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s. until defauh in d,e performanoe af t~e oov~eaana and ag~^aernents oE chls mott8a8a ~~8~ ~ be «?titled
to oo~lect tbe renb, issues andp~ofib frooa the p~nises hereinbefore descxibed, but nn case of a dehult in wy aE the tem~ oE
cl~tt mo:tgage, and the filia of • b~ri to fae~ecbae thia ar any otber a?atgage e~acumbering tbe within desaibed property, the
As.~ocjatlaa alwU immediat and wlthout notioe be entitted to the appointmeat cf a Receiv~er of the ~ma~tgagodp~o~e~y, aad
of tbe rents, issues and its thereof, with the ususlpo
wer of Aeoeiveis in such c~tes, snd such Recetves uwy be-aontinuad
;n pos~ession of the said propeity until the time af the :nle thereof uader such foreclosure, and until the oonfinnatia~ of such
sak by che courc.
8. If a oonveyance ahould be made by tha mortgagas of tbe premises herein deacribed, ar any part thereaf, without
the vvritten coiuent of the AssociaNon, and without ~ssumptian in regular fo~m a~ law by the grantee of tFie obligations to tbe
Association craated by said p~+omissory note and this moitgage, thea, aad ia that event, and at the optiot~ of the Association,
nnd .vitiwut notice, all sums of manev ser.ired hereby ahall immediately and ooncur,centlt? wilh such emveyance beoome due and
P~Yable aad in dehuh. Tbe Aasociation may deal wit~ snooaasors in interest with reference to this matga~e and the debt het~eby
secured in the seune awnner as with t6e mortgagois, and may farbesr to sue or may e:tend tiu~e for p~yarent of the debt, aecurecl
he~eby, ar otbervvise act without dis~argiag or in any way affecting the liability of the mortgagars hereundec or upo~a the debt
hereby secured. The A.ssoriatiaa may also deal wIth the Mortgagors and/ot with suocessors in interest with r~ce M dJs
mort age and the debt bereby secvred by forbearing to sue, euteadiag the time fa paymeat of the deb~ Ix~avi~8 fa~ ~t
WY~ts and/ae a different inta~st ntet and by oth~r e:pc~~ modificatio~s of tLe oontract, witbaut anY P~nh'
the AssociAtloa haa mror other maigagees or lienors a~ holders of any junior interests in the P~Pe~Y ~Y•
10. T~at in the event the premises hereby a«l, or any pnrt thereaf, shall be ooodemned and taken forp~ blic use
under tbe power of eminetit domain, the Association~ ~iaave the right to demaixl tbat alt damages awarded [or the t~gg af or
damages M said p~nises shal! be paid to the Assoeiation, its suc+c~ssors or assigns, ~p b the aaiount uapaid on thia m~ge and
may be applied upon tLe payrnent or payments last p~yable the~~eoo.
11. It is specifically agreed t},~c time ts the essence of th~s oontraa and that no waiver of any obHgation heceunder or of
the obligation secured hereby shall at aay time theresfter be held to be a waivec of the tera~s a~ of t~e instrummt secured hereby.
12. If foreclosure ~uoc~eedings oE any second mortgage ar seoond trust deed or any ~uniae lien of any ldad should be insti-
tuted, the Association may at its option, itnmediately ~ thereafter declare this nwrtgage snd tbe indebtedness secnred 1~eby due
and payable.
