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8. UatQ de6wlt ir~ ths per~wwrsos af tl~ ~tr a+~d agreemenb of t~ mat~rae. tbs moet~s a~II b~ artlds+d
~o on~ect ebs rrnt~ i~oe~r aed proNb iroea d~e pami~es l~r~dnbat~ore deuxibed. but ia oa~e of a default in ~ap af tbs ~ cE
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l e d ts t6e appo~rooaeat aE a Reaeivee of tbe 'xnoet~ged , aad ;
oE tLs raKs~ i~rue` and t~eo~ wld~ tbe uswl t~ of Reon~vas ia suc6 a~ses, ~nd sucL Racaiver a~ay ~tiaued
, in pones~oo af tbe sdd pro~ty mtfl tbe thu~ qf the tbereoE viadex auch foreciature, and ~mHl the oonfirmation of ~uch
s~fe try the CSa~urt.
9. YE • oonv~ayance ~ould be a~ade~y tbe mort~agac: af tha prr~isea her~n de~ibed, ar anypa~ tl~ereof~ without ~ i
tbe writtes oaaant of the Ar~oci:don, ancl witbout ~etsumptwn in riegular fm~» of Lw by the gantee of tfie oWig,RHau to the
A~tiun ~teatedb~r ~?id prar~ory nooe and t6is ge, then„ ~nd in that event, ud at the opt3on of tlte AscocLttion. i~ .
ead witlwut notice, all wms of secured h~rcby~immediatcly and concurrr~th? with such ec+nveyance beowne due ~?nd
P~Y+~Ne and ia dehnh. T'hs As~oclation m~y deal vvit~? suocasa~rs in inteTest witb refe~+enoe to tt~ martgsge wd tbe debt~lb~?
secural in tLe atms maor~ as wIt?i tl~e mortgagors, snd a~ay f~bear to aue or may exta~d t~me fa~ payrr~?t of the debt~
beneby, ar ~ aCt vvit~out or ta any way affecting tha liaMlity oE the mnrtgngw~s ~ or upoa tbe dcbt !
hereby securecl. 'Ibe Astociatlon m~r dad with tbe Matga~ and/ar wlth wocesso~rs in iatc~re~st w3tD r~oe ~o t2~ts i
e and tbe debR ~ecured by farbe~ring to sue, extending the tiatie far paymmt of the debt, Providin8 Ior different '
~ Wyme~ts aad/oe~~ intarcst sste, and b ather ~ modificntioos of tbe ~~ont:ract, witbout loain any priority ~
c~ ~ a~ ,~.~a « ~ a t~a~ ~ ~,y ~c~m ~ c~ ~cy ~?~a ~~y.
10. 'I7u~t in dre ev~ent the premt~es hereby ~ghd, or ~ny part theraof, shall be oo~demned and t~iceu farpu
Wic vse ~
umKkr the pawer af anir?~at danrain, tlw Associatio~~ have the right to demand tbnt all damnges awarded fos tbc taldag of or ,
d~uges i+b ~id pe~r shall be ppid to d~a Associatian, its s~ars or assigna, up !o the annouat unpaid on thia nnaatgnge aad ,
rnuv be aPP~~ 1~Y~t ~ P~Y~b l~st paysible tliereon.
11. It 1i specific~lly ~greed that time is tl~ easenoe of thia cantract and that no waiver of any obligatian harxmder or aE
; tt~e oblig~tloa ~ecured }~+eby uhaIl at any ti~ne ttx~fter be beld ro be a waiv~er of the tiams ar of rhe iadrume~t secured Leroby..
pro e
1Q. If foreclos~re procaedi~?g~t of aay seoo~nd mott~nge or seoonci truat deed or any f emior llen of any Idnd s}aould be ~tt-
° tuted. tba Asaaci~tion msy at Its option, inomediately or there.tifter declare this moitgage and the indebt~ednrss aecured hereby due
and pay~We,
13. Ta dao eactent oE tbe indebtedneas of tbe Martgngors to the Associntiob descrlbad herein a secua~ed he~eby, tha Asao-
datlaa' b heroby subra~ated to tbe ]ian a: tietns and to tfie rlghts of thc owncrs aad ho~ders there~ of eQCh and mortgsbro,
. li~ o~ otl~er a~cumbranoe on the ]ar~ desccfbed hei+ein which is p~aid and(ar) satiaEied, irm whok ar in part, out of
n
of ihe b~n de~cribed haeln or ~ecured hereby, and tbe respective liena of said mortgage's, ~S or other encumbrancos, s
llw~
t~n end be held by the !?ssacistiaa hee+ein aa ' far the indebtedne.ss to the Associatiou ~ described ar ba+eby secur~
d~e samc tstant thet it vNOUId hava l~i pre~~ and .vould bave bee~s p~as~eci to and b~eea hel~dby t}ie Associstia~u hsd it bcen
~ ~"~Y ~~Y branaferr+ed, :et over and delivered unto the A.saociatioa by aeparate deed oE assignment, rwtwithsmnd-
- ing the fad that the same may be sntisfied su~d c~ncelled of x~ecord, it being the intention of the paities hrreto that the same will
~ be sn~sfied and cancelied ~ ra:ard by the }wlders thcreoE at or about the time of ths reoording of thia matgage.
