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~ 8. Vat~ dehuk ia tbs paia~msoos af die coMeoaub aad a~earoeats of tbir aao~tg,aga` tbs mott~i,~nn tbau b~ aatkkd
to oalieot t6s ra~t~ i~a~a ~ad pro~b bas da pi+emi~a berdnbe[o~e dac~sibed. but ~n a~s of i deEauh in ~np of d~ ~ena,c vf
' tWs mat~,ge~ ~d d~a 81iq~ oF a 6iD to foe+eclas tbY a w od~ec moet~a,gs a~au~aberb~ tLe withia de~ibed prop~tr. t6s
A~ociatioa :Mli ~nd wuiwu~ u~i~ b~ ~ to !he dne~t oE a Aeoelver af d~s 'aroet~gedpe~p~ty, aod
, vf tbs renb, iu~~~~u~~ tl~ereo~ r~v&h tbs ~ulpovve: aE R~ax~ 6A ax~ ce~er, aad wcb Reoeives may ~s-
-ooiWnued
tn paa~ioa of dre afd pcoperty uattl tbe tlme af d~e ~a1s tbereoE under ax~ foe~edoauat, aad ~mtil tbs oo~tloa af ach
~ s~e by the Ocw~ .
tbe written ooo~ent of tbe A~ociatio~, and ~~ptiaa~ia nguLr~tan~n
af Lw thebp~
or aay p~et~t
~eoE~wt
~t
of tbe
Associa~on c+ronced~y sdd praat~o~y ~oos and thb mo~~tgaga tl~ea, sud m cluc a~vaat, ~nd ac chs option oE tbe Assochcbn,
and ~v~tho~~t no~oe~ a~ll sums of moa~y ~sea+ued ~roh~? t~all ~unedia~d~r aa~d ooa~rreody v~th ~uch coaveyaaos beoome doe and
payabb aai in defauh. '1'6s Apoci~tlan may dal w~L a~ooassas ia iaterest wtth referaioe ~o tlds a~oreg~age and tbs dabt bm+e
~ se~rea m 1he w~ ma~ as wia, rbs ma~ago~ .na ,~.r Ea~bcar co ,~ue a m.r e~ta,a tlme fa p.ya~ent of ths adx, .
ba+reby, ar oth~rwtse ~ct wuooui u. ~ way affeetiag tbe 1taWljty af the mo~tgagors La~ a upoa d~ debt
w
~ b~b~? zectuea. Tf~e Aaod.cioa may. , ae.l .~th a~e M
M«tgagaes ~
time~faca'°°es~°cts~ ~ wit~' ''°~°~t
~ mor~ge and t6e debt serm~ea op iuri o~u,~ P~~ C~'~°8
moa payarenb arid,/ae~~~~ fnteratt iaEe, ud_ by_ otbec e~cpras modifia?tloos af the ooatrnet, wjtLout bsLn anY P~h'
• tbe Aaodatbn b+~t arer otber mottgs~ees or liaaocs a~ bold~s oE ~ny junior intaesb in the p~npecty sec~ured ~era~r. .
IQ Tf~st in tbs event the hes ba~ehy ae ~ny p~t N~seof. s6~D bs ooademned and taben fac use
utxlar tbe pow~ of a~ineat doa~a~tbs As~ociatioap~ve tbs rigbt M danaad d~st ali dsmRges awatded for ths ~Qf a
dam.ga co svd pe~,c,e• sh.II bs pa~t ~o tbs r~oc~.c~, its ~,ooas~ws c~ as~gey, up ~o tbe aa,ounc unp.W on tLis mat~age .nd
i m*Y be aPPtied upoai ~e Paya~t at P~ymaats L~t PaYable t~reon. `
. ll. It it s~pec~ialip sgr~eed fi~ai~ ~iure ~ ~~oe ~o ~ th~ .rR.ts-~ L~ r?•~•?~e_r aE anv o6b~atlon be~anade~ or af
~a
a~ ~a ~ ~.n u ~ ~ ~ ~arot~.~o~a~c~a~~~~a~?. .
. ~ 1$ Tf fa~edowro p~oceed~ aE ;uny seooaa u~act ge a~eoo~a e~+~ec aeea ar .~l? i~fo~ ~n aE ~ay ldna s~onla be ~f. .
~ , tutec~ tLe A~Hon mar at ib option,-~in~ecltateljr ar ~ declu~ tbb mortgsge and tbe iodeb~edaess sec+n~ed hereb~r dus ~
< and P°Yab~b. ~ .
~ 13. To tbe ~acte~rit of tbe ~ af tLs Matgagaa to tbe A~ociation descrtbed hereia a secw+ed be:eby. the As~o-
datiop'is hereby ~b~ogratal ~o tbc liea ac Na~ and to tbe-~,bts of the o~?nais ~nd 6oidrls t6ereof of e~ch ~nde~v~? moetg~ge,
j liea or otbr.r a~e+~ab~anoe ca the land described l~erain which is pajd utid(ar) satisfied, ~n wbo~e ae fn part, ad oE tbe prooeed: :
~ of ths toan desccibed ha~etn oe secured hee~by, a~ad tbe r~e~ve lia~ vf aiW ~ lie~ oc otl~e~e e~c+imb~ano~ sh*II '
t to and be heZd by d~e Associstlan be:ei~? ~s for tbe indebtedoes~ to ~be A~odaHoa ?~etein de~cribed ar be,~+ebp se~n~e~
tbe same exteat d~t~ it w~o~id hav~e beea P~~~ and w~ould bave beea pa~s:ed to and beea het~d~y ths As~ocistion l~d it been .
