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Home My WebLink About2322 . , . . 8. Vnti1 de~auh ~n tbs perf«manos aE t1~s oov~e~u?c: ,wd ag~reements oE d~ mo~aSa ~~8~8~ ~ be e,~titbd to cw'le~t t~e renb, im~et and b fraa tbe premi~as ~einbetore deacribed~ but ia ase of • dehu2t in anr oE tbs tera~,c of m~ thb a~ort~go. and tbe filin a biII b~ farecbss thb a a~ny other matgage ~cv~b~g tbs witbin deucxibed propa:ty, the At~odaKon tlull imn,edta ~j and witlaut notioe be eatitled to tl~s ~ppoh?emeat oE • Recdver of the ~maztg~?ged p"~op~ty. aad of tLe renb, iuues and p of,us thereof. with tbe usual power of Aexivers In s~ch cases, and such Recetv~ may ~e-oontiaued ia pu~ion af the said propaty until t6e time of the ~e thereoE unda s~h f~taau~, and until the confirn~ation of such sale by the Coort, 9. If a oonveyance should be made by tbe modtgagas oE tbe prcmist~ henln described, o: nny part thereof, without the written conser?t of the Associatio~. tnd without assumption in regular form ot law by the gMatee of tC~e obltgations to the Aswciatia~ c~cated by ssid pmmissory note and this mKo~tguge, the~~ and in that event~ and et the option of the Association, nnd ~v(thout notice, ali sums oE mmet? sx~u+ed_ hereby shst~ immediately nnd concuaently witl~ sucb cc+nveyance become due and PaYablt and iu dehul~ Tbe Associotio~? may deal wIth suic~assors in interest with ref~ to this matgage aad the debt hereby secured in the same manm~ es with the mortgagois~ and may forbear to sue or may extead time fot payment oE the debt. secu~cci her~bj?. or otherwise act witbout rg u~g or in any way affecting the liability oE the mortgagors hereeiader or upon !he debt herebjr secunt~. The Associatiou mad~y also desl with the Mortgagors ond/o~r with successon in interest wjth reference to this mwtgage and tba debt henby ~ecured by forbearing to sue, cxtending the tune for payment of the debt, tuoviding for different ~ moatWy p~ymenb and/ot a d~ffei+eat interest rate. and by other ezpress moclifications of the contrnct~ without bsiog any priority the Associatior~ has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in tha event the premices hereby aged, or ~eny part thereof. shall be condemned and taken forpu blic use ~ uncler the power of eminent domain~ the Ass~ciation~ havo the right to dem:ind that aA damages awarded for the talring of or damages ~o said prcrt~i9es shall be paid to the Association~ its sixcessors or assigns~ up to the amount unpaid on this matgage and may be spnlied upon the payment or payments lsst payable thereon. 11. It is specificalty agrecd .that time is the essenee oE this contract and that ao wniver of any obligation hereunder or of t~e obUgation secured hereby shall at any time thereafter be held to be a wai~Mr of the terms ~ of the instrument secured hereby. ~ 12 lE foreclosure proceedings of any seoond mortgage or seoond trust deed or any 'rynior lien of any ldnd should be insti- tuted, the Association may at its option~ immediately or thereafter declare this mortgage and the indebtedness secuced hee~+eeby due and payabk. 13. To the extent of the indebtedness of the Mortgagors to the Associatiou desrn'bed herein or secured hereby, the Asso- ciation is her~eby subrogated to the lien or ltens and to the rights of the owners and holders thenwf of each and every lien or otber encumbraace on~ the land described herein which is paid and (or) satisfied~ in whok or in part, out of the~rooe~ ~ of the losn descxibed herein or secarcd hereby, and the resPectivc liens af said mortgages, li+ens or other enaunbrances,, s pas to and be held by the Association herein xs secvnty for the indebtedness to the Association hesein described or hereby sec~red, to the same ex!rnt that it would have been preseived and ~vould have been passed to and bee~? heldby the Association bad it beea duly and r~gularly assigned, transferred, set aver aud deliven~d ~nto the Association by separate deed of easignment, notwithstand- ing the fad that the same may be satisfied and canceUod of reco~rd, it being the intention of ihe pertia ber~to that the same will be aa~Eied and canoelled of necord by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the cbsts, charges, and expei?ses including lawyer s fees, reasonably incuired or paid at any time by the Association, because oE the failure of the r'Iortgagors to perform~ comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promiuory note and this deed, or either, arid every such payment shall besr interest from date at the rate stated in the note secursd hereby. 