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Home My WebLink About2786 ~ ,..~...a-. . ~a.-• l.r~'p~y~r.~hM~r~~..++~tty.~: '~KYw. .w~Y' ~ . ti: ~ti~:~ c~- - - ; ~ ~ ~ • , ~ . _ . • ' ' ~ ~ ~ ~ ~~r,~ . , (lp~ ~iYk ~l l~IO C~ OOY~Oapb • ' I ~ OE ~}fk ~ ~ ~ ~ M OO~IbiOt ~M i'0~1~ ~/O!~ ~~~~M ~ d1! pC'0~~ ~bOI~OtO ~11 CN~ ~ t~i~ OE ~ EIROIti OE - t~ ~ ~ ~p 0[ • D11~ ~0 ~DR'OC~OiO ~ C[ ~1 Ot~lOr ~ ~~6 ~O YV~ ~r~ ~ /~tOCLtIOp f~ ~jt iI~ Y~IdOt 110tjC0 ~10 AI~ W~ i~dA!!q! O~ a Ra00~MEt 0~ ~~~OR~ p~p tl~ereof, wkh the uywlpovra of neceivas in a~ caset, ~na web neoeiv~c r~?y be- °`ty.~wMn+roa iu posaessdoo of the spld proparty untll the t~iime of the sak tbereoE undar such fonedotn~re. and until tbe a~nfirn~wtia~ of sucb sale by the C•ourt. 9. If a aoav~y~ce sbouW be a~?de by tLe mo~tga~as of tbe pretai~es herdn descxibed. or aay put tl~ereoE~ witbout tho wdtten oonsent af the As~ociation, aod w~thout mW by che grantee of the obiig~~bna to the Assoriation rreated by said prornisx~? note rad this ~tgage, tbon, and in ti~at event, i~nd xt the optian af the Asa~ciatian. nnd without rwtica, all sum: o~ mcx~ey ~ecured hacby sba11 immediately and catcurrentlv with such crnveyanee beoome due and en P~Y~~ and in default. Tbe Aasociition m~y de~l wit~ suc~sas in interest with refes~enoe to this matgage and tLe debt l~ereb secured ia ihe arme ~nnrr ~us wit~ tbe caortgagors, wid may forbear to sue or may extend time for payment of the debt, hareby, or otherwisa act without discbasgiag or in su~y way affecting the 11a6iHty o#' the' ma~tgagors hereuadar ar upon the debt hereby secured. The Association may abo deal witn the Mo~tgagors nnd/or with succ~essors in intenst with r~efar~ce to this mortgage anci the debt hereby secured by forbearing to sue, extending the tima far payment of the debt, Ixrnrldi~8 for difhrent raoatLly poyrneab ~nd/or a difftrent interest rata, ami hy other express nnodifiicatbas o~f the +oamtract, without bsing any priority the Asaoctatioo has ov~r otLar rsrartgagees or lienors or holder: oE any junior urte~ in tbe property secured hereby. 10. That in the event the premtses heeeby mortgag~d, or any part t}~ereof, s6all be oondemned ~nd taken farpu blic use urxler t6e power of eminent domain, the Assuciation shall }wve the right to ~~d that aU damages awarded Eor tb~e trddng of or damages to aaid pcemises sl~all be pald eo the Ass~ciation, its ~uccesson or asslgns, up to the amount unp~i on th~ ma~tgage and may be applied upon tbe payment or PaY~~ P~Yabk thereon. ~ 11. It iIs specifically agreed that lima is the ~ae af this cor~tract and ttutt no waivca of any obligatiaa hereuadar or of ~ the obligation secus~ed hereby shall at any time th~eaker be hald to be a waivec oF the ter~u or of tho ~t secured Leraby. 12. Yf foreclosure proceedings of any aernnd moit ge or second truat deed or any Junior ltea oE any kind :lwuld be insti- tuted, the Associatian may ut 3ts option, immediatcly or t~treaker declare thia martgage wrd the indebtedness sxurad he~reby due and pnyable. 13. To the extcnt of the indebtednesa of the Mortgagocs to the Aasociacion dea~xibed berein or securod lseseby~ c~?e Asto- ciatjon is bereby s~.sbmgated to the lien or liens and to tbe rights of the ownrrs snd ho~sx t~iereof of erch andevcry mortgage. lien br ot}~cr er~umbrauce on the land deacxibed herein which i~ paid ancl ( oc ) a~atisfitd, in wlwle ar i~i part, out of the ~eeda af the ban descxibrd h~rein or secured hereby, and thz respective liens ~ said ,-natgages, lie~s or other eneumb~anoe~, _ a ta and be held by the AssociAtion herein as secunty for the indebtedness to the Associwtioa herein described ar ba+eby , to the sams euLent that it would have beeu preserved and would have been passed to +~nd been heW by the Asaocl~tio~n Iud it been duly and regularly assigned, tzanaferred, set over and dr.livered unto the Associxtioa ~y aep4rate aeed of aadgnm~nt, notwit}utand- ing the fact that the sanae may be aatis£ied and cancelled of record, it bcing the intentiosi of the pastjes hereto that the aame wiU be s4tistied and rancelled of recoad by the lwldara thcreof at or ~bout the Wna af t}~e recorciing oE thi: mourttgsge. . 