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Home My WebLink About1222 1 A. Unti~ defauit in the pcrforaeance of the coven:ants and agr~~~~x nts of das I110~R3xC, the nwrtgagurs shaU l~e entitk~cl tn colkrt the rents, issucs and prufits Erom the premises heminbeforv Jc~scrilx~l, but in cyse ~?E ~ deEault in uny of the ternu uf this mo~tgage, and the filing of a biU to foreck~se this o~ any other matgage encumbering the ~~~ithin described pruperty. the .\ssoci.~tiou slwll immc~lia~elv snd «~+tM:ut noticc be entidecl to the appc?i?,tment oE a Receiver of the moKgaged pn~ert,i, and ~ ~~F the mnts, iccues :~n.l prufits thereaf, ..•ich the usual po~ver uf Receivers in such rases, ~nd such Recciver muy be cantinuecl ,n pos~;ess;w~ of thc sa;d p~pert~• until the time of the sale thercwf imder such Eo~eclw~uc, and until the n?nfirmatio~~ of s~K•h .alr bv the Court. 9. U a cum•NVance shuuld be macle by the mwtgagors of the pn~mis~~s }icmin desc:;~xd, or :~~?y ~n ch~~eof, without !he• ~e~itten anlvrnt uf the Associ.~tion, and ~~ithout u~umptiun in n~ular forni of l:~~v bv the grantee of th~ ~bligati~~ns to t}~ 1•.~x•iution ere:itrcl br ~:?id ~~romissorv notr and this u~urtg.~ge, tlun, and in tlu?t evrnt. and at the upti~Ni uf thr .~ss~~ciatiun, ~u~i ~v~tlx~ut ~~otir,, all .wns uf miN~er u~c•~~recl hem~y ~hall immevliatelv and crn?curmnth ~~~th sueh rnm•erarce 1xr~une due and ~xi~~Lle and in default. The Associatic~~ may deal with successurs in interrst with referer?ce to this mortgage and the debt herebv ,crurcd in the s:?me mannrr as with the mo?t~a~urs, and may furlx•ar to sur ~~r may rrteuJ tinee fu~ ~xi}•mcnt ~~f the debt, securcri hemb~•, cx othen~•ise act a•ithout dischargu?g or in am~ ~vav a[fectu?r~ the li;?Uility of the mort~;agurc hemunder or upon the debt hereby secured. The As~ociation may also dral with t}~e ~iortgagun and%or ~vith succYxwa in interest ~~~ith reference to this ~nurt~age and tho debt :~emb~• secured bv forbr..~ing to suc, extending the time fcu paymAnt of the debt, pro~~iding for different ~r,onthly pa~Tnents and/or a clifferent intemst rate, and bv other exRress rmxlifications uf the c~ntr:~ct, ~~~itho~~t Msin~ am• ~xiorit~• nssociation has over other mortgaRces or lienurs or ho~den of any jwiiur interests in the pru~x~rtv st~cumd herebv. 10. That in the c~~ent the pn•inisec h~•rrl,v mo•i~a~ecl, or a~iv part the~eof, shall be condernneci and taken for ~xiblie t~se uudrr tl~e ~'~?~~•~Y of emuicnt domaiu, the A~.ux•iatiun slwll ~avr the right to demand that all damages aw•arded for the taking of or ~1;?ma~es to siid prcmises shall be paic~ M the Aswciation, its succecwn or assi~~~s, up to the amount unpaid cx~ this mo~tgage and m:n• be np~~liecl upon the pa}~ent or ~~•ments last p:?~•able thcreon. 