HomeMy WebLinkAbout2790 ~
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~ 8. Uotn dai+~tult !n dtit perEoe~sos af tbs ooveoanb and agea~neats oE thb a~or~ay tLe tl~ br ~d
to aoHsct tLs ra~t~ i~nra amd~ iru~ eLs pranires La~ainbafor+~ descei6ed, but la a~ af ~ dah~tt~~ af tL~ iwnw of
t!~ a~oetg~~e, ~nd t~ aE a btB.. ~o to~eciws d~b a my other ma~ge aa~ba~on~ ths wWsiri da~a~ed dia
As~o~dstlou shrJ[ arrd witt~out rwtioe be einticied co the apQc~iutmept aE a Aerdv~a af the mataaged p~y, ~nd
o~ the reat~, taues aad ib 8rereof, wlt~ the usualpo
wex oE Reoeiv~ In such case:~ aoid ~ch Reoalver ma ~s-~
in pas~ssion of tbe a+~d proparty until tl~e time of the sab thereoE ~ suc~ fore~doaue, and until the oonfirmatian of such
sak by thc Caut.
9. If a oon yu s1~ould bo madeb~, tLe mo~tg~gars of the p~+em~ses 1~crairi de~a~ibed, ac anypa:t tbereof, with~wt
~t,e wr,tccc~? c~n~oenc of che
A~aciseio~, ,.aa w~cbo~c assumphap m,~egulAr fa~m oE mw by ctre gxaace~ of cbe obHgactons to c1~e
Assaciatio~? creubed by said p~i~ry rwte and this muortgage~ the:~, and ia tbat evaat, aad at the optioa of the Association,
nnd ~vithout notiee, All suma of mo~ty secarcd hereby :hall immediately apd co~enrre~tlt? with auch crnveyanc~e become due and
Payr?bJe and in default. Tbe Aa,+~aciatioa may deal with strooessors tn iaterest wit6 r~efer+eaoe to thia matgage and tbe ckbt }~by
secsu+ed iA the sau~e mannrr u with the mortgagors, as?d uu~y forbear to sue or mxy extead time for paymcnt of the debt, se~vred
herrby, ac otherwise aet witbout oc in nny way affecting the liability a# tha mo~tgagara hennnder or upaa t~e de6t
hereby securcd. '1"he Aswc~iatioa ma~deal with the Mortgagor: and/or with suoces~s in interest with re~ee to this
mort sge arui tba dei~t hereby secured by forbearing to sue, extendmg the time far p~ymeat ~ t?xs debt, ~x~ov~ing Eo~ diffe~+enc
P~Y~tr and/or a diffes+ent inte.rest r~te, and by other expras mali~ic~atio~s aE the t~ontraM, without losin any priority
n
. the Asaoci~tion has over ot}~er martgagees oc lienors or ho~den of any iuniar iatarests in the property secuced h~re y.
Tha! in the cvent the premises het+eby mortgagd, or any p~t thereaf, shall be oondemned and tnict~a forpu blic use
w~cler tbd power of eminent domain, tbe Assuciation shat! have the right to dcnwnd that aIl damager awarded fo~ tbes taking of or
damages to said prremjses shall be paid ta the Association, its successors or assigns, up to the anwunt unpaid oa thi~s matgage ~d
mey be applied upon ihe payment or gayaieats laat gayable t}~ereon.
11. It ta speeific~l~y agreed that time is the esse~nce of thi: oontract and that no waiver oE wy obligatian bareunder ar of
. the obligation secured hereby shall at any Hme thexcafter be held to be a waivcr o~" the terms ar of the instrurnc~at ae,~urod bereby..
12. If foreclosure pt+oceedings of aay seca~d martgagb or seoond hvst de~d or any iunbr liea o€ any jdnd ~bould be inati-
tuted, the Associatian may Ai its option, immediately or thereafter declsu+e this mwtgage~ and the indebtedne~s secured }~eraby due
aud pnyobla.
