HomeMy WebLinkAbout1054 5. U~~ti! clefault in thc ~xrfunnaiice of the cotenei;it; ai~d ci~;rerm~~r~ts uf this martga~;e, thr ~~x~rtgugors shal! br entitle~ci
t~~ collect the rents, issues and profits from the ~zremises hereinbeEon: describe~l, but in case uf a default in any of the ternu uf
this martga~;e, and the filin~ of a bill to forec lase this or any other mort~a~e eneum~ ring the within deserilx~cl propert~~, the
lssociation shall immediatt~l~• ancl withcut nutice be ei~titletl to the ap~wintment oE a Receiver of the mort~a~ed propert~•, ~nd
~~f the rents, issues unc~ profits therE~csf, with the uwal poirer of Heceivers in su:.h eases, aud such Reeei~•er mav be c~ntiuuecl
ic~ ~os:ession of the s.iid ~~rupert~~ until thc tim~• of the sale thereuf under such foreclosure, ancl u~itil the c~~nfir~nation nf such
>ale b~~ tlu~ C~~urt,
9. lE u c~im•e~ auee shuulci be ~nacie bv the mortgagors of the prf~mis~~s }~erein deseribed, or any E~art thereof, lvtthnut
tl~~• ~~~ritten con;~~nt ~~f t;~~~ :lss~~ciatiou, ancl ~~-ith~~ut assumj~tic~n in re~e?lar fornt of ]a;ti~ bv the Qrantee oE th~ obligati<~ns t~ the
\..uc•i.itie~n createcl b~~ ,c~iel prorr~isson~ note a~rd tk~is mc~rt~;~~e, then, and iii th,~t e~•ent, and .:t t}~e uption c~f thc• .asse~ei,~tiu~~.
,~n~l ~~ithuut n"tice, all ~ums uf nu~ne~~ sec~~recl herebv shall irnrnediateh• and coiicurrentlv with sucl~ ec,nve~~.uice bc:~ume ciue anct
iri~;,ble and in default, "The Association ruay deal «zth seceessurs in interest ~vith reFerence ta this mort~age an<1 the debt hereb~•
secured iii the sarne mamirr as «it~i tf~e mart~u~urs, ~ind mav forbear to sur• i>r m~iv extet~cl time fur ~~:i~~me~~t ~~f ti~e debt, secur~~ci
hereb~•, or c>the~nti•isc: act ~i~ithout dischar,~ing ur in unv ~~;i~~ affectin~ t}te li:ibilit~~ of the morttianurs hereunder or u~n the clebt
lieret>~~ secured. 'I'he Association mav also deal ~~•ith the~ ~iortgagors ancl!or ~vith successors in intcres; ~~~ith reference to this
~nurt~~:i~e :urcl th~~ ~lebt hereb~~ secureci bv Eorbearint; to s~er•, extendin~; tl~e time for paymc~nt of the clebt, ~~roviding for difierent
inonthi~• i~a~•ments and/or a clifferent interest tate, and bv other c:~cprti~s m~ulifirations c~f the eontr,iet, ~iithcxit losing anv ~~riorit~
the :lssoci.ition has over other mori~~a~ees c>r licnors c~r }iolclers of ~~nv junior iuterests ~i the pro~~rrt~~ seci~r~d liereb~'.
I0. Thut in t}te c vent t}ie ~~n•mises hrrel~~~ mortGa~ecl, or aiiv part thereof, shall be condern~ied ancI takeu fur public iisc~
uue~cr tlie ~~~ser c~f eminent domain, the .lssuciativn shall tr.i~~e tl~e il{~Ilt t0 C~e~n;uid that 7tl ciamages a~~•zrded for the taking of or
clama~e~ ;o said premises shall he ~aic? to the Assac•iation, its sueeess~~rs or ~~ssi~~i~s, up t~~ the arnount un~zid an this mort~a~e and
ma~• t~e r~~~>liecl uiwn the paJ~ment or I~a~~ments last p:i~•uble thc~reon.
11. It is s~~•ciFically a~;reed that time is the essence oE this contract ai~d t~~at i~o ~~•aiver of au~~ obligation hereiuuler or of
the ~,blit;ation secured herebti~ sh;ill at am~ ti~ne thereafter be held to he a~sai~~er of the terms or of t}?e instrtimerrt securecl hereb}•.