15. That he willpern~ t~ commit, or suffer no waste, impairment, or deterioration of said proPerty or any part thereof; ' :?nci in the event oE the af ilure of the Mortgagors to keep the buildings on said premises aad those to be erected on said premises. or improvements thereoa iu good repair~ the Association may make and pay far such nepairs as in its discxetion ft may deem . necessary? for tbe pmper preservation thereof, and the full amount of sucb pavments shall be sec~ued by the liea of this moctgage and shall at the option of the Association be immediately due and payable, or payable in such monthly uutallments as tbe Associa_ t tion may determine, and every such payment shall bear intarest from date at the rate stated in tJ~e note secured l~ereby. 16. Tha~t if the Association and the 1ltortgagors agree, the btortgagors wil~ carry a policy or pol~cies of insuranoe npon their lives in an arrleuni equal from time to time to the amount of indebtedness 1~ereby sec+ued. maldng said Association ber?efi- ciary there.wnder, and that the raid Association maypa y the premiwns for such insurance (iu the event the Mortgagon do not), end add each such payment to the unpa~d balance of the loan, as of the first day of the then current month, and it shall becwme additional indebtedness secureci by this mortgage payable upon demand. I7. That in the event that this mortgage be given to secure a rnnstruction loan, fa~7ur8 on the Part of the Modgagors or their rnntr~cton to complete said building in accordance with Constniction Loan Agreement. of even date herewith~ or to build said construction in socordance with plans and specifications filed with the Association, shall oonstitute a breach of this mortgage. and, at the opti~ of thc Associatioq immediately mature the entire amount of princi~ and intereat her~eby secured and the Asso- 'ciation may imme~diately institute pi+oceedings to forerlose this mortgage. 18. That the abstract or abshacts of tide covering t~ mortgageci pmperty shall at all times, during the life oE this mort- gage, remain in the pouession of the Association and in the event of the foreclosure of this modgage or other transfer of tide bo the mortgaged propeity in eztinguishment of the indebtedness secured hereby, all right, titk, and intemst of the Mortgagors in and to any such abstracts of tit~e shall pass to the pumhaser or grantee. 19. T'he Association shall have the right, in ita discretion, to require that the Mortgagan pay inM the Assoclation in addi- tion to the monthly installments of principal and interesc to be paid by the Martgagon under the note secuned by this mo~tgage. nn amount equal•to one-twelfth of the annual instaIlments of any taxes on the mortgaged prea~ises Ievied or a~d by any govemmental authority, and one-twelfth of the annual premiwns for Fire and Extended Coverage ins~rance on tbe mrntgaged premis~c ns hereinbefore required by the Association, and the Mortgagors' failure to make such payments shall constitute a default under this mortgage. " IN WITNFSS ~'VHEREOF, the said Mortgagors hereunto set their hnnds and sesls the day and year first above written. , Sign ed and delivered in the presence of: • , . - -j~!'_- u-- C~'~~%.~~r-- - - ------------~S~~ /l c'~ y~ W on H. Girod ~ ~ ~,/J~ . . - - ----.______.~!'L : - - _ ~~GQ/ _ - - Beatrice G. Girod ~ ~ ~ , - --_._---___~__.(SEAI.) Mn~sse~ $~~A' uroam~?~~es~ ---------=-----(sEAI.) . 11~ ~acE 51$ , _ - - - _