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Home My WebLink About1319 f . . . 8. Until default in the performai?cs of tl~e coveiwnts and a~ts of tius n~rtgage, the mo:tgagors shaU be entitled to oollect the sents, issues aad profits from tbe proanisa ha+e~nbefoce dexcribed, but in case ~ a defAUlt ia any oE tLe tenaa oE chis miutga$0. and tbe filia of a biU to farecbse tbb or aap other mortgage encumberiag tbe withia deseribal prop«ty, tbe usociatioa shall immediate~j and wlthout notice be e~titkd to the appointmer?t oE a Reoeiver of the moztgagedp~pe and of the rents, issues and profits thereof, with the usualpo wer of Ra 'vers in such cases. sad such Receive~ may be-ca?tinued ;n po~ssioa of the said pcoperty until tbe ticne of the sale thereof uaner such Eocrrloaure, and until the confirniation of such .ale by the Court. ~ 9. If a oonve shovld be made by tha mottgagas of the premiu~s herein descxibed, or anyp~rt thereof, wit~out ; ~hc writtea consent the Association, and withaut assumptio~ in ragular fo~m af 1aw by the graatee of tfie obligations to the ~ .-~~cociation crented br said promissay note and this n,ortgage, then, and in that event, aad at tfie option of the Association. ~ :,nd .vithout norice, all sums of mc+ney serired 1~ereby s1w11 immediately and conc~rrently with such rnnve~ance become due and ~ paYabk and in defaW~ Tbe Association may deal with suooessors in intertst :rith refereaoe to this mo~tgage aAd tl~e debt herebv ~ec„~ed in t}~e same manner as with the mortgagors, and may forbear to sue or may extead time Eor pcryment ~ the debt, secured hereby, or otherwise ad witbout dischacgu~g or in any way affecting the liability oE the mortgngon hereuader or upon d~e debt ~ hereby secured. The Associatioa may also deal with tbe Mortgagon and/or with suocessors in interest with reference to th~s ,nort$a~ge and the debt hercby ~se~.~un~cl by forbearing to sue, extending the time for paymec~t of the debt, jx~ovidiag fa' diffe~ent ~ monthly pa~yn~enb and/or a differe~?t interest rate~ and by other express m«1if'~catio~ of tbe contruct. without losin any piiorit~• ~ e[l • the Associatioa has over other mortgagees or lienors o~ holders of any Jor?ior interests in the property secured . y. ~ 10. T'hat in the event the premioes hereby mortgaged, or any part thereof shall be ca~demned a~xl taken to~pu 61ic t~se ` unler the power of eminent domain, the Asaiciation sha11 have the right to demand that a11 dau~ages awsrded for t6e taking of or j damages to said pcemises shall be paid to the Assoeiation, its suecessors or assigres, up b the amount unpaiei on this moctgage and ~ mav be ap~lied upon the paymenc or paymena lasc payable the~eon. ; 11. It is specifically agreed th~t time is the ~ce of this oantraM and that no ~vaiver of any obligation hereunder or of ~ the obligation securEd hereby shall at any time thereafter be held to be a w~aiver of the t~ns or of the inshument secvred hereby. 12 If forecloaure proceedings of any second moctgage or second trust dced or any jnnior lien of any Idnd should be iasti- , tutcd, the Association msy at its option. immediately or thereaker declare this mortgage snd d?e indebtedness securecl h~eby due ~ and psysble. - _ 13. LT~o Lthe extent of the indebtedness of the Mortgagors to the Asxociatioa desaibed hemin or secured hezeby, the Asso- ~ Cl'1~IOII 1S a~CICYY SUbrogated to the lien or lieas and to the rightt of this ovmers and ho1ders thereof of each and every mortgage, ; lien or other encumbrance on the land descaibed berein whieh is paid and(or) satisfied, in whole or in part, out of the j ~~f the ban described herein or secured hereby, and the res~ectivc liens of said mortgages; liens or other encumbrances, s~~ g to and be held by the Assoc;ation herein as securi for the indebtedness to the Association herein de.9cribed or hereby sec~red, o = thc same ex!ent that it ~vould have becn preserved and ~vould h~ve beet~ passcd to and becn held by the Association