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HomeMy WebLinkAbout0428 8. Until default in the performance of the covenants and agrecmen~c of this mortgage, the mortgagors shall be entitled to coU~ct the rents, issues and profits from the premises hereinbefore described, but in case of a default in any of the ternu oE ; this mortgage~ and the filing of a bill to foreclose this or any other mortgage encumbering the within described property. the ; ~1s.cociation shall immedintely and without notice be entided to the appointment of a Receiver of the mortgagedproperty, and ; of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in ~oa~ession of the said propert~~ until the time of the sale the~eof under such foreclosure, and unti) the confirmation of such ~ ~ .ale b~• the Court. ~ 9. lf a conveyance should be made by the modgagors of ihe premucs herein described, or any part thereof, without ~ the ~vritten cauent of the Association, and ~~ithout assumption in regnlar form of law by the grantee of th~ obligations to the ~.tiociation cre~ted bv said promissory note and this modgage, then, and in that event, and 1t the option of tl~e Associatiun, an~l ~vithout notice, all sums of money sec~ared hereby shall immediately and concurrently with such rnnveyance become due and payable and in default, The Association may deal with suc~cessors in interest with reference to this mortgage and the debt herebv secured in the same maiu?rr as with the mortgagois, and may forbe~r to sue or may eYtend time for payment of the debt, secureci hereby, or othen~~ise act without discharguig or in any wny affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Moztgagors and/or with successors in iMerest with reference to this mortgage and the debt hereby secured by forbearing to sue, exlending the time for paymc nt of the debt, providing for different monthly payments und/or a different interest rate, and by other express moclifications of the contr.ut, H~ithout losing any priorih• ~he Association has over other morigagees or lienors or holders of any junior interests in the property secured hereb}~. l0. Thzt in the event the pmmises hereby martgaged, or any part thereof, shall be condemned and taicen for pubUc use : undcr the po~ver of eminent domau~, the Assuciation shall have the right to demand that all damages awarded for the taking of or = damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this moitgage and ; ma~• be ap~lied upon the payment or payments last p~yable thereon. ; 11. It is specifically agreed thst time is the essence of this contraM and that no waiver of any obligation hereunder or of = the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. _ 1~. lf foreclasure proceeclings of any cecond mortgage or second tr~st deed or any junior lien of uny ldnd should be insti- ; tutcd, the Association may :?t its option, immediately or thereafter declare this mortgage and the indebtedness sexured hereby due s and pa~~able. ~ 13. To the extent of the indebtedness of the ;1lortgagors to the Ascoeiation descxibed lierrin or sec;ured hereby, the Asso- - cialion is hereby subrogated to the lien or liens and to the rights of the oH~ners and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the prooeeds ~~f the loan described herein or secured hereby, and the res[~ectivc liens of said mortgages, liens or other encumbrances, shallp~ to and he held by the Association herein ns security for the indebtedness to the Ass~xiation herein described or hereby s~ecured, to s the s:?me ex±ent that it ~~•ould have been preserved :u~d «•ould have been passecl to and been held by the Association had it been ~ ; duly and regularh• assigned, transferrecl, set over and delivered unto the Association by separate deed of assignment, nohvithstand- € ing the faM ihat the same may be satisfied and cancelled of record, it being the intention of the ~uties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer s fees, reasonably incurred or paid at any time by ihe Association, }xrai~se of the failure of the 111ortgagors to perfonn, comply with and abide by ~ch and every stipula- tions, a~rements, conditions and rnvenants of said pmmissory note and this deed, or either, and every such payment shall be~ar _ interest from date at the rate stated in the note secared hereb~•. i 15. That he ~vill pernut, commit, or suffer no waste, impairment, or deterioration of said pn~perty or any part thereof; ~ and in the cvent of the failure of the Alortgagors to keep the buildings on said premises and those to be erected on ~id premises, ~ or impro~•ements thereon in good repair, the Association may make and pay for such repaus as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage and shall at ihe option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. f 16. That if the Association and the \tortgagors agree, the 111ortgagors will carry a poliey or policies of insursnce upon j their lives in an amaunt equal from time t~ time to the amount of indebtedness hereby secured, making said Association benefi- ; ~ ciary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the 111ortgagors do not), ~ ~ :md add each such pa}'ment to the unpaid balance of the laan, as ~f the first day of the then ctvrent month, and it shaII become f additional indebteciness secured by this mortgage payable upon demand. s i 17. That in~ the event that this mortgagc be given to secure a construction loan, failure on the part of ihe ~{ortgagors or { ~ tl~eir contractors to complete said building in acconlance with Construction Loan Agreement, of even date herewith, or to build ~ ~ said construction in accordance ~vith plans and soecifications filed ~~~ith the Association, shall constitute a breach of this mortgage, ; ~ and, at the option o[ the Association, immediately matwe the entire amount of principal and interest hereby secured and the Asso- ; riation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortga~eci property shall at all times, during the life of this mort- ~ ~ ~age, remain in the possession of the Association and in ihe event of the foreclosure of this mortgage or od~cr transfer of title to ~ ~ the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, tide, and interest of the Mortgagors in ~ and to any such abstracts of titla shall ~xiss to the purchaser or grantee. % ~ 19. The Association shall have the right, in its discretion, to require ihat the Mortgagon jray into ihe Association in addi- - ~ tion io the monthly installments of principal and interest to be paid br' the '~fortgagors under the note secared bv this mortgage, ~ an amount equal to one-hvelfth of the ~nnual installments of any taxes on the mortgageci pmmises levied or assessed by an}' ~ governmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci ~ prcmises as hereinbefore required by the Association, and the rtortgagors' failure to make such pa}'ments shall constitute a default ~ under this mortgaoe. ° I~ \VIT\ESS \~'HEREOF, the said ~iortgabors hereunto set their hands and seals the day and year first above ~vritten. ~ ~ - Si ed, aled and delivered in the prescnce of: EDMAR~ ~IC. ~ . . ~ ~ ~ ~ ~ ~ $y _ _ . - - ~-{SEAL1 e ~a Edmund M. Radke, President ~ ~ -eE-~~~~ ATT~~'~:~(„JU~"~ .IIL ~L~E,~I.) Doris M. Radke, Secretary _ . _ . _ - - - ~ i d C _,~~AI, ) o o.o - ~ • ~ - - - - - - t - ` - - - . . . - (V1/ITNESSES) {MORTGAGORS) Z G . '~SE~~r _ ~ ~ L~' - ~ ~ R f . . ~ gooK 181 PAGE 4~8 ~ ~ ~ . - ~ - - - - - - ~ - - ~ . ~ ~ .