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a vAti1 aaf.ulc in the perforn~u~oe af tbe oov~nb .na .~roe~ts of thb aw~ga the mo~go~ ~au be «~t~aea
to oo~lleet tLs t~ab, i~es ~nd b bom the ~ bat~nbe~o~s de,acribed, b~ in wae af a dehult in anj? oE tbs t~ of
n
tAi: moctgage. uid the ~S a biII ~ fa~+eclosd dib ,pt~ay ot~rr ~s es~cumbeiing ths withia dacslbed prope~ty~ tbe
Asaoci~tba sbaIl immedia snd ~vItbaut notios bs fn~ded to d~e appointmaM af a Reoa~vec of tbe ~a~aitgagedp~o~ty
, and
of tt~e reab, issues and tbereo~ wtth tbe ~uwlpowet of Reo~wxs In s~cb ca~es. ~nd such Reoeirror may ~e coatinued
~a possession of the said penpe~ty uatil tbe Kuae af dre sale d~ereof ~mder n~ch fardoaore, and until the oonfiemaHan of s~ch
sale by the Cowct.
9. If a ooawyance shc~uld be nade by tbe n~atg:gats af tbe preania~ hereia de:aribed, a~ any p~et thareof, withnut
the writteY? coiuent pf the AssociAtioa~, aad vinthout ~sumptioa in nguLr fam af L?w by tbe g,tantee of tTie ~Wtg~tio~s to tbe
Associatloa created by satd prosni~sory Aote and t6is moctgage, thea. and !n t~at evartt, aad at tba option of tbe Associstion.
nnd ~vitlwut notioet alt sumt oE ma~ey cecnred hereby sL~~ Lmmediately and ooncurmatlv with such cvaveyanoe bet~ome due and
P~ayabk and io defauk. Tbe A~ociation may de~l w~ wooasoes i4 in~t with reEa~eooe to tbb moNgage and the debt
~roa~~~~.~~~m«c~«:,~a~y~~c~~a~y~a~~~y~c~~a~~~
~by, a a~ .a ~~c a ~ ~y ~y r~ ~cy ~ c~ ~ a ~ a~ a~
~ ~ ~~~~~~~a~~~~~~~~
~ u~?~s ~s~~~~t~a~a~~~a~c
au
mo~ p~?y„ee~ca au~/or~~i~t ~ n?ce, ana by abe~ ~a moc~~s of the oo~eracc, ,~,c a~r P~r
the A~ociatton has a~rer od~ m~gees or lknas ar bo2de:s of ~y f
tmio~ iateroats in the p~rty sa.vred
I0. That in die ev+eat the pzran~s henbyma~ag
~d. ~ any part ti~~eof, sl~all be ooademm~ed snd talae~ far u~c
unda the power of esintneat domain, tLe Association shail bave the rlght to danand that aD damages awarded fac tbe b~of or
daanages to said pseznises shaD be paid to the As~ociatian, its suocesso~rs or aasignu. up to the an,o~wt umnpaid an thi~ maetg,tige and
may be aPP~ P~Y~t or paymenb Lst payai~le tl~ereaa. -
11. It is specific;aDy agreed that time is the essa~c+e ~of thi~ ca?ttact and that no waiver af sny obll,gation Ld+e~mcler ac of
the obligation seaa+ed Lerebp aball at aay time thereaker be held to be a waivex af the taans ar of the imhvment serm+ed berebyR
18. If foreclosure prooeedings of any ~oa~da~o~t~ge ~ seaond trnst deed ar any iuaior lien of smy ldnd sbould bs ins~
cuted, d~e Assodatioa aiay at its apHoa, immaaiately o~ t-hei+eaf~ter decLre this martgage and tbe indebte~ sectu+ed ha+eby due
and payable. .
13. To die extent af tLe indebtedaass of tha M to the Associatlon desa~'bed herein ~:ec~md hereby, the Asso-
ciation is heneby subi+ogated M t2~e liea ar liens and toa~
ts ~ tbe o~wne=s an~d boi~dets tkreof af e~ch andevary mah~age.
lien or otber a,cumbraaca oa tha ]at?d des~xlbed herein which is paid and(ac) satisfied, in wbole ac in part, ait of theprooeeds
of the ban deseribed he~ein or sen~ced hereby, snd tbe respedive lia~s ~ said moctgagex~ l~eas or ather eaemnbeanQe~, sbal!
to and be t~eW by the Associstiaa her~ein as for tM ~ to tbe Associatio~n ~erein descri'be~i or beeeby seau+e~M ~
the same e~tent ihat it v?~oWd have been p~+aax~ and w~onW bave been passed to ~td been held_ 1}r tbe A~o~ation Lsd it been !
