psrrtat to be made. u~y structur~l alteratans to smr of th~ ea•
~sung ~mprovemenis tMnon vmthout tM wntt~n oons~nl of tM Assousuon. and m ths evem of ~ny val~tan or attampt to vwlale these supulatans. o~ any ol
thrm. th~s mortysgs snd sN wms s~cur~d Mr~by shall ~mrt~~tNy b~com~ dw ~nd payaON at tM opta~ ol thd Assouatan
9 Tnat ~n case ol a de(sult m a~ ol tA~ t~rms of ttrs mwtpap~ ~~d tM (~Mnp of ~ bdl to Iw~cbse tlws a ~mr otMr mortyaye encumbenny ths Lwthu+ descnbed
property. the Assoaatwn slull b~ ~nUtl~d to spply. at ~~r am~ nnthout noM~ p~nd~np wch fw~clowre wu. to the coun hsvuiq ryr~~dc[an therepllor ths sp-
pantment ol s rece~ver of ~u snd su~puqr tM mOrtp~p~d propaty. and ol su tM rents. ~~tomes. pofits. ~ssues ard ~e•ren~es tAe~eol. from whatsaersr sou~ce
denved. and. thereupon. ~t ~s Mnby ucpr~ssly covens~tsd and ~prsed thst tM coun sAS11 fathw~~h sppam a rece~ver of sa~d mortyaged property. sll and
s~ngular, a~d of wch rents. ~ncortMS. pro6!s. ~sw~s ~~+d rwsnues tMreoL Irom vel+~tsoeve+ source derrved. nnth the uwal powers and dut~ss of rscMrsrs ~n 4ke
cases. a~d such sppo~ntm~n[ shsu Ds mad~ py sucA court ~s ~ m~ttsr ol strKt rqAt to tM Assoustwn. ~nd w~thout roference to iM sdepusc~ a~nsdeQuacy oi
the value of the p~operty Mnby morty~y~d, p to tM sdve~cy a ~nsoivency o) tM Mort~pa. snd that such rents. probts. ~ncomes. ~ssues. snd rewnues s1~sM
be appl~ed ~y such rsce~ve~ to tM p~ym~nt ol tM mortpays ~nd~btsdi~ss. costs ind charpes. sccwd+ny to tAe ade~ o~ such court
10 That m the event ths prertusss hsr~by mortp~p~d. a ~ny part tMr~ot. shall bs torWemned and tsken under the powa ot emment doms~n. the Ass~uaUOn sASll
have tAe nght to demsnd that aU damap~s award~d fpr the ukmp of or uyury to s~d pem~sss N+su be pa~d to the Assouatwn us wccessors o~ asspns. up 10
~he amoum tAen unpsd on tMS mwtp~p~. s~d may W appl~sd to ~ny wms I~st p~ysMs Mereunde~
t t That t~me ~s of the esssnce of tMS cont~sct snd tMt no waner o1 ~ny obl~patan hereundsr. q o( the ob~~gatwn secured nereDy. shaU at any ame thereaher be
heid to be a wa+ver of the terrt-s he~~p( pr ot ti~ prom~ssory not~ setured hersby
12 In the event o1 anv deiault ~n any d the t~rms ot tMS mortp~ps. a m the non secur~d hereby. ~nd acceleratwn by tAe nolder. w any other s~twt~on that would
cause the ~Merest pa~d a psYable undsr tMS oblp~tron to e:caed the mtaest rate aufhonied by law. ehen m such even~ sU eacsss mterest tAeretofore pad sAatl
be c~edrted to pnnapst and aP accnNd and unpnd sYCess mtersst shsll sbate and sMll rat be an obl~gatron of the maker w of any other psrson
13 That ro the extent ot the ~ndsbtsdn~ss of t1N MatQspor to tM Assocwtan descnbed he~e~n or secured Ae~eby. the Assouatwn ~s haeby wb.oyated to t1ro I~en
w I~ens and to the nghts o~ ths owr»r ~nd hoidf~ thawt o1 ~ach snd ewry morty~pe. ~~en a othe~ erccumb.ance o~ tAe Isnd descnbed here~n. wMC~ ~s pa~d snd
sa~~si~ed. ~n rvhob w tn psrt. out ol th~ procNds of tM loan ascnbsd ha~ei~ a secured hsre~y. ~rtd the respecuve bens of sa~d mortp~pes. tro~s a other en•
cumb~ances. stw11 W. snd tha same snd ~ach oi tMm Mnby a pr~ssrv~d ~nd sha~l pau to snd be he~d by the Aswaa~wn nero~n as secuntr fa the m-
debtedness to the Assoastan hsrNn d~scnb~d a Mr~by s~wr~d. to tM same eatent that ~t would have been weserved and wauld have bsen paued to srW
been held by the Assoaatan Md rt MM Auly u~d repularly ~sspr»d. transfe+red. set over. snd delrvered unto the Assoc~atan by ssparate deed ot auqnment.
