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Home My WebLink About2486 ~ 8. Unti) default in the perfornia~~ce of the rnve~iants und aRnrmenls ~~f this mortgaga, the owrtgagon shall be entitk~cl tu colle~-t tl~e mnts. issues nnd pmfits fram the premises hereinbefore describccl, but in r.ise of a de(ault in any of the term~ of this mo~tgage, and the iilinQ of a biU to foredose this or any other mortgagc encumbesing the withi~ described property~ the ~ .~ssociation shaU imm~~cliatrjv And without notice be cntideci to the appou~tmcnt of a Receiver of the moctgageclpr~e rty, and ' ~~f the rrnts, issues .1nd profits thereof. w•ith the ucual power of Receiven in such cases, and such Receiver may be continuecl :n Ex~s,ession of the said propert~• ~mtil the time of the sale the~eoE undPr such foreclosiur, und until the co~firmation of such ~ .alc bv the Gutrt. * 9. If a conv~: •:ume shuuld be made by the mortg~gors of the pmmis~~s herein described, or any ~art thrreof, ~vithout i th~• ~~7itten crnucnt o~ the Assxiation, and ~~ithc~ut assumption in n~ular Fonn of law by the gra~tce oE th- obligatio~u to the ~.ux•u?tK?n crr.~ted bv Wid promissorY note and this mortgage, then, and in tl~:it event, and at the option of the Asux~i:?tN~n. .u~~l ~~~thout notice, all sums of mone~~ sec~,m~f hcreby shull immc~liately and amcurmnth with s~~ch rn~veyance becume ib~e unci ~~:i~•able ancl in default. The Association may deal with successors i~ interest N~th mferencr to this mortgage and the debt herebv i ,eca~ed in the s.1me munnrr as ~~•ith the mortgagu~s, and may forlx:?r to sae or may extend time fur pa~-ment of the clebt, secureil ! hercby, or otheM~ise act ~~~thout dischargmg w in anv ~~•a~~ a[fecting the liability of the mortgagun hereur.der ur upon the debt ` hereby secureci. The Associatio~ may also deal with the~ Mortgagors and/or with successors in interest ~•ith reference to this i ~nortgage and tho dcbt hereb~• secured by forbearinQ to sue, e:tending the time for payment of the debt, provid;ng for ciifferent F monthh• pn~~ments and/or a difEerent interest rute, and by other express mcxlifications oE the c~itr.?ct, ..•ithout bsu~g an~ priorih~ ~ the :lssociation has over other morigagees or lienon or holclers of any ju~iior interests in the pro~C•rl~ secured hereb~•, 10. That in the event the pmmisec hereb~ mortga~ecl, or :uiy part thereof, shall be condrrnned ancl taken for publie uce uueler the po~~~cY of emincnt domaui, the Aswciation sl~all ~ave the right to demand that all damages a~~~arded for the taking of or ~lama~Ges to said premises sh.1U be paid to the Association, its succcssors or assi~r~s, up to the amount unpaid on thu mcHtgage and m:ir be :?p, lied upon the pa~Tnent or pa}~~ts last payable thereon. 11. It is specifically agreed that time is the essenm of this ccx~tract c~nd d.at no ~vaiver of anv obligation hereonder or of t}~e obligation securecl hereby shall at any time thereaEte~ be held to be a~vaiver of the terms or of thc instrument secured hereby. f 1?. lf forecMsure procec~lioqs of any second mudgage or seco~d trust deed or any junior lien of sny kind should be iruti- 1 ti~t~~, the :~ssociation ma~~ 1t its option, immecliately or thereafter declare this mortgaQe and the indebteciness srcured hereby due : :?nd pa~'able. ; 13. To the extent of the indrhtec6iess of the ~1ortgs~ors tu the A.ccc~ec?tion describeci herein or secured henby, the Asso- ~ i.~tion is hcreb~• subrogated to the lien or liens and to the rights of the o~~•n<~rs and holders therrof of each and every mortgage, li~•n or other ei~cumbnnce on the land describeci herein ~a•hich is ~u~id and(orl satisfied, in ~vhole ar in part, out of the procecds ~~f the la~n described herein or secumci hereb~•, and the res~x~cti~r liens of said mort~agrs, liens or other encumbrances, shallpass r~~ :uid he held b~~ the Association herein :u securitv for the iudebteclness to the ~ssxiation herein describecl or hemby secured, to th~~ c.wme cx`cnt that it ~rauld ha~•e bceo preserved and ~~•ould hare heen ~usse~d to an<! bec~ held by the Association had it been ~luh• ;wd reQularh• assi~ned, transferrecl, set over and delivered unto the As~oci.+tion by separate cleed of assignment, nohvithstand- inQ the faM that the same may be satisfied and cancelled oE record, it being the intention of the parties hereto that the same ~all 1~ satisfied and r.