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Home My WebLink About1997 o o 6. ~., 3uJ 59 iAlt 504 .., ..,. 8. Until default in th~ perfomlance of t!l~~abkC"Jil~~( iI; thb mortgage, the mortgagors shall be entitled to rolled the rents, issues and profits from the ~ Ji~ -deeeribed:' but in case of a default in any of the tenns of this mortgage, and the filing of a but to ioreclo5e th1s or .Wly other mortg..ge encumbering the within de5':l'ibed property, the Associatic,n shall immediately and without notice be entitled to the appointment of a Rect"lver of the mor.gaged property. and of the rents, issues and profits thereof, with t~e usual power of Receiven in such cases, :1Od such RN.'t'iver may he continup.{l i,l (X>S-'ession of the said property untU the time of the IDle thereof under such foreclosure, and until the ronfinnation of ~lIdl sale by the Court. . 9. If 11 conveyance should be made by th6 mortgagors of the premisCj herein described, or any part thereof. witllOllt th(' written rons('nt of tht' Association, and without aSlumption .in regular fonn of law by the grantee of thl." obli~.8tions to tht' .\ssodation crented by said promiS$OC)' note and this mortgage, then, and. tn that event. ~nd At tht' option of the A~so('ii\li()II, allll without notice, all sums of money secmed hereby shaU immediately and concurTt'ntly with such ron\'eyance be<<lI11e dlle lllld payable and in default. 111e Association may deal with ~on in intt'rest with refcl'enCt' to this mortgage 8nd the debt hereb~' secured in the same mannt'r u with the mortgagors, llnd may forbear to sue or may extend time for payment of the debt, s('Cured hereby, or otherwise act without discharging or in any way affecting the liakility of the mortgagl'r5 hereunder or upon the debt hereby sC<'ured. The Association may also deal with the Mortgagors and/or with suCCt'ssors in interest with reference to this mortR'.\~e ann 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 o~r express modifications of the contract, without losing any priority the Msociation has over other mortgagees or )jenors or holden of any jWlior intert.*Sts in the property seeured hereby. 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public ust' under the power of eminent domain, the Association shaU have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this .mortgage and may be applied upon the payment or payments last payable thereon. II. It is specifically agreed that time is the essence of this contract and that no wah:er of any obligation herellndt'r or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tennJ or of the instrument secuTe<1 hereby. 12. If foredosure pJ'OC('edings of any second mortgage or second trust deed or any junior lien of any kind should be insti- tutt'd, the Association ~ay at its option, immediately or thereafter doclare this mortgage and the indebtedness sf'cured hereby due and payable. , 13. To the extent of the indebtedness of the Mortgagors tll the Associntion 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 e\'ery mortgage, lien or otht'r encumbrance on the land described herein which is paid and (or) satidied, in whole or in part, out of the proceeds of the loan described herein or secured hereby. and the respedive liens of said mortgages, )Iens or other encumbranCt's, shall pass to and be held by the Association herein as security for the indebtedness to the Msociation herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to and been ht'ld by the AssO<'iation had it hecn dilly and regularly assigned, tnmsferred, 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 part:es hereto that the same will be satisfied amI caneelled of record by the holders thereof at or about the time of tI'e I'f"'COrding of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's ff'Cs, re.asonabl)' incurred or paid at any time by the Association. l>C<'allSe of the f<lilure of the Mortgagors to perfonn, comply with and abide by each And every stipula. tions. agreements, conditions and rovenants of said promissory note and this deed, or either. amI ewry SIIeh p<lyment shall lwar interest from date at the rate stated in the note secured hereby. 15. That he will pennit, commit, or suffer no waste, impainnent, or deterioration of said property or all)' part thert'of; and in the eV('llt of the failure of the Mortgagors to keep tile buildings on said premises and those to be er('Cted 011 sail) prt'mises, or improvements thercon in g:xxl repair, the Association may make and pay for such repairs as in its discretion it may deem n<'Ces~ary for the proper preservation thereof, and the full a~ount of such payments shall be secured by the lien of thL~ mortg<lge ann shall at the option of the Association be immediately due and payable, or payable in such monthly inst<lllments as the Associa. tion may determine, <lnd every such payr.1ent shall bear interest from date at the rate stated in the note secured hereby. 16. Tlwt if the Association and the Mortgagors agree. the Mortgagors will carry a policy or policies of insurance UpOTl their lives in an ari't!tunt equal from time to time to the amount of indebtedness hereby secured, making s<lid Associat1on benefi. ciar)' thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not). and add each such p:l)'Tnent to the unpaid balance of tht'l loan. as of the first day of the then current mOllth, and it shall }-" com:' additional indebt('l.ine~s s<'Cured by this mortgage payable upon dem!\hd. 17. That in the event that this mortgage be given to sreure a ronstmction loan, fAilure on the part of the Mortg:l~ors or their rontractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to huild 5<1id construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, al the option of the Association, immediatel)' mature the entire amount of principal and inh'rest he~cby sreured and the Assll. . dation may immedi<ltely institute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of title covering the mortgaged properl)' sh<lll at all times, during the life of this morl. gage, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of titte to the mortgaged property in extinguishment of the indebtedness sreurcd hereby, all right. title, and in(erest of the Mortgagnrs ill and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to re<juire that the MOrtgllgOrs pay into the Association in addi. lion to the monthly installments of principal and Interest to be p1'.id by the Mortgagors under the note secured by this mortgage, an amount equal to one-twelfth of the annual instrUments of any t<lxes on the mo.tgAged premises levied or assessed by any govemmcntal authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged premises <lS hereinbefore required by the Association, <lnd the Mortgagors' failure to make such paymt.'nts shaU comlitute a default under this mortgage. IN WITNESS WHEREOF, the said Mortgagors Signed, sealed and delivered in the prcsence of: ~~~ ..~..... .---_..-----_.__. -...... --_._-~------- ._-. --.-. .---- .-..-.---.-.----..----- -.--- (\'iITNE~U) hereunto set their hands and seals the day <lnd ye<lr first <lhove written. . /1 .... tJ~.....~...vC/.. Daniel Lepore Estelle Lepore ..~..lle6<-A- (MOllTOAGOR 5) , ~; ~ (SEAL) . (SEAL) (SEAL) .(SEAL) f .