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HomeMy WebLinkAbout1272 , i 8. Until default in the performance of the covenants and agrecmenls of this mortgage, the moctgagon shall be encided tu collect the rents, issues and profits from the premises hereinbefora described, but in case of a default in any of the terma of this mortgage, and the filiag of a bill to foreclose this or any other mortgage encumbering the within described property, the ; :~ssociation shaU immediately and without notice be entitled to the appointment of a Receiver of the mortgaged property, and ~ of the rents, issues and profits thereaf, with the usual power of Receivers in such cases, snd such Receiver may be continued in ~ession of the said propert~~ until the time of the sale thereof under suc}~ foreclosu~e~ and until the confirm:?tion oE suci~ ,ale b~~ the Cotut. 9. lf a c~nveyance should be made by the mortgagors of the premiscs herein described, or any pari thereof~ without - thc written consent of the Association, and ~~~thout assumption in re~ular form of la~v by the grantee of th~ obligations to the ~.u?ciation cre.lted by said promissory note and this mortgage, then, and in that event, su?d at the option of tl?e Assuciatiuu, ,~u~i ~~~ithaut notice, all sums of money sec~ired hereby shall immediately and concurrently ~vith such conveyance beeome clue and j~ai~ublc and in default. The Association may deal with successors in interest ~vith reference to this mortgage und the debt herebv ,ecured in the same mannrr us with the mortgagors, and may forbear to sue or may extend time [or payment of the debt, secureci ~ }~ereby, or othenvise act without discharg?ng or in any ~v:?y uffecting the liability of the mortgagurs hemunder or upon the debt : hereby securcd. The Association may also deal with the Mottgagors and/or with sucressors in intcrest ~vith reference to this # ~~,ortgagc and the debt herebv secured by forbearing to sue, extending the time for payment of the debt, providing for different i monthly payments and/or a different interest rate, and by other express malifirations of the contract, without losir?g any ~xioritr ' the Association has over other modgagees or lienon or holders of any jwiior interests in the properiy secured hereb~•. ~ l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public i~sc~ undcr the po~ver of eminent domain, the Assuc:iation shall have d~e right to demand that all damages u~varded for the taldng of or c~amages to said premises sha11 be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and , mav be ap, lied uEwn the pa}Tnent or pa}Rnents last ~?yable thereon. i ll. It is specifically agreed that time is the essence of thu contract and that no ~vaiver of any obligation hereunder or of ` t}~e obligation secureci hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. ; 1~. If foreclosure proceedings of any second modRage or second tnlst deed or any junior lien of any ldnd should be insti- ~ tutcd, the Association may at its option, immecliately or thereafter declare this mortgage and the indebtedness sc~cured hereby due :ind payable. 13. To the extent of the indebteclness of the Nortgagors to the Associarion described herc in or secured hen~by, the Asso- c i.it::,n is hereby submgated to the lien or liens and to the rights of the ownen and holders thereof oE each and every mortgage, licn or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in ~~~hole or in pairt, out of the proceeds ~ ~~f the loan described hcrein or secured hcreby, and the respectivc liens of said modgages, liens or other encumbrances, shallpass t~~ :ind Ue held b~• the Association herein as security for the indebtedness to the As.uxiation herein describecl or hereby secured, to ~ thc ~:ime ex•.ent that it ~~•ould ha~•e bcen presen•ed and ~~~ould have heen passecl to and been held by the Assochation had it been ~ clul~• and regularl~~ assig~ed, transferred, set over and delivered unto the Associatian by separate deed of assignment, nohvithstand- Y in~ the fact that the same ma~• be s~~tisfied and cancelled of record, it being the intention of the p:uties hereto that the same ~vill ; he sa~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 3 14. To pay all and singular the costs, charges, and expenses including lawyer's fecs, reasonably incurred or paid at an~~ : time b~• the Association, 1~eca~~se of the failure oF the Atortgagors to perfonn, comply ~vith and abide by each and every stipula- : tions, agreemcnts, conditions and rnven:mts of said pmmissory note and this deed, or either, and every such paVment shall bear ` interest from date at the rate stated in the note s~~cured hemb}~. ~ 15. That he ~vill permit, cammit, or suffer no waste, impairment, or deterioration of said property or an)' ~rt thereof; f ,tnci in the e~~ent of the failure of the ~lortgagors to keep the buildings on said pmmises and those to be erected on said premises, ~ ur impro~~ements therean in goocl repair, the Association may make and pay for such repairs as in its discretion it may deem . necessary for the pmper Preservation thereof, and the full amount of such payments shali be secw~ecl by the lien of this mortgage ;;ud shall at the option of the Association be immediately due and payable, or payable in such monthly uutallments as the Associa- ` tion may determine, and every such paymcnt shall bear interest from date at the rate stated in the note secured hereby. ~ 16. That if the Association and the ~torigagors agree, the ~liortgagors ~vill carry a policy or palicies of insarance upon 4 ~ thrir lives in an ameunt equal from time t~~ time to the amount of indebtedness hereby secured, making s:iid Association beneEi- - ; ~ iary ihereunder, and that tl~e said Association may pay the premiums for such insurance (in the event the l~tortgagors do not), ' +ncl add each such Ira~Tnent to the un~aid balance of the loan, as ef the first day of the then current month, and it sha1) becomc ~ ~ :ulclitional indebtedness secured by th'~s mortgage payable upon demand. ~ y l7. That in the event that this mortgage be given to secure a constmction loan, failure on the part of the ~lortgagors ar ~ ~ their contractors to complete said building in accordance with ConstruMion La1n Agreement, oE even date herewith, or to build ~ ~aid construction in accordance ~vith plans and specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ .~nd, at t}?e option of the :,ssociation, immediately mature the entire amount of principal and interest hercby secured and ihe Asso- ~ ciation may immediately institute procecdings to forectose this mor:gage. ~ 18. That the abstract or abstracts of title covering the mortga~ett property sha11 at all times, during the life of this mort- ~ ~,age, remain in the possession of the Associati~n and in the event of tlie foreclosure of this mortgage or other transfer of tide to ~ the mortgaged property in extinguishment of the indebtedness securecl Fereby, all right, title, and interest of the Mprtgagors in ~ and to any such abstracts of title shall pass to the purchaser or gr.~ntee. ~ 19. The Association sha11 have the right, in its discretion, to rcquire that the Mortgagon pay into the Assoriation in addi- ~ tinn to the monthly installments of principal and interest to be paid by fhe '.ltortgagurs under the note secured by this matgage, _ ~ :~n amount equal~to one-twelfth of the ~nnual installments of any t~.res on the mortgaged premises levied or assGSSed by any E ~ ~=overnmental authority, and one-hvelfth of the ann~ial premiums for Fire and E.dendecl Coverage insurance on the mortgaged.. ~ ~~remises as hereinbefore required by the Assc?ciation, and the ?lfortgason' fail~ve to m~lce such pa)Tnents sh~ll con§t;tute a defautt , undcr this mortgaoe. ~ - . : ~ I;V ~VITi~ESS R'IIEREnF, the said \iortga~ors hereunto set their hands and seals the day and year firyt ~~Geve ~ivritteR.~ 1 k ! ~ , Signed, sealed and deli~emd in the presence of: EDMARi INC. ~I .r' ~ %1~~ = ' _ BY (~•.Lfilz~~j' :~~~Y~!~ (SEAL) . ~ - ~ Edmund M. Radke, President ~Y; y/ ~t~~Q ~ ~~l~ ATT~~: ~c-y~ - ~La~sEn~) ~ Doris M. Radke, Secretary :c (SEAL) ~ w_-~ ( SEAL ) - - - _ . - _ . ~ - . (W i TNESSES) (MORTGAGORS) • ~ £:s P`, 800K181 PAGE1~~~ ~ - - ; 4`= ~ ~ ~ _ _ _ " ~ c~~^ i.rn~... . , . ~ _ ~ Y~ ~ . W_e~~.