13. If for~~c•losure proceec~in~s of ans• seamd mort~age or second triist deed or any junior lien of any kinc~ should be insti-
tutcd, the Assuci.ition mu~~ ;it its c~4~tion, immedi.i±ely or thereafter dc~clare t}~is mortga~e and the inclebt~dness secured hereby' due
.+nd p~~~able.
13. 'I'o the extcut c~f the ind~~btecli~ess of tl~e \lort~.i~ors t~~ ihe Association describcd her~•in or seci~red hereby, the Assa-
ci,ition is hereb~• subro:;atecl to the lier. or 1'rens and tt~ the ri~hts of the u~~•ners ancl holders thereof of each and evcry mortgage,
lic~n or otf~:~r r~~c2nni~r.it~ce ~~n the lanci descrii~eci herein ~s-hich i~ ~~aid anrl(c~r? satisfied, in whule or in part, out of the proceeds
~~f tht l~zt~ clescribe~d het-ein or s~ca~recl herc~b~•, und the res~~c~cti~•e liens c~f saici mortga~es, liens or other encnmbrarces, shall pass
t~r ,~nc1 i~e held b~~ the Assuciati<in hr~rein .is sec:uritv for tF~e indebteclness to the Association }ierein described ar hereby secured, to
th~• s,une ex`ent ~tL:~t i~ ~~•~~ulc~ ha~~e bren I~reservec? and ~rould ha~•e be~en I~ass~ci to and bee~~ held by the Association haci it heen
~Ii~l~~ and re~{~~~Iarl~~ assi~ncd, transfenrd, set ac~er and de3i~•ered untc~ the Assnc•i.~tion l~v sc~~nrate deed oE assi~nment, not~vithstand-
in~~ the fact that the samc rna~• be satisFied and cancelled of rcti~ord, it bcin~ the intentio~i oE the p,trties hereto that the same ~1~ill
he~ satisfied ancl cancelled c~f~record b~• the holclers thercoE at or abou, the time of the reeording of this mortgatie.
14. To pa~- all sncl sin~ul.zr thc costs, ch.ir~es, ancl expenses includin~ lrl~v~~er's fees, reasonabt~~ incurred or paid at an~•
tirne b~• the Association, hec.iitsr of tl~~~ failt~re uf t}ie ~fort~a~~ors te j~erf~nn, cornply ~~~ith .ziid abicle bv c~aeh and ~ti•erv stipiil.i-
tic~ns, a~~trernents, con<~itioti. and et~~•e~nunts of s<iicl I~romissorti~ nc~te ,eticl this cie~ ci, nr either, ancl c~~~er~~ such ~avment shall b~ar
intcrest from date at the r:ite stateci i~i the iiote s~~cured hereh~•.
15. Th.tt he ~~:ill Perniit, cornmit, oi• sufEer no ~~•aste, imp:iirnit~nt, ~~r cle•tcriurati~m ~~f said i~r~Imrh• ~~r an~• I>art therec,f;
;~m~1 in thc e~~ent of thc fsilure of Ehe ~tort~a~nrs to keep the infil~iint~~ ~m ;nid premises ancl those to be erected on s~iid prc~~nises.
r,r imj~ro~•erncnts thcreon in ~<?nd repair, the Association rnav mare :inrl puv for such rrpairs as in its clisc~retion iC tnar deen~~
r~eeessarv f~r the prc~per F,eesen~ation thereof, anci the full arnount of such j~.i~~ments shall be~ seeured bv the lien of this rnort~age
;+i~d shall at the optian ~f the Associntion be immcdiatcl~~ due and Pa~~able, or I~a~•at21e in such monthIv instaltments ac the Associa-
tinn rn;tr cie•tcrmine, and r~~cr~~ sucli r:i~•ment sl~~all bear interest frorn <l:rte at the rate stated i~3 the not.r securec~ herr}~>i•,
If~. That if the .lssoci.~ti~~n and thc \tart~a~ors a~ree, ihe lfort~~a~ors ti~•ill cam~ a poficv or ~>olicic~s of insur,ince uPun
their li~•cs in ar~ amnurit ccju~l from time t~~ time t~~ the atnount oE inclebteclne~.s hereb~~ ~secured, makin~ said ~lssoeiation l~esiefi-
ci;ii~~ tiiereun~ler, and that tlie s:tid :lssuciation m~t~~ p.i~• t}tc• pret7~iums (or sucl~ iusi~rance (in thc e~~ent t{~c \iurt~a~ors do nc~t;,
.in~l acld each euch ~:i~~me~nt to the uripaid balance of the lirin, as of the first d~v of t}~e then ci~rr: nt rnont}7, an<i it sh~~]! bccomc~
a~l:liti~~nul ~n~lcbteciness seei~recl bv this mort~age pat•ablc ti~i~ demnn~l.
