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Home My WebLink About1936 ~.~~v~vv~~~s~.~.r~s.w~- ~ - - O ~ . . T ~ ~ ~ : s. v,~ a~.~ac ~ a,~ ~ ~ ~d .4a ~ a~. a,~ ~ ,~.n t,~ ~,~a ~ to oolkct tb. re.b, t~ue. .da~ brom tbe pednuLe. h~dobdors aaa,bea, b~t in c..e oE . aehWt in .np af e~s tanmc oE tl~t~ ~ aod t6s oF a biIl ~o toe~e~clas t6Y ar m7 at6a~ mo~ss auc~mobe~in~ tbs wltbin de~aibed propeity. tLe Aood~tlon tdD immedla aad ~t2aut ~wtioe bs en~ded to t6s apQolntnna~t af a Reostvar of tbe ~ma~taagedp~o~e~ty, aad of d~s ra~b, i~ua urd tlbceof. w[th tlis usualpow~et of Reoe~v~s ia suiab ca~ aad a~cb Receivec anay bs-oaitlnued in pos~ioa of tbs said pmp~ecty ~?Nl tLe tlaoe of tbe sak tLereoE undes ~c6 Eoredosur~, ~nd until the confirmation of such ~ sab by the Oaut. 9. If a ooaveyaocs :fwuW be aiW?de by tbe a~a~tgagaa af tbe preunises hereia desaribed, or ony part tLa~eoE, without ~ the writtea oo:?sent oE the A:sociatio~, u~d witbout auumptiaa ia regular form of Inw by the g~utee of t.Tie ob~Igatio~u to tLe ; Assoctation created by said promis~y note and this mwtgaga, tben, and in that evant, and at tl~e option of the Association, ` and ~vithout notic~ all :ums of mrne;v sec~~ed hereby shall immediately aad concurre~tlv with such conveyauce beoome due and ' I~Yable and in deEaul~ Tbe Association may deal wlth wooessors ia inte~rest with referenoe to t6is matgage aad the debt hereby ~ serured ia the saare nn~nner ~s with the matgagors. and a~ay forbear to sue or may eut~ead time f~ ~xijnnent of tbe debt, secu~ecl ~ hereby. ae otb«wise act wttbout dLscharg' g or in any vvAy aEfecting the liability oE the mottgagors herewide.r or upai tbe debt ` hereby ucur~ed. The Association may st~o devl with the MoKgagors and/or wit}i s~woason in ~?terest with nfe~enoe to tlus mort~age aad~ the debt hereby ~aecured by forbearing to sue, entending the time fat payme-nt of tbe debt, Ixoviding far diEferent ; mopthlY WY~b and/ae a different interest rate~ andby otber expren modificaKons of the contract, withont losing any p~io~tv t the Assoctatian bas over otber moctgagees or lienors or hoWen of aay junior interests ia the proper?y securai bereby. 10. That in the e~?ent the prrmisea hereby mortgaged, or nny ~m:t thereof, shall be condemzied and taken forpu blic use . ~ under tbe power of eaninent domain, tbe Assc~ciation shaU have the right to deaw~~d tlwt all damages awarded f~ the tal3ng of or danwges to said prcraises ahall be paid to the Assoctiatior~, its soooesson or assigns, up to the amo~iat unpaid on this nwctgage and may be appL'ed upon t6e payment or pay,oneats last payabk thereon. 11. IR is specifically agrecd thlt time is the euence of this oontrnct and that no waiver of aay obligation her~under or of the obligation secured hueby slwll at any time tbereafter be held to be a waiver of the tenns ar of the iase~umeat securea hereby. 1S. If fa+eclosure proceedings of any second a~tgage oar seooad tnut deed or any ~unio~ lten oE aay ldnd sboold be iasti- tuted~ the Associstion may at Its option, irnmediately or thereaker derlare this nwrtgage and tbe indebtedness sec~u~ed hereby dne ,~a ~ya~. 13. To the extent of the indebtcdness of the Mortgagors to the Auociation desrnbai herein or securod hereby, the At9o- ciation is hereby subrogated to the L'en oz lIen: and to tbe dghb of the owners aad holders ttxneof of each andevcry martgage, Iien or otber enc~mbrance on the tand desaibed herein whjch i~ p~id and(or) satisfied~ in whok or in pait, ont of the prooeed~ - of the ban described herain or secured hezeby, aud the nspectivc liens of aaid ma~tgages,; liens or other enc.~nmbrar~es, sball to and be held by the Associatioa herein as secvn for tl?e indebtedness to the Aasociatan l~n described oe bereby securec~M - the same ez!ent that it woWd have been p~eserv d and wouW have bee~ passed to and beeo hcld~y the Assa,~iatioa~ had it beea duty aad regulsrly auigned, transferrea, set over aad delivened unto the Associatioa by separate dee~ oE assi~?t, notwithstand- ing tbe faet that tbe same nwy be satisfied and canoelled of iecard, it bcing the inteation of the ~ hare~o that the aame will . be sstisfied and car~odled of ra;orcl by tbe hold«s thei+eof at o~r about the time of the reoord'mg of thts mactgage. 