The URL can be used to link to this page

Home My WebLink About1051 ~ ~ ; ~ ~ - E~~e.~ 8. Uatil ckfauh in tbe pecformance af t6e oovenants aad agrae+a~ents of t}ds mortga$0. the mat8a6°~rt shall be a~titled co oollect the renis, issues and profits from the premisea hareinbefore de~rlbed. but in case of a deEault in aay aE the ~ of this moitgase, and tl~e of a bill tiu faeclose thts ar ~n othec aio:tgage ~acumbering the within desaribed P~'oP~Y~ aad mot As~ocisHo~ shall immedia and vvithout notioe be ea to the appomtraent aE a Reoeiver of the ~m~tgagedp~o~erty of tbe rer~ts, issues and 'b thereof, with the usoalpo wet of Reoeivets in such caaes. snd sudi ReceIve~t may be oontiaued in pos~ion of d~ saId proj~ty ~n?til tbe tiTOe of the sab theraof wide~c such foreclaaure. and until tbe oonfirmaKon of such sAle by the Ca~ut. 9. If a oarveyance sho~ld be made by tbe ma~tgagas of tbe premises hereia descrihed. ar anypart theceof, without the writtea consent of the Association, and without assumptia~ in regular fam of law by the gfanEee of tbe obltg;ations to tbe Associatia? created~y said poomissory note and this ge. thea, and in tbat event, and at tbe option of the AssociAtion. :~nd .vit}aut notice, a~l sums of money scr~red hereby~immediately and ooncurrentlv with such cmveyance beoome doe and PsYabk and in defauh. The Association awy deal wlt~ snooeasors in interest with refa~ence to this madgage and tbe debt hereby secured 'm lhe same maaner as with the mortgag~s, and may fa~bear to sue ot-may ext~d time for payment of the debt, sec+ired hereby, ar ot6erwise act without dv~g oc in any way affecting the liability of tha ma~tgaga~ss hereunder or upon the debt hereby sec~ued. The Association may deal with tbe Modgagcus and/o~ with suocesso:s in interest with ~ce to this mod~age ancl the debt hereby sec+u~ed by forbearing M sue, extending the time fat payment of the debt, providiag fot diffa+mt montt~iY P4Y°~b and/or a differetit iaterest rate and~by other moclifications of the ooatract, without losiag eny pciaih the AsaociaHon has over othar aiodgagees or lie~wis oc hoklers any~ ~or interesb in the property secured hereby. 10. '17~at in tbe e~re~nt che premises hereby age~d, or any part th«eof, shali be caademned and tal~~, forp~ bUc use imder the power of e~ninent donoaia, tbe Association~l have the right to demand tLat all damages awaided for the ~iag of or damages ro said p~ni~as ahall be paid to die A.ssoc.~iation, its ~x~essors or assigns, up M ihe amoimt impaid an this matg~ge and may be applied upon tbe payment or payments lsst payable thereon. + 11. It is specific3IIy agreed ihat time is the es~ce of this caitract and that no waiver of any obligation here~mder or af the obligation sec~ued hereby stwll at any time thereafter be held to be a waiver oE the tern~ a: of the ~t sec.vred hereby. 12 If foreclosnre proceeclings of any seoondmo~tgage or seoond trust deed or any ~ lien of say l~nd should be insti- tuted, the Asso~atia~ may at its option, immediately ar tliereafter declare this moitgage and the indebtedness secured hereby due and payabk. 13. To the extent of the indebtedness of the Mortgagora to the Association described 1~erein or senued 1~rebY. the As~'O' , ciation is hereby submgated to the lien aar liens and to the rights of the owners and holde~s thereof of each and every mortgage, lien or other er~c~m~brance on the Iand d~crlbed herein which is paid and(or) satisfied, in whole or 'vi part, a~t of the of the loan descxibed hcreui or secvred hereby, and die respective liens of said moitgages, liens or other e~ecumbranoes,~ re' to and be held by the Association herein a4 secun~y for the indebtedness to the Association hereu? desc~ibed o~ he~by to the same ex!ent ihat it w~auld have bcen prese~ved and waild have been ~Sed to and been held by the Association had it been d~ly and regiilarly assigned, tranderred, set over and delive~+ed uato the Aasociation by separate deed of assignmeat, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the inteatiou of the paraes hereto that the same will be satisfied and canoelled of reoord by the holders thereof at or about the time of the recording of this mortga8e. 14. To pay all and singular the oosts, charges, and expenses induding lav~'Yer'a fees, reasonably incurred or p4id at any time by the Association, because oE the failure of the I?iortgagors to perform, comply with and abide by each and every stipula- tions, agreemencs, conditions and covenants of said prumissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secui'ed hereby. 15. That he willperaut, commit, or suffer no waste, impairment, or deterioration of said proPerty or any pact tliereof; ~nd in the event of the failure of the Mortgagors to keep the buildings on saidpre and those to be erected an raid premises, or improvements thereon in good repair, tbe Associatian inay make and pay•for s ~repaus ns in its disc~retion it may deem necessaz~? for the proper preservation thereof, and t6e full amount of such payments shall be secured by the lien of thit moztgage .u?d shall at the optiou of the Association be immediately due and payable, or payable in such monthly installments as tbe Assoc:ia- tion may determine, and every s~ch payment shall bear interest from date at the rate stated in the note secured hereby. ~ 18. That if the Associatiop and the 1?iortgagors agrce, the Mortgagors will carry a policy or policies of ins~unnoe upon ~ their liv~es in an ameunt equal from time to time M the amount of indebtedness hereby secvred, maldng said Association benefi- j ciary therennder, and tbat the said Associatian maypa y the premiums frn' such insurance (in the e~'e~?t the Mortgagas do not), ; and add each such payrnent to the unp ~'d b~lance of the loaq as of the fust day of the then c~urent montb, and it shall become additional indebtedness secured by this mo~ctgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a conshvction loaq failure on the patt of the Modgagors or their contraMors to complete said building in accordanoe with Construction Loan Agreement~ of even date here~vith, or to build said constructioa in aocordance with plans and spec~cations filed with the Association, sha11 constitute a breach of this m~tgage, and, at the optian of the Associatioq immediately mature the entire amount of principal and interest hereby sec~a~ed and t6e Asso- ciation may immeciiately institute proceedings M foreclose thi~ mortgage. 18. That the abstract or abstracts of tide covering the mortga8~ Pi'O~Y ~ at all times, during the life of this mort- ~age, remain in ~he possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged ~xoperty in extinguishment of the indebtedness secured hereby, all right, tide~ and interest of the Mortgagors in and to any~uch abstracts of tide shall pas.s to the purchaser or grantee. 19. 'I'he As~ociation shall have the right, in its discretion, to require that the Mortgagors p~y into ihe Assodation in addi- i tion to the awnthly installments of principal and interest to be paid by the Mortgagors under the note secuc~ed by this mortgage, an :imount equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental autlwrity, and one-twelfth of the annual premiums for Fire and Fatended Coverage insurance on the mortgaged Premises as hereiabefore required by the Association, and the 1liodgagors failure to make such payrnents shall constitute a default ~ under this mortgage. ~ IN ~VITNESS WHEREOF. the said Mortgagors hereunto set their hnnds and seals the day and year first above written. ~ Si `ed. and deliveted in the preseaoe of: ` : : - - - - - - AI-) ' Aaron Reitter ~ . ~ - - _ ...(SEAL) - - _ _ - elma G, e _ - - (SEAL) - - - ~ - - (S~-) - - - - - - - - - - - - - (YVIil1ESSE5) IMORiGAGORSI soo~173 P~1042