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HomeMy WebLinkAbout1321 8. Until deEault in the ~xYformance of the covenants and ~~~me~ts uI d?is mortgage, the mortgugcus shall i~ entitled t~~ coliect the rents, is~ucs and prufits from the pc~emises hereinbeforo describcd, but in case oF ~ default in any oE thc terma of this mo~tguge, and the filing of a biD to foKClose this or any other mort~age encumbering the within describod property. d~c _lssociation shall imme~liatelv and without notice be entideci to the pppointment of a Receiver of the ~nortgagedprope rty, and uf the mnts, issues and profits thermf. N•ith the ~uu•rl pown of Receiven in such cases, and such Receiver may be continued ~n Jxu~ession uf the said pn~pert~• until thc time of the sale therc~f undcr snch foreckuure, and until t~:e confirmatia? of s~xh .alc b~- thr Court. 9. !f a com•e~•ance should br made by the mortgagon uf the premix~s hemin drscrib~.~d, or any part thereof, without rh~• ~~Titten cvnsent of the Ast~ciutio~, and ~vit}xiut assumpti~i in rrwular forn~ of !aw by the grantce oi d~e obligations to the ~..~xc?tion created b~• said promisson note ani! this mort •age, thru, and in that ~ve~t, :?nd at the uption oE thr As~~ci:~tiu~~. .~n~l ~~~thuut i~utice, all xums of mcx~ev secnreci hereby sha~i imme~lia~Plv und aiucurrently ~~~th sueh rnm•ey:uice bec~?me due und ~~~:~ble and in default. The Association may deal with successurs in interest ~vith reEemnce to this mortgage and the debt herebv .cri~reci in the same mannrr as with the mortgagurs, and may tarbear tn sue or may extenci'time (ur pa~~merd c?f the debt, seeureil hemb~•, or othen~~ise act ~~•ithout clischa~gu~~ or in any ~ti•a}~ a(fec~u~~ the IiabilitY of the mortgagurs hereunder or upon the deM hemby securecl. The Associatiai cnay a2so~deal with the ~lortgagors and%or K~th sucec~sson in inte~est ~~~ith reference to this mort~age and thc? debt herebv sccurc~i h~• forbeariug to su~•, extending the time Eor Eray~ment of the debt, providing for different :nonthl~• pa~~mcnts and/or a diEferent interrst rate, and bv other expucxs modificatio~u of the contr.~ct, ~vithout bsing any priorih• thP Assocuation has over othe~ murigagees u~ liei~on or hofders of ~ny jw»or intrrests in the pruprrh• securetl herebv, 10. That in the cvent the pn~mises hi~mb~~ mortgaged, or anv p:ut tF.creof, shall be condernnecl and tai:en for public usc w~~lrr the [x~~r~~ of eminent domain, the A~wciation sl~ap have tLe right to dem:u~d that all damages a~varded for the taking of or ~lama~es t~t said ~xemises shall be paid to ihe Association, its succcs.u~rs o~ assi~~~s, up to the amount un~xiid on this mortgage and mav be apnlicd upon the ~~-ment or pai~ments last p:~~•able thereon. 11. It is specificall~~ agreed that Nme is the essencr of this rnntraM and that no wtiver of anv obligation herenn<ler or of the obligation secumd hereby shall at am~ time theYeafter be held to be a~vaiver of the ternu or of the instrument secured hereby. 13. If foreclosure ptnccc~clings of am second mort~age ur secoud tnut deed or any jnnar lien oE ~ny kind should be insti- tut~~, the Association mav at its option, immediately or themafter declare this mortgage and the uidcbteclncss secured hereby due :~nd parable. 13. To the exte~it of the indebtedness of the ~lortgagors to the Association described hen•in er secured hcreby, the Asso- ~ i.~tion is hereb~• sabrogated to the licn or lieus and to the rights of thc o~~~ne•a and holders thereof of each and every mortgage, li~~n or other encumbrance on the lancl described herein ~vhich ic ~k~id anrl(or) satisfied, in ~vhole or in part, out of the proceeds •~f the loan described hercin or sccureci hemb~•, and the rc~pecti~-~• liens of said mort~agcs, liens or other encumbrarxes, sh ll~x t~~ and I~e held b~• the Association herein as security for tlie indebteclness to the Assxiation herein describeci or hereby secured, to th~• G~me ex!ent that it ~~vuW ha~'e bcen ~resen•ed and ~~~ould have heen ~c.a•d to and been held by the Association had it been tlu1~• an~~ rrQtdarl~• assi~ned, transferrrd, set o~•er and d~;iLCrcd unto thc Association by separatc deed of assignment, nohvithstand- inG the fact that the same mav be satis(ieci and cancelled of re~~ord, it bcing the intention of the ~rties hereto that the same ~~~I) l~e sa~sfied and cancellecl of~record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and sins,;ular the costs, charges, and ecpenses including lawyer's fees, reasonably incurrecl cr paid at an~• time b~• the Atcociation. be.a~~se of thP failc~re of the \tortgagors to perfonn, comply with and abide by cnch and everv stipula- ti~;ns, Y~reements, conditions aixi rn~•enants of said pmmiuory note and this deed, or either, and everv sach pa~ment shall b~dr i>>terest from date at the rate stated in thc note secured hemb~•. 