HomeMy WebLinkAbout2242 S. Until ~3efault in the perforntance uf the co~•enants ana agrec~y~enls oE d~is mortgabe, the ~nortgagon shall Ue entitled
i~~ collE~t the cents, issues and p~ofits Erom the premises hereinbeforc~ describecl, but in case of a defaalt in any of the terms vf
this mortga~;e, and the filin~ nF a bill to foreclose this or anv other mortgage encumbering the within described property, the
:lssxiation shall imme~liatej~• .znd witheut notice be entideci ta the xppou~tment oE a Reeeiver of the mortgaged property, and
oF the rents, issues und profits thereof, ~ti~ith the usual ~xiwer of Receivers in such cases, snd such Receiver may be continuecl
in pos;ession of the said ~xopert~• ?nti] the time of the sale therec~f under such foreclosure, and until the confirmation of such
,:il~ b~• thc~ Court.
9. lf 1 CUIlYfVt111C@ shuuld be m~de by the mortgagors of the preinisi•s hercui described, or any part thereoE, ~~~ithout
the• ~~~rittcn cvinsent ~if the Asscx•i.ition, and ~~-ithout :ssumPtion in ~-eoular form of law bv the grantee of the obligations to the
1.`~~ciution ~~reated bv ti=~id Esromissary note and this mort rage, then, and iu that event, 3nd at the option c~f tl~e Assuriatiuu.
unci ~vithout notice, all sums of mone~• ser~~red hereby sha~! immeeliately und ccmcurrentlv ~~'ith such con~'e~~ance becume clue und
tiri~~,~ble ancl in default. The Association may deal with successors in interest with reference to this mortgage and the debt hereb~•
;ecureci in the same manner as H~ith the mortgagors, and may forbear to sue «r may extend time fur nayment of the deUt, secureci
hercl~~•, ar othen~~ise act ~~•ithout clischar~ing or in ar~~• ~ti•a~• nffecting the liubility of the mortga~urs hereunder or upon the deUt
l~erebt• secured. The Association may also deal with the Mortgagors andjor ~vith successors in interest ~vith reference to this
mort~a~e ancl thc~ debt herebv secured bv forbearing to suc~, estending the time for payment of the debt, providing for diFferent
monthl}~ pa~•ments and/or a ciifferent interest rate, and Uy ~ther espress modifications of the contr.~rt, ~~•ithout losing anv priorih~
the Association has over other moriga~ees or lienors or holclers of any jutiior interests in the property secured hereb~~.
10. That in the event the prc~mises hc~reby mortgagecl, or am• part thereof, shall be condemnc~l a~~d tai:en for public use
unclcr the po~ti~r'r of eminent dornain, ttie assuciation shall have the right to demund that all damages awarded for the taking of or
dama~cs to sai<t premises shall be p1ic~ to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and
ma.• be apnliccl u~on the payment or payments last pa~~xble thereon.
11. !t is specifically agreed that time is the essencc of this contract and that no w~iver of any obligatiun herew~der vr of
the ~~bligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured herebr•.
12. If foreclosure proceedings of any second mort~age or second trust deed or any junior lien of any kind should be insti-
tuted, the Associ:ltlOTl mav at its optic;n, immediately or thereafter dEClare this mortgage and the indebtedness secured hereby due
and pa~~able. ~
13. To the extei~t of the indebteclness of the tifortgagors to the Association described herein or securecl hereby, the Asso-
ciation is hc:eby subro~ated to the lien or liens and to the rights of the o«~ners and holders thereof of each and every mortgage,
licn or othcr eucumbrancc: on the land described herein which is paid an~l(or) satisfied, in whole or iii part, out of the proceeds
~~f the loan described herein or seciued herebv, and the respecti~•c liens of said mortgages, liens or other encumbrinces, shall pass
t~~ a~~d tx~ held bv the Association herein cis securitv for the indebtedness to tl?e Association herein described or hereby secured, to
thc same ex'.ent that it ~~•oiilcl have been preserved and ~~•ould have been rassed to und been held by the Association had it been
~luh~ and re~utarl~~ a~ssi~ned, trinsferred, set over and delivered unto thc Association by separate deeci of assignment, nohvithstand-
in~~the fact that the same mav be satisfiecl and canceiled of record, it bein; the intention of the parties hereto that the same ~~zll
be su~isfied ancl cancelled of~record b}' the holders thereof at or about the time of the recording of this mortgage.
