HomeMy WebLinkAbout1329 S. Unt~l drfault in the ~xYforn~aace of thr covc uunts unJ u~nrincnls of tl~is :nnctg,:g~, thr ~~K,~tgagurs stwtl I,c c~~t,dexi
t~~ ~~lMct t}x rents, issues and poo(its Erom tF?e premises hereinbrEu~o describect, but in rase of a dcfault in any u( the te•rms uf
hs ux~rtga~c , a~~d ths fit;n .~f a b:t! to fot~ec•k~se tltts or any other ~natgag~ rncumbering the w•ithin dt~scribcxl propecty, thc
~ssociaticu~ sh:~U in~m~vliatc~v a~d withcot notice be ex~titled to the appoiMment uE a Recriver of the murtgaged ~~c rtv, ~nJ
the rrnts, issue~s and ~xofits thereof, ~~•ith the ~?cual powet af R~rei~en in such rsses, and such Rccciver may be continuecl
,n ~x~s;ea~N~n at the s:?id pn?peirt~• ~uitil t6c time uf the sale themuf u~de~ such (orrclosure•, and ui?!il the rnnfinnatiun of such
..~I~• h~~ th~ Court. .
9. lf cvu~•evw~c~ shuuld bc ~nade by the mortgagors of the pn~mis~•s hcnut ~':escribed, or any ~rt therrof, without
~h~• ~~~ritte~~ a~?.c~nt the eils.nx•i.ttion, and ~~itM~ut :tssumpiiun in n~ular fonn of law bv the qrantee of tha obligations to tlx•
~~.~x•i;?tiuo r~catavl M• said Eutmiixsorv note and thu murtg ?Ke~ then, :~nd iu ttu~t event,~and :~t the <?pticm of tLe• As~x•i.~te.m_
~~~.1 ~.~ilhuut uoiicr, uH sa~?s uf mcmer src~ued hemby shal) immeyliatelv and ec,ucurmntiv Ntith such rnnei•va~xe lx~m~e clue and
t~-~~~.+ble and in default. The Association maY deal with successurs in inte~est ~vith mferencc to this mortgage anJ the debt herebv
•~rurcd in the z~n~e ma~nrr as with the mc>rt~agur.~, :u~d may forlx•xr ti~ sue or may rxtcnd time (ot ~xi~tincnt ~?f the debt, securcri
he~rbv. cx othe•nvixc act .~lthout clixha ing ur in anv ~~•av aficctiug tlic li:~hility of the nx?rtgu~ura hcmuncler or upon the debt
t~~•~c•by s.rtu~Yi. The Associatiix~ may u de•a) .~•;t1i tM:~~fortg:?gon andi'or ~vith succys.u~rs in interest with reference to thu
,u~~rt~a~~• ai~d tl.o debt herel~v serurcvl b:• (orMaring to sue, eztending the time Eor pa}•ment ~?f the drbt, providi~g fur di(fercnt
~nuuthh• ~~~ments ~nd/or a diffrtent intcrest rate, and Uy other express m~xli[ications of thr coutr.?ct, ~vitl?uut k?su~ ~n~• priorih•
~hr .~saaci.ltic~n has aver othe~ moriga~ees ur lienors or holclers o[ any ja~~ior interests in the pruik•rh sn•un~ hrre~~~.
10. Thut in the e~Y~~t tt~e pnmi~crs h~•mh~~ ~uortgaQeYl, or anv ~aart thereof, shaU be crndrinneci aud tak~u (or~x ~blie ~~e~
,1t~ma ~~c+ t~~saKl ~f n?ses~sha
1 be ~~~•~d co che Associatiun, ~ts succres~ ~hor assi,n~s~ u that the a~ 0 1nt~un ~d tb mort a e and
I'~' I'a ~ P I'~~ K K
be ap,
li~d upnn t he payment or pavments last pa~•a b le t hcrc~on.