15. 'I'hat he ~~~tll pem?it, commit, or suffer no waste, impairnient, or deteri~ration of caid propertv or any part thereaf: .~nd in the erent ~~f the f~ilure of the \lortfiagors to keep the bui!din~s on said premiscs and those to be crected on said premises, ~ u improvements thereon in good repair, the Associadon may make ancl pay for such mpairs as in its disrr+etion it mav deem ! necessary (or the proper preservation thereoF, and the full amou~t of such ~?a~~ments shall be secured bv the lien of this mortgage ~ .nd shall at the option of the Associatioa be immeciiatelp due and pa~~able, or payable in such monthly uutallments as the 4ssocia- f 'i~~n mav determine, :md e~erv such payment shall bear interest from date at the rate stated in the note secured herebv. ~ 16. That if the Association and ihe \tortgagon agree, the ,tortgagors ~~ill carry a policy or policies of insurance uFwn ` their lives in an arr~i~nt equal from time to time to the amount of u~debtedness hereby secured, mal:ing slid Association benefi- iar~• thereunder, and that the s.1id Association may pay the premiums for such insursncr (in the event the ~fortgagors do not), ~nrl add each such pa~-ment to the unpaid balance of the loan, as of th~ first day of the then curmnt month, and it shall becocrx~ ~:Idit~onal indebtcdness sccured by ihis mortgage p:?}'able upon demand. 1~. That in the event that this mortgage be gi~•en to secure a rnnstn~ction lazn, failure on the part of the ~tortgaQors or '~~r~a i'~?!ll~-lr~nlc to rnmplete said building in accordance ~~ith Cc~nstn~ction Loan Agreement, of even date here~~•ith, or to build L~i~ construction in acrn:dance u-ith plans and s~xcifications filecl ~~•ith the Association, chall rnnstitute a breach of this mortga~c. :r~~l. at the optio~~ of thc Association, immediatelv mature the entire amotmt oF principal and interest hcrcby secured and the Acsc?- • i.~tion mav immeciiateh• instiiute pmceeclings to foreclose this mor!~age. ` l~s. That the abstraM or ab;tracts of tide co~•c~ring the mortga~eci propert~~ shall at all times, during ihe liEe of this mort- _.+~r, remain in the possession:of the Association and in thc event of thc foreclosure of this mortfia~e or other tr.insfer of tide ta ~n~rtgagcd ~~ro~crty in cxtinguishmcnt of the indebtcdness secureY! l~crcb~•, all ri~hr, tidc, and intemst of the ~io:t~a~un in ~ ~r~d to an~• such abstracts of title shall pass to the purchascr or grantce. ~ i9. The Association shal) have the right, in its diseretion, to m~uire th:d the \1ort~agors p.n• into the Association in addi- t:.,n to th~ m~mthh• installments oF principal and interest to 1?e paid ln• thc ~lurtfia~ors under thr notc secured bv this mortfia~e, ~ t: ,,snount c~ual to one-h~~elfth of the :?nnual installments of an~• t.~~~~s on the mortga~cYl premisc5 Ic~•icYi or :LSU~ssed b~• am• ; ~~~ernmeut:?I authoritv, and onc~-h+~clflh of the :~nnual premiums for Fire and Ettcnded Co~•era~e iusu~:ince on the ~iortga~~~cl ; ~ -.n•u,~,r~c .~s h~•r~•inFx•fore rcti~~~irr~1 b~- the A+uK•i:stiuu, .ind the ~turt~a~un' fa~liirc t~? makc such p:n-~n~•uh shall constitute a tiefault ~,~?cr tLis tn~~rtt;a~c. ~ I~ ~l'l7~\ESS ~l'IIEfiE(?F, thi~ ..~id 11n~t~:i~~irs hi•rt•i~ntn ,ct fh~•ir h.~nii~ and sc.~ls thc d.~~• and ~•ea~ f`rs~ nboYe ~~zitt~~~. ~ ~ieur~i, u•:,1~ :~nd d~~1i~•rr~•~l in the pr~~u•uc~• of : T. J. ASSOCI,ATES, IN~. ~!l ,~~~'td8 ~ ~ ~ ~ ~4'QI~fQI'p.LlOtl ~ : . .~E~~ \ y, , BY: C . ~ ~ ' . (Sr:~i.? / ~ J~in~ P. Kclly, Pres _ . l ~ , , ~ Attest: j l~/.< " ! .~I.+ ~ William F. Kelly, Seare ~ , ,,~•:~?i.? ~ ~ , 4~•..~~. ~ Ni t?~E E 1; (M1UR~GAGORS~ ~ ~ ~~R~ 1~.~4 1321 ~ ~ ~ - _ _ _ - - .