14. To pav all and sin~ular the costs, charges, and erpenses including la~yer's fees, reasonably ircurred or paid at +.?m•
time b~• the Asso~iation, because of the failure of the \fort~a~ors to pertonn, complv H~th and abide by each and every stipula-
~ tions, .~greements, canclitiot7s and rovenaints o'f s~itl promissory note ancl this deecl, or either, and every such pa~~ment shall bea~r
~ interest from date at the rate stated in the note s~~crurecl hereb~~.
1•~. That he ~vill permit, commit, or suffer no waste, impairment, or deteriuration oE said proper±v or am~ part thEreof;
~nd in the e~•ent of the f:iil~ire of the :liort~agors to keep the builclint*,s on sairi Premises ancl those to be ereeted on said premises,
or iini~rovements thereon in good repair, the Association may make and pa~~ for such repairs as in its discretion it mav deem
necessary for the pro~r presen~ation thereof, and the full amount of sueh Pa~•ments shall be secured by the lien of this mortgage
and shall at the option of the Association be immediately due and pa~~able, or payable in such monthly installments as the Associa-
tion mav detc~rmine, and e~~en= such pa}~ment shall bear urterest from date at the rate statecl in the note seeured herebv.
lf~. Tliat if the Association and the \tortgagors agree, the ~tort;a~ors will carry a policy or policies of insurance upon
thcir lives in a~~ amaunt equal from ti~ne to time to the amotmt of indebtedness hereby sccused, making said Association benefi-
ciai~~ ihereunder, and thr~t the said Association may pay the premiums for suc}~ insuranCe (in the event the ~iortt;a~ors do not),
ancl acld each such p:~J•ment to the unpaid balance ~E the loan, as of th~ first day of the then curreiit month, a~id it shall }~ecome
acldit~l~na1 indebtedness securcd by this mortgage payable u~n demand.
17. That isi the event that this mortgage be gicen to secure a constn~etion loan, failure on t}-,e part af the ~iort~a,ors or
their conh•actors to complete said buildin~ in ac~ordance with Constniction Lonn Agreemcnt, of e~•en date here~rith, or to build
said cunstruction in accordance ~ti~ith I~lans and specifications filed ~~•ith the Association, sha11 constiti~te a brc:aeh of this mortgage,
and, :it ttie o~~tion of the Assoc;ation, immediatelv mattue the entire amotuit of principal and interest hercbJ~ secured and ihe Asso-
ci.itioti rnav immedi,~telv insti~ute proceedings to foreclose this mor:aage.
1S. Th;zt the abstract ~~r abstrr~cts of title covering the mortga~eu properky shntl r~t all times, during the life of this mort-
~~a~}c°, remain in the pc,ssession of the :lssociation and in the event of ilie foreclosure of this mortfiage ar other transfer of title to
the mortha~ccl pro~ertv in estinbuishment of the indebtedness secured ~,ereby; all right, title, and intemst of the tfortga~ors in
antl to an}~ suc}i ~bstracts of title shall pass to the purchaser or grantee.
19. The Assoriation shall have the right, in its discretion, to recluire thnt the \inrtnagors pav ;nto the Association in addi-
tion to thc~ monthlv installmeiits of principal and interest to be paid b~~ the ~iort'agors iinc3er the note secured by this mortgarye,
au ;uz~ount t~c~ual to ane-twelfth ef the ~nnua! inst~itlments of anv taxes on the mort~agecl premises levied or nssessed by am•
go~:e~i~m~nt.il authoritti~, and one-t~~~elEth of the annual premiums for I'ire an:i ~;stencied CoveraSe inswance on the mortga~ed
~~rc~mi_es .~s herc~inbc~Eore re~uired h~• the A~s~~ciation, and the \Sort~~tryors' failure to make such paJ~nents sh:~ll constitute a default
uncl,cr tl~is mrn~t~a~e.
I\ «'iT\F.SS \1~tiI;1iL•'OF, the said ~fortgag~rs hereuntu set thcir h~n<is ancl seals the dat• and ~~ear first abo~~e ~t•ritten.
` Si;u~•ci, ~ealecl and clcli~~e:ee~ i!~ ti~e ~resenee of: _
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. % ~ ~ ~ i .
, ~ ~ ,,4 ' ~ ' . .l~ ~~<<______ t s~:aL>
; ~ Edrnund M. ~adke
% « % ~ ~ ~ _ c',, ~-t-> L.J ~li - (SEAL)
' ~ Doris l~T. Radke
. ~
~~i~~~~~tis~'' F~ GZ'G~'_ . ~ S I: A I.1
- - ( S~:AL )
(',NITNESSES) (MORiGAGORS?
800K ~~0 443