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8. Vabid defsuh !s d~e pe~dc+~aat~os cf tbis ocv~ctitnb aod a~reementt af tLi~ tbe f1~f?11 be eneid4d
M oo~ls~at t6e rmt~ Lwia aad pe~cHd~ bam tbs pe~emi~+t ba~nbefore de~ibed, but in
a~ie
~ a deh~ of d~s ~enn,c of
tl~ aaoet,~rse~, ~ad t~ oE a 6ilt b~ taeeclae thi~ c~ a~ny ot2~er n'°rtB~E^~ ~8 t~s wltLin de~aci6ed propeety~ t5e
Aa~odatian s6a11 imaecW ~ad wltbout notioe be aatitled ~o the ~ppo~trae~t of • lteooeiilver ol~ the ~matbaBFed , ~wd
~ a~. ~,a a~. ~a? a,~ ~ ~ m ~ ~ ~a R~ m.y ~Y~~a
3e~ pasesda~n aE t~e aaid prbpeety until tbe tima aE tha sak thereof unda such foreclosure, aad uatil the confirnwtia~ of such
s+~1e b~? tl~e Oourt,
9. If a ooavey~ace sbo~uW be ende by tbe ~gars of the pcemises ~ de~xibed, or nny pwrt thereaE, without ~
the vvrittaa oonsent of tbe Aswciwtia?, and without amunption tn re,ulnr fonn af luw by the g7sntee of the obligatio»~t to tl~e
etssoci~tina created br said pronniaory no~e and tbis u»rtguge, then, and in that e~veitt, Mad at the option of the Associetion.
and without notice, ~11 aum: of nxrney sacured hercby a6all imrnediatcl~ and concurrrntlv wltb auch canvayance become dne and
P~Y;bk and in de~uh. Tbe Astodatia~a may daJ witb auco~sors in interest with rcference to tl~is martgage aad t6e deb! hercby
a~acurod fa th~, aanaa nrauwr as with tbe uao~tgag~s, and may forbear to sue ur may extand ti~,e for pay~ne~?t af the de~, secured
he~+eby, a otherwi~e ~ct witbont d~ ar in any way affeeting the liability of tbe moatgagas hereunder ar up~ the debt
I~ereby aoecurcc~. 'l~e A~oc~~tion may deal with the Mortgagors aAd/as with sucoessois in Intcrest with reference to this
mo~t~aga aixl tha debt b~x~uzed by fort~earing to suc, extending the time #oc payaxnt of the tkbt, Pavviain8 for dtfferent
the ~An c~aUoa~h~s o~ atlka t iatc~lienora ~hold
~r ~
iar~~~ in the wiseeund hereb any priaritv
~SsS~ Y i P~PPe~Y Y•
~ 10. That in the ev~eat the premi~es hereby mortgaged, or any part tlrereof, ahall be oondernn~d and taken forpu
btic use
~uKke tl~e povwer of e~anl~t dnawin, the Axsuciation ahall have the right to demand tbat alt darnages 4warded tor the taking of or
daa~ges te a~id premisea stwll be paid eo tbe Association, its succ~essors or assig„:, up ro the arnount unpaid on this mortgagc and
rr~uy be applied upon ti~e paynaent ar p~yments lasi p~yable thereo~n.
11, It ~ spacifia~lly agneed t6at t~rie i~ the easance of this c~ntruct and that r,a waiver of any obligubia~ hea+e~mder or of
the obllgat~oa sa.~ued hereby shaIt at any tinne tl~ercakar be held to be a waiver of the terms or of the inshument secured hcreby..
1~. If ~aeclaaure pracaeciiaga of aay aeoand mortgage or seooad trust dced or ray innior lien of any kind ahould be inati-
, ~ ~Associatiort may at Its optiun, hnmediately or thereaft~r declara thi~ mortg~ge and the indebtednesa ~ he,reby due
P'°Ys
13. To tha ertent of the indebtedness aE the Mortgagora to the Association dban'bed herein or secured bereby, the Aaao-
datjat is hereby'aubrogated to tbe ]ien at lleru and to tl~e rights of the owners and holde*s thereof of each and ~mortgage,
lien e~ other ~r.cum~ranoe on tha land described herain which is psid and(or) satisfied, in whok or i~~ pa?rt, out of p
of the ]o~n de~ibed :,erei~ ~ ~ocured hereby, and the respec,~tive liens of saId mortgages, Iteas or other rncumbru~ces, sl~~~
to and be heW by tbe Assoc;ation herein es se~vn~ty for tt,a indebtedness to the Asaociation herein described ar hereby sec~,red, to
the same e~c!rnt that It would have been p~vec~ and would }wve txen ~passecl to and been held ~iy the Association had it baai
duty and regularly asaigned, tri?nsfernd, set over aad delive~+ed unto the Associatio~n by aspArate doed af assignmeat, notwithstand-
ing the fact that the sano+e may be aatisfied and caacelled of reco~d, it being the inte~nttan of the parties hexeto that the sama will
be ~~f'ied mnd rAxwcelled of rec:ord by the holdcrs thcraof at or about the time af tlae recording of this mortgage.
