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Home My WebLink About1276 () o O. R,~ eo:. 58 f'Ail571 I sr. lUC'[_C~I~!.~.~~~,j 8. Until ' default In tM perfonnanoe 01 the COVenlaJlts and agreemenls of this mortgage, the mortgagors shall be entitled In collect the renb; i&sues and r:fiU from the promiJes hereinbefore deK'ribed, but in Ca5('l of a default in any of the teom of this mortgage, ..00 the filing 0 a bill to ~1oSe this or any other mortg..ge encum~ring tl,e within described property, the Association shill immediately and wlWlut no~ be entitled to the appointment of 1\ Receiver of the mortgaged propt:rty, and of the rents. issues and profits thereof, with the urual power of Receivers In such caJeS, :md su~h Recelwr may 00 continued in pos.reS3ion of the said property until tM time of the sale thereof under SUC;h foreclosure, and until tl~ confirmation of Slldl sale by the Court, ' , '9. lE a conve)'ance should be made b)' the mortgagon 0' the premises herein described, or nny part thect"Of. without the written consent of the Association, and \\ithout assumption in regular form of law by the grantee of the obligatiollS to th,' Association crented by said promis$Of)' note and this mortgage, then, and in that event, and at the option of the Ass'K'iatiol'. nnd without notice. all sums of money sec'ue<l hereby shall immediately and concurrently with such ronveyanec b<x'ome due ami payable and in default. 1'be A.ssoclation may deal with auccessors h. interest with reference to this mortgage IInd the debt hereh~' secured in the same manner as with the mortgagors, and may forbear to SIIe or may extend time for I).'\yment (If the debt, secured hereby, or otherwise act without discharging or In any way affecting the liability of the mortgagors hereunder or upon the deht hercby secured. The Association may also deal with the Mortgagors and/or with suCCt'ssors in interest with reference to thi~ mortgage and tho debt hereby secured by forbearing to sue, ext~nding the time for paymen,t of the debt, providing for different m<lnthly payments and/or a different Interest rate, and by other express modifications of the contract, without losing any priorit~' the Association- has over other mortgagees or lienors or holders of any jwuor interests in the property secured hereby 10, That in the ever It the premises hereby mortgaged, or any part thereof. shall be condemned end taken for puhlip. 115(' under the power of eminent domain, the Association shall have the ri~ht to demand that all damages awarded for the takin~ of or damages to said premises shall be paid to the AsSO<'illtion, its successors or assigns, up to the amount unpaid on this mortgage and may be applied upon the payment or payments last p.1yable thereon. 11. It is specifically agreed that time is the essence of this contract and Illat no wai-.:e.. of any oblig.ltion hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. "If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be ;nsti- tut~, the Association' may at its option, Immediately or thereafter declare this mortgage and the indebtednes.~ sl'ellred hereby dul' and payable, 13, To the extt'nt of the indebtedness of the Mortgagors to the Associ.'ltion described heH'in or secured hereby, the Asso- ciation is' hereby subrogated to the lien or liens and to the rights of the owners and holders thercof of each and every mortgage, lien or other encumbrance on the land described herein which is paid amI( or) satisfied, in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of snid mortgages, Ilens or othl'r encumbrances. shall pass to and he held by the Association ht'rein as security for the indebtedness to the Association herein described or hereby secured. to the same extent that it would have been preserved nnd would have been passed to and heen held by the Association had it been duly and regularly 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 thn same will be satisfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges. and expenses including lawyer's fees. re.asonably incurrt'd or paid at all~' time by the Association. he('ause of the failure of the Mortgagors to perfonn, comply with and abide by each and evt'ry stipula- lions. agreeffit'nts. conditions and rovenants of said promissory note and this deed, or ('it her. and evt'ry such payment shall lwar interest from date at the rate stated in the note sl'Cuft'd hereby. 15. That hl" wiII permit, commit, or suffer no waste, impairment. or dt'lt'rioralion of said proIwrty or any part thneoL and in the c\'('nt of the hilure of the Mortgagors to keep the huildings on said premises and thos(' to be er('('t(,d 011 said premises, or impro\'('ments thl'rcon in good repair, the Association may make anel pay for such repairs as :n its e1iserelio'l it m"y deem n('('t'ssary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this JIlortgage and shall at the option of the Association be immediately due and payaHe, or payable in such monthly installments as the Associa- tion may det('rmine. and every such payment shall bear interest from date at the rate stated in the nott' ~ecured hert'hy. 16. That if the AssociaHon and the Mortgagors agree, the Mortgagors will carry a policy or policies of insuranec upon their lives in alt ann,unt equal from time to time to the amount of indebtedness hereby seemed. making said Ass(K'ialion belldi, ciary thereunder. and that the snid Ass~iation may ray the premiums fo~ such insuranct'. (in the event the ~Iortgagors do not). and add each such payment to the unpaid balance 0 the loan, as of the first day of the then current month. amI it shall lX'com,' additional indebtedness s('('ured by this mortgage payable upon demaml. 17. That in thc event that this mortgage be given to secure a ronstmction loan, failure on tht' part of the ~Iortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith. or to build said construction in accordance with plans and specifications filed with the Association. shall ronstitute a breach of this mortgage. . and. at the option of the Association, immt'diately mature the entire amount of principal and interest he~(by St'<.'ured and the Asso. ciation may immediately institute prOttcdings to foreclose this mortgage, 18. That tht' ;~Lstract or abstracts of title covering the mortgaged property shall at a\l times, during the life of this n\llrt. gage. remain in the possession of the Association and in the event of tht' foreclosure of this mortgage or other transfer of title to the mortgaged property in t'xlinguishment of the indebtedness secured Iwreby, all right, title. and interest of the Mortgagors in apd to any such abstracts of title shall pass to the ~urchaser or grantee, 19. Thl' Association shall have the right, in its discretion, to recjuire thai the Mortgagcr~ pay into the A,sodation in addi- tion to the monthly installments of principal and interest to be paid by the ~forigagors under the note secured bv this III ort gage'. an amount equal to one-tweUth of the :mnual installments of any taxe's on the mortgaged premises leviNI or assessed by an~' govcmment1l1 authority, and one-twelfth of the annlIal premiums for Fire and Extended Covrrage insurance on t!ir- lI1ortgagt'd premi$l's as hereinbefore rcquircd by the Association. and the ~{ortgagors' faiiure to make such paYlllents sholll COllstitute a default under this lOortgage, . IN \\'ITNESS \\THEREOF, the said Mortgagors hercunto set thcir hands and seals the day and ycar first above wrill,'n. Signt'd, sealed and delivered in the presence of: t ~~L...F.~~.... y~X>~? '-~. ~tJ:A-.-,IW~xJ~ . . .... .~~~""'-:- .'sJ\.A..-.....Q."--'__~"'...\..,L,~~Q..L.n ~ ~ ~ u/r5f.Sl ~ 02i~. U)..-v-.f!U?-t.; C (SEALI ~~ ~hOt\ic'^-' / I. ~ ft/1/~ tr7\_L.~:EAL) Louise Wyhonic - { . (SEAl,) (SEAL) ("'O~TGAGORS) -{ ....:'-\ .~ '\ " . .."...~.._~r~'.--"'-''''__''__ -. '-'--"'-~-'.._"'-~-'-~~~~--~-" - ".....,.~._-.~~_."'-.-.. ,