duly and regularly ass~ned, transferred, ~t aver and ddiva~ed nnto the Assoc;atioa by sepstaM deed af ast~om~ont, notwit~and-
ing the fact that the ssme mny be sattsfied and cencetbd of reoord, it.being the inemtian af tbe pnrties lsereto that tl~a same wID
be sa~s6ed and canceIled af i+eoo~crl by t~e }wkkrs tLa~e~of at ar about tbe t~me of the neoord~mg af this mo~gage, i
14. To p~y all and s3ngular tbe ooats, chargesr and e~peoses iodnding L~ryer's fees, ~y mc~ared or paid st sny
c~by~~~a«~,~~~c~a~~.~~i~~~~.~r-~~~~br~~a~?~-
8~~, ~a?a~ ~a ~ ~a ~c~ ~,a ct~ a~a, ~ ~,a ~t? ~r~c 3ueu ~
~~c ~ aa~ gt a~ ~ce ~cea ~ ~ ~ ~aa =
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15. That he vviri c~ommi~ ar suffer no wtste, impalrn~ent. ~ det~ation of said popezty ar any patt d~reof;
and in the event of tbe ~~of the Moit&agors to beep the b~ild'mgs an saidpremue~ and tl~o~ to be a~ected aa mid p~eanises,
~ or improvemenb tl~ereoa in good repair, tbe Assocsation may make and pay fa~ such as in its dis~eiian ft may deem
n for tbe properp~e ti~ thereof, and the fuIl amount of s~ch payma~ts shaII~~ea~ued by the ]iea of .tl~ n~octg~ge
m
and it t~e aption of the ~aAs~ociation ba immediately due and payabk~ ac payabie in saeh mont~ljr ~ts as t~e Aseocja-
tion may de~emnine, and cw"erY s~ PaYment shaIl bear inberest from date at tlve rate statod in the nobe sec,~+a~ed Leneby, i
18. Tbat if the Associatioa and the Martgagues ag~rae, t~e Mort gas w~p cany a polic,y or poli~es of i~ranoe upon i
their lives in aa atnaunt equal from time tb tlme to the amwmf of indEbt~edness hereby senic+ed, mabn?g said Associstion l~enefi-
ciary thereonder, and tliat the said Assnciatmn maypa}? ffie p~+emiums fas s~ch 6ssuranoe (in the event the Ma~tgagors do not).
and add esch snch payma~t to t6e uapaid b~lance of the loan,•as af tbe fi~st day a£ tLe thea c~arent month, and it shall beoo~ne
additianal indebte~ness sec+ued by t~is a~ortga8e PaYable upon dema°a-
17. That in the event t~at this martgage be g~ven ~ seaae a oonstrnction Ioan, fa~ui+e an t~e part aE t~e Modgago~s or ~
their oontradors to oompiete said building in sooaadstsoa with (;o~trucbon Loan A;greeuient, af ~+en date herevvith, ~ to bw'ld ~
said eans~vction ia aoc~daace with plaas and specy$cationa fi~ed with the Assa,~iation, shaD ca~titute a b~+each of this matgage,
and, at the optian of the Associatioa, ~tely matare the eatire aunamt of priacapnl and interest hereby secta+ed and tl~e Assu-
ciatian may immediately institute ps~oeedings to foreclose th's mortgage. j
18. Tbat the abshact or abstracis of title oovering the mort~ged p~+apaty sbeD at ~ time~, daring the life of this mo~t- I
gage, r~a~ in the po~io~ of the As~ciat~ and in tbe eveat of the for~o~e of t~s mortgage or ot~r trander of tide to ~
~7D10~8'$~ P~'~P~Y in eYtinguishme~nt of the indebbedness see+ued herebY, all ri~t, title, and interest of the Mcntga~ora in
and to any md~ ab~ac~ of title shall pass to the ~ ar garanbee. ~
19. Tbe Association sbait Lav~e the r~~ in ib dL~n, to require that the Martb'a8°~ P~Y int~o tbe Aasoc3ation ta addi- ;
tion to tbe mont~y in~a~ts of pcia~l and intetest fo be paid by the Mo~igagors u~ the note se~u+ed by this tnu~t~age, i
~ an am~mt eqnal-to ~e-tvv~lhh of the a~usl ins~llm~ts of any taxes oa ihe mor~agea p~a,ises leviea or a~ea by any
governmental authority, and one-tvvelfth of the annual p~eanh~ms f~ Fire aad Ertended Coverage ins~ranoe aa the moitgaged
premises as hereit~befo:+e required by the Association, an~l tbe Mortgagora' failure to mabe s~ich payments shaIl oonstih~te a defsult
uader tiiit mortgage. ;
, ,
IN WITNESS WHEREOF, tbe said Mortgagoas hereunto set their handa and seals the. day and year firat above writbea. - ~
Sign and delivered in the pre~oe of:
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~oox 180 ~ 497 `
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