HomeMy WebLinkAbout2732 S. Uutil defatilt in the performuice of the rovenants und aRrerments of this mortga~e, the nwrtgagars shall be entided
tu collect the re~~ts, iss~aes and profits from the pretnises hareinbefore described, but in rase of a default in any of the term~ uf
this mortgage, and the filing of a bill to foreclose this ar any other mortgaj~e encumbering tha within des~.`ribed property, the
.~s~ciation shall immediatelv and without notice bc entifled to the appointment of z Receiver of the mort(~aged property, anc3
of the rents, issues ~u~d profits thereoF, with thQ usual poµ•er of ~teceivers in such cases, and such Receiver may be continuecl
;n ~essiou of the said propert~• until the time of the sale therc~f under such Eoreclnsure, and until the confirmation of such
;ale b~~ thr Court.
9. If a a~nvevance should be made by the mortg~gors of the premisc~s herein describeci, or any part thereof, wit}rout
th~• ~vritten corisent of the Associ:?tion, and Kithout assumption in re~~lur form of law by the grantee o{ the obligar.'o~,s to the
~.sc~ciation creuteci bv said promissory note and this mortgage, then, and in that event, and at the uption of the Associ.itivu,
;~ncl ~~~ithc~ut n~~tice, all sums or' monev sec~~red hereby shall immediately und coucurrentlv with such c«nveyance be~cc~me due and
payable and in def:?ult. The Association may deal with successors in intemst with refcrence to this mortgage and th~ debt herebv
secUred in the same manner as W~ith the mortga~ors, :ind may fort,ear t~~ sue or may extend :ime fe: ; ayment c~E the debt, securecl
hereb}', or otherK~ise act wzthoat dischargu~g or in any wa~~ affectin~ the liability of the mortgagurs hereunder or u~on the de~t
herebv secured. The Association may ako deal with the Mortgagors and/or with successors in interest with refP-°nce to this
mortg:~gc ancl tho debt hereby seci~reci by forliearing to sue, extending the time ior payment of the debt, providinR for different
monthly Pay~rnents and/or a different interest rate, and by other express mcxlificatioris of the contract, without losing any priorih•
the As.sociation has over other mort~agees or lier~on or holders aF any junior interests in the property secured hereb~~.
10. That in the event the pmmises he~rebv mortRa~eci, or any part thereof, sha11 be condemned and taken fur public use
uncler ihe ~~+•rr of eminent domain, the As.suciatsun shall have the right to demand that all damages awardea for the taking of or
darnages to said premises shall be ~~id to the Assnciation, its successors or assiGr.s, up to the amount unpwid on this martgage and
ma~• be apnlied u~on the payment or psyments last payable thereon,
11. It is specifically agreed that time is the essence of this contract and that no waiver of any o~ligati~n hereunder vr of
the obiigatiar. secured hereby sh~ll at an}' kime thereafter be held to be a waiver o! the terrns or of the instrurnent secured hereby.
1?. If foreclosure proceedir.gs of any second n-ortgage or second trust deed or any junior lien of :ny lrind ~hould be insti-
tuted, the Association may at its option, immediately or thereafter declare this mortgag~ and the uidebiedness secured hereby due
and pa~•able.
13. To thE: extent of the indebteciness of the ~tortga~ors to the Associ~tioo described hercui or secureci hereby, the Asso-
ciation is hereb~~ su~rogated to the lien or liens and to the rights of the o~~ners and holders therevf oE each and every mortgage,
lirn or other ei~c~~mbrance ~n 4he land described herein which is r~id an~l(or) satisfie~i, in ~~~hole or in part, out of the proceeds
~~f the loan described herein os secureci hereb~~, and the respecti~•r liens af s~~id mort~ages, liens or other encumbrances, shaII pass
tc~ :uid be held bv the Association herein as securitv for the indebtedness to the Assxiation herein described or hereby seewed, to
thc same es!ent t}~at it ~vould have Ueen presen~ed and ~~•ould have been Passed to and been helcl by the Associafion had it been
cluly and re~ularly assi~ned, transfen•ed, set over and delivered unto the Assori:ition b,y separate deed of assignment, norivithstand-
in~ the faet that the sarne mav bc satisfied and canc~lled of record, ft being the in!ention oE the puties hereto that !he same ~vili
t~e sa~sfied ancl cancelleci of~record by the holders thereof at or about the tirne of the rerording of this mortg:?~e.
