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• 8. Untd _defaWt fn tLs pe~o~ann~os oE tbs oo~raowb wd a~+eaoeo~ of tNs ma~tgag~ e~e t~o~as ~nlt bs eatitled
to ~cu8e~ct t~s ,~e~ and~~ bam tbs p+m~ herdobe[ae daaibed, but in oass of a detaWt io any of tbs te~mr oE
thi~ ~ t8s of a biD ~ ks~eoio~s d~Y aa~? otbor a4oet~e aocumbeci~ dis wlthin de~ed pi+opa~tr~ dre
A~ocist~on, . taip~lidia qad ~rithont nolios bs dot~dsd ~ t6s apQaiata~ent of • A~eoeiv~er af tbs ~maetpgeclp~op~ty,~ad
~ t6e r~qts, i~iqs a~d t~ereo~ w~th ths uaWpo~ee cE Reod~?aea ip meb aee~ and sucb Reoeiver mty ~e caitinued ~ ;
i~P~~ P`oP~Y until t6e tlms af tbs als tl~aceaf nnda sn~ fae~ados~~re, and uatil tbe aonfirnoattan of wch
9._ If ~ conr~yaoce ~houW be ~nadsby d~s mo~agoRs cf tbe pn~ 6eroia daadbec~ a ~ny .p~r~ ~
~t
tl~e writtea oonsent of the Assxiatioa, aad w~tt~out auumptioa ~ regnLr ~taem of ldw by tbs grantee of t~e ~~ga
Assodation ce+aated sdd p~nor~3~oiy noM aud tbis tLeo, ~ad io ~at eMa~t, and at tbe optioe 'oE tlk A~ocyafion.
nnd ~v~theut ~wt~oq wuns af moe~? ~ec~ued ~eb~?~immedit~? and. ooncwrcatl~? ark~ ~h coaveyanos beooons due and
P4ri~ w~d in cb~nk. 1Ue.A~oc~tjm my?, c{al ~h ~uooessors ia.~nat~+est ~rith nfenaaoe ~o tbir maetgaga and the debt
~~a~~~~~.~a,c~~,~a~y~~c~~am.y~c~a~~~y~~c~a~c,.~~
be~+elsy, ar otbeswbs ~ot wlthait ar in aay w~y a~ee~ting'the lt~bility aE the madgagars ~ a erpon ~the debt
1+ereb~ s~cd. ~ As~oc4tiona~~dea1 ar~ tl?e Mocegsgaes iwd/~c wEth wooe~so~ in intenst w~ re[~~os ~o this
~~age oacl tbe debt barob~ by_ torbeadng to sue, e:cendtng tLe time far pa t af tbe deb~ PrwjdinS for differaat
the ~As~odat~Ls~ o~ar otbar moetgage~es a~ ~~boldeet~ an~~mior inte~ts ~ pe~ sec~ubd here~y~Y P~!'
under it6e ~t of emineat ~Y ~j a' anY P~e~t theceo~ s6~ll be ooodanned and taloen for bl~c use
r dama to
~ shall~ Za tbe ~ ib~
twoces~ars~ a~~ tot the a~mamt un~ thb mat a and
nwy b~e
4pplied u~ P~Ymeat a PaY~oe°b~bie t~on. 8~• UP P~ ~8
11. It is speci6cally agreecl thlt time is the asaenoe aE th~ oontract and that no waiver of any obZigatioa ba~eunder o~ oE
the obligation secmed beseby sha11 at any tlme tbe~mafter 6e l~e1d to be a waiv+er of dra ban~s or of die ~t seca~red barehy.
18. If foreclos~u+e proceedings of anr seoood ge ar seoand trwt deed cr say ~u~or l~ea of any ldnd should be iasti-
tuGed, tbe Assoc3ttiaa auy at Ib option, immediately ar t ee decLrs d~is moctgage and the indebtednas secured heceby due
and pnyable.
13. To the extent oE tbe indebtedr~ess of t}~s Mortgagon to ~ the Auociation de~ibed haein a: secured hereby~ the Asso-
ciatian•is l~by subrog~ted t~ the lka os lie~ and to tbe rlghtr of the owneis and ha~ldeis tbezeof of each and ~mo~t&8~•
liea oe~ other enc+nnbrance on the land des~;rmed Let~~ein whicb is pdd and(a~) aatisfied, in whole oe in pact, out oE
e
of the loan dex~ibed hera~? oe aecvred berebp, and t6e re~edive lia~s of :aid aro~tgaga~„• Ikms or ot}~er enctmnb~anoes,
to nnd be held by dre A~oc;atim herdn as for the indebteci~ to the At~oc~atioa becein de~cribed a~ ha~ttby securec~M
ha
t6e same estent that it would Lave beea pa~ and wou{d have been pa~ed to and beta held by tbe Aaodation ~d it beea
aWY and ~~gularlY s~igaec~. tra~fer~d. set ave: aad delivered un~o the Asaociatim by separnte deed of as~nme~, notw~tand-
ing the fa~t that tbe same msy be sat~ed and canoelled of reca~d, it ben?g t6e intaotim of the paties l~ereto that the same w~iD
be satisEied and canoelled ~ reoo:d by the hoWe~s thaeoE at a~ abont tbe tlme af the reoo~dmg af d~is moet~ga
~4. Ta pay an a~a aingular tl~e ooaa, ~ a,?a ~p«~ ~g Vw~'. fees. r~oo. ~,~rea a paia .c a~,y .
