HomeMy WebLinkAbout2238 S. Until default in the performance of the rnv~n~iuts and u~Grc~c~nrnts of t}?is mortgage, the mortgagors shall be entitled
t~~ collect the rents, issues .znd profits from the premises hereinbefore describeci, but i~i case of a default in any of the tern» uf
this mortgage, 1nd the filing of a bill to foreclose this or any other mortgage encumbering the within described pcvperty, the
.~ssociation shall imme~liatel~~ and withcut notice be entitled tu the appointment of a Receiver of the mortgaged property, and
nf the rents, issues and ~rofits thereof, with the u~ual }x>wer of Receivers in such cases, and such Receiver may be cemtinuecl
~n ros:ession of the said propert~~ until the time uf the sale thereof uncier such fo:eclosiur, and until the ci~nfirmation of such
.:~lc b~• thc Court.
9. lf a cY~nveti~ance should }~e made by the mortgagors oF the E~r~miscs herein ciescribed, or any part therrof, without
th~~ ~~~ritten consrnt of the Ass~~ciation, and ~~ithoi~t assumi~tion in rc~gular forin c~f l~~v bv the grantee of th° obligatious to the
~.,uciatio~~ cre~itc~d b~• tiaid promissory note and this murtga~;e, then, und in that event, and at the option of the Ass~~ei:iti~~u.
;uicl ithout notice, ail sums of mone~~ ~ec~~reci hereby shall in~meciiately .tnci coneurremtlv N'ith sueh con~•eyance become clue and
~~a~~.~l>le and in default. The Assaciarion may deal with successors in interest with reference to this mortgage and the debt hereb~~
;crured in ihe sume manirrr as with the mortgagurs, and may forl~e;v to suc or may extend time for paynnent ~~f the debt, securec~
hercli~•, or othrn~~ise act ~~~ithout c~;schar~ing or in any ~vi~v affecting the liability of the mortgaGurs hereunder or upon the debt
l~erebv secured. The Association may also deal rvith ths~:~iortgagors and/or K'It}1 successors in interest ~~'ith ref~eren~e to this
~nurt~a~e ancl the~ debt hereb~~ secured by forbearing to sue, extending the time for payment oE the debt, proviciing for different
monthly pavments and/or n c3ifferent interest rate, and by okher express moclifications of the contract, ~~~ithout losing ~m~ Priorit~~
the Associatior? has over other morigagees or lienors or holders oE any junior interests ui the property secured herebv.
ltl. Thut in the cn~ent the premise; herei~v mort~a~eci, or .iny part thereof, shall be condemned aud taken for public use
uncl~•r the Fx7~~•er oF eminent dom~i~~, the Assuriation shall have the riGht to demund that all damlges awarded for the taking of or
dama~es to said premises sh:~ll be paid to the Association, its success~rs or assi~ns, c~p to the amount unpaid on this mortgage snd
ma~~ l~e ap~liecl upon the payment or payments last Pa~•aUle thereon.
11. It is specifically agreed that time is the essence oE this cantruct und ttiat no ~vaivt:r af any obligation hereunder or of
the obligation secured herebv shall at am~ time thereafter be held to be a waiver of the terms or of the instrwnent secured hereb}'.
12. If foreclosure proceedings of any second mort~age or second tnist deed or any junior lien of ~ny ldr?d should be insti-
tutcc?, the Assnciation ma~~ :it its option, immediatel,v ar thereafter declare this mortgaQe and the indebtedness secured hereby due
and pa~~able.
13. To the extent of the indebtedness of the ~iortgagors to the Association described herc~in or secureci hercby, the Asso-
ci:~tion is hereb~~ subrogated to the lien c~r liens and to the rights of the ok~nc•rs and helders thereof of each and every mortgage,
licn or othrr encumhrc~ncc on the lancl described herein which is paid :~ncl(or) satisfied, in .+•hole or in part, out of the proceeds
~,f the lo;in described hercin or securert hereb~~, nnd the resl~ecti~•c liens of s:~iri mort~ages, liens or othEr encumbrances, shall pass
t~~ :uid t~e held bv the Association herein as securitv for t}ye indebtedness to the Assxiation herein desc•ribed or hereby secured, to
thc ti,ime es:ent that it ~~•oulcl ha~~e been preserved nnd ~~•ould have heen passed to and been helcl by the Association had it been
~luh~ anil re~ularh• assi~ned, transferred, set o~~er and delivered unto the Ass~~ciation by separate deed of assignment, norivithstand-
in~~ the fact that the same mav be satisfiecl and cancelled ~f record, it being the intention of the p.uties hereto that the same wzll
be s:~;isfied u~~d cancellecl of~record hy the holclers thereof at or about the time of the recording of this mortgage.