1 i. That i~~ !he ecc•r3t that this mortti:~~e be ~i~•rn to secure a constructiori l~;an, Iailure nn tht• jxirt of the \t~~rt~u~ryors ~rr
tlieir cnr~tr.~ctc,rs to cotiij~lete said biiildin~ in aecordance ~ti•ith Cunstructiv~~ T.u.~n :lgreem~•nk, of e~~en <l~~tc~ here~~•ith, or to huil~;
s.ii~l cun~tn~cti;,n in acc~~rclanee ~1•ith p:ans a«d sl~eciEieations file<I ~+~ith the :ls,~~eiution, ~hai1 constittite a hreach of this rnort~a~,e,
.~u~l, at !he option of thc A.ssoci:ition, immedinteh- m~.ture the entire arnount ~f j~rirtcij~~~l ~3nd ir.tE~rest l~crcb~~ secure-d and the ~ss~~-
ci;itio~i mat~ imme<li;lteh• ii~stitute r~rnceedin~s to fo:eelose this n~ior'.,~.i,e. ~
1.5. That the abstract ur ab:rracts of title ro~•erint; the mort~a~~~~ci l~ro~,ert~• sh:111 at ull times, <lurin~ the life ~,f this m~,ri•
~,a~~r~, rc•main in thc po5sessiun ~E the Associatio~i ancl in the e~~ent ~~f tlic• f.^•reclosi~;e ~~f tl~is mort~~a~e or othrr transfer ~~F titie fn
thr m;~rt~a~~i•~l j~ru~~erh~ ir, e~tin~~uishment of ihe indei~tednass seeurecl herebt•, all ri~ht, tit~c•, artcl i~terest af tlie Jfurt~~a~~~rs in
~nd to at~~~ si~rh al~str;icts of title shall ~,~ss to tlie ptirchaser or gr~uitte.
19. "Ch~ :lssneiation shall ha~•r the ri~llt, in its discretion, to rer~nire th:~t tlie Atort~~~~orc ~~,i~• into tlle .~ssociation in nd~li-
ti~,n to th~ i~u~nti,l~~ inst~llmc~~its uf ,~rincij~<<l and i~~tc•rest to be 17~:iitl l~~• the~ \1<~rt~~~i~;~rs un~let the tiote secured b~• tf~is mnrt~,i~~e,
.u~ :unr~uni cc~u~~l to ~~ne-t~ti~elfth of the :~nm~al ir:sta(finents of an~~ t.~xf~s on thc~ n:ort,t;,~.~ed l~retnises Ic~•ic~cl or .~ssc~ssecl b~~ ~iri~•
~~u~~e~nm;nt,tl aut~~orih•, <it~d onc~-.~t~clEth of t}~~e .znnual prerr~ium, f~>r I~ire ~ii~d F?stc~ided C;o~•era~e ~ns>>rance ~~n tl~e mortRat~E~~i
;xr»~is~•s h~~reinhr•f~~re r~~~~iiirer~ ~6e ,~s;~~ci.iti~rn. :ind the \f~u-t:;a~ur~' f,t~li~re tc~ m,~ke such ~~a~~ment~ sh:ill cun~titute <ief,iu!t
un~l.cr t~~ii ni~>rt~;a~~~.
1\ \~~1'I~\FSS ~1~FIEIiEOf', the ti~.,icl ti1~~rt~~:i~~~,r. h~~re~uri~~ ~~~t tiu~ir li~_;u~1, ~in<1 st~als the ~1:~~~ ::nc~ ~~e~ir first i~l~ove ~~~ritten.
Si~,~;~,;1., ~c:i;t~<< .incI uc~li~,- ~re~1 in fl~c ~~rc<tric~~ nf;
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