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8. Until default in the performance of the covenants und agrecments of this mortgage, the mortgagors shall be e~titled
to collect the rents, issues and profits from the premises hereinbefore described, but in case of a default in any oE the terma of
this mortgage, and the filing of a bill to foreclose this or any other ma~tgage encumbering the within d~ribcd prnperty~ the
~ssociation shall immcc3iately nnd without notice be entided to the pppointment of a Receiver of the mortgaged pr~perty, and
of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continuecl
;n pos~ession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of suci?
.ale b~• chc Court. ~
9. If a convevance should be made by the mortgagors of the premiscs herein described, or any part thereof, without
the ~vritten crn~sent o~ the Association, and ~~ithout assumption in regular form of Inw by the grantee of th4 obligatior?s to the
1..uciation created bv said promissor) note and this mortgage, then, and in that event, and at the aption of the Assuci:itiun,
:iud ~~~thout notice, all sums of money sec~~reci hereby shall immecliatety and concurrently ~~~th such rn~veyarice 1~c~come due und
~~~•able and in default. The Association may deal with succ~ors in interest with mference to thi mortgage and the debt hereby
,ecured in the same manner as with the mortgagots, and may forbear to sue or may extend time for p.l~nnent of the debt, secuted
hercby, or otherwise act wzthout discharging or in any ~ti•ny affeciing the liability of the mortgagurs hereunder or upon the debt
1~ereby secured. The Association may also deal with the Modgagors und/or with successors in intcrest with reEerence to this
mi?rtgage and tho debt hereby secared by forbearing to sue, extending the time for payment of the debt, providing for different
monthly }~ayments and/or a different interest rate, and by other express modificatiocu of the contr.ict, without losing any priorit~-
the Association has over other morigagees or lienors or holders of any jimior interests in the property secured hereb~~.
10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be co~demned and take~ for public use
iuidcr the po~eer of eminent domau~; the Assuciation shall have the right to demund that all damages awarded for the taking of or
damages to s~~id premises shaU be paid to ihe Association, its successors or assiQres, up in the amount unpaid on thu mortgage and
mav be applied upcm the payment or payments last payable thereon.
11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of
the obligation secured hereby shall at any time the:rafter be held to be a wai~er of the temu or of ihe instrvment secwed hereby.
l2. If foreclosure pmceeclings oE any second morigage or seeond tn~.st deed or any junior lien of uny kind should be insti-
tided, the Association may at its option, immediately ar thereafter declare this mortgage and the indebtedness secured hereby due
and gayabk.
13. To the extent of the indebtedness of the 1lortgagors to the Association d~ibed hercin or sec~red hereby, the Asso-
ci:?tion is hereb}• subrogated to the lien or liens and to the rights of the ownen and holders ihereof of each and every mortgage,
licn or other encumbrance on the lancl described hemin which is paid and(or) satisfied, in ~vhole or ir~ part, out of thep
~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sl~~~.
m and be held by the Assaciation herein :u security for the indebtedness to the Ass~xiation herein described or hereby s~ecured, to
the s:ime extent that it ~cuuld have been preserved :u~d ~s~ould have been pas~ced to and been held by the Association had it beeii
cl~ly and regularl~• assigned, transferred, set over and delivered unto the Associatic?n by separate deed of assignment, nohvithstand-
ing the fact that the same may be satisEied and ranceUed of record, it being the intention of the p~rties hereto that the same will
1~e sa~sfied ancl cancelled of record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay a11 and singutar the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any
time by the Association, beca~ese of the f~ilt~re of the :1lortRagors to perfonn, comply with and abide by e.1ch aml every stipula-
tions, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such payment shall bear
interest from date at the rate stated in the note secured hereb~•.
15. That he ~vill permit, commit, or suffer no waste, impairment, or cieterioration nf said property or an}' j~t thereaf;
and in the e~~ent of the failure of the Afort~agors to kee~ the buildings on said premises and those to be erected on said premises,
~~r iinpruvements thereon in good repair, the Association may make ancl pay for such repairs as in its disc~+etion 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
,?nd shall at the option of the Association be immed.iatety due and payable, or payable in such monthly installments as the Associa-
t ion may determine, and every such gayment shall bear interest from date at the rate stated in the note secared hereby.
16. That if the Assaciatiun and the \tortgagors agree, the ?~iortgagors will carry a policy or policies of insurance u~on
their lives in an ameunt eclual from time to time to the amount of indebtedne~c hereby secured, mal:ing said Association beneEi-
ciarv lhereunder, and that tl~e said Association may pay the premiu:ns for such insurance (in the event the 1liortgagars do not),
~~ndf add each such pa}'ment to the unpaid balanee of the loan, as of the first day of ihe then ctirrent month, and it shall become
additional indebteclness secured by this mortgage payable upon demand.
17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of ihe ~4ortgagors or
their contractors to complete said building in accordance with Construction Loan Agreement, of even da~e here~vith, or to buitd
said construction in accordan~e ~vith ptans and specifir,ations filecl ~~•ith the Association, shall rnnsdtute a breach of this mortgage,
and, at the opiion of the Association, immediately mature the entire amount of principal and interest hercby secvred and the Asso-
ciation ma~ immecliately institute proceedings to foreclose this mortgage,
18. 'That the abstract or abstracts of title covering the mortgagc~ci property shall at all times, during ihe life of this mort-
`age, remain in the possession of the Association :u~d in the event of the fareclosure of this mortgage or ott~er transEe~ o~.title to
the mortgaged proPerty in extinguishment of the indebtedness secured ~creby, all right, title, and interest of the' 1~,~ortga,gpts in .
and to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the A4ortgagors ~y into thd`Assocfation in addi--
tion to the monihly installmcnts of principal and interest to be paid Uy the itortgagors under the note secyred by this mertgage,
an amomit equal-to one-twelfth of the annual installments of any taxes on the mortgaged premises )eviet7 oi asse~ed by any
governmental authority, and one-hvelfth~of the annual premiums for Fire and Extended Coverage insurance ou~:the mortgaged.=
~~remises as hereinbefore requimd by the Association, and the 1lfortgagors' failure to make sach payTnents shaII constjtute a c~f~ult,
under this mortgaae. , . ,
I\ «'ITi~ESS ~t'[iEREOF, the said 3lortgaoors hereiinto set their }?ands and s~zls the day and y~ear first; above +yritt~.
SignQd sealed and dcliti•ered in ihe prescncc of: EDMAR~ INC. "
BY ~G+~~-YrGt.y. c~ - ~G~ R~ {SEAL)
Edmund M. Radke, President
~I.~l~~-x- n v~ _ ~ /
- ATTES'~./ _ U~_ ~I /~~~~~sEnL)
Doris M. Radke, Secretary
-
- _ _ ( SEAL)
- -
_ . - - - _ _ . SEAL)
(WIINESSfS) - - ' (MORTGAGORSI
BOOK 1~~ PAGE12~6
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