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Home My WebLink About2752 8. UnW ~Pls~ult in the perfom~ance of the covenants aad agrecments of this mortgage, the mortgagora shall ba entided to collect the rents, issues and profits from the premises hereinbefore described, b~~t in case uf a default in any of t6e ternu of this mortgage, and the filing of a bill to foreclose this ot any other mortgaga encumbering the within described pr~perty, the Association shull immediately ~nd without notice be entitled to the appointment of a Receiver of the mongagedproperty, and of the rents, issues and proEits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in pos.,ession of the raid properh~ until the time of the sale thereof under such forecloaure, and until the confirmatian of such s~le by the Court. 9. lf a conveyance should be made by the modgagors of the premises herein described, or any part thereof, without the written consent of the Association, and ~tiithout assumption in regular form of law by the grantee of tbe obligations to the .~su~ciation crented by said promfasory note and this mod age~ then, and in that event, and at the option of the Assc~ci~ition, ~~ia~lable ant~d int default ~ The fAssociation may dealbwith ~successo ~ain int rest with reference t this mortgage and the clebt hereb~~ ~ seeured in the same manner as with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, se~ureci ~ herebv, or otherwise act without ~:schacg'uig or in any way affecting the liability of the mortgagurs hereunder or upon the debt + hereby secwed. The Association may also deal with the Mortgagors nnd/or with successors in interest with reference to this mortgage and the debt hereby secured b~ forbearing to sue, extending the time for payment of die debt, providing for different monthly payments aad/or a diffE,~nt interest rate, and by other e~cpress modifications of the contract, without losing nny priorit~• the Association has over other morigagees or lienors or holders of any junior interests in the pmperty secured hereby. 10. That in ihe event the premises hcreby mortgaged, or any part thereof, shall be condemned and taken for public use undcr the po~~~er of eminent domain, the Aswciation shall have the right to demand that ull damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied npon the paya?ent or payments last payable thereon. 11. It is specifically agreed that time is the essence Qf this contraM and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time ihereafter be held to be a waiver of the terms or of the inshvment secured ~ereby. 12. If foreclosure proceedings of any second mortgage or second tnLSt deed or any junior lien of uny ldnd should be insti- tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due and pa~~able. 13. To the extent of the indebtedness of the blortgagors to the Association described herein or secured liereby, the Asso- cistion is hereby subrogated to the lien or liens and to the righis of the ownen and holders thereof of each and every mortgage, lien or other eiicumbrance on the Iand described herein which ie paid and(or) satisfied, in whole or in part, out of ihe ~r~oc~eeds ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s ~ to and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to the same ex!ent that it ~vould have been preserved and ~~~ould have been passed to and been held by the ~Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same mav be satisfied and cancelled of record, it being ihe intention of the p~arties 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 singuiar the costs, charges, and expenses including lawyer s fees, reasonably incurred or paid at auy time by the Association, becaiue of ihe failure of the rtortgagors to perfonn, comply ~vith and abide by e~ach and 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 hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the 114ortgagors to keep ihe buildings on s.1id premises and those to be erected on said premises> or improvements ihereon in good repair, the Association may make anci pay for such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :u~d shall st 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. 16. That if the Association and the Atortgagors agree, the Mortaagors will carry a policy or policies of insurance upon j their lives in an amaunt eqaal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary ihereunder, and that d~e said Association may pay the premiums for suc}, insurance (in the event the 1liortgagors do not), and add each such pa~~nent to the un~aid balance of the loan, as of the first day of the then civrent month, and it shall become ~ additional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the 1liortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in accordance ~vith plans and specifications filed ~eith the Association, shall constitute a breach of this morigage, ~ and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured tu?c~ t1?~ As~- Y ~ ciation may im~eciiately institute proceeclings to foreclose this mortgage. . 18. That the abstract or abstracts of title covering the mortgafieci p*operty shall at all times, during t}~e`'~ife yof~tRi! Pitirt- ~ ~age, remain in the possession of the Association and in the event oE the fareclosure of this mortgage or ot~r~-of titl~ yo'; ~ the mortgaged property in eatinguishment of the indebtedness secured hcreby, all ri~ht, tide, and int~~ ~~1e ~o~rt~a$pi~! . ' L.f:,!'. and to any such abstracts of title shall ~ss to the pwchaser or grantee. `~;~c)~~ ~ 19. The Association shall have the right, in its discretion, to rc~uire that the Mortgagors p~y iqtp~;~~ioci~.~'~n ~ddi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note se~~d,~y'tt$s.aaort~age, ~ an amount equal-to one-twelkh of the annual installments of any taaces on the mortgaged premises levieci ~ei•,~e.d any ~ governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance aii=~e'inottg~aged ~ premi~es as hereinbefore reqtured by the Association, and the 111ortgagors' failure to make such pa~~nents shall cariltituTe a default ~ under this mortgaoe. • ~ I\T WITNESS ~VHEREOF, ihe said ~tortgagors hereunto set their hands and seals the day and year first above written. ~ x Sign sealec~ and delivered in the presence of: EDMAR~ INC. I t / B a~ (1l ~~/`G ~ - y_-~ . . _(SEAL) ~ ' ~ Edm d M. Radke, President ; ~ - ~ i ~ - - ' _ _ . ATTEST_~ L=~L~~_~ ~ : sE,,L) ~ Doris M. Radke, Secretary ~ ~ ( SEAL ) - - - - - - - _ _ _ :y - - - - -(SEAL) - - - - - - - - - - - _ _ _ - (W ITNESSES) (MORTGAGORSI ~ ~ ~ gooK182 PAGE2147 ~ ~ ~ _ ~ ~ ; ~ ~ ~ F ~ ~ ~ ~ ~ ~ ~ ~ - ~ ti ~,~a~~._W _ ~_r~~_~