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Home My WebLink About1899 • ( 1' V 8. Until defauh tn die perfo~ma~noe of tbe covenanta and ag~reamenta oE this mo~tgag0. the mort8a8°h sball be eatitbd to calkct tl~e reats, issud andproRts from the preani~es heteiubefore desrdbed, but in aue of s default in my of the ~ermY oE chia mortgage, uid t2~e filinng of a btri to facecloae tLis a snY otber martg~ge onc~maberh?g the wlthia dax~ribed gopecty, d~e As~ciatia~ s6a11 iua~nedtately and without notl~e bs eaKt~e3 eo tbe appointmeiit af a Receiver ~ t6e 'moctgaged~y , and of the restta, issves and profits thereof, with tbe utwlpo wet of Reoeivera in such a~s. sud such Receiver msy ~s-ooutinued in poa~n of the ~d property until tbe tlme ~f tbe sab thereof undes a~h f~ecloaure, and twtil the oon~manan of s~h snle by the (burt. 9. If a oonveyance should be made by the mottgagors of tbe pr~emises herdn de~ciibed, or any part thereof, without the written coi~ent of the Association, and without assumptia~a in t~eg~lar fonn of 1aw by the g~u?tee of tFie obligp~ to tbe .~ssociatiou created by said promissory note and this m«tgage, then, and in that event, aad at tbe optia~ of the Assoctatton. and ~vici~out notice, aU sums of mc~ev s~ecnred hereby shall ianmediately aad concurnenth+ wlth auch emveyance beaome due and I~YaWe and in defaul~ Tl~e AasociaNon may deal whh wooeaaors ia iaterest witb ref~ to this martgage and t6e debt he~+eby secured ia the same manmr as wlth tbe mortgag~s, and may fo~bear to sue or may extend time fac p~yme~?t of tbe debt, seau~al hereby, ar otherwise act without d~~ha~g or in any way aEfecting the liabiKty af tha mortgagas hereunder ~ ugoa the debt hereby secured. The Associatian may deal with the Moitgagors and/ar with suooessora in interest with rafera~ce to tbis ~nortgage anci t6e debt biereby ~secured by forbesring to sue, e~tending the tinne foc payanent of tha debt, psovlding for dif~t moAthiY P~Ym~b +~d~or a differGnt intareat rate, and by otber e~ modificati~s af tbe oontract, without losia any piurity the AssociaHon has over other nnoztgagees or lienors or holders of any jimior interesb in the P'oPertY a~'='°'d be~y 10. T'hat in the event the preini~es hereby g~d, or any part therea~, shall be ooodemned and takea farpu b~ic ~e under the power of eminent donuain, the Association~have the dght to demand that all damages awarded fa~ the ta]dag of or dama¢es to said p~emises shall be paid to the Association, its successorx or assigns. nP to the amotmt uapaid ar tbb matgage and may be ap~»lied. upon the payment or payments last payabk ihereon. 11. It is specifically agreed that time is the ~ee of this caitract sud that no waiver of any obligati~ hereunder or o# the obligation secured heteby ahall at any Wne thereaRer be held to be s waiver of the tera?s oer of tbe instru~nent secvred hereby. 12 If foreclosure p~oceedings of any seoond m gage or seoond trust deed or any ~mior liea of any kfad should 6e iaatI- tuted, the Associstion may at its option, immediately ar~thereafter declare this modgage and the indebtedness sec~u+ed I?eseby clue and payable. 13. To the e~ctent of the indebtedness of the Moitgagors to the Assoeiation desc~?'bed he.~ein or aeeured tureby, the Asso- ciation it hereby subrogated to the lie~ or lieas and M the rigbtr of the ownen and halders thereoE of each and mortgage, lien or other er~cumbranoe on ~e land descx~bed herein whid? is paid and(ar) satisfied, in whok or in pnd, out of prooeods of the loan d~cribed herein o~~ecvred hereby, and tbe respective liens of said mo~rtgages, lieas or ather e~ncumbrances, sbau co 1nd be held by the Association herein a~ urity for the indebtedness to the Assoc~ation he~+ein described or heneby sec~re~M the saine eu±.ent that it wouid have bec~n prr~~nred and w~ould have been passeci io end been heW by the Association had it beea duly and regnilarly assigaed, transferred, set over and delivered unto the Assoc;ation by sep~rate deed of aadgnmeat, notwithstand- ing the fad that the same may be satisfied and cancelkd of recocd, it being the intentian of tbe parties h~zeto that the saa~e wtll be satisfied and canoelled of record by the holders thereof at or about the time of the moording of this ma~tgage. 