HomeMy WebLinkAbout1247. BhRR ~~ F~CE~g~ ~_~
St, ~'.!~'lE C~i1JNtY, rlA,
8. Until default in the performance d the covenants and agreements of this mortgage, the mortgagor shall be errtiticd
to collect the runts, issues and profits from the Premises hereinbefore described, but in case of a default in any of the teens of
this mortgage, and the film of a bill to foreclose this or any other mortgage encumbering the within described property, the
Association shall iminedinte~}• and without notice be entitled to the appointment of a Receiver of the mortgaged property, and
o[ t,'re rents, Issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be contirueci
in possession of the said property' until the tune of the sak thereof under such foreclosure, and until :he corfirn-,ntion of such
sale by the Court.
9. If a conveyance should be made by thr3 mortgagon of the premises herein described, or any part thereof, without
the written consent aE the Association, and ~~7ihout assiunption it- regular farm of law by the grantee of the obligations to the
Association c:eatecl byy said promissory note and this mortggage, then, and in that event, and nt the option of the Association.
and without notice, all sums of money secured hereby shall immediately and roncurrently with such rnnvevanee became clue and
i>ayable and in default. The Associatie,~ may deal with successors in interest vrith reference to this mortgage and the debt hereby
secured in the same manner as with the mortgagors, aced may forbear to sue ar may extend time for payment of sire debt, secured
hereby, or otherwise act without discharging or in any way aff~,•cting the liability of the mortgagors hereunder or upon the debt
hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this
mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
monthly payments and/or a different interest rate, and by other express modifications of the rnntrut, without losing any priorit~~
the Association has over ether mortgagees or licnors or holders of any junior interests in the prolxrty secured hereby.
10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for ~rublic use
under the powor.of eminent domain, the Association shall have the right to dermand that all damages awarded for the taking of or
damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and
ma_v he applied upon the payment or payments last payable thereon.
11. It is specifically agreed that time is the essence of this contract and that no waiver of any obrgation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the teens or of the instn,ment secured hereby.
- 12. - If foreclosure proceedings of any second mortgage ar second trust deed or any funior lien of any kind should be insti-
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
and payable.
13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage,
lien or other encumbrance on the ]and described herein which is paid and(or) satisfied, in whole or in part, out of the proceeds
of the loan descnued herein or secured hereby, and the respective liens of said mortgages, liens ar other encumbrances, shall ppass
to and be held by the Association herein as security for the indebtedness to the Assa:iattiuu herein described or hereby sexruecl, to
the same extent that it would have been preserved and would have been passed to and been held by the Association had it been
duly and regr,larly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will
be satisfied and cancelled of record by 'he holders thereof at or about the time of the rrcordurg of this mortgage.
14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at a,»•
time by the Association, because of the failure of the Mortgagors to perform, ;,orrrply with and abide 6y each and every stipula-
tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear
interest fmm date at the rate stated in the note secured hereby.
15. That he will unit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in the event of the nature of the Mortgagors to keep the buildings nn said premises and those to be erected on said premises.
or improvements thereon in good repair, the Association may make and pay for such re airs as in its discretion it may deem
necessary fQr the proper preservation thereof, and the full amount of such pa}~nents shall be secured by the lien of this mortgage
and shall at the option of the Association be immediately due and pa}sable, or payable in such monthly installments as the Associa-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby.
18. That if the Association and the 'Mortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
their lives in an amount equal from time to time to the amount of indebtedness hereby secured, making said: Association benefi-
ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not),
and add each such payment to the un rd balance of tho loan, as of the first day of the then current rrconth, and it shall become
additional nrdebtednes~ secured by this mortgage payable upon demand.
17. T},at in tare event that this mortgage be given t~ secure a construction loan, failure nn the part of the Mortgagors or
!heir contractors to complete said building in accordance with Constn,ction Loan Agreement, of even date herewith, or to build
said constn,ction in accordance with plans and specifications filed with the Association, shall constih,t^ a breach of this mortgage.
and, at the option of the Association, immediately mature the entire amo„nt of principal and interest hereby secured and the Asso-
ciation may immediately institute proceedings to foreclose this mortgage.
18. That the abstract or abstracts of Htle covering the mortgaged property shall at all times, during the life of this mnrt-
gagc, remain in the possession of the Association and in the event of the foreclosure of this mortgage or othcY transfer of title to
the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
and to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association share have tho right, in its discretion, to require that the 1\iortgagon pay into the Association in addi-
tion to the monthly installments of principal and interest to be paid by the 111ortgagars under the note secured by this mortgage,
an amount equal to oT~e-rivelith of the annual installments of any taxes on the mortgaged premises levied or assessed by any
governmental authority, and one-hvelEth of the annual premiums for Fire and Extended Coverage insurance nn the mortgaged
premises as hereinbefore required by the Association, and the \inrtgagors' failure to make such payments shall constitute a default
under this mortgage.
IN wJTNESS ti'IIEREOF, the said Mortgagors hereunto set their hinds and seals the day and year first above written.
Si nod, sealed and delivered in the presence of:
~• 1 -
jWITNE55E5)
// e n Fowler -
Christine Fowler
(~I•.AL)
_ _ _ _ ....-_ (SEAT.)
(MORTGAGORSI