HomeMy WebLinkAbout0780 ti. Until default in the perFurmauee c~f the ec~ven.u~ts ancl u~;ie~~ments uf tlris mortgage, the ~Yrorcga~,ors shall t~ entitled
tu collcct the rents, issues and profits from the premises hereinbefore desc~ribecl, but in case of a default in anv of the temis uf
this inort~age, a~id the filin~ of a bill to foreclose this or any other mortgage encumbering the within descrilied pmperty, the
.~SSOCiAtlOil shall lill(ilC~liAfPIY 1R(I witheut notice be entitled to the apjwintrnent of a Receiver of the mortgageci property, and
~~f the rents, issues :lnd profits thereof, w•ith the usual Ix~wer ~f Receivers in such cases, ~nd such Receiver may be continuecl
;n l~ossession of the said ~r~>pert~~ until the time uf the sale thereof under such foreclosure, and until the confirmaticm ~f such
,alc l~~• thc Cuurt.
9. lf u cv~nve~•ance should }x~ inade by the mortgagors of the prt~mis~~s herein clescribed, or any part thereof, without
th~• ~~~ritten consent ~~f the Associ:it~on, and a'ithout a;sumption in m;ular form of luw bv the ~rantee of the obligations to the
1..nci.itic~n creatc.~ci b~• snid promissory note aud this nzurt~age, then, •incl iii tli.it event, at~d at thf: option uf tlie Ass~~ci:iti~~i~.
:~n~l ~~~ithuut n~rtice, al! sums of rnnne~~ ser~~red herebv shall immediatelv and cuncarrentlv ~~'ith such con~~evat~ce becume due .~nd
~~u~•.~hle ancl in default. The Associarion may deal with successors in interest ~vith reEerence to this mortgafie 1nd the debt hereb~~
,ecurcd in ihe same mannc•r as ~~•ith the mortt;agois, and ma~' EOiI)Yili to sui~ or mily NXtEiIC~ tli]1P Eor Pay?nent uE the debt, securc~cl
hE:rel~~•, or other~~~ise act withouc dischar~ing or in i111V ~ti'il~' .iEEectin~ the iiability of the murt~ngurs hereunder or upon the debt
l~ere•b~~ secured. The Association may also deal with the~ hiortgagors and; or with successors in interest with reference to this
inort~~:i~c and ihc~ debt herei~v secured b~• forbearing to sue, extending the time for paym<•nt of the debt, l~roviding for different
inonthh• payments and/or a difFerent interest rate, and by other express mudific~ttions of the contr;~ct, ~~•ithuut losing an~• 7~riorit~•
?he :lssociation has over other mort~.ifiecs or lienors or holclers af anV junior interests in the proprrtv secured hereli~•,
l0. Th~it in the e~~ent the l~r~~mises h~•reb~• ntortga~c~d, or an~~ part thereof, shall be condernned and taken for public usc•
un~lcr the ~w~~•r~r uf eminent dorn.iin, the :lssuciation shull have the right tu demand that a11 damages awarded for the taking of or
clama~;rs to suid premises shall be paicl to the Assoeiation, its SUCC~SS()]'ti OI' ~tiSIn~.S, up to the amount impaid on this mortgage and
ma~• be a}~nl:ed upon the p:i~•rnent or payments last pav.ible thereon.
11. It is spc:cificallv u~reed that time is the essenr.e of this contract a~xl t},at no waiver of any ol~ligation hereunder ur of
the ubligation securpcl hereby sliall at an~~ time therenfter be held to be a wai~~er of the terma or of the instrument secured hereb~~.
1?. If foreclosure proceeclinQs of anv sernnd mort~age or second trust deed or any junior lien of any kind should be insti-
tutcd, the Association muv :lt its oZ~tion, immediately or thereafter declare this mort;a~e and the indebtedness seciu-ed hereby due
and pa~~able.
13. To the extent oF the indebtedness of the ~tortga~:~rs to the Ass«ciation describetl herei~? or secured liereby, tkie Asso-
ci.ition is hereb}' ~t~brogated to the licn ~r liens and to the right5 of the o~+'I7Prs and ~olders thereof oF eac;~ and every mortgage,
lic~n or other cnc~unl~rAl1CC Oil thc: land described herein µ'}71C}] is paid an~l(or) sati~fied, in ~~•ho~e or in part, out of the proceeds
~~f the loan described herein or securecl hereb~•, und the resPecti~•c lier~s of said mortgaQes, liens or acher encumbrances, shall ~ass
tc~ ancl he heic3 t»~ the Assoc~ation herein as securitv for the indel~tedness tc, the Association herein describeci or hereby secure~ to
t}ic~ s.une ex'.ent that it woiild have been l~resen~e~3 and ~~~oiild have been j~asst~d to ar.d heen hclcl by the Association had it been
<luh~ and rr~ui~irl~• assi~ned, transferrecl, set over anc] delivered unto the Assoeiatinn by separate cleeci of assignment, notwithstand-
in~ the fact th:~t the same mav be satisEied and cancelled of rec~rd, it bcin~ the intention oF the p.irties her~to that the same wzli
]~e satisfied ancl cancelled of rernrd b~~ the holders thereof at or about the tiine of the recording of this mortga~e.