14. To p~y all and singular the ooats, charges~ and expan.ses induding lawyer's fees, reasonaby incure+ed ar pnid at any tima by t~e Associatio~, becausc oE the failure oE the 1?tortgagon to perfo~m, oomply with and abide ~bp each and every stipula- tions, agrcemenb, eonditions and covenants of said promissory note and this deed, or either, and e.wery snch gaymcat shall hear interest from date at the rate stated in the note sec~ued hereby. = l5. 'That be willp~m~ t, commit, ~ suffer no waste, impainnent, or deteraration of said property or any part the~eof; and in the event of die failwe of the Mortgagors to keep the build'mgs on saidp~em and tlwse to be erected on said premises, ~ a~ improvemeuts theneon in good repair, tLe Association may make and pay far s~ as in ib discretio~a it may deem necessary for tbe P~P~ P~rvatioa thereof, and the full emount of such payments shall~aec~u~ed by the liea of tLis modgage and sbaU at the option of tha Aswciation be imnoediately due and payabte~ or payable in such mouthly iostallmeats as tbe Assoc~a-, tion may determine, and cvery such payment shall bear interest from date at the rate stated in tl~c not~e sec~ued hcreby, ~ 18. That if the Association and the I?fortgagors agree, the Mortgagors w11 carry a poliey or policies of insuranoe upai thefr lives in an au3eunt equal from time to time to the amount of indebtedness hereby secured, malung said Association baiefi- ciary thereunder, and that the said Associatian maypa y the premiums for such insurance (in the event the Mortgagors do ~t), and add each s~u~? psyment to the unpaid balance of the loaq as of the first day of the thea cturent ma~th, and it shall become additional indebtedness seaued by tfns mottgage. payable upon demand. 17. That in the event that this mortgage be given to sec~rre a construction loan, failure on the patt of the Moctgagors or their rnntracYors to oo~nplete said building in accordance with Constniction Iaan Agreement, of evea date herewith, or to build satd construction ia aooordance with plans and spe~cifications filed with the Association, sball oonstitute a breach of this matgage, ' and. at the optia~ of thc Assa.iation, immediately mature the wtire amount of pri~ipal and interest hereby sec~u~ed and the Asso- ~ciation may imanediAtely iastitute prooeedings to foreclase thit mortgage. 18.. 17~at the abatract ~ abstracts of tide covering the mortgaged property shall at all times, during the life o# this mort- gage, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguisi~ment of the indebtedness secured hereby, all rig6~ title, and interest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. T'he Association shall have the right, in its dipcretion, to recjuire that tbe Martgagon pray into the As~ociati~on in addi- tion M the znont}ily installments of principal and intec~est to be paid by the Mortgagora under the n~e secvred by this mo~tgage, 1A AIilOUllt CqUBI ~ M OIiC~-hVC~ OE ~1C 3iIi1118I ]IIS~Il1@BtS O~ 8I1)? ~aJ[~S 4A the mortgaged premises levieci or as~sed by any goveinmental suthority, and one-twelfth of the annual premiums for Fire snd Estended Coverage i~uurance on tbe mortgaged premixs as hereinbefore required by the Association, and the Mortgagors fadure to make such payments shail constitute a default under this mortgag,e. IN WITNESS WHEREOF, the said Modgagors hereanto set their hnnd~ and seals tl~e day and year first above writtea, Sigaed, sealed and delivered in the presence of: . i~ ~/J , . ~ ---~~I!~-slr. - 1~~ SLAI. c ~ ~~a . ----Swartz ~ ) ~ r - _~...__~.5~.~ . B8~bt2'8 ~SW 8T'tZ . -~SEAL) - __._~__..__.._(SEAL) i ~ ' ~e~.~ ~ ~c1~