5 14. To pny aA urd siagular the oosta, c6arge~, and expensea including lawyer's fea, e+astyz~ebly incumed er pnid at sny
tiuu~ by the Asaariation, bccausc ~ the failure of the I?iartgagors m perfenm, comp~y wlth and abide by each aad every stipula-
tions, agreemer?ta, canditiaas and rnvenanta of xaid gromiss~ry noie and this deed, or either, and every auch pnyment shall bear
. iat~erest hrtu date ~?t tLe rate stated in the rwte sacured hec~eby. .
15. That be will t, coanmit, ar suffcr no waste, imgairment, or deterioratton of said prof~erty or any gart t~~eroof;
e
ar?c~ in the evcnt of tha ~ of the Mortqagors to keep the buildings a, said ~ and tl~osc to be erocted ou said premises,
ar improv~b thereon in gaod Y+tpair, tbe AssociaKo~a may make and pay a~ auchr~ep~~s es iu its di~cretion it may dcem ~
Koa
f~ tba properp~e atinn thereo~f, and the fiill aaiount of such paymenb s'~aA be sarured by the lien of this mortgage
and at the opcian of the ~Asaociuti~ be immediately d~ and PeYabk, ~ 1~Yabk in such montt~y ~ts as thc As.~ocia-
tion may detrrrmine, aad every auch payrnent shall bear inter~st from date at the rate stated in thE note aa..~uted hereby.
18. That if t6e Association s~nd tba Martgagors agree, the Morcgagors w!ll carry a policy or policies of ins~urance upo~
thdr lives in an ar~mt equal from time to time to the amount of indebtedness hareby sec~u~ed, maldng said Assoc3atioa ben~fi-
ciary the~~undrr, and that the said As~oeiatian maypay the premiums for such insuranoe (in tba event the Mortgagacs do rat),
and add esch suc~ payinent to tha tmp~ict balance of the loan, as of the fnst day of tha tlkn current manth, snd it st~sll become
a~d3tional fadebtedneas secured by tbus mortgage payable upon demand.
17. T1sat iu the Cvent that this mostgage be given to secure a canstruction ban, failure aa the part o~ the Mortgago~s or
their contrnctora to can~ete said build'uig in aocadance with Construction Loan Agreament, of Cvan dat$ htrewith, or to build
said constsuctiou in aa~cdance witi~ plans ~nd specif'x~tions filed with the Association, shell o~ustitute a breach o# t?ris mortgage,
- and, at the o~rtian af the Association, imme~iately mature tbe entire amount of principal and interest hereby sec+med and the Asso-
'ciation may iwmediacely iustitute proccedings t~a fi~reclose thia mnrtgage.
18. T'hs~t the abatrad or abstracts af i3tle covering tbe mottgaged p~roperty sball at all times, during the kfe of this mart-
: gage, sdnain in the possesaioa of tt?e Associatio~ and in the event of the foreclc~ure of this mortgsge ~or other traxisfer of tide to .
the moztgaged prop~+ in ea~kinguit~mn~?t af the indebtedr?es~ secured hereby, aii right, tide, and iatecesc of the Mortgagors in
and tn nny sucb abstra~et: af tide ahall paas to tLn pumhaser ~ grantee.
19. T~e Aasocistian shaU }uve tbe rlghl, 3n it~ dixreti~n, to require that the M~tgagozs puy into the Aswdation ia addi-
tion t~? tl~e m~mthly inst~llmenb of priridpal wd interest ta be pald by tbe Matgagors under the nate ~ertu+ad t~y this mactgage?
` an atnount equal • ta ano-twelft~ of the annual Lostallments of sny tares ou the mortgaged premises kvied or assessed by any
governme»ta2 authority, and one-twelfth of the annnal premiums far Fire and Extended Coverage insurance on the m~tgaged
prGmises as hereint~efore required by the Association, and the Mortgagor~s' faili~re to make such paym~nts shall constitute a default
vader tt,iY mortgage. ~
IN WITNFSS WHEREOF, the said Mor#gagors hereimta set their hnnds and sesls the day and year first ab~ol?e wriit~en,
~ Si~ ed and deliv~ercd 'm tbe pres~ee of:
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. - Doris B. Ahearn
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