l~ad it been ~ duly and regularly assi~ned, transferrcd, set over and delivered unto the Associatioa~ by separate deed of assigament, rahvithstand- : ing the fact that the same may be saticfied and cancelled of reoo~d, i! be;ng the inteation of the p~rties hereto that the same will : be sa~sfied and cancelled of record by the holde~s thereof at or abuut the tune of the reconiing of this mortgage. ~ 14. To IrdY all and singular the costs, charges, and eupe.nses includiag lawyer s fecs, reasonably incurred or paid at any ~ eime by the Association, because of the failure of the 1?tortgagors to perform. comply with and abide by each and e~?ery stipula- , tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such paymer?t shall bear interest from date at the rate stated in the note secured hei+eby. # 15. That he willperau t, commit, or suffer no.waste, impairrne~t. or deterioration of said property or any. part thereof; t and in the event of the af ilu~e of the Mortgagors to keep the buildings on xudprem and those to be erected on said premises. ~ ~ or improvements thereon in good repair, tbe Association may make and pay of r su- h repairs as in its discretion it may deem ;.ecessar~+ for tbe pmper pceservation thereof, and the full amount of sach payments shall be serured by the liea of this mortgage ; and shall at the option of the Association be immediately due and payable, or payable in such monthly uutallments as the Associa- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note sec+ued hereby. ~ ' ]6. That if the Association and the Atortgagors agree, the I?tortgagors will carry a policy or policies of insurance upon i their lives in an ameunt eqoal from time to time to the amoant of indebtedness hereby secured, maldng said Association benefi- ~ ciary thereunder, and that the said Association maypa y the premiums for such insnrance (in t1~e event the Mortgagon do not), ; ~ and add each ruch payment to the unpaid balance of the loan, as of the first day of the then ewrent manth, and it shall become ~ additional indebtedness secured by thu mortgage payable upon demand. ~ 17. That in the ev~ent that this mortgage be given to secure a construction loan, failure on the part of the riortgagors or their contracton to complete said building in acconlance with Construction Loan Ag*eement, of even date hert~vith, or to b~uld ° said construction in aocordance with plans and specifications filed ~vith the Association, shaD constitute a breach of this mortgage, ~ and, at the option of thc Associatioq immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately iattitute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the mortgaged property s1~a11 at all tunes, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosvre of this modgage or other transfer of title to the modgaged property in extingaishment of the indebtedness serured hereby, all right, tide, and interest of the Mortgagors in and to any such abstracts of tide shall pass M the purchaser or grantee• 19. The Association shall have the right, in its discretion, to require that the Mortgagors ~y into the Assoc~ation in addi- . tion to the monthly installments of principal and interest to be paid by the ~ltortgagors under the note secured by ihis mortgage, an amount equal'to one-twelfth of the annaal installments of any taxes on the mortgaged premises levied or assessed by any ; govemmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, and the 11~ortgagors failure to make such payments shall conctitute a default Y undet thfs mortgage. L IN ~VITNESS ~VHEREOF, the said !Nortgagon hereunto set their hlnds and seals the day and year first above written. , Si sealed and delivered in t resenoe of: ~ - - - - ~ _ _ _ - - - - - - - - - - - --~SEAL) , - - ~ Harry Karet - ~ . ~~Q~~CI, ~R d~ - -'~Gv~'~~ . _ __(SF.~I..) : - - - - - - - - (f 1Vtiriam Karet _ . - _ (SEAL) : - -~SEAL). ; - - - - - - _ - . - - (yy~~~~ (MORTGAGORS) a~K16y ~A~E1307 ~ -----t.~:- - - _ - ~ r.~~