notwithstandng the fact th~t tM s~m~ msy b~ sausf»d ~nd uncNied of retord. it be~r.g the ~ntentron oi tAe partros he~eto that tAe same w~11 be sat~sfbd ~nd
cancelled oi recwd by ths holdea tMrwt ~! a about tM tum ot th~ recwdmp of tfus mort9sye ~ -
14 That ~f any oi the wms of . ~ Mr«n nf~n~d to b~ rat promptly ~rtd fulty pad w~tA~n tMrty 130) days next ahe. the same se~erally bec:;rrw due and psysG!e.
or ~f each and every ths sUpulst~ons. ap~»me~ts. cond~tans and covenants ot sa~d prom~ssory note and tMS mortga9e. o~ e~ther. are not duly perfpmed. com-
pt~ed wrth and abdsd by. the s9prpat~ wm unpad undh s~~d pom~uwy note snd th~s mortpspe shall become due and payable lorthvr~th or thereaher, at tlie
o~cwn oi t-~e Assouatan. as tuNy and compNtNy ~s ~f said ~eQa~e wm ot moaey were o~~g~na~ty sUpuiated to be pa~d on such day. anytfr~ m ssd
prom+sswy note Or httNn [O tM COntr~ry nOMntf-standuq
15 That ~n adn to accelerats tM m~twHy o1 th~ u'.~Dt~dn~ss hs~Ny s~cured pecause ot the fadure ot the Matpsyw to pay any tax assessment. I~sbhty, obbya-
t~on w encumbra~ce u~ron ss~d popKty ~s Mn~n provd~d. A shall not be necessary nw ~equ~s~ts thst tAe Assoastwn sha0 first pay the same
16 That tAe abstrsct or aDstracts of trtN tw~rxp tM morty~y~d pop~rty shsll st a~~ bmes dunnp [he I~ie of tMS mortysye. remam ~n fhe possess~o~ ol ~hs
Assoc~atan and. m event of tM foncbwn ol tlws mortp~p~, w otMr tnns~a o1 tals to [he mwtgayed p.operty. ~n eaun9u~shment of the m;sebtedness secured
hereby. a11 rght. t~tle and ~ntsr~st d th~ Mortq~yo~ M~rd t0 ~rryr suth abttr~tts O~ Gtte sAsll pass to the purttWier o~ grantee
17 ShouW tne val~d~ty w I~en of tMs mwtpps. a tM not~ secured tM~sby. be contested Dy ~~uyatwn a otherw~se. the Mortgago~ ag~ees to psy to the Assouatan
tne Cost OI defend~ng the sarrN uitlud~np ~ tNSOnabN altar»y'f fN
18 To pay aU and s~nguWr the costs. chergss and e~cper-ses. mciudng atto~ney"s fees reasonsbly ~ncurred or pa~d at any t~me by the Assouatwn. because of the
iaiiure of the Mortgagor to pertam, comply with and atr.Ae by each a~d every the sUpulatrons. ayreements. cond~~ecros anrl covena~ts of sa~d prom~ssory rate .