13. To the extent of tbe indebtednes,s of the Mortgagors to the Associntioa db~cribed herein oc secured hecel~,~ the Asao-
c~.ztioa is beneby subrogated to the liei? or Iiena and to the rights of the owners aad hol~rs ~neof of each and every mortg~ge,
lien +D~ other errcumb~nce on thc land desrrlbed herein which is gaid ancl(or) satisfied, in whale ar i~i pnrt, oe~t of tlie$
rp
oc~ed.s
nf the ban desaibed herein or'ecured 6ereby, and the respect;ve liena of said mortgagea, lieat or dher rncumbrnnces, hall
to and be hcld by the Assoc;atiaa hereia ss aecun for the indcbtedness to the As~ociatia~ hetoin de~cribed ar hereby sec~ue~
o
thc same ezte~t that it would have bees~ pse~ and woutd have beeri passeci co and been held the As~ociaiion ~aad ii been
e d
duly and regufwrly assigaed, transferred, set over aud dclivered unto the Associatio~n by sep~rate d of aadgnmrar?t, notwithstand-
ing the fact that the ~me may be satisfied and cancelled of record, it beu?g the iatentiazi of the p~ bereto ti~at the ~ will
be sa~sfied aa,d cancelled nf record by the holders thereof at or a6out the time of the reoordir,g of this murt6aBe-
14. To pay all and singular the costs, charges, and expenses inciuding lawyer's #ees, reas~ahty incumed or p~id st nny
~ h~,~e by che ~ssoc~uor,, bccausr oE the failure of the Mort~;agors to perform, comply witb and abide bj+ each and wery stipula-
tiozu~ agreements, conditions and covenants of said promiuory note nnd this deed, or either, and evcry such payanent shall bear
interest fmm date at the rate stated ;n the note secured hereby.
15. Tbat he willpe~n~ t, coaamit, or sufEer no waste, impairme~nt, or deteriwy~tion of said pro~erty or any part thereof;
. und in the event of the sE ilure oE tha Mort~°agors to kcep tha buiidings an saidpr an~ those to be eracted on said ~remises,
or impsov~,rnents tbereou in goad repair~ t3~e As~wciation may make and pay of
r~
su
h as in its dixretio~ it may deem
for the properp~e bon ther~of, aad the full amount of such pttyments shall~e
tecured by the liea oE this matgage
t s
aad at the aptinm of the NaAssociatian be immediately due and pay$bte~ or payabk in surh moadsly l~ents as the Aasaaa_
tion may deter~ine, and every s~eh p$yment shall beas interest fram data at the rata stat~d in the nota secural hereby.
16. Tbat iF the Association and tbe Mortgagors agree, the Mortgagors will carry a pohay or policies of ins~uunce npo~
. th~eir lives in an arrl~unt equal from time to time w the amount of indebtedness hereby serured, making said Association benefi-
ci~ry lhereunder, and that the said Association maypa y the premiums for sucb insurance (in the event the Mortgagacs do not).
and add each such payme~cit to the unpa~d bala~ce of the loan, as af the first day of the then rurnent manth, and it sbaU became
addition~l indebtedness sectue~i by this mortgage payable upon demand.
17. That in the event that this mortgage b~ givan to secure a canswction loan, faflure on the part of the Mortgagors or
theiur contructors to c~omplete said building in accordanc,e with Constructia,a Loan Agrcement, of ev+eat date herewith, or M bufld
. satd construction in aa~rtiance with ptans and speaifications fffed with the Associution, shall oonst}tute a breach of thf~ mortgage,
and, at the optian of the 1lssociAtion, immediately mature the entire amount of principal and interest hereby~ sec.~u~ed and tbe Asso-
~ ciarioa may immediately instituee procee~dings to Eareciose this mortgage, '
18. That the abstract or abstracts of tide rnvering the mortga ged property shall at alI times, during the life of this mort-
g~ge, remain in the possession of the Association and in the event of the foreclosuro of thia mortgage or uthcs transfer of title tn
ths mortgaged property ia extinguisbment of the indebtednest serured bereby, all righi, tit~e, and iaterest of the Mortgagors in
and to any sueh abstracts of tide shall pasa to the purchaser ar grantee.
19. The As.sociation shall have tbe right, in its discretion, to require that the Mortgagozx puy ix~to the Assoc.~tation in addi-
tion 4o the r~wnthly installments of principal and interest to be paid by the Mortgagors under the note sec~red by this morigage,
ua amount equat'to ane-twetkh of the gnnual Installments of any tazes on the m~rrtgagc~d psemises kwied ~ aasess~ed by wzy
governmental autbarity, and one-twelfth of the unnual premiums €or Fire and F.:tended Covtrage insurance on the mortgaged
premises as hereinbefore required by the Association, a~d the Mortgagors' failure to make such p~yrnents shall constitute a default
' under thix mortgage.
, IN WITNE~S WHEREOF, the said Mortgagors hereunto set their hnnds and seals the day and year first abvva waitten.
~ Signai, sealed and delivered ir~ the :~senc~e of:
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. . -..4~a'~~t`:":!~ ..~~/!~~~(~EAL}
und M. Radke ~
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~ DoriB M. Radke
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