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HomeMy WebLinkAbout0207 C,,•' . L•' • ~ • s. untit aefauZc in d?a perfornwnoe af the ooveaants aad agroe~aeAts of tl~is moctgage, the mo~cgagon ahau be ec?tidea to collect the reats, issues andprofits froon the premisa herainbefore descxibed, but in case of a defauh in any of tbe temn~ oE ch;s mortgage, and tha filing oE a bill to faeclose thb o: any other mortgage encumbe~ing the within desaibed property, the ~ssociatioa shall immediately and without rwbice be ez?titled to the appui~?tment of a Reoeiver of the ~mortgaged , and ? oE the renb, issues and profits thereof, with tbe usualpo wer of Receivets in such cases, snd such Receiver may oontinued ;n poa~ssioa of the said property uatil the Hme of the sale thereof under s~ch forecloaure. and until the confirn?ation of such sale by the Court. 9. If a oonveyance should be made by the moitgago~s of the premisc~ herEin des~ribed, o~ unyp~t thereof,- without the written consent of the Association, and without assumption in regular form of law by the grantee of tFie obligations to tLe ~?ssociation creuted by said pmmissory note and tlus mortgage. tbea, aad in that event, and at the option of the Associatan. ,~nd .vithout notice, all sums of mcme~+ sec~ued hereby shall immediately und concurrently with such rnnveyance beoome due and payable aad in defauh. Tha Association may deal with s~ors in interest with refer~ce to this matgage and tbe debt hereby secured in ihe same manner as with the moitgagois, and may forbear to sue or may eztend tlme for payment of the debt, seaured hereby, or othe~wi~ an without di~charging m in any ~ay a~~~g ~~b~~y m~tgagors hereunder or up~ _the debt hereby secured. The Associati~ may atso deal with the Mortgagott and/or with suocessors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for paymeat of the debt, providing for di~erent montbly p~yments and/or a different int~ rate, and by other ex~ mocli~tions o# the contract, without losing any priority the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby 10. That in the event the pmmises hereby modgaged, or any part ihereof, shall be condemned and talcen forpu blic use imder the power of eminent domain, the Association shall have the right to demand that all damages awarded f~ the mldng of or damages to said premises shall be paid to the Association, its successors or assigas, up to the aaaunt unpaid on this mortgage and mav be applied upon tbe payment or payments last payable thereon. - 11. It is specifically agreed that time is the ~ce of this eoniract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any tiime thereafter be held to be a waiver of the ternu ar of the instrument secured hereby. 12. If f~eclosure paroceedings of any second moztgage or seoond trust deed or any junior lien oE any ltind should be insti tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness sec~red hereby due and paysble. 13.- To the ertent of the indebtedness of the Mortgagors to the Assaciation desaibed herein or secured hereby, the Asso- ciation is heteby subrogated to the lien or liens and to the :ights of the owners and holders thet~eof of each and every mortgage, lien or other encumbrance on the land de~rlbed herein which is p~id and(~) sati~ied, in whole or n~ part, out of the prooeeds ~~f the loan desaibed herein or secured hereby, and the respectivc liens of said martgages, ]iens or other encumbrances, shaII m and be held by the Association herein as sec,vnty for the indebtedness to the Ass~ciation herein described or hereby secure~ o thc same ex!ent that it would have been preserved and ~voald have been~ Passeci to and been held by the Association had it bee~? duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of reco~d. it being the intention of the p~arties he~+eto that the same will he sa5sfied and cancelled of reoord by the holders thereof at or about the time of the recording of ihis mortgage. I4. To pay all and singulaz the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, because of the failure of the l~ioitgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and evesy such payment shall bear interest from date at the rate stated in the note secured heneby. 15. T'hat he willpcrnu t, commit, or suffer no waste, impairn~ent, or deterioration of said prorerty or any part thereof; and in the event of the af ilure of the Mortgagors to keep ihe buildings on saidprem ises and those to be erected on said premises, or improvements thereon in good repair, the Association may make and pay of r such~rs su in its discretion it may deem necessary for the pmper preservation thereof, and the fiill amount of such payments shall be secured by tbe lien of this mortgage .~nd shall at the option of the Association be immediately due and payable, or payable in such monthly iactallments az the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the 1ltortgagois agree, the Mortgagors will casy a policy or policies of insurance upon their lives in an amaunt equal from time to time m the amount of indebtedness hereby secured, maldng said Association benefi- } ciary thereunder, and that ihe said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), and add each such payment to the nnpa~'d balance of the loan, as of the first day of the then current month, and it shall bec.~ome ~ additional indebtedness secunYl by this morcgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agrcement, of even date herewith, or to build s~zid construction in aocordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Associatioq immediately mature tt~e entire amount of principal and interat hereby secored and the Asso- ciation may immediately institute pmceedings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the mortgaged property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other tratufer of title to ~ the mortgaged propecty in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Modgagors in ~ and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Modgagors pay into the Association in addi- ~ tion to the m~nthly installments of principal and interest to be paid by the ~lfortgagors under the note secured by this mortgage, :~n amount equal~to one-hvelfth of the annaal installmeats of any taxes on the mortgaged premises levied or assessed by any f ~uvenunental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci t i~remises as hereinbefore required by the Association, and the rtortgagors failure to make such payments shall constitute a default under this morigage. : ~ II~ «'1TNESS ~VNEREOF, the said ~iortgagors hereunto set their h~nds and seals the day and ti^eat first above written. ~ . ~ - . i Si;ried, sealed and delivered in the presence of: ~ 's . , . _ . - -~SEAL) ~ - - - - _ _ _ . _ , , ~ . - Q~ ~ - ~ ;r . . X.!~!t~GG~_ (SEAI.) : - - _ _ ~is Kerno ~~g n , EAL) - - - < , - lita Ker ohan _ _ - - - (sEAL) : _ - - . - - - _ _ iMORTGAGOt5) (WItNE55ES) so~K 173 PACE 205 ~ ~