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Home My WebLink About2535 _ . ~ ~ ~ c:~ • r ~ ~ ~ ; r:, , 8. Unt1 default in tbe pe~farananos af tbs ooveoades` tad a~.:~ • thh mart~ge, die a4o~t$oa sball be antitkd o e to oollect tLe renb„ ist~e~ and b fram tbe premifes hereinbeio~e dexxlbed. bnt in oa~e of a dehult in a~r of tbs tenn~ of thb mattg~age, and tbs a biD co fareclore d~it aat~y ot}~a~ maert~age a~c+mabering tbe witl~in darribed pevparty. tbe t Asaoclatioa ahs~11 imme~dia~y and wklyout notioe be e~titled to tbe appotntme~t of a Reodver af t6e mo~tgsged , aad of the renb, i~su~es ~nd prof'ib thereof, witl? the usualpower uf Reoeivers in such casa, snd such Reoe~ve a~ay oo~ntinued iA poaeasioa cf the said prapeaty antil tbe time af tLe ak tberaof nnde~ such E«~ecloaur0. and until tbe coafirmatlon of such sale by the Oo~ut. 9. If • ooavey~nce should be mads by tbs mo~tgagors af the p~misea bec~eln described, a~ anyp~r~ t~eo~, without the wrjtten cao~t of the Association. and witbout ass~mptiaa in regular f«m oE 1aw by tbe g~natee af tTie ~blig,atians to ibe Associntioa crestedby said peomitaory aote and thb ~ge, tbeo, and in that event, and ~t the option oE the Association. ~nd .vithout notice. all sums of rtlaoey sen,red bereby~palhail -immediately and ca,currentlv witb sucb cc~aveyu~ce beoo~me due aud P~Yable and in dehuh. Zbs As~octatian ~ may de~l vritL woostsats ia tat~rest w~ referenoe to t~ matgage and tbe debt secur~a in ihe same ananner a~ widi the mortgagas, aua m.y fo~bcar to sue ~ may eseeaa time far paymeat of tbe debt. hereby, ar otherwi,e act witLout g or in any way affecting the }iability af the a~oetgagas ha~r,~mder or upoa ths debt hereby securrd. T6e Assodation mad y~a ~ d~l with the Mortgagots and/ac wIth wooessors in interest wRh refa~aice to tbis mo~tgage ond the debt ~e~y sec~md by for~ring to sue, ezteoding ths time foc payment of the debt, pro~viding for di~acent ~nontblY PaYme°b and/a:~ a cl~rmt interest nte, and~? od~ e~cp~ess modi~t~ns of tbe oa?traet. wit~ l~m anY P~ih' ' the A~oci~tian has amec ct}~er mo~tgageee or ltenors ac af anr ~miar ~taesb in the p~+oQe~ty sec~u~ed 10. That in the event the premi9es hereby or any part ther~eof, :6all be ooodemned and taloen fa u~e under tbe power of emi~t domain, tha AssocistionA~ve the dghi to deonand tbat sII damaga awarded far the of or damages to saia pcen?~ses shaII be paid to the Atisociation, its snxeasors or aasigns. up io the amo~mt unpaid an tbh a~o~tg~ge and may be appl~ed npon t~e PaY~t P4Y~~ ~ 1~Ya~ the:ean. 11. It is spe~Ily agreed thac cinne is the eaaen~e ~ thi~ oontraa and thst no wsiver of any obiig~tbn heramda or af the obligation secured haeby :haIl at anq time theaeaf~er be ~eld to be a waiv~er of the fiam~ ae af tbe i~aneat aecured hereby. 18. If fa~ecla~re proceedings of any second mat~age or aeoond dvrt deed ac a~r ~ liea of any Idnd dwuld be ius~- tuted, tLe Associatian msy at its optian, immediately or thereaRer dedare thts mo~tgage and the indebt~ sec~~red hereby due and payable. 13. To the m~tent of the indebtedness of the M~tgagon to the AasociaKon deaa~bed berein a: sacured ?ra+eby, tbe Assu- ciatioa is ~ereby subrogated to tbe }jen ac li~s~s and to tbe ~ighis of tLe owness and hayders thereof of each andevery mo~Se. lien or other encumbzance on the land desc~ibed berein which is paid and(ocj satiafied, in whole ar in part. ont of the sc: of the ban described t~erein or secured ha+eby, and the respedive li~ 4f said matga8es~.liena or other encumb~anoes, to and be held by the Assoc;atiiioa here.in as fo[ t~e to the Assodstion herein de~rn'beci or hel+eby ~ec~u+~M oa the same extent that it w~o~ild have beea ana liave been ~Sed to and been heW by the Association bad ft beea duly and regularly s~oed, transferred, set o~er and deliver+ed unto tl~e Association by s~patate deed af ~t, notvvi~nd- ing die fact that the same may be satufied and cancelled af