HomeMy WebLinkAbout0770 Fi. Until default :n the perfortiastice of the coven:uits and agreements oE this mortgage, the mortgagors shall be Pntitleci
t~~ collect the rents, issues and p~ofits from the prerniscs hereinbefore described, but in c~ase af a deEault ir~ any of the terms of
this mortgage, anc~ the filing of a bill to foreclose this or any oiher mortgage enrtunbering the within described property, the
.lssaciation shall immc~diateh~ and without notice be entitled to the appaintmeni of a Receiver of the mortgaged property, and
of the rents, issues and profits thereoF, with the usua! power of Receivers in sueh cases, and such Receiver may be continuecl
in possession of the said propert~• until the time of the sale thereof under such forectosure, and unti) the confirmation vf such
tiale b~• the Court.
9. Ii a co?tveyance should be macle by the mortgagors of the premises herein described, or any part ihereof, without
thc~ written consent of the Association, and H~tho~~t ass~~mption in regular form of law by the gtantee of the obligations to the
1~tii~ciation createci bv said promi.~sory note and this mortgage, then, and in that event, and at the option af the Assoeintion,
,incl .~~ithaut notice, all sum~ of mnnev sec~~reci hereby sha11 immediately and co~~eurrently with such et~m~eyance become due and
~~aJ•:~ble and in default. The Association may deal with successors in interest ~vith reference to this martgage and the debt hereb~~
secured in ihe same mAnner as with the mortgagon, and rnay forbear to sue or may extend time for payment of the debt, secureci
hereby, or otherw~ise act Nzthout discharging or in any «•a~~ affecting the Iiabitity of the mortgagurs hereunder or upon the debt
hereby secwred. The Association may aLso deal with ihe Mortgagors andjor with successors in interest with reference to this
~nc>rt~:zge and thc+ debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
~nonthly payments and/or a different interest rate, and b}~ other express modiFications of the contruct, without losing any priorit~~
the Association has over other mortgagees or lienors or holders ot any junior interests in ihe property secured hereb~~.
]0. That in the event the ~remise~ hereby mortgagecl, or .~ny part thereof, shall be condemned and taken for public use
uncicr the power of eminent domain, the Assuciatic>n shall have the right to demand that ~11 damages awarded for the taking of or
damages to said premises shall be paid to the Association, its successors or assis;ns, up to the amount unpaid on thu mortgage and
mav be ~epplied upon the payment or pa~rments last payable thereon,
11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligativn hereunder or of
the obligation secured hereby shall at ariy time thereafter be held to be a waiver of the terms or of the instrument secured hereby•
12. If foreclosure proceedings of any second mortgage or second tn?st deed or any j~r.i;,r lien aE any kind should be insti-
tuted, the Association may at its optian, immediately or thereafter declare this mortgage and the indebteciness secured hereby due
and payable. ~
13. To the extent of the indebtedness vf the ~tortgagors tc~ the Asscrciation described herein or secured l~e: .•by~, the Asso-
ciution is hereby subrogated to the lien or liens and to the rights of the oH~ners and holders thereof oF each and every mortgage,
licn or other et~ciimbrance on the land describPd herein which is paid ancl ( or) satisfied, in w~hole or iii part, out of the proceeds
„f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, tiens or other encumbrances, shall pass
t~ :inci f~e held bv the Association herein as se~uritv for the in~lebtedr~ess to the Assxiation herein describecl or hereby secured, to
the same extent that it ~voi~ld have been preserveci and ~vould have been passed to ~ind been held by the Ass~ciation had it been
ciuly and regularlv assigned, transferred, set over and delivered unto the Association by separate deed of assignment, norivithstand-
in~ the fact that the same mav be satisfied and cancelled of record, it being the intention of the parties hereto that the same tivill
be satisfied and cancelied of~record hy the holders thereof at or about the time of the reeording of this mortgage.