14. To pay al! and aingular the oosts, charges, and' expenses induding lawyer'a fees, reasonably inc~ured a~ paid ai any
time by the AssociAtion, because of thc faiiure of the 1?io~agors to perfa~m, comply with and sbide by each and every stipula=
ti~ons, agretx~nts, conditiau and covenants of said promissory note and this deed, or either, and every such payment shall bear
interest irom date At the rate stated in the note secured hereby.
15. That ~?e wiIlpernut, commit, or suffer no waste, impairm~ent, or deterioration of said property or any pert thereof;
and in the event of the failure of tI?e Mortf;agors to ketp the buildings on said ana those to be erected a~ sa;d premises, ~
p erecte p em
. a~ improve~nents thereon in gaod sepair~ tbe Associaiaon may make and pay of
r~
s~ rtp~us ns in its disc~etion it may deem
ProP~pr tion thareof, aad the full amount of such payments shaU be xcured by the lien of this mortgage
and shall at the option of t~As~ciatian be immediately due and paysble, or payabDe in such mont6ly insmllmeats as the A.ssada-
tion may determine, m~ every surh payinent shall b~car interest froa? date at the rete stated In the note sec~red hereby.
18. That if the Association ,u?d t~ Martgagors agree, the Mortgagors will carry a po]icy ar policies of insurance3 upon
tl~eir lives in an nr~aunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi-
c~iary thtreunder, and tbat the said Associati+ar? maypay the premiums for such insura~ (in the event the Martgagars do not),
and add each sueh payment to tbe un~aid balance of the loan~ as of the first day af the then currEnt manth, and it shall become
additional indebecdnsss secursd by this uwrigage payable upon demand.
17. That in the event that this most,gage be given w secure a canstru~ction loan, fa~ure on the pait of the Mortgagors or
their contractors to complete said building in aa~~danoe with Const~vetion Loan Agree~nent, of aven dste ~with, or to build
satd cnnstruction in aa:ordar~ce with pians and specifications #iled with the Association, shall constitute a brea of this mortgage,
. and, at the optian of tbe Associntion, immediatcly mature the eniire amount of principal and interest hereby secured and the Asso-
~ ciation may immediately irutitute proceedings to fa~reclose thig mortgage.
18. T'hat the abacract or abs~acts oE tide oovering th~ mortgaged pr~pcrty shaA at all times, during the life of this mort-
gage~ remain in tlx poa~sion of'the Association and 'm tbe event of the foreclosure of this mortgaga or other transfer of tide to
the mortgagecI pro~erty in ari3nguishrner~t-of the indebtedness secured h~ereby, aA right, title, and interest of the Mortgagors in
and to any such abstracts of tide shall p~s to the pum.hase.r or grantee.
19. The Associxtion ahall have the right, in its discretion, to require that the Martgagars pr~y inta the Association in addi-
tion to the monthty installments uf pris~eipal s~nd ~nterest ~to be paid by the Mortgagors undex the aote secured by t}?is cnatgage,
='-an amount~equal•to one~tweIkh of the annuaf installments of any taxes on the mortgeged pc~em;ses levied or assesaed by ~ny
gov~me~tal autharity, and onatwelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged
rxr+~mises es hgrtinbefore t~quire+d by the Aasociation, and the Mortgagars' failurae to makie such payments shal! constitute a default
under this ma~rtgage;
TN V6rITNE5S WHEREO~, the said Mortgagors hereunto set t4?eir hnnd~ and seala the day and year first abave writte».
~ Si seaied and ered the presenoe of:
Tf~~% C~j
" ~ - SEAL
_ )
Q~ie opher T. Peterman
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