~ncellecl of reconi by the holders thereof at or about the time of the recording of this mortgagc. 14. To pap all and singular the costs, charges, and expenses inclading la~~yer's fecs, masonabh incurreci or pc?id at am• ; tim~ bv the Actociation, hccausr of thc failure of the ~tortgagors to ~erfonn, comply ~vith and abide rach and everv siipula- t u,ns, ,~Qreements, rnnditiuns and rn~•enants of slid pmmissory notc and this deecl, or eithcr, and cw•erv such pavment shall brar interest from date at the rate stated in thc note securecl hereb~~. 15_ Th:~t he ~~•ill permit, corrtmit, or suffer no waste, impainnrnt, or dcteriur.ition of wid pmrertv or am• ~~.1rt thereof; ` .~ncl in the c~•cnt of the f:iilure of the ~lortgagon to keep the buildin~c on said premises and those to br erected a~ ~:?id premises, ~ ~~r improvemcnts lhereon in good reExiir, the Association mav make and ~y for such reprirs as in its discre,~tion it mav deem n~•cascarv for the prr~per peesern:ition thereof, and the full amount of such pa~•ments shall be secured b~• the lien oE this mortgage ~ .~n~l shall at the option of the Associatio~ be immeciiateh• due and pa~~aUle, or payable in surh monthlv installments as the Associa- ? t i. ~n ma~~ determine, and e~•ery~ such pay~nent shall bear interest from date ai the rate stateci in the note seci~red hereb~•. ' 16. That if the tl~wciatiun a~~d the \turtgagon a~;r~r, the ~1(ortga~;ors ~~•ill carr~~ a poliey or ~iici~~s of insursnce u~x~n . ~ !nrir li~~es in an a~unt ec~ual from time to time to the amount of indebteclness herebv seeiued, making s.1id Assoeiation benefi- i.ir~~ lhereunder, and that the said Ass:xi.~.'~on may paV thc premiums for suc}, insuranm (in the c~•ent the ~tort~;agors do not), i ~net add each sach p~~-ment to the unpa id l,alance of the loan, as of th~ first day of the then curmnt month, and it sha11 Uecomr ~ .~~?~litional indcbtedness sccureci by th'is mortgage payable u~n demand. 1 That in the e~•cnt that this mortgage be gi~•en to secure a construction loan, failure on the part of the ~lortga~ors or t!u•ir a~ntr.ictors to complete said builciing in acconL~nce «•ith Co»stn~ction l.~nn A~rremcnt, of e~•en date here~~•ith, or to build ~.~i~l n~nstn~ction in am~rdanee ~~~th plans and sExrifications Eiled ~.-ith the Association, shall rnnstitute a brrach of lhis ~nort~ag~, ~ :t,:l. at the option of thc Associ:?tian, immediatelv matttre the entim amount of principal and interest hercb~~ secured and the Asu~- ~ i.~tiun ma~~ immeciiateh- institute prncecdinfis to forecluse this mor!;age. 13. Th:d thc abstract or al~ctncts of title co~-crin~ thr mort~a~~~Yi pro~x~rt~• s~all at :ill times. durin~ the li(e of this murt- ~_~i~~~'. remain in the possession o( th~ :1ss~ciation and in the cvent of thc forcrlosurc of this mortfia~e or uthcr trausfer o[ tidc to ?f~~• rnortga~cd ~~ropert~~ in e:tinguishment of lhe indebtedness src:~r~til hcreb~•, all right, title, and interest of the AtortKa~on in ~n~l to an~• such abstncts of tidc shall pass to the purchaser or grantce. ~ 19. The As~ciation shall ha~•e the right, in its discretion, tn rcv~uire th.?t the ~iort~:~gors into the Association in addi- i n~n iu tl~c- munil~I~• inStallments of ~rinei~~:~I and interest to be p.~id b~• thc \1~~rt~~~.~~; under the note sec•umti b~• this martgage, .imount equal to om-ts~•elfth of the ~mwaj inst~ilments of am- t:?xcs on th~ mort~a~ed premises le~•iecl or :?sses~sE-cl bv am• ' _:~~e•mment:il authorih•, and one-hcelEth of the .u~nual Pmmiumc for Fire .iD(~ I'.SIPII(~tYI C04C~a(~t` insurancr on the mortga~~Y1 ,~:~~rni:e•s :~s he•rcin}x~furc rcY~i~ir~d h~- thc AsaKi:itiun, :~nd the \turt~s~ur_c' f:uhire t~? make siich ~xit-mrnts shall rnnstitute a deEault ~ ,.'~'1CC i~11G I7101~{~:1~.'~P. ~ ~ 1\ \~"IT\ESS ~!'HF.~;E(>F, the ~aid ~inrt~a!~~~n h~~munto sct th~~ir h:~nrls .u~d s~~als the cla~• and ~ear first alw~•~ ~vrittrn. ; ~ = c ~~~ne~l, sealc~ and deli~•emcl in the ~msence ~ as to O'BRIEN , ~ ~j / ~ ~ f ~ ~ / - fj `-~G~.'1-~..~ L L. . ~ SEAI.1 C~• ~ • ~ ~ Mari~, A. O'Brien ~ ; ~ % ' ~ l` ~ ~ Z1 ~ L l vc- t,~l ~ - ~f-t -rs~ ~ ^ t_ _ ~ ( SE11 L ? ` g " as to S14~TH Willi~ R. SmitY~-~ ' ~ `f'-- , - LL.c_~~ 1 t . . = ~ , ~ - _ ~ _ -cl- eC-t~~~ 1e~f1f~A1.l ~ : ~ ` % . Marilyn J.~mit~' iI , ~ ~ . ~ _ - . _ ~ i - Tu.i ~ ~ (S~AI.I ~ - iWITNES5E5; tMORiGACiORSi ~ ~ o R 1 4 24~ ~ ~ a~~ ~ 9 ~ ~ ~ ~ _ - - ~ - - - _n - ~ - ~ . _ . _ ~ ~ ~~s~