hme by che Au~aoo, because of th~ rai~e of a~e M«e,gagors to perfo~m, oomply with ana abta.~j? a~ .na every? ~ipum_
tions, ag~eemmts, oan~tion: ancl ooti?enants of said pe+omis~ay uotc and this deed, or e~ther, and every ~ paya~ent sha11 bear
iater~t h+oen date at the rate st~ted in die note ~ec.~ut+ed bereby. .
15. T6at he wittp~m~, canmit~ oc sufba no wasbe~ ~pairtneak oc deterioraKon of aaid property ar aay p~rt ti~of;
aed in the event of the af ~1~e of tbe Mortgago~s to beep tbe b~ildjags on said ~ and t~e to be esected m said
ar impcoveandKs ~on in good :ep4ir, tbe Assoc.Jation ma
y make snd p a
y w~chrep~irs os tn ib dixretfoa # ma
y cieem
~at the ap
on~of the aAsaocta~ ~immedtatdy due aad a~
~~ull-
b e secau~ed by the lien of tbb mortgage
mopdily io~lmeenb ~ the As~oda-
tion may determine, asd every such paym~nt sbsll bear iaberest from date at tl~e rate atated in tLe note sec~ued bereby.
ro
16. Tbat lf t}?e Association snd tbe Matgagas ag~roe, tbe M wID catry a polky a~ polictes. oE ios~nanoe upon
their ~v~es 3n an ~dle~mt equal fmm time to time to tbe ama~nt oE inde l~arby secuoed~ maldn aaid As~octst3oa ~ber?efi-
ciary thenunder, and that the said A,seoc;ation maypay the p~emiums for sacb 3nsvrance (ia tbe event tbe Mo~tgagas do no~t), I
and adcl eac~ ~aeh p~y~arnt to d~e vn~ balanee af the loan, as of tbe fi~t day of tLe tLea euQent mont~, and it sbsll become
additional indebtedaess see~ued bY ~8a P~Ys~ uP°II ~d "
' 1~. That in the event that d~ ma~tgage be given t~ sectae A ca~on Ioan, fn~lure on t6e part af the Mortgagots or
t6eir rnntrac~ara to oomplete aaid bu~lding in aooordanoe with Goo~uction Loan Ageement, of e~ven date he~ewitb, or to bw7d
saia c~uction ia aooordanoe with pls~as and speciBcations ftled witb the Assocc~aation, shall constitute a b~+ach of this matgage.
and, at tbe option of the Associatioq immediatdy an4turs the eatire anno~mt of pri~al and intereu herebp sec.~ed and the Auo-
' ciacion u~ay immeaiatdy in~itutie p~+ooeeaa~g~ to for4ebse this morcg,sge. .
18. 'lbat tbe abstraet ot ebatr~ch af ttde ooN+ertng Ebe matgaged property shaII at all times, dm~ing tLe life of this mort-
gage, r~emain in the poa~ion aef the Assoc3aiion aad iu t~e event of the fcneclos~u~e of this mo:tgage or otl~er tranda of title bo
the matgaged propesty i~ e~ingui~meat of the iodebbedneas secured bereby, all r~ght, title, and inten~t af the Moitgagors ia
and to any snch abat~acis of title s}wD pwss to tLe purchaser or grantee.
19. Tbe A~ociation sbaU I~ave d~e ri~t, in -~t dbcretion, to require tbat tbe MatgaB°~ P$Y Inbo the As~oclation ia addi-
~on ~ ~ ~~y ~ ~ ~a ~ e~ ~ ~a by r~ M~~ ~ ~ ~ ~+~a by ~ ~«cga~.
sw a~r~ow,t ec~ual~to «w.t~kh of the annual ins~~anb ef aay tares on a~e morcg~?8ea P~ kviea or a~ea by a~,y
governmental authority, and ane-tvvelftb of the anaual pramhuns for Fire avd Fa~tended C'.average inauranoe on the ma~tgaged
pr~mises u hereinbefone required by tLe AssociaHoq and tbe Mortg,agors' fail~u+e to make such PaYme~tr shall consMute a defauit
under this mortgage. -
IN WITNFSS WHEREOF, tl~e said Martgagon he~eunto set their hendt and seab tbe day and yeu f~rst abav~e written.
~ and deL'verod in che presenoe oE: INDIAN GROVES
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Bob orge T si p '
? Attest• _
Clau e L. ce, Sec .
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