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8. UntII def~tult ia tbs pafatmanoe of tbe oovenanb and ag~c~eo~neats oE t}iis mortgrage~ tbe mo~op th~11 be eatitfed
to oolle~ct tbe renb, L~suas andp~
b f[~oan the prembet be~nbeEo~+e deaxibed, but in c,a~O.oE a default in auy oE tb0 batm~ of
chis anoctgage. aad tbe o~: b~ll t~ fae+ecla~s tbb a an otber mo~gs eoc~m?besing tbe vvlt~n de~cribed p~ope~ty. tbe
.1s~ociatbn sball iunmedia and vvkhout iwtke be eati~ to tbs ~M of a Reoe~ver af tbe ~mottgagedp~p~y
, and
of tbe t~eab, issues md ' thnc+eo~f, with the iuwl wet of Reoelv~s Ia s~~ch cases, and ~ch Racelv~et m~ty be-c~ontinued
con
in pOS~OD oE t~lE unt~ tb8 t~IAQ Of ~IQ t21El~:'OE tt[!~E! a11Cb fO~CCj06l11'0, ~ tmti~ t~f0 COn~1~Yti0n ~ sUC2l
sule by the Coud.
9. lf a oonveyan~~,e sbwuW be a~de by the moitgagocs oE the proont~e~ i?aei descrlbed, ar anyp~ theceof, without
!he wrlttea cauent of the Associatfon, aad without aas~mptiat in regular farir? oE Lw by tbe g,~antee of tTie oWIg,st~ons ~o the
association c:eatad by said pe~oausso~y note sad this ma~tgage. then. aud in t~t evaat, aac! st the optiore of ibe A.ssociation.
and ~vithout nocioe~, all sums of mc~ey secvred hereby s1iaD lmmediah~y and oos~c~vreavy vvlth such cmveyanoe beoome doe and
Paribk nnd in defaul~ 1Ls As~oc.~iation miy ded wk~ suooe~s in int~rast wnh refe~~enoe ~o thia ma~tg,~ge aud tbe debt
k
secured in the same manner as with the aartgagois, and may forbear to aue or may e~eead ti~e far payment of tbe deb~
her~by, ar othe~vvi~e act without gm
g or in any way affecting the liability of the matgagors baeund~ or npon tLe debt
henby sac~uc~d. Tbe As'ociat~ae
mad~y
ab.o deal with tbe Mo~tgagars and/ar vvith wocesso~s in intecest with r~ca fio th~
mo~
a'ge and tLe debt sec~u~d by forbearing M sue, e~ctend'mg tbe time fo~ paymeat of tha debt, Pro~vidin8 for d~a~art
r'°~~~' P4Y~~ and/a a t iatereat rate~ aad by_ otiier e:p~ess modiE`~cations of tl~e oontract, without aay priority
the A~pociattaa bas over otLer moctgagees or lienots ot bo~ders af any fuaioc iaterestr m tl~e poopeii~? sectu~ed ~r.
10. That in tbe event the pceaaises hercbyma~gag
~ o~r any part th~eof, shall bs ooodemned and taken fac use
under tbe povver of ~oineat donnain, the Association s6~11 have the =igbt to de~nand that aD damages awarded ior tbe ~of or
damages to ~id pe~cnises shall be paid to the Assocjatioo, ib suoces~on or ss~os, up t~o tl~e amamt ~paid oa d~is moctg~ge and
may be applied nY~ ~ P4Y~~ P4Y~b last pa~yable thereoa.
Il. It is .spocifically agF~eed that time is iha esseace oE thi~ ooatrad and tbat no waiver of any obBgation Lere~mda ~ of
the obligation senued heteby sbail at any time thereafter be held to be a waiva af tl~e terms ac of tbe ~t sec~n~ed Lereby.
18 If foreclosure proceedings a~ any seaond ge or aeoond truu deed ar aay junior liea of aay 13nd slw~il~d be iasti-
eoon
tuted, tbe Association may at its option, immediaMly ar ereaker declare tl~is ma~,age ~nd ibe indebtednes~ sec~a~ed hereby due
and pnyable.