! dulp and ragul~rl~? assigued, transferral, set otia and delivered na~o the As~oefatfoa by sep~rate deed of a~gnasa~ notWridubad-
~ iag d~e hd that tbe sarn~ may be sa~sfied and canoelbd af reoord. ft beiag tbs inbentfoa cE tLs putia bereto tl~t tbe saaae wDl
' be ssti~ed and canceDed af reooacd by the Lokk:s tl~erao~f at a about tLe t6ae of tbe re~g of tLb ~ge, -
• 14. To P'4Y all +ad siagulas the oosb, cbsr8~s. apd ~~S Lwy~et~+ fees. .~y ~d ac P~id at atry
~e i~ry? tLe A~o~atioa, ba~ause of the f~+~ af tbe M«~8~ ~ P~«~• ~r .v~h .pa .~iae br e~ ana a~ry ~u4-
tioos, agreemei?b, can~litions aad c~oro~enants af taW p~vmis~ory note and this deed, oe either, ~ad eHery such paya~eM shaIl bcu .
; inte:~est bom date ~at tbe mte stated in tbe t~obe'a.~ure~ heicby.
~ 15. '1'hat he wffi oosnnnit~ or suEfa no wasbe, irapoia~naat, a~ detarjocatjoa of a~id pc~erty ar any put th~of:
ancl in tha e~vmt ~ t~e ~~of the Moitg,zgofs to Ioetp tbe bniWiag~ oa said ~ and tliose bo 6e arected an snid pramiset„
; ar impcu~dneats thereoa in good repair~ tbe Assocjation awy :nake snd p~y ~ m~ a~«~ec~ u m.r a~
~ ~ Pi'orer a~a~eof. .nd a~e fun .mo+wt of wch p.yma,b sb.u °`~"sec~u~ea by? tba lkn of t6h moctg~.gs E:
~ ~ t optba a~twa be immediately due and Payabie. a~ paYable ia wch mo~tWy ~ta0mmts u tbe As~oda-
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~ t~oa may determine. a«I eveiy such payn?wt s6aR bear iaba+est from dste at d~e rate s~abed io d~e note ~ee+~rad b~+ebj
.
; 18. 1lwt If the A~ociatioa and the MatB¢ga~s ag~ee. tbe M wA! cairy a poliop a potic~ cf ios~a~noe npoa
i t~eic ltv~es in an a~e~t equal fr~o tnne to time to tLe amamt of i~Kk~~ Lereby :ecured. makia8 satd Assodntbn be~i- : i:
} ciary aad that tbe said As~uciatioa maypay the precoiums foe meb LnsuQanoe (in d~e eveat tbe Ma:tg~gars do not), ~
~ h~
addiatiawl inde6tec~n~~sx+und ~ baisaae a~ the lo~n, as of~ i~ay of the thea c~aa~eat manth~ aal it sbaD be~oome
~'Y ~8`~S P~Y~ ~ ,
~ 17. Tl~at in tbe ev~ent thtt ihis martgaga be givea tv seo~ae s ca?st~edon loaq faffure aa tbe porct af the Matgagas a
- tbeir cootrado~s to oompkte ssid bu~1ding in sooaedanoe wtth Coasductioa I.van Agrew~t~ of evea date Lerevvkh, or to b~uiW
~a ~ ~ ~ ~ ~ ~,a ~a~«~ t~a ~ ~ ~u ~~t~ ~ cm~ ~aa ~ ~
ana, ac the option of the A~odac~on, ~nw~tap ro.tore che eac;n amamc af p~p.t ana ~r,~t seccn~a sna tbe As~o- x,
'c~atioa may i~nmediacd~~ inrti~te p~+xeediag~ to fo~aclose thb moctgaga ' '
18~ Tbat tbe abstrsct a~ abatracb of tlde oov~ajag the mo~tg,aged propeity sbaD at aIl times. dvring tbe life af tL~ mo~t- .
: gage, re+ooaia in t~ possession af the Assadation and in the ev~eut of tLe fora~loa~e of diis mo~tgags a~ otl~r tramfair af tlde bo
_ ths_ mo~t8A8~ ProP~Y ~~8~ of eBa iadebco~s sec+aed La+ehy, aR r1~ t~e, ~~a int~dc of tbe Modg.~ 3a .
~ and to any such a~~af-tid~sh~ll-pwas-ta-tba;_pRU+~a~s_ ar teo~.
~
19. ?be As~ociation sh~! hawe tl~e r1~4 in its di~rdioo, to requ~tre ~Lat-dje Martaago~s pay_iat~ tbe Asso~ditioa in ~di-.
~ a~ ro ~ ~b ~ ~pa ~,a m~c ~ ~ ~a by a~ c~ ~ ~at bx ~ -
, an amo~mt equal~to oaatwelfth of tbe anaml i~lmeab af any tazes oa tbe pem~as Ievied a,~es~ed bYa~?
a~c~~ed ed ~ ~ .
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premises as hereinbefare requirad by the A s
~ o c
i~t~, and the Matgagor~' h
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e t
o m a
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h paymea
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h a~ ~o'oostitc~ to
d
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under this mortgaga _ ; ~ ; ? ~ "
IN WITNSSS WHEAEOF, tbe ~aid l~atg~gas bee~+m~u set tbe~r hsnds and uaL tl~e day and y~ea! firsC~tbov~e wri~ea.
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