rcoocd, ft beiqg tl~e int~entiaa of tbe porties ~ebo tLat the same wIll be saasf'ie~d and canodled of reoomid by the holders t}~ereof at o~ about the tnne of the reoording cf tMs ma:tgaga 14 To pay all and siagular the oosta, char8es, and ~ indndi°8 lawye~s fees, reaaooab1y incurred or paid at any time by the Association, be~cause ~ the failure of the 11io~tgagon to pexfotu~, oo~nply wlth and abide by each and every ~ia- tions, agreemenb, conditians and covenants of said pronnis~y note and this deed, or either, and every such payax~t shall bear interest from date at the rate atated in tl~e ~te secured hereby. 15. That he will t, commi~ or suffer no waste~ impairment, or deterioration of aaid property or any pa~t tl~ereof; :u~d in t6e event of t}~e of the Mortgagors to keep the buildings on said~m~s and tbse t~o be erxted on said p~emiSes, or imprmrements thereon in good repnir, the Association may make and pay faar suchre~us as in its di~on it may deem nec~ary for tbe properpreaervation thereof, aad tl~e full amount of s~ch payroeab shall be sea~d by the liea of tLis a~octgage and shaII at tLe option of ihe Associatiun be immediately due and P~Yable, ~ PQYabla in auch wont~ty ~ts a~ the Assoaia- tion may debermine, aad every s~ch payment shall bear inte~t from date at the rate atated in the note sa.~red ~+eby. 18. That if the Associatioo and the biortgag~a agrce, the Mortga ors w~l carry a policy or policies of ins~uanoe upon ion i their lives in an ame~mt equal G+om time fio time to the amwint of in hereby secured, maldng said A~ociatioa benefi- ~ ciary il~ereunder, and that the said Asaociatioa maypay the premiums for such u~surance (in tbe eveat the Matgagors ~ not), ~ and add ~ch such payment to tbe nn balanoe of tbe ban, as of the fiest day of tbe then c~nsent mantb, and it s6a1! becomoe additional indebCedness sec.vred bY ~~8e PsYable upon demand. 17. That in the event tbat this ma~tgage be given fo sec+ire a eonstruction loaq falure an tLe part af tl~e Mortgagora ar their contractors to camplete said building in aooa:danoe with Constructiou Loan Agrcement, of even date haewith, or to build said oon~n in aooo~dance with plans and speci6cadans filed with the As9ociatian, shall constitute a breach of this matgage, and, at the option of the As~ociation, imnnediately maturo the entirt amo~mt of pri~l aad iaberest hereby sec~a~ed and the Asso- riati~ may immediately institute prooeeding~ to foi+ecloae this mortgage. 18. That the ab~tract or abstracts of tide oovering the mortga ged property shall at sIl times, during tbe life of this mort- gage, ~+~ain in the poasession of the Associatan and in the event of the foreclosure of this awrtgage or other trantfe~ of title to the moztgaged pmpeity in estinguishment of the indebtedaess secured hereby, all right, title, and intere.tt of the Moitgagors in and M any such abatracb of title shall pass ~o the purchase~r grantee. 19. Tbe As~o~ciation shaII bave the rIght, in its dix~ion, to require that tbe Mortgagocs pay into the Assoc.~3ation in addi- ~ tion to tbe mo~thly ia~tallmenb of p~incipai and inte~est to be paid by the Moatgagors under the note sec~ued by this mactgage. an amoant equal ~ to one-iwelkb of the annual irutallments of any tazes ai tbe mortgaged preaiise.s levied or as~.sed by any governm«ital authority, u~d one-twelftL of tLe annual preani~mo~s for Fire aad E:tended Cmreiage insurance on the mortgaged premises as l~ereinbefare required by the As~sociation, and the Mortgagors failure to make such payrnents shall constitute a default under this mortgage. IN WITNFSS WHEREOF, t6e said Mortgagon here~mto set their hands and atal~ the day and year $rst above written. ~ Signed, aealed aad delivered in the presenoe of: ~ f . . - ---~~L) t - - . - - • ~ • 8 BTl . . . . . . SEAI. ~ , ~ ) - - - arriet risini - ~ - ~ - ~ - - - - (S~) - - - - - _ -(S~) - - - - - - - Mn~ u~oara~oo.st ~~1?3 P~25~8 ~ ~ - u_. . . _ _ _ _ ~ _