14. To pa}~ :~?1 and sin~tilar t}ie costs, charges, und expenses inrludin~ la«yer's fees, reasonablv incurred or paid at an~~
time bv thc :~ssociation, becaiise ef the f~~ilure uf the \tortgahors to pc'rfonn, comply ~~~ith and abide bs each and every stipula-
ticros, aRreements, conditiun~ .uu1 c~~~•c•nants of said I~romissorv note and this cif~~c], ur eithc•r, anc~ everv such ~~avment shall bear
interest from date at the rate statecl in the Tiote s~~curecl hereh~~.
15. Thut he ~~'ill perniit, commit, or suEfer no ~vaste, impairment, ~~r ~lc~teriur,~ticm c~f said propertt~ ~u am~ Part thereof;
anel in tllC ('~'Cllf of the f:iilure of the \t~rt;;a~c~rs to keep the }n~ilciin~. ~~n saicl ~rcrnises aiicl those to be erected ot? saici prernises,
~~r im~~ro~•ement; thereon in good repair, the Association may make ancl pav for such repairs as in its discretion it muv deem
neces~ary for the pro~~er Presen~ation thereof, and the fi~ll amount of such pa~•ments shall be secured Uy the lien of this mortgage
ancl shall at the option oF the Associatio:? be irrimecliatcly dtie IIil(1 ~1Yable, or payable in such monthly installments as the Associa-
tic~n ma~- c]etc~nnine, and e~~erv such PatiTnent zhall bear interest frc,m date at the rate stated in the note secured herehv.
1G. Tl~at iE the Association and the \turtgagors agree, the ~torttiagors wil! ram~ ~t policy or ~licies of insurunce upon
their livcs in au ameunt ec~ual from time tu tir~e to the amount of indebtedness here~~v secured, making s.iid Association benefi-
ci:u~~~ :hereuncle~~, anc', r.hat the said ~ssociation mav pa}~ the nremiurns for such insurance (in the event the \lortt;a~ors do not),
;incl acld each Siich P:i~•ment to the unpaid balsnce~of tiie loan, as of th~ first day of the then ciirrent rnonth, nnd it shall becotn~~
.i~lcliti~~nal indebt~~ciness seeured bv this mnrt~a~e payable upcrn d~mand.
I That ii~ !he evc~nt that this morttiage be gir•en to se~ure a constn~ction loan, failure on the i~art of the ~tort~agors nr
tl~eir cr>nti~,ictors ta carnj~Iete said buildin~ in accardance ~ti~ith Constniction I_oati :~greement, of <<'eri date }iere~vith, or to builcl
said cunstruction in accord~ince ~ti•ith I~lans and specifications fileci ~~•ith tlie Ass~ci~etion, sl~all constitiite a breach of this ~nortgat;~,
.uid. .~t tl~e ~Ption oE thc Association, immecliaielv rnattire the entire arno~~nt c~f ~~rinci~al aiid interest hercbv seciired and the As~c~-
c~iution mav immecliatel~~ iustitute proc~eedings to foreelose this rnor!~age.
i`s. That the abstract c~r ab~tr.icts of tikle co~•erin' the mortga~~eci pro~~ert)' shall ~t all times, <lurin~ the ]ife of this mort-
~,a~~r, rernain ir~ the possession c~f the :1ss~ciati~~~t and iii the e~•ent of the f~reelosure of this rnort~a~e or other transfer of title tc~
th~~ n~~rt~.i~~ccl ~~roI~ertv in ~stin~uishmc°nt of the indebtedness secured };cmh~~, all ri~ht, titlc, and intcrest of the '~tort<~a~ors i~~
ancl to an~• such ahstr,icts of title sha':! pass to the purchaser or grvitee. ~
19. 'The e'lssociati~n shall ha~~e the ri~ht, in its discreti~n, to rec~uire th:it the \fcrtnaaors p~i.~ into the Association in adcii-
ti~,n to thc~ mont}~h~ ins!allments ~~f ~~rincii~al and interest to be ~~aid 1>~' thc• ~tort~abors under the note secured bv this mortgarye,
:lll :iI110Ulit c~qual to ~ne-t~ti•clfth of the aunual instaliments of an~~ t:.i~es on the mort~agcd premises le~•ied or ussessc~d by rui~•
;;~n•cv,~mental authoritv, and one-h~~elEth oE the annual premiums for Fire and Extende<1 Covera~e insurance on the mort~a~eci
i~remis<°. .~s he~reinhe•f~~re m~luireci 1~~ .:he A~sc~ci:~tiun, :ind the \f~~rt~:i~ors' failme t~ makc such ~n~•rnents sh:ill con~titute a deftu~lt
undcr tl~i, innrtt;a~e.
I~ ~i'[T\F.S5 \V'HF.REf)F', thc• sai~i ~tnrt~,~!ynrs ht~reunt~~ set tL~~ir h;~n~ls an~l seais thE~ cia~.- v~ici ~•e,ir first ol~o~~e ~~•ritten.
5i~*u:~l,_seal~~d and dc~li~•c~rcd in tim l~rescnt~c nt:
~ -
i ~
~
~7~~ ~~`~E~ ~s~:~~.~
~r'~G~~ ~ Edmund M. Radke
/ lJ`/'
~ r / ~ r / ? ~1 E`~ / ~C~'i~ _ ~ ~ t~ j..1
~ ~ ; Doris M. R,adke
f ~ ~ ~,,/~t / ~ ~"~~'k~'
~ ~ C~ . ( SEAI, ~
_ (~EAI,)
(N;'ITNESSES? ;MORTGAGORa;
aooK1~2 1~~