11. lt is specificall. .i~reed that time is the essc~xr of this contra~~t and that no waiver of unv obligation hercunder ur of the ~~bligatan securecl hereby shall at any time thecrafte~ be heid to be a~vaiver of the terms or of the instnunent secured hereby. I?. lf fcxecMsure procccYlings of any second mortgage or second tn~st deed or any junior lien of ..nv kind should be insti- t~it~~i, the Associaticx~ mav ~t its aption, immediately or the~fter derlare this morigaQe and the indebtedness sPCUred hereby dae :~rni ~x?~•abk. 13. To the extent of the indrhteclness of the ~lortgaQors t~~ the A~.cociation describrd her.•in or secured hemhy, the Asso- ~ ~.~t+on ss hemby subrogatcd ta the lien or liens and to the rights of the u~~•nE•n and holders therrof oE each and evcry mortgage, li~•n ur other eucumhrancr on the land described herein Nhich is Iraid an+l(or) 53~LSEtMI, in ~~•hule or in ~art, out of the •~f the Ma~~ descrilx~cl h~min or securc~l hemh~•, and the respecti~'~• licns o( said mortgage~s, liens or other enrumbrances, s llp~ss - r~ ~:u?d !x• held bv the Ass~x•iation herein as se~curitv for the indebttxL~rss to the Assxiatiun herein dexribecl or hereby secured, to tt~~• .,?me ex!rnt th:?t it ~could ha~~e Ueen presen•ed and ~~~ould h~ve been ~~.issrc! to and becn he:d by the Association had it tx~en i :ful~• and re~nlarh• .usi~necl, transfermcl, set over and deli~ered unto the Assoc•~:stion by separate dcrci oE assignment, noh~-ithstand- ~ ~n~~d~e fact that the same mav be satisfied and cancelled of record, it bcinG the intention of the p.uties hereto that the same will tK• s:r5sfied anil cancelled of reconl b~• the holders theTeof at or about the time of the recorcling of this mortgage. 14. To pay all and sin~ular the costc, charges, and expenses includin~ law7~er's fees, reasonabh• incurrecl or paid at an~• time hv the Aca~ciatiun, IxY:~usr of the faiiurr of thc \1ort~aQors to perfonn, complv «•ith and abide bv r.tch and everv stipula- ri~~nc, a~reements, rnnd:"tionc a~K) rn~•cnar~ts of siid promisson• not~• ancl thic de~l, or Pilher, .?nd ~verv csich ~avmcnt shall lx:?r intcrest from date at the nte statcd in the note scY•ureYl herebr. ~ 15. Th:d he ~~-ill ~ermit, commit, o~ suHer ho waste, imp:~inuent, ~~r ~Ielrriuretion ~?f x~id pmpert~• or am~ part thercrof; m~i in the c.•ent of the f:~ihire of the \1ort~agon to keep the buil~ling~ un caid premices anci those to be erected on s~id premises, ~r im~xo~-ements therc~n in gcwd repuir, the rlssoci~tion ma~• make and ~v for such m~irs :~s in its discre.~tion it mav deem ~~~reswrv for tLe proper presen•ztion thereof, and the hdl amount of such pa~•mPnts chal) }x• serured by the lien of thit mortgage ' .u~d sl~ll at the option of ~h~ :.,.^^iatioa be immeciiatel~ di?e and pa~•able, or ~kable in such monthlv installments as the Associa- i ti~~n mav drt~rmin~, :ind e~•en• such j~~~ncnt shall bear u?terest from date at the r:?tc stated in the not~ secured herehv. j 18. That if the Association and the \(ortgagors a~ree, the ~tort~al~ors ~~•ill cam' a r~licy ur ~licies uE ~~surance u~~n r}~e•ir li~•es in au am~?