11. lt is s~x~cificalh~ agreed that time is the essence of this cci?~tract aod t1~at no waiver of any obligation hereunder or of
rf~~~ ub]i~ation secured hereb~• shall at am• time therrafter be held to bc a~vaiver of the tenns or of the instrument secured hereby.
13. If foreclnsurc procecvlinqs oE an~• second m~xtRage or second trust decd or any junior lien of :,ny kind should be insti-
:~~trd, the Ass~~ciation mav at its npti~~n, immediatelv or thrmafter dcrlam this mortguge and the ir.ciebtecine.tt sPCUrecl hereby due
.mci F;t)•ab1F. . .
13. To the ~•ctent of the indebte~ciness of the ~lortga~ors to the A~.coc'sition described her~~in or secured Lenby, the rlsso-
~~.rtiun iz h~mb~• subrogatcd to the lien or lierLS and to the riRhtc of the u~~~nrrs and holders the~eof of each and every mc?rtgage,
h~•n or othe•~ c~~cumbrance on the land desctibed herei~i ~~hich is paid and(cx) saticfieci, in ~.•hole or iu part, out o( the proeeec~s
~i the loan descritx-d hcmin or secure~l hcrebv, :~nd the res~xcti~•~~ iie~ns of slid mortgages, liens or othcr encumbranc-es, shallpa s~
:~nd he held bv the Acsociation herein :u sectiiritv for the indebtecluess to thP Aic~c•iatio» herein described or hemby serured, to
r}~~• ..~me rx!ent that i? ~vould h.~ve l~n presen•eci and .~•ould ha~•~ lx~en pas.crd to rnd becn held Uy the Association had it been
,lul~• and re~ularl~• assigned, transfened, set over and delivered unto thc Ass~xiation b~ seEx~rate deed oE assignment, notwithstand-
~n; the fact that the same ma~ be satisfied and cancelied of record, it bcin~ the intcntion of the p.irties ~ereto that the same ~~~ell '
!k~ satisfied arxi r,incellec~ of mcord by the holders thereof at or about the time of the recording of this mortga~e.
1-f. 7'o p~ec all snd sin~lar the costs, char~es, and ecpenses including lawyers fees, rcasonablv incurmd ur paid at am• ;
;;m<• h~• the AssnciatNm, hec:~~ur of the failure of the ~tortRagors to perfonn, comply w~th 1nd abide b~ rach anc3 every stiPuia-
~,~~nc, at*rremcnts, rnnditions and rnvenants of s:iid pmmissorv nute and thic deed, or either, an~i everv such pavment shall tx:ir ~
u~terest from 3ate at the rate statecl in the note secarecl hemb~•. ~ 1
25. Ttwt t?e «TU permit, commit, or se~ffer no ~s•aste, imp:iimtent, or deteriuration of wid ~roprtiv ur am• part thereof; ;
.n~l in the ~.•ent of thP f.?ilum of the ~torifia~ora to keep the huildin~c ~?n s:iid premises anci those to be erected a~ said premises. _
~r ~mpro~~nents thcmcm in goocl repair, the Association ma~• make ;u?d 'p:?y fur such repair5 as in its disrn~tion it mav deem ~
nrr-escan• for the proper presen•ation thereof, and the full amount of si~ch }~a~-mentc shall 1~ secured by the lien of this mortgage ~
.~nri ;hall a~ the option of the Associatioa 1~ immcciiatc)ti• duc and ~ayable, or pa~•able in +Z~ch monthly installments as the Associa- f
t,;~n ma~• detrrmine. and even• such p.z}Tnent shall bear interest from date at the raie stated in the note secured herebv.
16. That if the Association and the ~tortgagors a~ree, the ~fortgagors will carry a policy or ~licies of u~surance u~~n ~
th~~ir li~•es in an arrit+i~nt cr,iLZl from time t~~ time to the amount of u~debtedness herebv secured, making said Associat'an benefi-
:.ic~ thereuncier, and that tl~e ciid Asu~ciation may pay the prcmiuins for sueh insurantr (in the event the \IortQaqorc do not),
:r~~l add earh such p:?~-ment to t}~e unp~id balance of thc loan, as of the fint day of the then ci~rmnt month, and it shall becom~• '
:~':?it~~?nal indebteclness secured br this mortgage payable u~n dcmand_ ?