14. ao ~r a,za :~gular the oosts, charges, and expenses induding lawyer a fee~, rasonably incurr~d ar paW at sny eime by the 1?ssociation, because oE the failure of the I~iortgagors to perform, comply with and abidt by each and every stipuln- . tions, agreements, conditions and covenants of snid promissory note and this deed, ur rither, and every such payment shall bear intesest from d~te at the rata stated in the note secured tsexeby. • 15. T??at be will ~t, commit, or suEfes no waste, impairment, or deterioratton of said propeaty oc any part theroof; ancl in the event of ths ailure of tha Mnrt~;agora to keep the buildings on said ~nises and t}wse to ba exccted ar said premises, oc improveme~b thereun in good repair~ tbe Associatian may make ax?d pay or sueh aa in ib di~x~don it may deem necessary for the P~OP~ Pr~servation t}~eseoE, and the full amount of such payments shall~securod by tbe lian o~ this mo~tgage and sl~all at the option of the Assoc~atiom ba immediately due and payable, or pa?yable in such month}y in~tallments as the Assoeia- tioa may determir~e, aued every such payaient shall bear iuterest from date at the rate ststed itt the nate oecured hereby. 18. T;~ut if the ~ssociation and tbe Mortgagors agree, the Mortgagors will carry a policy or policies of ~ upon their Iives in an arrlbunt equal from time to time to the amount of indebtedness hereby seciued, makii?g said Association benefi- tiary thercander~ and that the said Assaciation maypa y the premiums far such insurunce (i~a the evcnt the Mortgagors do not), and add each such payment to the unp~d balance of the loan, as of the first day of the then current manth, and it shall become additior~al iY?debtedness secured by this mortgage payabte upon dernand. 17. That in the event that this mortgage be given to se,cure a constn~ction loaq failure on the part of the Mortgagors or the'u co~tructon to camplete said building in accaardance with Constructian I..oan Agreement~ of even date herewith, or to build 3a.id construction in aocordance with plaru and specifications filed with the Assocu?tion, shall oonstituta a breach of thia mortgage, and, at tbe option of t}tc Association, immediately mature the entire amount of principal and interest her~by sacured and the Asso- ' ciation may immediately insatute pr~oceedings to foreclose this mortgage. 18. That the abstsact or abstracta of title covering the mortgaged property shall at all times, during the life of this mort- gage, rcmain in the possess3on of the Association and in the eveat of the forerlosure of this moctgage or other transfer of tide to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and intc~rest a~f the Mortgagors iu and to sny suc~ ahstracts of title shall pass W tbe purchaser or grantee. 19. The Associati~ shall have the right, in its diseretion, to require t}sat the Mortgagors puy into #he Asscx~ati~n in a~ddi- tian ta the manthly installments of principal and interest to be paid by the 1Vlortgagars under the awte se+cure~d by this mortgage~ an a~r?ount equal • to one-twelfth of the annual installments of any tnxes on the mortgaged premises levied ox assessed by ~ny governmental suthority, and one-twelfth of the annual premiums for Fire and F.utended Coveraga iiuurance on t6e martgaged premises as hereinbefore requirtd by the Association, and thc Mortgagors failure to make sruch paymenis shal! c~n4titute a default under this martgage. . TN WITNESS WHEREOF, the said Mortgagors hereunto set the'u haneis and seals the day and year first above i~rrittm. ~ Signod, sealed and delivered in the presence of: y 9 - . ~ - .~~l.bK/~iw-7~~ .~~~~`SSIl'?L~ ~T"" ' Edmund M. Rack e n / . _ _ • .........~.c.ts~:s._.-..-<s~/~--~s~~ral~....(sEAL) Doris M. Rs.dke , - ____._..___._.._.___.__,..~_....._.....~.(sF.A.t.) _ ~~1.~ .____....__.____.___.._cs~., . ~ ~