~nt ec~ual from time to time to the amount of n?de•utedness herebv sec~ucd, makin~ caid Association benefi- ihereunder, and that the c:iid ~ssociation may pa~ the pmmiu~ns fur sucl~ insursnm (in the e~•ent the ~lort~a~exs do iwt). ;~cid each such p1~-mcnt to the un[*~~id balance of d~e loan, as of the first dav of the then ciirrrnt m~uth, and it shall b~rcom~~ : ~~1:?itio~ial indcbtednesc scrurnl b~• this mortQage ~ti•ablc upon demand. ! 1;. That in the errnt th~t this mort~a~e be fii~'en to scrure a cv~nstnu•lion loan, failare on the~ jurt of the ~iurt~.i~ors ~~r cL:•ir c.mtractors to e~mplete said huildin~ in aeeorclarxe ~rith Constn~ctiun Lu.~n A~rerme•nt, af ~ven date here«-ith, or to build ~.~i~l c~mstruction in acri~rd,mc~c ~vith plans and spcc•ifiratiuns filc~cl ~.;th thc ~sax~iatiun, shal) rnnstitut~ a brc:~ch of this mortfiakr, ~,~~i_ :~t the option ~F thc ~.ssociation, immecliatel~ mature the entire• .in~ount uf princi~l and i~iti~rest hcrch~• secured and the AsW~- i.~tion ma~~ iminc~cii:~tek i~~stinrte prnceeclin~s to~foreclose this inot!~3~e. ` 1S. That the abstract ur ab:trarts of title co~•erin~ the mort~:~~r~ci ~~m~,c~rt~- shall :~t al! times, durin~ the life ~~f this murt- _ ~,r, remain in thc possession r~f the ~S5(1"I:1~lOil and in the e~~ent of thc• f:~n•cl~~sure uf ti?is murt~:~~c or othcr tr:~nsFer Rf title t~ rnort~;a~cd pr~.lK•~iv in extinguishmcnt of the indchtedness secure~l }~~•rrh~•. all ii~ht, ti~lr, and interest of th~ \tort~.~~ors in ~ u~~l to au~• such ahstr:uts of title shal! pass to the purchaser or grantcr. 19. The Ascneiati~n shall haa•~ the ri~ht, in its diseretion, t~ re~~uirc• th.~t the ~f~xt~.~~ors r,n• intn th~ ~~~uc•iatic~n in a~ldi- '+~~r~ to th~ meinll~I~' intital~ine•:~h uf priari~x~l and i~iterest to l?c• pai<1 1?~- the \turt~afiors under the• nnte sec•~~red b~• this tn~rtGa~e, .lmotu?t c~ual tu ~~nr-h~~elfth of the ~m~ual installments of au~• tax~~s on th~~ n:nrt~: ~~Yl pr~misi~s !e~•itYl or a~se~su•d h~• am• ,~~<<•rnme•nt.:l authoreh=, :~nd one•-t~~~clfth o( the~ :~nmc~l premiumc fnr Fire :~nd E~tcn~ie~cl Covern~c• i~~s~u:?ucr on the mort~a~~~ci rn•nusc•ti ,u~nvnl?ef~~re nr~uirc-~! h~ !he A•~~K~i.itiun. .?nd th~` ~I~~ft~~.t~ut~ fa~liirr to makc such ~xi~•~nrntt sh.~ll cinutihrte~ ilefa~dt ,;•~:~cr !l~i~ u:~~~t~_~~,.•. ~ ~ 1\ \1'("i'\ESS ~l"HElit:OF. thc ,.ticl \tnrt~~a~nrc hrrr~u~t~~ t fh~~ir I~:~n~k .n~cl ~eak th~ ~1.~~• an~i cr.~r fint aFwcc ~rritten. ~ , ~ ~ ~i~ne~l, .ra1~Y1 :ind de-Ii~~ereYl ~?rthe ~~rey-l~ct• ~~f ~4 ,t ~ ' ~ ~~..~'C; t~~~ C~' i~-f J'""~" i SE:.~?I. ~ , ~ ~ CA R L E. HOKE ~ ` ~ ~ ~ , ~ t c. ~..r- ~ ,..i',~~-~L .r' ,~:t~~. - ~ sr:~~.~ ~ RL'TH L. HOKE ~ _ ~ : sN:.~t. ~ ~ ~ ~ ~ (SE~1i.~ ~ ,'NiTNESSFS' MORi~,AGOQS' ~ i ~ 6~,~~ ~ ~ ~ 1~~ 1~~2 ~ ~ ~ ~ - :,3_ ~ - ~y - ~~z,.,_~.~_ , . _ _ . - _ ..Y=....~