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Home My WebLink About0836 ~ r ~ ~ t ~ . i ~ UnW default in tbe performance oE the covenants and agrecments of this mortgage, the moitgagora shall be entitled ~ to oallect the rents, issues and profits from the premises hereiabefore described, but in case of a default in aay of the terrma uf ~ this mortgage, and the filinng of a biU to foreclose this a any other martgage encumbering the within descxibed pmperty, the ~ :lssociation shall immediately and without notice be entitled to the appointment of a Receives of the mortgagedproperty, and ; of the reats. issues and profits thereof, with ihe «suatpo wrt uf Iie~eivers in such cases, snd such Receiver may be oontinued ~ ~n po~-ession of the said property until the time o# the sale tbereof uader such foreclosure, and until the confirmation of such y .:ile by the Couit, i 9. If a conveyance should be made by the mortgago~s of the premises herein described, or sny part thereof~ without ` the written consent of the Association, and without assumptia~ in rcgular form of 1aw by the grantee of tTie obligations to the ~ -~.cociation creuted by said pramissary note and this mortgage, thcn, and in that event, and at the option oE the Associntiuu, :u~d ~vithout notice, all sums of money secnred hereby shall immediately and rnncwrendy with such cmveyance become duc and payable and in default. The Association may dea! with st~ecessors in interest with reEerence to ihit mortgage and the debt hereby secured in the saane mannrr ss with the mortgagors~ and may fosbear to sue or may extend time for payment of the debt, securec~ hercby, or othemise act without dischargmg or in any way affecting the liAbility of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Moitgagors and/or with succcswrs in interest with reference to this mortgage ancl ihe debt hereby secured by forbearing to sue, extending the time for payment of the debi, ~uoviding ior different monthty payments and/or a different interat rate, and by other express modifications of the contract, without losing any priorit.• the Association bas over other mottgagees or lienors or ho~ders of any junior iaterests in the propedy secured hereby. 10. That in the event the pmmises hereby mortgaged, or a~y pazt thereof, shall be coademned and taken for public use under ths power of ecainent domain~ the Assuciation shaU have the right to demand that all damages awarded for the taking of or j damages to said premises shaii i~e paid tu the Assoriation. its successors or assigns, up to the amount unpaid on this mortgage and { mav be ap~ lied upon ihe payment or paymeats last payable thereon. ~ 11. It is specifically agreed that time is the essence of this contrnct and that no waiver of any obligation hereunder or of ! the obligation secured h~eby shall at any time the~eafter be held to be a waiver of the tesins or of the instnunent secared hereby. ~ 12. If foreclosure proceedings of any second mortgage or seoond trust deed or any junior Uen of any ]dnd shoald be insti- ' tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness securEd hereby due and payable. 13. To the eutent of the indebteclness of the Mortgagors to the A,csoeiation descxibed hemin or secured hereby, the Asso- ciation is hereby submgated to the lien or liens and to the rightc of the owners and holders thereof of each and every mortgage, lien or other eticumbrance on the tand described berein which is ~aid and(vr) satisfied, in whole ar in part, out of the ~ ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, lieas or other encumbrances, s~~a ~ to and be held by the Association herein as secvrity far the indebtedness to the Ass~xiation herein described or hereby secured, o the s:ime ex!ent that it would have been preserved and .vouId have been ~ to and been held by the Association had it been duly and regutarly assigned, transferred, set over and delivered ~to the Association by separate deed of assignment, nohvithstand- ~ ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same will be sa~sfied and cancelled of record by the holders thereof at or about the time of the record'mg of this mortgage. ; 14. To pay all and singular the costs, charges, and expenses incIuding lawyer's fees, reasonably incumed or paid at any ; time by the Association, because of the failure of the 11lortgagors to perform, compfy with and abide by each and every stipula- ! tions, agreements, conditions and covenants of said prnmissory note and this deed, or either, and every such payment shall bear interest from date at tbe rate stated in the note secured hereby. 15. That he willpe rmit, commit, or suffer no waste, ionpairment, or deterioration of said pmperty or any part thereof; and in the event of the failure of the Mortgagors to kc~ the buitdings on said premises and those to be ererted on ~id premises, or impmvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necesrary for the proper preservation thereof, and the full amount of such payments shall be secured by the liea oE this mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly instattments as the As.socia- tion may determine, and every such payment shalt bear interest fmm date at the rate stated in the note secured hereby, 16. That if d~e Association and the l~todgagors agr~+e, the Mortgagors will carry a policy or policies of insurance upon their lives in an amaunt equal from time to dme to the amount of indehtedness hereby secured, malan~ said Association benefi- ciary thereunder, and that the said Association maj Y:°^^~•~^.~~ for such insurance (in the event the Morigagars do not), and add each such ps~~nent to ihe unpa~d ba]ance o~the loan, as of the fitst day of the then ciurei~t m~th, and it shall become additional indebtedi?ess secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a conshvction loan, failure on the part of the 1?iortgagors or their rnntractors to rnmplete said building in accordance with Construction Loan Agreement, of even date ~erewith, or to build said construction in aocordance with plans and specifications filed with the Association, skatl canstitute a breach of this mortgage, i and, at the option of thE; Associatioq immediatety mahue the entire amount of principal and interest hereby sec~ued and ihe Asso- ~ ciaHon may immeciiately institute proceedings to foreclose this mortgage. . 18. That the abstract or a~stracts of tide 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 transfer of tide to the mortgaged property in ertinguishment of the indebtedness sectu~ed hereby, all right, tide, and inter~est of the iVTo '~~ors in ~ and to any snch abstracts of tide shall pass to the pur~haser or grantee. Y~' ~ ~ 19. The A~sociation shall have the right, in its discretion, to require that the Mortgagon pc~y into the'~'` in addi= tion to the monthly installments of principal and interest to be paid by the ?liortgagors under the note secuied~~b~thi ~mortgage, an amount equal'to one-twelfth of the annual installments of any taxes on the modgaged premises levietl or.~ ~ by any governmental authority, and one-twelfth of the annual premie~ms for Fire and Extended. Coverage insulsiac~o~:the mortgaged ~ ~ rremises as hereinbefore required by ihe Association, and the I~iortgagors' fail~ve to make such payments-~lbtonstitute a defaplt under this mortgaoe. ; ; ~ . . . ~ I\ ~'VITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and yeaf fi~rst ~tbov~ .wrtften. . . , Signed, sealed and delivered in the re~~e of: EDMAR, INC~ ' . ~ ~ ` , - - - - - ' - - C:'~,'~ - By'-- _ /-1-~- -~SEAL) Edmund M. Radke, President . --Attest-___~a~-~~_ --~'h-..-/~L~~G~--(sEn~.) Dori.s M, ftadke, Secretary ! - - - - - - --(SEAL) i - - - - - - . - - - - - - -~5~~ (WITNESSES) (A{ORiGAGORS} do~1$z ~E s~4 - _ ~ ~ . _ _ _ . ~ ~.z 3 ~~j.~ .~~~`:~''"_?~'*'.,~~'-`.5`e~'"~~ , . ~ ~:..s~ se~a.t_w~..ae.s