HomeMy WebLinkAbout0784 Fs. tintil default in the performance of thP rovenants and aGrecments oE this martgage, the morigagors shull Ue entitled
tc~ collect the rents, issues and p~ofits from the premises hereinbefore described, hut in case of a default it~ any of the terms of
this mortgage, and the filin~ of a bill to foreclose this or any other mortgage encumbering the within descrebe~d property, the
:~ssociati~n shal! immecliat~~~~ and withaut notice be entitled to the appointment of a Receiver of the mortgaged property, and
of the rents, issiies ~ind profits thereof, with the e?sual pow•er oE Receivers in such cases, and such Receiver may be continuecl
in pos;ession of the said I~ropert~• until the time of the sale thercof under such foreclosw•e, and until the confirmation of such
,ale i>~• the C:c~urt.
9. If a convevanre should be made by the moftgagars of the pmmiscs he~•ein described, or any part thereoE, without
th~• ti.~ritten consent of the Assnciatinn, and «•it}iout assumption in re~ular form of la~v by the grantee of the obligatians to the
\~~uciution createci b~~ said ~romissorv note and this mortguge, then, and in that event, and at the uption oE thr Assuciati~~u.
uucl ~~~ithcnit notice, all sums oE motie~• sec~~recl hereby shall irnmediately and concurrentlv with such convevanre become due antl
~~,i~•ubte and in ciefault, Z'he Associ:~tion rnay deal with successors in interest ~vith reference to tl?is mr~rtgage and the debt hereb~~
secured in the same manner as ti~ith the rnertgagors, a»d may forbe~~r to sue or may eztend time for payment c~f the debt, secured
hereb~~, or ather~vise act «•ithout clischzir~in~ or i~t any wav :?ffecting the liability of the mortgagurs heret~nder or u~n the debt
hcreby securetl. The Association may alsa deal with the Mortgagors and/or with succrssors in interest with reference to this
inurt~~:i~e an<i the+ clebt herebt• securecl bv forbearing to sue, exlend~ng the time for payment of the debt, providing for different
inouthlv payments and/or a different interest rate, and bv other express mutlifieations oE the contr.ict, ~~•ithoi~t losing any priorih~
the :~ssociation has over other morigagees ur lienurs or holders af anv junior interests in the property seri~red hereb~•. ~
10. Th:it in the event the prc•mises h~~rebv mort~asc~cl, or uny part thereof, sF~atl be condemnetl aud taken for public use
tuulcr the ~xn+•er of eminent dorrzain, t1~e Assuciation shall h~n~e the right to clemancl that all damages awarded for the taking of or
dama~es to said premises shall be paid to the Association, its su~cessors or assi~r.c up to the amount unpaid on this mortgage and
m~~• be apnlied upon the payment or payments last pa~•~~ble thereon. ~
11. It is specifically agreed that time is the essence of this COf1~t1Ct and that n0 waiver of any obligAtlOil hereunder or of
the c,btigatioii secured hereby shatl at any~ time thereafter be held to be a ~vaiver of the terms or of the instrument secured hereby.
I2. If foreelosure proceeclings of any seconcl mort~age or second tn~st deed or any junior lien of r.ny kind should be insti-
tutecl, the Asscxiation may at its option, immediately or thereafter deelare this mortgage and the indebteclness seeured hereby diae
and pa~~able.
13. 'To the exteiit of the intlebtedness of the \iortga~ors to the Association described hercin or secnreci hercb}', the Asso-
ci.~tion is hcreb}' subrogated to the tien or tiens and to the ri~h~t of the otii•nf•rs ;~nd holders thereof oE each and everv mortbage,
lic~n or other ericennbrance or~ the land descrihied herein which is paid anrl(or) satisfied, in ~~~hole or i~i part, out of the procc~eds
~,f the loan described herein or secured hereb~~, and the resPccti~~c liens of said mortgages, liens or other encumbrances, shall pass
tc, an<t t~c held b~• the Association herein as securitv for the indebtedness to the Assxiation herein described or herehy secured, to
the ~;ame [!C~f'tlf f}I:lt it ~~•ould have been ~reser~•ed anc3 «~ould have been passecl to and been held by the Assoeiation had it been
cliil~~ anc3 rcgulnrh• assiyne~i, transfFrred, set over and delivered unto the Associ<<tian bv separate deed of assignment, nohvithstand-
in~~the fact that the same ma~~ be satisfied ancl cance~led of record, it bcin~ the intentioi? of the parties hereto thlt the same will
be s.~'isfied ~~ncl c,incel]ed of~record b}' the hoiders ihereof at or about the time of the recording of this mortgage,
14. To P.~}• atl and sin~ular the costs, charges, and expenses including la~tiyer's fec>s, reasonably inci~rred ar paid at an~•
;irnc b~~ the ~'lssociati_nn, bec.ii~se of the f:iiiure of the :liortga~ors to perforrn, comply with and abide by each and every stipula-
tions, aRreements, eonditiun~ and ec~~•en,u~ts uf s~~icI Pmmissory note and this cleecl, ~ir eithc~r, and everv sueh pavment sh~ll be.ir
intcrest from date at the rate statecl in the note s~~c~urecl hereb~•. ~
1~. Thut he ~~~ill pennit, commit, or sufFer no ~vaste, impairnirnf, <~r cleteriuration of said proPert~- ~r ant~ part thereof;
rm<~ in t~« e~~ent of the f:iilure of the \iort~~a~~rs to keep the huilclir~~s saicl premises and those to be erected on s:iid premises,
~~r iinpro~•en~ents t3~ereon iii ~aocl repair, the Association ma~• m:i;.e and pay for stich repairs as iil its discretion it rnay deen-i
necessary for the Prorer preservation thereof, and the full amount oE such pavments shall be secured by the Iien of this mortgage
und shall at the option of the Association be immecliateh~ citie and pa~~able, or pavable in such monthly insta~lments as the Associa-
ti~~i rn,i~• dett~rmine, and e~~erv st~ch pa~~mer~t sha)1 bear interest from clate at the raie stated in the note secured hereb~•.