13. To the extent of the indebtedness of the Mortgagors to the Association des~ibed berein or secured hereby, the Asso.
ciatios is heeeby subrogated to the liea or liens and to ihe rlghb oE the ovv~~ers and holdets thereof of each andevery
~8'~+
lien or ot~r er~cumbrance on the land desaibed herein which is paid and(ar) satisfied, in whole or in pnrt~ out of the
of the ban described her+ein or securecl hereby, and the sespective liens of said nwrtgages, lieas er other e~ncumbzanees, s
D~~ss
to and be held by the Association herein as for the indebtedness to the Association herein descr~'bed a~ hereby ~ecured, to
the same ex!ent that it vrould have been pn~~ and wouW bave been ~ec~ to and b~ heldby the A~~ ~d
duly and regularlY assigued. transfezred, set over and deliverod unto the A~ociatiou by sep4rate deed ~ isaignmeat, notwithstand-
ing the fact tbat the same may be satisfied and canceIled of reoocd, it being the inteation of the parties hereto that the same will
be se~ed and canoelied of reoord by the holders thereof at or about the time of the recordiag oE this ma~tgage,
14. To pay all and singulaz the coats, charges, and ~ indudiag lawyer's fees. ressonabI~? inc~med o~ paid at any
time by the Asso~ciatioq because of the failure of the 1licmgagors to perform, oomPiy with and abide by each and every stip~ila-
tions, agreea~nts, coaditi~s and eo~enants of said pr~missor~, note and this deed, or either, and every such payment shall bear
interest from date at the rate stated in the note secured hereby,
15. That he will pe~rmit, coznmit, or suffer no waste, impairment, or deterioration of said pro~ty or any part thereof;
:u~d in tbe event of the faitui+e of the Mort~;agors to kecp the buildings on said premises and iLose M be erected on said ~xremises,
or improvenuents thereon in good repair, tbe A.ssociation may make and pay for such as in its discretion it may dcem
nec~ssary f~ tbe p~nnperpreservation thereof, and the fiill amount of such pavments shaII~seaued by the lien oE this modgage
and shall at the option of the Association be immediatety due and gayable, or payable in such monthly ~ts as tl~e Associa-
tion may determine, and every such paymcnt shall bear interest from date at the rate stated in th~ note aecured hereby.
16. That if the Association and the 1?iortgagors agc~ee, the Mortgagors will carry a poliey or polieies of ins~rance upon
their livcs ia an ameunt equal fi+um time M time to the amamt of °debtedness hereby secured, maldng said Association benefi-
ciary thereunder, and that the said Association mayp~y the premiums for sucb insurance (in the event the Mortgagors do not),
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n current month, and it shall become
additional indebtedn~ss secvred by t
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u morigage gayable upon deatand.
1T. That in the event ihat this mortgage be given to sec~~re a consduction loan, fa~7ure on the put of tbe Mortgagors or
tbeir rnntractors to complete said building in accacdanee with Constructian I,oan AgFeeu~ent, of eti,en date he~reewith, or M build
said constniction in aocordance with plans and apecifications filed with the Associatimi, shall constitute a breach of this mortgage,
and, at the option of t6e Associatioq immediately mature the entire amount of principal and interest hc~+eby sec~ued and the Ass~-
ciation roay immeiiiately iustitute prooeedings to foreclose this mortgage.
18. T}wt the abstract or abstracts of tide oovering the mortgaged property sha11 at all times, during the L'fe of this mort-
gage, re~nain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to
the mortgaged property in e:tinguishment of the indebtedne~t secured hereby, all right, title, and interest of the Mortgagors in
and to any such abstracts of tide shall pass to the p~rchaser or grantee.
19. The Associacian shall have the righ~ in its discretion, to require that tbe Mortgagors pray into tbe Assoc~ation m addi-
tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note serured by this moatgage,
an amount equal ~ to one-iwelfth of the annual installments of any tazes on the modgaged premises levied or assessed by any
govemmental suthority, and one-twelfth of the annual premiums for Fire and E:tended Coverige insuranee on the mortgagcd
premises as hereinbefore required by the Association, and the Mortgagon' failura to make such payments shall constitute a default
under this mortgage,
IN ~VITNESS WHEREOF, the said Mortgagors hereunto set their handa and seals the day and year first above written.
Signed, sealed and delivered in the presence of: ~ ~ -
/
. ~ 7
- - - - - - - - -----~-'~~.,1~ - ' t~--(SEAL)
-
-
~ J. Donald Rove
, _ . .
- - - - - - l cf's" ~ ~ ~ .
~ - ~ - ~SEAL)
lizabeth M. Rovegn
- - - - - - - - - _ (SEAL)
~ . . - - - -
- - - - _ SEAL)
- - - -
cwitntssts) _ - -
(MOlTGAGORS)
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