and th~s mortgage. w e~ther. anA evnr~ wch (e+ccept fa the payment of the monthiy ~nstaltment as requ~r~1 bY ~Iw Prom~ssory Notel shall bear enterest /~om
date at Ihe rate ot lgc! ~er arnwm untd fully ps~d _
K
~ g i he Assoc~atan s~all Mvs the r~pAt at any Gme and from t~me to UrrN and v~nthout not~ce to w consent of any person to lal re:ease sny portwn oi tAe prerrwses
(rom [he I~en oi th~s mortgsge. (D) release a~y person h~bie for paym~nt 01 uryr mdebtedness setured hereby. (cl e^ter~d the ume of paymem or atter ~he terms
ot payment o1 alt w any pah of the ~rWeb:ednsss. wrtfwut ~Hscunp or nl~as~np tM personal I.sb~l~ry ol an~ person baWe lother tnan a~y person retaased pur-
want hereto) (or the payment ol srr/ wm or ~ntersst sscursd he~~by ~nd vwthout tn ~ny nnse altenng. vary~np. or d~m~n~sh~ng the (orces, e(fects. or ben of tlus
mo~tgage on all tlie prem~ses not spsufically rei~assd from iM ben of thn matq~pe by the Assousuon
20 A~y agreement hereafter made by Mortpapa and Assoaatwn purwsnt to 1MS mortpsye shail be wpenw to !fx reghts of the holde~ of any ~nterven~ny I~en or
encumWsnce
21 Vpon reGuest of Mwtya9or. the Assousiror+ may. at rts wl~ opUOn. from Ume to ume- belwe fuu payment o~ al~ mdeDtedness secured hereby. mske lurther sd-
vances to Mortgsgor. prov~dsd. howerer. IMt tM total pnnupN a~cured here~y snd rema~mnp unpa~d. ~ncludmg any wch advsnces. shall not at ~~y Gme e^-
ceecl tne onq~nal pnnapal wm sacured Mr~by Matpapor shsll pay ~N such fu~ther sdvances w~th ~nterest and the same sha11 be secursd hereby Atl prov~sqns
oi th~s mwtgage shali ~pply to eath lurths~ advsnce ~t rwll as to aN othsr ~~debtedness secured he~eby No~h~ny here~n conu~ned. Aowever. shau I~rmt the
amount secured by ih~s mortyspe ~f wch ~mount ~s incn~ssd by ~dvancss mad~ by the Assouatron. ss herem eisewfr_~e prov~ded ~w to protect ths secunty
22 in the event the Mortgagor herein. w any wbsepusnt Mortgagor. w any person a caporatan owrung any mterest wiwtsoever. should encumber the pro~erty
here~n mortgaged by an ~nstrurnent commor~ly reierred to and known as e"wra0 eround matgage" vwthout t~rst obta~rMng [I~e wntien consent of the Assoae-
t~on. t-~en. at the optan of the Assouatan. the obbgatan secured by ttus Mortgage slia~l ~mmed~ateN ~ome due and payabb
23 To provde the Assocwtan Mnth flood Iruurance Coverage ~1 the real property ~s now o~ herea(ter determ~ned to be rntnm a speual fk~od harard area as shown
on fiood Haiard Bourdsry Map~Flood Inwra~ce Rete Map as puW~sl~d Ay the Federsl Inwra~ce Adm~rnstratwn
2~ At the rsquest ol tM Matyayw. th~ Assxutan ~prNS to w~M th~ pronsans of parspr~ph ~ relat~w to tM crestron oi a ha:srd ~nwrencs ~ccouM. pronOW.
f, . ~. thst ths !-ssousuon nuu» th~ rpht. n rti optwn. to n-~nstm such pov~~ons ot sad psrapraph 4 ss an oblpat~on of th~ Monyaqor M.wnds- upon
the happennp o1 amr ot tM (oilow~~p:
A Fsdurs to malc~ ~~y psYmMt rpuu~d undN tM tNms of tM not~ on or b~lors tA~ dus date therwl .
8 Fedu~a to comply with tM Msuranc~ prwn~cns o1 p~rprph 3. a of arryr ot tM otMr terms ud condrta~s of th~s rtartyap~ w nots. w vnth fM wuranu
r~qunsrt»nb eonuwwd ~n tM Welantan of CorWomuwum and rN~t~d docum~nts shouW the mwtpay~d propsrtY bs co:nmrttsd to ca~domxrum
dsveloprn~nt
(C)-M-7~ :'":'-. ' .,.'
T/P-b- • , . , .
~ •. ~ - -
~
~~ - -~
F ;~~ ._- ,~,
. ~. ~~~.~ . ~~.~+~~'': .-,
',K347 PAGf~,Ui3
B~~!K ~
~
_ ~..=vJ+.':y +~