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Home My WebLink About0824 ~ S 1 t ~ 8. Until default in iha performance of the covenants and agecments oE this mortgage, the mortgagora shall be entitled 1 to callect tbe rents. issues and pmfits fsom the premises hereinbefore de.scribed, but in case of a default in any of tbe ternu of this mottgage, and the filing of a bill to f~eclose this a an other mo~ttgage eacamberiug thc within descxibed property, the m Association sball immediately and witheut notice be entitl to the appointment of a Receiver of the mortgagedproperty, and of the rents, issues and profits thereof, with the acual power of Re~ceivers in s~h cases, and such Receiver may be continued in pos~ession of the s~id property until the time of the sale thereof under such foreclosure. and until the confumation af such xale by the Court, 9. If a conveyance should be made by the mo~tgagads of Lhe premises herein described, or any part thereof, without the written consent of the Association, and without assumption in regular form of law by the grantee of tTie obligations to the ~lssociation creuted by said promissory note and this mortgage~ then, and in that event, and at the option of the Association, and ~vithout notice, all sums of maney secared hereby shatl immediately und rnncurrentty with such rnnveyance become due and payable and in default, The Association may deal with aucoessors in interest with reference to thu mortgage and the debt herebv secured in !he same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securec~ hereby, or otherwise act without dischargmg or in any way affecting the liability af the mortgugors hereunder or upon ihe debt hereby secured. The Assaciati~ may also deal with the Mortgagors and/or with successors in interest with reference to this mortgage and the debc hereby secured by forbearing to sue, eutending the time for payment of the debt, providing for diffec+eat mont}ily payments and/or a different interest rate, and by other express modifications of the contrnct, without bsing any prioritr the Association has over other moztgagees or lienors or holders of any jwiior interests in the proYserty secur+ed hereby, 10. That in the event the premises hereby mortgaged, or any part thereof, shaU be condemned and taken forpu blic use under the po~ver of eminent domain, tbe Association shal! have the right to demand that all damages awarded for the taking of or damages to said premises shall be p~id to the Association~ its successors or assigns, up to the amount unp~id on this matgage and may be ap~lied upon tbe payment or payments last payable thereon. 11. It is specifically agrecd that time is the essence of this contmct and that no waiver of any obligation hereunder or o€ the obligation secured hereby shall at any time thereafter be hdd to be a waiver of tbe ternu or of the instrument secured hereby. 12. If foreclosure proceeclings of any second mortgage or second trust deed or any jnnior lien of any ldnd ~hould be insti- tuted, ihe Association may at its option, immediately or thereafter declare this mortgage and the indebtedness securecl hereby due and payable. 13. To the eztent of the indebtedness of the Mortgagors to the Associ~tion d~cribed hemin or sec~ired I~ereby, the Asso- ciation is hereby subrogated to the lien or liens and to ibe rights of the ownen and holders thereof of each and every modgage, lien or other er~cumbrunce on the land described herein which is paid and(or) satisfied, in whole or in part, out of theprooeeds of the loan desaibed herein or secun~ci hereby, and the res~ectivc liet~s of said mortgages,'liens or other encumbrances, s ah to and be held by the Assoc;ation herein as security for the indebtedness to ihe Asrxiadon herein described or hereby s~ecure~~o thc same extent that it would have been preserved and ~vould have been passeci to and been held by the Association had it been duly and regularly assigned, transferrcd, set over and delivered unto the Association by separate deed of assignment, notwit~utand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same wil) be sa5s#ied and cancelled of record by the hoIders thereof at or about the tirae of the recording of thic mortgage. 14. To pay all and singular the costs, charges, and ezpe,nses including lawyer s fees, reasonably iacurred or paid at any time by the Association, berause of the failure of the I?iortgagors to perform, rnmply ~vith and abide by each and every stipula- tions, agreements, rnnditions and covenants of s~~id promissory note and this deed, or either, and every such payment shatl l~ear interest from date at the rate stated in the note secured hereby. 15. T'hat he willpe rnut, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; and in the event of the fa'dure of the Mort~agors to keep the buildings on saidpre mises and those to be erected on said premises, or impmvements thereon in good repair, the Association may make and pay for such repaus as in its disrretion it may deem necessary for tbe proper preservation thereof, and the full amount of such payments shall be secuted by the lien of this mortgage and shall at the 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. 18. That if the Association and the ~tortgagors agree, the Mortgagors will cazry a policy or policies of insurance upon their lives in an ameunt equal from time to time to the amount of indebtedness hereby secnred, maldng said Association benefi- ciary thereunder, and that the said Association may pay the premiwns for such insurance (in the event the l~iortgag~s do not), and add each such pa~Tnent to the unpe~d balanee of the loan, as of the first day of the then current month, and it shall bec~ome additional indebtedness secured by this modgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or their contractors to complete said bnilding in accordance with Construction Loan Agreement, of even date herewith, or to build said construction m accordance with ptans and specifications filed H•ith the Association, shall constitute a breach of this mortgage, and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secared and the Asso- ciation may immedk~tely institute proceedings to foreclose this mortgage, 18. 'I1iat the abstract or abstracts of title covering the mortgageci property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other iransfer of tide to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of'tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discr~etion, to rEquire that the Mortgagors p~ay into the Association in addi. tion to the monthly installments of principal and interest to be paid by the Aiortgagors under the note secured by this mortgage, an amount equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or asses,s~' b~ any govenunental authority, and one-twelfth of the annual premiums for Fire and Extended Coveraige insurance on_.die mott~a~d_ premises as hereinbefore required by the Association, and the ?1~[ortgagors' failure to make such payments shall cans~tu(e a defaulC under this mortgage. • • ' v" ' ~ II~ ~VITNESS ~YHEREOF, the said Mortgagors hereunto set their hands and seals the day and year..first~~bove w;ittea. r. . Signed, seated and delivered in the resence of: ' , ; ~ ~ • • - EDMAR IlYC. qSEA~.) ~ - - - ~ - - - - By: -r_t-~_.~.J~- - - - - - - - ~-___~~--~sEni.~ E un . a e, Presiden~ Attest: _ (SEAL) _ - _ - - - - - - - - Doris M. Radke, Secretary - - - - - - - ~UYt_sa_-._,7L_.r.~4"t~!",t -~S~) (WliNESSES) (MORiGAGORS) ~OOK ~O~ P~tCf O~ ~.L ~ . S ~ - _ i _ _ _ ~ ~ ~ K y~n. ~F`_.' L ~,-i y ~W' i' "i^ J~=ct ~„s~'-§'s~ ~ ~<°~s,YL.~..°i[_.. ~ . . _ '~,-a-u_'.`~.~