14. To p.i~• :ill and sin~iilnr the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at a~i~•
tirne b~~ the Association, bcca~ise of the faili~re of the ~fortga~ors to »erfonn, comply ~vith and abide bv each and every stipula-
tiuns, aRreernents, conditiuns ancl cm•en.tnts of said I~romissorV note and this deed, or eithcr, and everv such pavment shall bear
interest~ from date ut the rate stateci in the note seeurecl hereb~•.
15. Th.~t he «~ill per-r7:it, commit, or suFfer no waste, impairn~ent, ur eletrriuration nf said proj~ertv or any part thereoF;
ancl in the event of the f:~ilure of the \1ort~a~ors to keep the huilclin~s cro s~id premises anct those to be erected on said premises.
nr im~xo~~ernents thereon in good repair, the Association rnav muke and pay for such repairs as in its discretion it rnay deem
necessary far the proper Preservation thereof, and the full amount oE stich pa~•men!s shall }>e secwed by the lien of this mortgage
and shall at the option of the :lssociation be immediately due ancl pa~~able, or payable in such monthly installments as the Associa-
ti~~n mav detcrminc, and ever~• such Pavment shall bcar u~terest from date at the rate stated in the note securecl hereby.
16. Th,et if t}ie Associ,ition and the ~lortgagors agree, the ~tort;agors ~?~ill carry a poticy or polieies of insurance upon
thcir ]ives in .u~ ameunt ec~ual from time to time to the amount oE indebtedness herebv secured, making said Association benef:-
~•iar~• therenncler, and that the caid ~lssociation may pzv the premiurns for suc}, insurance (in the event the ~fortt;agors do not),
;u~cl~ aclct each such P:i~~ment to the unpaid balance of the loan, as oF the first day of the then ct~rrent month, and it shall become
ad~litumal indrbtrdness sec~:red bv this mort~age pa}'able u~n demand.
1 That in t}iP C~'C'11L t}71t t}l15 mortgage be given to secure a constniction laan, failure on the P1rt of the ~~CrtE,~*3~*Orc or
their conh•:ictors to complete said buildinn in accordan~e w•ith Construc!ion Lt~an Agreement, of even date here~ti•ith, or to builcl
~a:cl c~~nstructic~n in accordance ~vith plans and specifica[ions filed ~+~ith the Associatian, shall constitute a hreach of this m~rtga~e,
a~~cl. .it the ol~tion of the Association, immediatelv mature the entire amo±uit of prineipal and interest hereby seeured and the Asso-
ci;~tinn mav immediatel~• instiiute proceedin~s to~foreclose this mor'aage.
1S. Th,it the abstract or ab;tracts of title co~~ering the mortg:t~eci l~roperty~ shall at all times, during the life of this mort-
~~a~,t~, remain in the possession ~f the Assc~ciation and in the e~•ent of tlie foreclosure of this morigage or other transfer of tit;e to
t}ic rnortga~ed pro~crty in estinbiiishment of ihe inciebteciness sectired }~erebv, all right, title, and interest o[ th~ 11iart~agors in
ai~cl to an~• such abstracts af title shall pass to the purchaser or grantee.
19. ~ The Association shali have the right, in its discretion, to rec~uire that the '_1lortgagors pay into the Association in atldi-
tiot~ to t}i~ mc;nthh~ iustallments of Principal and intcrest to be I~aici h~• the ~iortgagors t~nder the note secured by this mortgage,
ar~ ;imoinit ct~iial to one-h~•elfth of the ~nnual instaliments of anv taxc~ en t}~e mort~a~eci premises le~~ied or assessed bv anv
~~n•crnmental authorit~~, and one-t~i~elEth of the annual premiums for I~'ire and Estendecl Covera~e :nsurance on the rriort~aoed
~xrmis~s :is hereinhefore re~3uircd h~• the Ass~~ciation, :~nd the ~Iort~a~ors' fnilore to make such pa~7nents shall constit~~te a default
undcr tli~s mort~n;e.
I\ «'I"f\ESS ~~"IIE:Iif?t~i~, t}ie s;;id ~tortga~nrs h~~reunto ssc•t thc~ir hai~cls and seals the da~~ and ~~ear first abot~c: ~-,•ritten.
Si~nc•~l, se:il~~d and deli~•ered in the presence of:
~ . ' r_.,
°~,4 , ~ _ ~r.~:~ lr:~rSEAI.)
~ Edmund M. R,adke
j . ~ i ~
~ ~ ~ / - - ( \/'v . L.-~ r~l ~ • ~~C~-z: ~~~.-A--- ( SEAL )
~ Doris M, Racike
~ ' -
G1~ (SE~.AL,~
-
_ _ {SEAL)
(WI'NESSES) R ~r ~;MORiGAGORS)
600K ~