Loading...
HomeMy WebLinkAbout0313 ~ . _ . ~ - ~ ; i i i t ~ 8. UnW default in the performance af the rnvenants and agreements of thi;, mortgage, the nwctgagors sl~all be e~titled ~ to collect the rents, issues andprofits from the premises hereinbefore des~xibed, but in case of a dcfault ia eny of the temw of this mortgage, and the filing of a bill to foirclose this or any other mortgaga eacumbering the within described propeity, tbe ~ssociarion shall immediately and without notice be entided to the appointment of a Receiver of the mortgagedp~e rty, and of the rents, issues and profits t1,~reof~ with the urualpo wer of Receivers in such cas~s, snd such Rcceiver may be oontinued ~n possession of the said prope~ty until the time of the sale th~reof under sucb foret.osure, and until the confirmation of such ,ale by the Court. 9. If a oonveyance should be made by the moztgagars af the premises herein described, or aaypart thereof, withoat the written consent of the Association, and without assumption in regular form of Iaw by the grantee of tTie obligations to the :~s.sociation created by said pmmissory note and this mortgage, then, and in that event, and at the option of the Associatiun. and ~vithout notice, all sums of money sec~.ired hereby shall immediately und conciurendy witl~ such rnnveyance become clue nnd ~~ayable and in default, The Association may deal with successors ia interest with reference to this mortgage and the debt hereby secured in ihe same mannrr as with the morigagors, and may forbear to sue or may extend time for ~yment of the debt, securecl hereby, ~ otherwise act without discha~gu~g or in any ~vay affecting the liability of the mortgagors hereunder or upon the debt hereby secured The Association may also deal with the Modgagon and/or with successors in interest with reference to this mortgage and the debt hereby secured by fosbearing to sue, eactending G~e time f~ payanent of the debt, proviciing for different munthly payments and/ot a different interest rate~ and by other ezpress moclifications of the contr.let, without losing any priorih• the A,ssociaHon has ovet other morlgagees or lier~ors or holders of any junior interests in the property secured hereby. 10. That ue the event the premises hereby mortgaged, or any pait thereof. shall be condemned and taken forpu blic use under the powe~r of eininent domain, the Association shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Associatioq its successors or assigns, up M the amount unpaid on thlt matgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed ihat time is the ~aenc~e of this contract and that no waivec of any obligution hereunder or of the obligateon secure~l hereby shall at any time thereafter be held to be a waiver of the ternu or of the instrument secured hereby. 12 If foreclosure ptnceeciings oE any second mortgage or seoond tnut deed or any junior lien of any ldnd siwnld be insti- tute.i, the Associatio~ may at its option, immediately or thereafter dectare this morigage and the indcbtedness secund heneby due and pa~~able. 13. To the eutent oE the indebtedness of ihe Mortgagors to the Associatiou descxibed hemin or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other eucumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of the of the loan described herein or secured hereby, and the respective liens of said trwrtgag~s; liens or other encambraix~es, ~h~~a to and be held hy the Asso~c;ation herein-as security for the indebtedneu to the Association herein described or hereby s~ecured, o the same extent that it would have bee~~ preserved and ~vould have been passeci M and been held by~the Association had it be~,n duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of recard, it being the intention of the partt~s hereto that the same will be sa~ed and cancelled of recoJd by the holders ihereoE at or a6out the time of the recording of this mortgage. 14. To pay all and singular the c~ts, charges, and expenses including lawyer's fees, reasonably incurnd or paid at any ~ time by the Association, because of the failure of the I?iortj~agors to perform, comply with and abide by each and every sapula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest fcom date at the rate stated in the note secured hereby. ' 15. That he willperm~ t, commiE, os suffer no -avaste, impairment, or deterioration of said _pmperty or_any _gart thereof; _ i and in the evc~t of the af ilure of the Mort~agors to keep the buildings on said premises and those to be erected on ~id premises, C or impro~~ements thereon in good repair, the Association may make and pay for such repairs su in its discretion it may deem - ~ necessary for the proper preservation thereof, and tbe full amount of such pavments shall be secuc~ed by the lien of this mortgage i and shaU at ihe option of the Association be immediately due and payable, or payable in such monthly u~stallments as the Associa- i tion may determine, and every such payment shall bear interest from date at the rate stated ia the note secvred hereby. ; 16. That if the A.csociation and the ~1lortgagors agrce, the Mortgagors will carry a policy or poticies of insurance upor? their lives in an ameunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and thai the said Association may pay the premiums for such insurance (in the event the btortgagors do not), ' and add each such payment to the un d balance of the loan, as of the first day of the then current month, and it shall become additional indebtedness secured by ~ 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 Moztgagors or their contractors to complete said building in accordance with Constn~ction Loan Agreement~ of even date herewith, or to build ' said construction in aocordance with plans and specifications filed with the Association, shall constitute a br~ach of this mortgage, j and, at the option of the Afsociation, immediately mature the entire amount of principal and interest hereby secu~cd and the Asso- ciation may immediatety institute prooeedings to foreclose this mortgaoe. 18. Thai the abstract or abstracts of title rnvering the mortgaged property shall at all times, during the life of this mort- gage, remain in the possession of the Association and in the event of the fomclosure of this mortgage or other transfer of tide to the mortgaged pro~ty in eatinguishment of the indebtedness secured hereby, all right, fitle, and interest of the Modgagors in and to any such abstracts of tide shall pc~ss to the purchaser or grantee. ; 19. The Association shalt have the right, in its discretion, to require that the Mortgagors pr~y into the Association in addi- ; tion to the monthly insiallments of principal and interest to be paid by the Afortgagors under the note secured by this mortgage, ~ an amount equal ~ to one-twelfth of the annual installments of any taxes on the inortgaged premises levied or assessed by any govemmental authority, and one-twelfth of the annual premiams for Fire and Extended Coverage insurance on the mortgaged ~ premises as hereinbefore required by the Association, and the 1lfortgagors' failure to make such payments shall constitute a default 1 ' n~-rneftg,age. _ _ : Il~ ~'YITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seal~ the day and year $rst above written. s Sign ed and delivered in the presenoe of: _ _ ~ - - - _ _ - . ----(SEAL) - - ~ - W~Iia . -~fievalier ~7. ' ~Q - ~ - - (SEAL) . . --•-~%~z~_ - Barbara A. ~Chevalier ~ - - - . - - - (SEAi,) i ! - - - - - - - - - ` - - - - - - SEAL) , (WITNESSES) (MORiGAGORS) _ _ a i i , gooK 183 PAGE 3~3 ~ t . - - - . - - ~ ; ~ _ ' > i~ r¢ x s. ~ _ . . . _ _3 . . _ ~ ~ xt - ..a ~ «s.