14. To pay a11 and siogular the oosts, charges, and expenses indnding lawyer s fces, rensona~1y u~ure~ o~ paid at aay time by the Association, berause of the failure of the 1?iortgagors to perfonn, oomply with aad abide byeach and every stipula- tions, agreements, conditions and covenants of said p~issory note and this deed, or either, and e~very s~h payment shall bear interest fmm date at the rate stated in the note s~ hereby. 15. T'hat he willpe~m~t, commit, or suffer no waste, impaiiment, or deterioration of said pm~erty or any parc thereof; and in the ev~nt of the af ilure of the Mort agors to keep the bujldings or~ said~n and tt~OSe to be erected oa said pmemises, vn g or impmvements ther8on in good repair, the Association may make and pay orf su brep~rs as in itt dix~tion it may dcem necessary for the proper preservatlon thereof, and the full amount of such payme~ts shaII be saciu~ed by tLe liea of this matgage and shall at the option of the A~ociation be immediaMly due and payable, or payable in s~ch monthly instaDments at the As.soc3a- tion may deMimine, and every such paymeat shall bear intezest fmm date at the rate stated in the note aec+ued hereby. I6. That if the Associacion and the I?~ortgagors agree, the Mortgagors w~l carry a policy or policies of insurance upon their lives in an ameunt equal from time to time to the amoant of indebte~lness hereby secured, maldng said Association benefi- ciary thereunder, and that the said Assoeiation maypa y the premiums for such ins~rance (in the event t~e Mortg$go~s do not), and add each suc~ payment to the unpe u'd balance of the loan, as of the first day of the then cturent month, and it shall become additional indebtedness secured by this ma~tgage payable upon demand. 17. That in the event that this nwrtgage be given to secure a construction loaq fa~ure on the pait o~ ihe Mortgagors or their contractors to complete said building in socardanoe with Construction Loan Agreement, of evea date herewith, or to buiW said construction in aooordance with plans aad speci~ications filed with the Associntion, shall co~stitute a breach of this mortgage, and, at the optian of the Associatioq immediately mature the entire aawunt of principal and interest hereby sec~u~ed and the Asso- ciation may irnmediately iastitute prooeedings M foreclose this mortgage. 18. That the abstract or abstracts of title covering the modgaged pmper~y shall at all trones, during the life of this mort- gage, remain in the possession of the Association and in the event of the foreclosure of this mortgage or othes transfer of tide to the mortgaged propezty in e:tinguishment of the indebtedness secured hereby, all right, title, and intere~t of the Mortgagors in and to any such abstracts of tide shall pass to the pum.haser or grantee. 19. T1~e Association shall have the right, in its discretion, to require that the Mortgagors pay into the Aasociation~~ addi- tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note sccur+ed by thi.s mortgage, an amount equal'to one-twelkh of t6e annual installments of any taxes on the mortgaged premi4es levied or ass~ed by 'any govemmental aathority, and mte-twelkh of the annual premi~mns for Fire and Ertended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, and the Mortgagors' failure to make such payments sha11 oonstitute a default under this mortgage. IN WITNFS3 WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above wrltten. Signed, sealed and delivered in tbe pr~cenc+e of; _ . - ~a.~.~..~-----A~!_-~.~~-_ _ ~---(S~-) eph M. ~eegan , - - ! _ - - - - i ' E Dorothy . Keegaa f ~ - ~ :------------------------------(sE~.) ~ i i - _ -------(S~) ~ (YYIiNESSE~ UYIORTGAGORS) aooK~.74 ~~f1895 _