14. Ta pay all and singular the costs, charges, and expenses including law~~er's fees, reasonabh~ incurred or paid at am~
time bv the Associatian, hecai~se oE thP (:~~lure of the \tortgzgors to perfonn, eomply with and abide by each and every st:Pula-
tions, agreements, conditioi~c and covenants of said prumissory note and this c~eed, or either, anei e~•erv such par•ment shall bear
inEPrest from date at the rate stated in the note secured hereb~•.
15. Th~~t he ~vill permit, commit, or suffer no waste, impairment, or cleteriuration of said pmpert~• ~~r am• part thereof;
anci in the e~~ent oF the f:~ilure of the ~1ort~agors to keep the buildin~s on saict premises ancl those to be erected on s:~id premises.
or impro~~ements thereon in good repair, the Assoeiation may make and paY for such repairs as in its discre#ion it tnay deen~
- necessarv for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage
and shall at the option of the Association be immec~iately dus and payable, or payable in such monthly installments as the Associa-
tion mav detcrmine, anci e~~erv such payment shall bear interest from date at the rate stateci in the note secured hereby.
16. That if the Association and the '~tortgagors agree, the :~tort~agors will carry a policy or ~c~tieies of uisurance upon
~ their lives in an arrit~unt equal from time to time to the amount of indebtedness hereby sectued, making s.11CI ASSOf.'I8t10T1 benefi-
cian~ thereunder, and that the said Ass~xiation may pay the premiums for such insurance (in the event the \iort~;agors do not),
ancl~ add each such pa~~ment to the un~aid balance oE the loan, as of the first day of the then current mor.th, and it shall become
additi~mal indebtedness secured by this mortg~ ge payable upon demand.
1i. 'I'hat in the event that tliis mortga~e be given to sec~ire 1 constniction loan, failure on the rart of the ~lortgavors or
their contractors to complete said buildin~ in accordance with Constntction Loan Agreernent, of e~•en dute herewith, or to t~uild
said cunstruction in accorclance ~~~ith plans and specifications fileci ~vith the Associztion, shall cons~itute a breach of this mortgage,
,in~1, at tlie option ot thc Association, immediatelv matiue the entire amoiu~t oE I~rinei~al and interest hercby seeured nnd the Assc~-
ci:iiion may immeciiateh• instiiute prcKeedings to~foreclose this mor;bao~. ~
13. That th~ abstract or abstracts of title covering the mortga~eci ~mi>ert~~ shall at all times, durin~ the life of this mort-
t~a~e, rcrx2ain in the possession of the Association anci in the event of tlie forrclosure of this mort~age or athcr transfer of title to
ih:• nin:t~a~ed Pro~erty in cxtinguishment of the indebtedness s~eurc~cl hereb~~, all right, title, and interest of the ;~iortga}ors in
ancl to :~ny such abstracts of title shall p~15S fll the Purchaser or grantee. ~
19. The Assoriation shall have the rijht, in its discretion, tc~ recji~ire that ±he :1iort~<~gors pay into the Associatian in addi-
tion to tF~c monthlv i~stallments of ~rinci~,al and interest to be Paid b~• the ~tortga~ors ~inder the note secured bv this rnart~ane,
,~n ;imount equal to one-i~.velfth of the ~nnual insia]]ments of anv t:lxe~s on the n:ortga.~e.~cl premises leviecl or assessed by at~~~
~~o~~e~7imental autharitv, and one-h~•elfth of the amiual premiums for Fire and Extcnded Coverage insurance on the mortgagecl
}~rrT7115('S .is ix:reinhefcire re~luired h~• t}~e Assaei;itiun, :~nca the `tort~.i~~ors' f~ii~~re tn make sueh pa~•ment; sh:ill cr~nstitute a defat~it
imclcr t~~is rnort~,t7e.
1~; ~t'IT\ESS ~1'F~EREnF,,~hc said ~1~~rE~a:;~rs hcreunt~~ set the~ir I1Qit(1S ~~nd seals the da~• and ~•ezr first at~o~•e ~ti~ritten.
,
I Si~ntcl,jsealed a del' e d" th~ p:e~ence oF:
! •i~ / ~ •
~ ~ ~ ~ ISEAI,)
~ ~ ~"at V~, Laur' -J .
/ i n
`d-'C~- `~,=i ~ /Gt~G ~ C.GZi~' (SEAL)
Pauline Lauria
( SE~.AT.}
(SEAL)
;W iTNES5E5? iMORTGAGV`R5;
t~~x 12~ 329