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Home My WebLink About0832 ~ ~ , i f ~ ~ 8. UnW default in the performance of the coveaants aad agreements of this mortgage, the mortgagon shall be entided to collect the rents. issues and mfits fran the premises hereinbefore described, but in case of a default in any oE the ternu of •!~;L ~,,,~osae, ~ru) th~+ filing o~a bill to forecloss thL~ ar any other mortgage encumbering the within destxibed property, the AssociaHon shall immedi~tely and without notice be entitled to the appointment of a Aeceiver of tht mortgagedpmpe tty, and of the rents. issues and pmfiks theseof, wiLh the usual wer of Receivers in such c~sses, snd such Receivet may be oontinued c e, en poa~ession of the said pmperty until the time of the thereof under such foreclusure. and until the confirmation of such sale by the Court. 9. If a conveyance should be made by the mortgagots of the premises herPin de~cribed, or any part thereof, without the written coruent of itie Assoeiati~n, ur.~ ~s~i,t:^1t ~.::::i in rr~nular fc?rm ~f law hv the ¢rantee of tTie obligations to the Association cr~te~ by said promissory note and this mortguge, then, and in that event, and nt the option of the Associat~on, and ~~~thout notice, s~ll sums of mcx~ey sec~lred hereby shall immediately and concurrently with such crnveyance become due and payable and in default. `i`he Association may deal with successors in interest with refere~ce to this mortgage and the debt herebv secured in the same mannrr as with t~e mortgugors, and may forbear to sue or may extend time for payme~t of the debt, securec~ hereby, or otherwise act without dischargrng or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with tbe Mortgagors nnd/or with successors in interest with refenence to this mortgage and the debt hereby secured by forbearing to sue, extending the tirne for payment of the debt, providing for different monthty payments and/or a different interest rate, and by otber express modificatious oE the cantr:ict, without losing any priorih• the Association has over other mortgagees or lienors or holders of any jmuor interests in the propedv secured hereby, 10. That in the event the premises hereby mortgaged, or any part thercof, shall be condemned and taken forpu blie use under the po~ver of eminent domain, the Association shall have the right to demand that all damages awsrde~ for the talong of or damages to said premises shall be paid to the Association, i!s svccesson or assigns, up M the amount unp~id on thit mottgage and may be ap?lied upon the payment or payments lasc payable thereon. ^ . 11. It is specifically agreed that time is the essence of this contmct and that no waiver of any obligation hertunder or of the obligation secured hereby shall at any time the~eafter bc held to be a waiver of the terms or of the instrumeat secw~ed hereby. 12. If foreclosure proceedings of any second mortgage or seoond trust d~ ssr rzsy ;a:.~~ tl,~ nF ~~v lcind should be insti- tuted, the Association may at its option, immediately or thereaher declare this mortgage and the indebtedness secured hereby due ~ and pe~yable. 13. To the extent of the indebtedness of the Modgagors to the Association described hereui or secured hereby, the Asso- ~ ciation is hereby subrogated to ihe lien or liens and to the rightc of the ownen and holders thereof of each and every mortgage, lien or other er~cumbrance on the tand described herein which is paid and(oar) satisfied, in whole or ui part, out of the s of the loan described herein or securecl hereby. and the respectivc liens of said mortgages, liens or other er?cumbrances, s pa ' to and be held by the Association herein as security for the indebtedness to the Association herein described or h~eby secured, o ' the same ex!ent that it ~vould have been preserved au?d ~vould have bee~ Passeci to and been held by the As.9ociation had it been duly and regularly assig~ned, transferred, set over and delivered unto the Association by separate deed of atsigament. notwitlutand- ing the fact that the same may be satisfied and canceUed of record, it being the intention of the p~rties hereto that ihe 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 incumed or paid at any time by the Association, because of the faiiure of the l~tortgagors to perform, comply with and abide by e,ach and every stipula- tions, agreements, conditions and coven.lnts of said pmmissory note and this deed, or either, and every such payment shall bear ~ interest from date at the rate statecl in the note secured hereby. ~ 15. That he ~vill pernut, commit, or suffer~no waste, impairment, or deterioration of said properiy or any part thereof; 1nd in the event of the failure of the Mortgagors to keep the buildings on said premises and ihose to be erected on said premises, t or impro~~ements thereon in good repair, the Association may make and pay for such repairs us in its disaetion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of thic mortgage ~ and shall at the option of the Association be immediately due and payable, or payable in such monthly installments a~ the Associa- E tion may determine, and every such payment shall bear interest from date at the rate stated ia the note secured hereby. ~ 16. That if the Association and the 111ortgagors agree, the htortgagors will carry a policy or policies of insursnce upon i their )ives in an ameunt equal from time to time to the amount of indebtedness hereby secured, malring said Association benefi- ~ ciary thereunder, and that the said Association maypa y the premiums for such insurance (in ihe event the Mortgagors do not), and add each such pa~Tnent !o the unpa~d baIance of the Ioan, as of the first day of the then ct~rrent montb, and it shall become uu3~.i:,;~at ir.dchtec3:cxs se~ureci by this m•srt~age payable upon demand. ~ 17. That in the event that ihis mortgage be given to secure a construction loan, failure on the part of the 1liortgagors or `4 ; iheir contractors to complete said building in accordance with Construction Loan Ag~eement, of even date herewith, or to build t ! said construction in accordance with plans and specifications filed ~~~ith the Association, sliall constitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amonnt of principal and interest hereby secured and the Asso- ' ciation may immediately institute proceedings to foreclose this mortgage. 18. That the aUstract or abstracts of title covering t~ie mortgabed property shall at all t:mes, during the life of this mort- gage, remain in the possession of the Association and in the event of ihe fareclosure of this mortgage or other transfer of titte to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and inter~ct of the Mortgagors in ' and to any such abstracts of tide shall pass to the purrhaser or grantee. 19. The Auociation shall have the right, in its dixretion, to require that the Mortgagors pay into the As~iation in addi- tion to the monihly installments of principal and interest to be paid by the A4ortgagors under the note secured'by this'mortgage, I''~ an amount equal ~ to one-twelfth of the annual installments of any taxes on the mortgaged premises levied pr aasessed by any governmental authority, and one-twelfth of the annual premiums for Fire and E.stended Coverage insur8nce,on the mortgaged premises as, hereinbefore required by the Association, and the 1liortgagors failure to make such payments.shall~'~onstitute a default , under this mortgage. - I1~T ~VITNESS ~~'HEREOF, the said Mortgagors hereunto set their hands and seals the day and y~t fbst above written. - . . Signed, sealed and delivered in the resence of; , , . • ~ - EDMAR, -INC. - - - (SEALj . - ~ - ~ - - - - ~ - - By~E u_ d-. - - m n M. ~ta ke,~resi~ ~ - ~l ~ _ O')-r.at - ' - - - - - - - _ Attes~~ !1/ ~~z~:~~sEni.) ~ Doris M. Radke, Secretary + f II - _(SEAL) - - ~ - - - - - - _ ~ (VVITNESSES) (AApRTGACaORS) i BooK 1v2 PAGE ~30 ~ ~z~ ~ ~ - ~ ~ . _