1:. That in the e~•cnt that ihis murtgage be gi~•en to securc a tY?r?stn~ction loan, fail~re nn ihr part of the ~tortga~ors ~ir
~hrir conh•actors to compiete said building in accorciance t~~ith Construction L~~:in A~reemcnt, of even drte here~+-ith, or to huild
~.:i~l c.~nstn~ctH~n in acrnrdance ~~-ith plans and speciFications filed ~~•ith the tlssnciation, saall constitutc~ a brrach of this mext~a~~e, ~
:?t the o~Kion of thc Association. immediatelv mature the entire amount of prinri~l and interest hereby secured and the A.c„- f
~.~t~on ma~• immecictteh• i~utitut~ pr~xredings to~forcclasc thu mer!~~ge. ~
1S_ That the abstr.~et or ahstracts of titte eo~•crin~ thc mort;a~rci p?c,~~ert~• shaN at all timc-s, tlurin~ the life ~E thes r~~urt- ~
_.i•,~~. remain ir~ the possecsiun ~~f the Assoceation a~Kl in the crcnt of th~~ fnrcc•lnsure <~f this murt~a~e or uthcr transfer of titlc tn ~
mort~:i~cd pr~~Pcrtv in ~xtinyuuhmcnt of the indebtedness secarc~l }~e•~cb~•, all ri~ht, title-, and interest of the \tort~a~on in
tr~cl Eo an~• surh abstracts of title shall p.iss to the Purchaser or gnntee.
19. The Associateon shal) have the ri~ht, in its discretion, t~ reiluire th.~t the \tort~:~~ors p.~v into th~ Association in addi- ?
to th~ ~nonttJv installinents oi prineip:+l and interest to t?e ~airl the \f~~rt~.i~ors t~nder thc~ note scrurecl b~• this mortga~e,
~r~rouni c~oal to nne-ri~•eUth of the annual inct.illincnts oI am• ta~cs ~~n tht~ nwrt~: ~ed ~xemiscs le~~ied or .LSSI'SS(Y~ bY arn• ;
_ tirrnmental authorih•, and O/tP-tN'(~~l}1 of the :tAillt:l~ ~NPSTIIUIDS f~x I~irr and F:~i~•nde~~l C.n•eraGe i~~sut.uir~~ ~~n the mortga~e~l 5
..~.?ni:~~c .~c ?,crein?x~f~~re rc~~uire~i h~• the A•ak~i.~ti~~n_ .in~I !he \f~rrt~.i~ur: f:~~inr~ t~r mak~ such ~k~~-u~re~t. sh.~ll eY~u~titute a clefsult ~
.•:~'cr tf~ic tuorti;a~e-
1\ \1'1"T\ESS 11'Ht:NE~?E', tl,c• t.iid ~lnrlLa~~nrc h~~r~•u~itu .e•f thrir 1?:inds .~ncl se•.ils the d.?~ :in~l vr.~r first aZw~•e ~?~ritten.
• ~
:
~;,~~~-cl. k~.,l~•d and dcli~~rrc~~ in t}M pte~crnc~ ~?f: 'T. J. ASSOCLATES, INC. ~ a'I"1o3f'~dm - ~
~ ratien
~ ~~~L By. C< «t , , ~~t1.
- , ~ f , ~ P. Kelly, Presi t , / ~
_ Attest: ~ . E,~)
- - ~.:c,-..- ~ ~ c..~ ~ .~lc_ - /yt l L C ~ . ~
~ 1~Villiam F. Kelly, Secre~
. ~ st-:.~?t.?
~sr.~t.~
, N i T NE SSE S , MpR tGAGOQS!
~
4k194 1329 `
~ f•~r
- -