HomeMy WebLinkAbout1313 i
~
8. U~~til default in thc performance o~ the co~~e~~ants and agr~~tinents uf this mortguge, the ntortgagors shaU be entitlecl ~
t~~ collect the rer~ts, issues and ~ofits from the premises hereiabeEoca describecl, but in case uf a default in aay of thc terma of ~
this mortgage, and the EilinR of a bil) to farcloae this or any other mortgage encumbering thc within desmhed propcKty, the y
:~suxiatiou shaA imn~r~tiatel~• and withcut nc~tice be entitlecl to the appointment of a Receiver of the mortgagedgm~e rty, and ?
uf the rents, issues and pro~its thereof. with the LLsual power of Receivers in such rases, snd such Receiver may be continued #
~n possessios~ uf the saici propert~• iu~til the time ~ the sale thereof under such fo~eclosurr, and unti) the COII~IRIIA~I(NI of such ;
.alc b~~ the C~urt. - `
9. lf a ew~vevance should be made by the nwctgagors of the ~remis~~s hemin clc~scritxxi~ or an~~ part thereof, ~vithout '
rhr ~~ritten co+uent a~ the Assocutian, a~d .~ithout u.aumption in n~~lar fomi uf law bv the grantce of tha obligations to the '
~~.~~ciatio~ createci b~~ said promissory note and this mo~tg:?ge, then, and in that c~~ent, ~ and at the optiM~ af tl~r Asu,ciati~~~~. ~
.uul ~~~tFx~ut nt?tice, all sums of mcu~e~~ ~er~irect hemby shall immediatelv and an~currently ~rith such co~~~evance becu~ne due and
~x~~:ib1c anci in default. The Assoc:iation may dea! with successurs in intcrest ~vith reEerence to thu mortgage and the drbt hereb~~ ;
:ecureci in the same mannrr us H•ith the mortgagors, and may fortx~a~ to sur or may extend time Fur ~~:tyment of the debt, seeurecl ~
hereby, or other~vise act wtithont discha~ mg or in anv ~+•av affecting the liability of the rrwrtgagurs hemunder ur upon the deLt ;
hereby sec~uc~cl. The Aswciation may also deal ~vith the Atortgagon and,!or N7~~1 succ~essors in interest µ•ith reference to this ;
nx~rtgage and tho clebt hereb~• securc~i by Eorbearing to sue, extending the time for payment of the debt, pm~•iding for diEierent
~nonthh• pa~~nents ~nd/or a dif(cYent interest rate, and bv other express modifications of the coutr,ict, ..•ithuut bsu~g any priorih• ~
the ~ssociation has over other morig~gees or lirnors or ho~ders of any ju~?ior interests in the prupc•n~ secured here6~•,
10. That in the rvcnt the pnKniscs herebv mortga~ed, or any part thereof, shall be condernned and taken fur public use•
uu~lcr t}~e Ew~~-rr of eminent domain, the ~~•iatiou s}wU ~ave thc right to demund that all damages a~varded for the taking of or
~iuma~es to said pnmises shaQ be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mrntgage and ~
ma.• be ap~
lied upon the pa?~~ment or pati~ments last ~a~•able thereon. +
11. It is spcrifically agreeci that time is the essencr of this contract and that no waiver of anv obligstion hereunder or of ~
the obligatian secured hereby sha11 at am• time therrafter be held to be a~vai~er of the terms or of the instrument s~rured hereb~.
If foreck~sure proceexlings of an~• second mortgage or second tnut deed or any junior lien of sny kind should be insti-
tut~~, Ihe Associaticm may ~t its option, immediately or themahe~ declare this mortgage and the indebteclness sPCUred hc eby due ~
.iiid payable. ~
13. To the extent of the indclHedness of the ~fortgaRors to the ~lssociation described hcrein or sec~~red lie~by, the Asso- #
~ i.~teon is hereby subrogated to the lien or liens ~nd to the rights of the o~~~ners and holders thereof of each and every mortgage,
li~•n or other eucumbrance on the land describc~cl herein ~vhich is ~~:iid an~l(or) satisficd, in whole or iu pari, out of the proceecls j
,~F the loan described herein or secured hereb~•, and the respecti~•~• liens o[ said mort~ages, liens or other encumbrances, shaU~ i
:~nd he held bv the Association herein as seruritv for tl~e indebtedness to the Assxiation herein clescribed or herebv secured, to
the~ s.?me ea!ent t1u1t it ~vuuld ha~•e been presen•ed and ~~•ould havP been P.is.ceel to snd been held by the Assocyation had it been ~
~„~~r}?e faci
~lhat~ihe same mav be~
Fiedtand canceled of recourd, it t~Cin~ the'int nti
of,the ~ ies hereto that th
hsame ~vill ~
1,~ satisfied and cancelled of ~ record by the holders thereof at or about the time of the rerording of this mortgaRe. ~
14. To p:iy all and singular the costc, charges, and e:penses including lawver's iees, reasonablv inciuretl or paid at am• ~
tir~t• b~• the Association, hc~c~use of the~ failure of the ~1~~rt~atiors to ~erfonn, comply ~~~th and abide bv rach and everv stipula- ~
±~~~ns, a~~eements, conditions and co~•enants of siiJ pmmissorv note and this ~ie~ecl, or either, and e~•en~ such pavment shall be:tr -
:~~terest from date at the rate statcd in thr note secured hereb~~.