14. To p.iy all and singular the cvsts, charges, and expenses incIuding lawyer's fees, reasonably incurred or paid at am•
tirne bv the .Associution, becaiuse oE the failure of the '.1iort~a~ors to perfonn, comply ~+~ith and abide by each and every stipula-
tions, agreements, ronditions and coven~ents of said promissory not~ ancl this deed, or either, arid everv stich payment shall bear
interest from date at the rate stated in the note secured hereb~•.
15. That he «~ilt permit, cammih, or sufEer no waste, impainnerYt, or cleterioration of said prorerh~ or an}• part thereof;
:incl ir~ the e~~ent of the failure of the Mortgagors to keep the buildin~s on saicl ~remises and those to be erected on said premises,
r~r impro~•ements thereon in good repair, the Association ma,y make and pay for such repairs as in its discretion it may deem
necessary for the pro~er presen~ation 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 immediately due and payable, or payable in such monthly installments as the Associa-
tin~~ mav determine, and every such payment shall bear interest from date at the rate statecl in the note secured hereby.
1S. That if the Association and the !ltortgagors agree, the :~tortgagors will carry a policy or ~licies of insurance upon
thcir lives in an amaimt equal from time to time to the amount of inciebtedness hereby secured, making said Associatian benefi-
ciar~• thereunder, and that tl~e said Association may pay the premiums for such insurance (in the event the '~iort~agors do not),
an~l~ add each sueh paJ•ment to the unpaid balance of the loan, as of th~ first day of the then current month, and ~it shall be~ome
adclit~~mal indebtedness secured by this rnortgage pa}'able upon demancl.
17. Th~t in the event that this mortgage be given to secure a constniction loan, failure on the Part of the \1ortgagors or
their conh-actors to complete said buildin~ in accordance with Constretetion Loan 9~,7reement, of even date here~~•ith, or to build
said construction in accorciaace ~rith plans anc3 s~ecifications file<] «~ith the Association, sliall eonstitute a breach of this mortgage,
and, at the o~tion of thc Association, immediatelv rnatiue the entire amount c~f principal and inte~est hereby secured and the Asso-
ciation ma}• imrnediatel~~ institute proceedings to foreclose this mort~age.
18. That the abstract or abstracts of title covering the mortga;ed proFrerty sh71! at ai! times, during the life of this mort-
~a;e, rem~in in the posse-ssion of the A~socintion ~nci in the event of thc~ foreclosure of this mortg~ge or other transfer of title Yo
the rnort~a~;ed property in extinguishment oE the indebtedness secured t;creby, all right, title, anci interest of the i~tort~abors in
~~nd to any such abstracts of title shall pass to the purchaser or grantee.
19. 'I'he Association shall have the ri~ht, in its discretion, ta recluire that the iiortg~~gors puy into tl~e Association in addi-
tion to the rnonttily~ installments af principal and iriterest to be paici 1n~ the ~fortgagors under the note seciired by this mort~age,
an amount ec~ual to one-hvelfth of the annual installments of any ta~es on the mort~agecl premises levied or assessed by am~
;;overnmentnl authority, and one-t~velfth of the ainnual premiums for Fire u;~d ~xteiided Coverage inst~rance on the mortgagrd
}~rcmises as hereinbefore rc~uired b~• the Assc~ci:~tion, and the \1ort~a~ors' failure t~ make ,uch ~~a~~ments sh:~ll co~~stitute a defaiilt
utiiter tliis tnort~a~e.
I\ ~t'IT~ESS \1'FIEREnF~, the saicl Jfort~*a~ors lu°reunto set thc~ir honcls :~nd seals the d1~~ and ~~ear first above 4~~ritfien.
Si,* - lcd and deli~~ered in the prrsence of:
~ ?
~ ~i, r ~J~'r''~if'f ~i~~//~ ~~~.~~(SEAI~I
~'Z Edmun~M. Radke
U~~ , ~
~ ~ n ~
~ /V ~ !-y!~r!~=~-~-- (SEAL)
Doris 1/I. R,adke
~ ( s~,?~L )
~W li"NESSES) ;MORTGAGORS) ~ S~C.AI.~
~~oK ~.~2 164