I3. To d~e ertent of tlie indebtedness of the M~t~agors ta t}~e Aasocintjon ddaibed hGreia cr secured herebp, the Aaso-
ciatiae~ ~s Le~eby subivg,~ted to tbe lk:s or lieni and to tbe-rights vf the owne~s aud Lol~d~s thereof af a~ch auci
s
lien or al~er «~nbcance on the ~ana ae~ibea h~, wh~h is p.ia .na~a~ s~c~ie~, m w~b a ion pa~t, a~c oE p~ooeeda
of the I~oan de~cribed herein or sxured bereby, and the respeetive 1ia~s of ~aid matgages, l~eas or other encttmb~anoes, s
ll6a
to and be heW by tbe Association herein as for t},e ~~debte~ to tbe Aa~ociation ~ deacri'bed ar ba~eby aenu~
the same extmt that it ~+rould have beei? p~r~~ and arould have been pasaed to and bemi Ldd by the f~ssociation bad it beea
duly and regularly assigued, transfecred4 set over and ddivered unto tbe Association by s~te c~ed aE asag~oment, nolwithstand-
ing the fact tbat the same may be sati~ed and canoeBed of :eca~d, it beit,g the int~mtion af the pnrties ~aeto that the aame wID
be saei~'ied and c~u~odled of reoord by tbe holders tba+eo~ at or aboat tbe tirnoe af the reoo~ding oE this mortgaRga
I4. To pay all and singular the o~ts, chai'8et, and esp~es n~dud'u?8 laNryei
s fees, rea~an~bly ~ured or paid at any
time by tl~e Associstion, because of ihe fa~ure of the I~icxtgagors to perfotm, comply with and abids by eaeh and every stipula-
tions, ag~eements, conditions and rnvenants of said p~onvssory note nnd this deed, ar either, and every such payment shall bear
interest fzom date at tl~e rate stated 'm the note sect~red het+eby. .
15. T6at he w~ll~
t, eommit~ or suffer no waste. impa~rneat~ or deterioration of said property or any part thereof;
and in the event of the af ~7ure of d~e Motigagors to keep ihe buildiags on saidp~m smd those to be ~ on said p~miies,
or improvements thereon in good repa~r, the Associatian awy make and pay fa~ ~ as ia ib di~aetton it may cteeim
n far the pmpetp bion thezeof, and the full aawunt of such paymentr shall~saaued by t~.e Iia~ af this mo~tgage
mo tgs
and at the option of t}~Associatioa be immedistely due and PoYa~, P~Y~ble in sncb monthly ~ts as the Assocsa-
tion a~ay determine, and every such paymeat shaII bear infierest from date at tbe nte stat~ed in tbe note sx+ued bereby. ~
18. That if tLe Association and the I?tartgagois agree, the Mart gars wiII cairy a policy o~ pQlicies o~ ~ upon (
t~eir livea in an saneunt equal from tiaie to time to the amoAint of indeb~edness hereby s9cured, maldng said Association benefi- ;
ciary t6eretmder, aad that the said As~ocistion may the premiums for such ins~saace (in die sveat tbe Moitgagars do not), ~
y as
and add each such p~yment to th~.im~ balance the 1o~on, as of the ~ust day af the then crm~ent month, and it shaIl become
additianal iadebtedness aeciued bY ~8e P~Ya~
17. That in the event that this mortgage be givea to secure a~ Ioan, faitu~e an the part o~ the Mortgagors or
their contractors to complete said building ia ao~rcianoe with Construc.tion Loan Agrr,ea~ent~ of even date henewith, or M build
said ~ in soco:dance with plans and sp~tions filed with the Assaciation, shaIl constitute a breach o~ this moctgage, t
and, at the optiao of the Associatioq immedistely mat~u+e the eatire amount of princip~l and inb~st bereby secia+ed and the Asso- '
ciation may immediately institute prooeedings to foreclose this mortgage. i
18. That tbe abstract Qr abstracts of title oovering t11e moitgaged proPerty shatl at atl times, d~ring the lde of this mort-
gage, remain in the po~ssion of the Associatioa and ai t6e event of the forerlosurs of thiS martgage or other transfer of title b
tt~e mostgagea ~op~ty in ~stinguishmenc of the inaebte~ se~u+ea bereby. ~ risb~, utle, ana ince~c of ch~_ I~oct,gagors in ~
and to any such abatrscts of title shall p~ss to the purchaser or grantee.
19. Tbe Associstion ahaA bave the right, in its di'cret~on, to require that the Mortgagors pay into the Assoc~iation in addi-
tion to the monthly instaIiaients of pri~l and interest to be paid by the Mo~tgagors under the note scruned by dus mortgag~
an s+rnamt equal-to oao-tvvelfth of the annusl instaIIments of any t:.ues oa the mortgaged prtaniies levied or a~ssed by any
governmeutat suthority, and oao-twelfth of the annual p~emiums for Fire and Eztended Caverage insurance o~ tLe mortgaged
premises as }rereimbefo~+e reqaired by the Association, and the Mortgaga~s' failure to malce such paymenb sha11 constitute a default
under this mortgage.
IN WTfNFSS WHEREOF, fhe said Martgagors hereunto set their hands and seals the day and year first above written. i
Si , and delive:etl in ibe pre,~euce of:
;
:
,
~~2~~~A~,.,~
- . ,
- - - - (~-9 ;
Geo e H. Bachman E
.
- - ~-~~s~~!~%~?~ .__(SEAL)
Wilmat B. Bachman
- - (sEAI.)
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1rv~~
BooK 1?5 691
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