HomeMy WebLinkAbout0928 If the arnount of thz Funds neld by Mortgagee, toyetner wiCh
the future monthly installments of Funds payable prior to the due
dates of taxes, assessments, insurance premiums and Association
assessments shall exceed the amount required to pay such taxes,
assessments, insurance premiums as they fall due, such excess shall
be, at Gra~tor's option, eitner promptly repaid to Grantor or
credited to Grantor on monthly installments of Funds, if tt~e amount
of the Funds held by Mortgagee shall nat be sufficient to pay taxes,
assessments, and insurance premiums as they fall due, Grantor shall
pay to Mortgagee any amount necessary to make up the deficiency
within 3U days from the date notice is mailed dy Mortgagee to
Grantor requesting payment thereof.
Upon pa~ment in full of all sums secured by this Mortyage
Deed, Mortgagee shall promptly refund to Grantor any Funds held by
Mortgagee. If under paragraph 13 hereof the Property is sold or the
Property is otherwise acquired by Mortgagee, Mortgagee shall apply,
no later than immediately prior to the sale of the Property or its
acquisition by Mortgagee, any Funds held by Mortgagee at the time of
application as a credit against the sums secured by this Mortgage
Deed.
4, Maintenance of Property. Grantor wiil keep all
improvements located in Grantor's Condominium Unit in good condition
and repair, and will not commit or permit any waste of such Unit nor
do any act by which the value thereof may be impaired.
5. Condemnation. In the event the Property or any part
thereof is taken or damaged by any public improvement, condemnation
proceeding or under power of eminent domain, the entire award
therefor shall be paid to Mortgagee, who is ~~ereby empowered in the
name of the Grantor to receive and give acquittance for such award
or judgment whether it be joint or several. The entire amount of
such award, ~o the extent available, shall be applied by Mortgagee
to the reduction of the Secured Indebtedness, or Mortgagee at its
option may waive such application in whole or in part and pay such
award or part thereof over to Grantor. The foregoing provisions
shall be superceded by any provisions of the Cendominium Documents
and any prior mortgage to the extent necessary to avoid a conflict
between each provision and the provisions of this Mortgage Deed.
6. Application of ~roce~s of lnsuranc~ or Condemnation.
Until the Secure~ Indebtedness is paid in full, the application of
any insurance proceeds, condemnation award, or part tnereof, to the
reduction of the Secured Indebtedness, as herein provided, shall be
in inverse order of its maturity, and shall not abridge or postpone
the obligation of Grantor to make the regular payments set out in
the Promissory Note ~videncing the 5ecured Indebtedness.
7. Advances. If Grantor shall fail to pay any taxes,
assessments, water rates or other governme~tal or municipal charges,
fines or impositions, or to pay any amounC due as therein provided,
Mortgagee, at its option, may pay or perforrn the same. Further,
Mortgagee at its option may make any payment that the Grantor should
have made, and may also pay any other sum necessary to preserve or
protect the security of this Mortgage Deed. All suc1~ sums so
advanced or paid, as well as all costs reasonably incurred or paid
by Mortgagee pursuant to this Mortgage Deed, shall thereupon become
a part of the Secured Indebtedness and shall oear interest at the
same rate as in tne Promissory Note provided from the date when any
such sums ar~ paid. Any and all sums advanced or paid by ~4ortgagee
under the foregoing provisions shall, together with interest, be
repaid to Mortg2gee upon demand, and upon the failure of Grantor to
make such repayment within fifteen days after such demand, then all
the Secured Indebtedness shall immediately become due and payable at
the option of Mortgagee.
8. Extensions of Time ~or Payment. The lien ~f this
instr~ment shall remain in full force and effect during any .
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