16. Tl~at if the Associution and the ~fortga~ors a,~ree, the \tort~~gors ~r•ill carr}~ a policy or jx~licies of insuranc~ upor~
th~~ir li.•e; in aT, amaunt equal from time t~ time to tlle amo»nt of indebtedness l~ereby secived, makin~ said Association Uenefi-
ciar~• thereu!ulei•, nnd that the saicl -Zssoeiation may pay the premiums for such insur;uice (in the event the \1ort~~aors do not),
.~;u1~.~c1d earh such ~.i~•ment to the unpaid bal:itlCC pF t}le Ioan, as of th~ firct tl~~y of the then curr~nt manth, and :t sha11 becomc
aclelitiuna] indcbtcclness secured ln~ this mortga~e pa}•able u~on demand.
17. T}iat in ±l~e event th.zt this mor+g:i~e be ~i~~en to secure a constn~etion loan, failure on the part of the ~lortgagors ~,r
thc•i; c~ntr:ictors to complete szici t7uildin~ in acrordanee ~ti•it}i Constrtiction Lo:in Agreement, oF e~•en cfatc here~~•ith, or to l~uilcl
sairI c~~n~tructir~n in accord,inc~ ith plans arad specifications fiied ~c•ith the Assc~c~iltion, shall constitutc~ a hrr~ach of this rnort~a~c,
an~l_ c~t the oj~tion oE thc Association, immediatelv mature the entire :imoiint oF princi~~il and interest hcrebv secured ai~id the Asso-
ci:itic~z mav immecliateh• instiitite y~r~~ceeelin~s to~foreclose this mort~ige. ~
1`~. Th,~t the abstr.~et or nb;ir:icts of title eo~•ering trie mort~a~~eci i~ropert}• shall a~t ~ill times, durin~ the life oi this mc~rc-
~,a~E~, rc•main in thP possessioi~ c~f the Assnciation and in the e~~ent of t1m fe~reclosure of this mort~a~e or otl~er rransFer oF title to
the nr,7rt~a~ed ~~rc~j~crtt~ in cxtin~uishri~ent of ihe indebtedness secUred hereb~~, all ri~hY, title, anci interest of the ~lortga~ors in
ancl m an~~ such abstracts of title shall Pass to thc purchaser or grantee. +
19. The ilss~ciatinn shall have the ri~ht, in its discretion, to recluire that the \tortRagors Pati~ into the Association in addi-
tion to th; mc~nthl~~ installmc~nts Of ~)[lllCl~)1l~and interest to l~e l~aid b~• the ~1urt~agors under ti~e note seei~recl b~~ this mort~a~e,
;~n ;~mount equat !o cme-t«•elfth af the ~nnual insta~lments of anv tazes nn the n:ort~;aged prerniscs leviecl or ~issessed bv am~
go~ en.mea~tal a~ithorit}~, and one-t~+•elfth oF the an:~ual premiums for Fire ancl ~xtended Co~~erage instn~ance on the mort~a~~~d
~~re~nisrs as hcreinbef~ire rc~~jtiirecl l~~• the ;1~snci;ttiun, :lnd the \I~~rt~a}c~rs' f:iilure to make such ~ ati•ments sh:ill conctitute a deiaiilt
ur~c?cr this inort~;a~e.
I\ ~1~'IT\ESS lV'HGIZEC)F, the said ~fort~~~~~~rs hi~reuntu sc°t thcir hands anc~ seals the dn~• ancl t•ear first abo~•c tti•ritten.
Si~nc~?, seuicd and cleli~•er~cl in t~ie ~~reserice of:
~ ~
~v7~°~z ~,-~a~r-,~-~-~atir~,;~~ : ~ ~/C~c,, c sF ~i, ~
~ Edmund M. Radke
f,. / , ?~'JG...> 1/~, /~C~ ~C~ ('iI~,AL)
/ ~ , Doris i~~. Radke
~
~ ~ sx.:~r_~
wi=r,essES, ~ ( ~'r'~1r.>
,M.~R7GAGGRS,
soo~ ~.3~ 1