IS. ~T~I:t~ }1P N7U PPiITII~, commit, or suffer no ~aute, irnpairment, nr ~lc-teriuration of said pm~rtv or an~• p.art thereof; '
inci in the e~~ent of the f_iilure of the ~tort~aoors to keep the bvildin~s on ciid ~remises and those to be erected on s:~id prenises. ;
~~r i~r.pro~•ements thereon in good repair, the Association ma~ mal:e ancl pay for soch mpairs as in its discretion it mav deem
II n~~•essary for the pmper rresenation thereof, and the fall amoant oE such pa~~ments shall be securt~ci by the lien of thic mortgage s
~ ~nd shall at the option of the Association be immediately~ due and pa~~a~le, or payable in such monthly installments as thc Associa- ;
'i !~cm mav detcrtnine, and e~•crv such pa~Tncnt shall bear interest from date at the rste statecl in the note secured hrrebv.
~ l6_ 77iat if the Associ:?tion and the ~tortgagors agree, the ~(ortfia~on H•ill carn a policy or ~licies of insurance uix~n
~ chrir lives in au airleunt equ51 from time to time to the amou~t of u~debtedness hercbv _.ectued, making said Association benefi-
.;_?n~ thFreunder. and that tLe said Association mav pa~~ the pmmiums for suc}~ insurance (in the e~~ent the \tort~aRors do rx~t),
,ml add each such pa~-ment to the un~a ~d balance of the loan, as of th~ first day of the then ci?rr^nt month, and it shall becomr
.<<?~~iti~mal indebtcYlness secureci bv this mortgage pa}'able upon dcmand.
l:. That in ihe e~•cnt that this mortGa~e be given to securc a co~stn~ction loan, failure on thr part of the ~furt~aRors or
~h~~ir cvntractors tfl cvmplete said bnilc3in~ in accordauce with Construction l.oan A~eement, oE even date here~~•ith, or to build
..~i~! t,rnstrucfN~n in aecc?rdancr ~vith plans and speciFieati~~ns filecl ~~•ith the Asaiciation, shall constitute a breach of this mcxt~;aQr.
;n~l. at the option of thc Assoceation, immt~:iatelv mahire the entim amo~u~t oF principal and intrrest i~ercbv secured and the Ass~~-
~ ~,:tion ma~• immecliateh• institute pr~~ceedin~s to~foreclose this mor!~age. ~
I'~. That the abstract or ab:tracts of title co~•erin~ the mott~a_~~~ci pm~~erh• shs)1 at all times, dorin~ the life of this murt-
~.i~_e~_ remain in the posu~sion of the Asscx•iati~~n and in the e~~ent of thc• forcrlosum uf this mortfiaQe ar uther tra~u(er of tetle to
~ hi• -tnart~a~+etl i~to(icriv in exiing?;ishmrnt of the in~lcbtcKlness secureyl }.creh~•, all ri~ht, titlc, and interest of the ~tort~a~ors in
~rnl to an~- such abstr.ictc of title shall p:t~s to the purchaser or gr:?ntre. -
19. The Association shal) ha~•e the right, in its discretion. to rn~uire that ihe \iort~a~ors into the Acux•iation in addi-
~;~~n to thr m~~~~t},j~• installrncnts of princi~~al anci interest to I~e p:~i~i 1~.• thF \furt~;afiors ~mder th~ note sceured bv thi~ ~nortgage,
~ .~moui?t equal to ~me-h~•elfth of the ~nnual ir.~t:illments of am• 1.• s~+n th~ nzort~;.~~c~d Ixemisec k•virci ~~r :LCSCSSreI bt~ ~ny ~
~ ~~rnmenL~l authurih•, and one-t~celfth o( t}~e :~nnual premiums (or !':re and Ett~•n~led Cocer~~e ins~uane~c• ~?n the martg~ecl
~ .~r~•rni.e~c .~c ht~minlwf~~re re~~uire~! b~• ihc• ~~~cKi.itiun, .u~d f}~e \1ort~~,i~~:rc' F:ulnrr t~~ m:k~~ sneh ~k~~~rn~•nt~ ch.ill rnnstitt,tC et~efau~t
~ ;•,.Irr tl~ic tnu~t~a~,e. a '
~ ' ~
1\ ~l'1"C~ESS ~~'111~:1iE~li~, ttzi• ~.~i~l \(nrt~.i~~~~rc h~•re~entu •rt tt~rir h:~n~ls .~n<1 crals thE~ dac ancl ~~ear flrst abo~~ written.
. .
~ - / ' ` i
~i~?r_~i, u~:~lyd :ind dc•livcrrd ~n thc pr~~scnrc ~f: T..1. ASSOCIATES~ ~IE.t ~:~4~~ s
~ ~ e~~~ti,sn s
~ ' . .
~ ~ ~
~ ' Ry : l~ ~~..C /
//t,c~G (SEAL1 ~
,
~ ' ~ _ _ Ja~r~ P. Kelly, Pre e~ ~ ~ / ;
~ ~ ~ , s ~ ~ j~ ~
a s
~ ~"c.~~ t- Attest: -'7~~C~ l~c.. ~ 'iE
~ William F. Kelly, Secretary~ _
~ ~ ~~EA1.) ?
~
~
~ 1SEA1.) =
~ ,~A' i: NE SSE S: 1MOR TGAGOYS;
~ 6uuK 1J~ 1313
~
~
~ -
.
. .
_ :
: _ , - - = - ~n=