HomeMy WebLinkAbout2493 8. Until default a~ thc pc•rfo~manca of the coveuauts und :?gr~~~iica~s of this mortgage, tt~c nwrtg~gors ihall be entitlecl :
t~~ co1k~M the rents, issues 1nd pro(its fran the (xemises hercinbeforu describecl, but in c~use of a default in any of the tern?s uE ~
this mortg:?ge, und the iilin~ of a bill to foreckue this or any othe~ mortgage cncumt,ering thv within describc~cl prn~ty, the
.lssociation shal! immediate v 1nd without notice be entitleci to the u~~wint~uent of a Nemive~ of the mortgaKed [x~o[~erty, and
~~f thc rrnts, issues and profits themaf, ~~•ith the usual power of Rcccivcrs in such rases, anJ curh Rcccivcr may be cootinued '
~n ~ws.:cssiwi oF the said pn?l~t~• until thc time of thc sale thcn~f under si~ch (oreclos~uc, and ui~til tht~ rn~~firmation of s~K•h
..~le bv th~: ('~urt.
9. If a c~nve1~ance should be made by the mo~tgagors of the prrmisrs herein dcscritx~ci, csr a~1,• part thercv~f, wittwut
th~• ~~Titten crn~.cent of the Associ:dion, :?nd ~~ithc~ut ascumptiun in n~Gular forn~ of l~iw by the grantee of the obliRations to the
~.uKiation crrated bv c~id Exumissory notP and this inortgaKe, thrn, and in that event, und :?t the option of tbr ?1~K•iatN?u.
.~n~l ~~itlx~ut ~K~tic~, all sums of mone~• secnmc) hcmby shall immivliatelv and a?ncurrently with such a?nv~w•ance ben~me due and
~x~~-at~le and in default. The Assoc~ation may deal with successors in interest ~vith rcfemnce to this mortgage and the debt hereb~• ~
•~curecl in the same manner as N•ith the mc~n~agurs, :u~d may f~rlx~ar to suc o~ may exte~~d time fur ~ymei?t af the debt, securt~l ~
hercb~~, or othrn~•ise nct ~~•it}wt~t ciischa~ u~g ur in anv ~~•~v affcrtin~ thc liabiiih~ of the mortgagurs hcreunder or u~n the debt ~
he~el~y sccurtYl, The Aswciatia~ may a dr~al w~ith the~ \lortgagurs and/or w•ith succrssors in interest ~~•ith reference to this ~
~uurtg:~ge and thc* debt herebv secun~ci bv forbeariug ta su~•, extending the time for payment of the debt, proviJing for different
~nonthh ~xi~~ments :u~d/or a diffcrrnt interest rate, uixl bv other cxprecs rmxlificatiotu oE the contr.~ct, ~~•ithout bsing any rriorih~
the Association has o~er other morigafiecs or lir~wrs or hu~dcrs oE any jw~ior interests in the propcrtv secumcl hrreb~•.
10_ T1~:~t in thc+ cvent the pn~nises h~~reUv mortgaG~~cl, c?r any part thereoE, shall be condernned aiid taken Ior publie »
un~lrr the ~~~~~•rr of eminrnt domsin, the Ass~Kiatiun slwll ha~r the riGht tu demand that all damages aw~arded for the takit~R of or
.#.im:~~.~s to s:iid pmmises sh:ill bc paid to the Association, its sucn•cain or assiGus, up to thc amount ~mpaid on this m~xtgaRe and
ma.• he sE
;~licd u~n ihe ~a~~ment or payments I.~?st ~av:?ble th~•reon.
11. It is specifically agrecd that time is tfie essencr of this oontract and that no waivrr of unv oblig:?tic~n here~mder or of
th~~ obligation secured hereby shall at am• ti~n~ themafter be held to be a~+•ai~•er of the terms or of the instrument securecl hereby. i
1•2. If foreck~sure proceetilings of am sernnd mortRage or second tr~at decd or any junior lien of any kind should be insti-
tutrci, the Assaciation mav 1t its option, immediately ur thereafter declare thic mortgaQe and the indebteciness srcured hereby due
.~nd jxi~-abk.
13. To the exteut of the indebtec6~ess of the \fartgagors tn the A~a~ciation described hen•in or sec~ireAl henrby, the Asso-
~~.~tion is hcrrb~• s~~bmgated to the lien or lie~u and ta the ri~;htc of the u~~ne•rs and holders thercof uf ~zch and every morigage, ~
l~rn or othrr e~~cumbr.ince on the land described hemin w~hich ic ~x~id an~l(orl satisficc~, in whole or in part, out o[ the p~~occec~s i
~~f the k~.v~ descritxcl hemin or secured hereb~•, and the ms~~cctev~• liens oE said mortg.+ges, lieru or other encumbrances, s~i 11pass
r~+ :u~d l~e held b~• the ~+?csociatio~ herein as security for the indebti~ciuess to the Assxiation herein described or hereby secured, to
th~• s,?me rz!cnt that il ~~~~uld ha~•e bcen presen•ed and ~~•ould h~~-P hern ~us.uvl tn :~nd bcen held by the Association had it been
~luh• and re~ularh• assi~ncd, transfcrmcl, set o~•er and dcli~•ered unto thc Asux-iation by separate deed of assignment, nohvithstant~-
~n~ the fact that the same ma~• be satisEied and cancclled oi record, it bcing the intention of the Eurties hereto that the same ~~~il!
?K~ s:~5sfied and r.~ncellecl of~record by the holders thereof at or about the time of the recording of this mortgage.
14. To pa~ all 1nd sin~olar the costc, charties, and expenses including lawyer's fees, reasonabh• incurrecl or paid at an~•
!i~n~ U~• the Association, lxr:?usr of the failure of the \1ort~agors to pcrfonn, comply ~~ith and abide bv r.ich and everv stipula-
tnms, aQrt~ements, conditions and rn~•Fnants of s:?id pmmissan• notc and this dee~cl, or Pithcr, and even such pavment shall brar
,ntcrest fmm dat~ at th~ rate statcd in thr note sc~cured hembv.
15. Th:?t he ~.111 ~Crmit, commit, or su[fer no ~easte, im~airment, or ~lc•teriuration ~~f said pro~ertv or ar_• }~rt thereof;
~n~~ in the e~-cnt of the f:tilure of the \tort~a~ors to keep thc~ buildin~~ on saic! premises and t}wse to br ercrtcd rn~ s:~id premises.
~~r nnpro~•ements thcreon in gaocl repair, the Association ma~• m ike anci pay for such mpairs :?s in its disrrc~tion it rnav deem ~
:~e~cescan• for the p~per presen•ation thereof, and the full amount o( such pa~•ments ShaU l~e serured bv the lien of thit mortgage
+ncl shall at the option of the Association be immediately due and pa~•able, or pa~•able in such monthlv installments as the As.vocia- °
t i~~n mav det~rmine, and e~•en• such pa~-ment shall bear interes: from date at the rate stated in the note securecl hereb~•. i
16. That if the Associ:ition and the \tort~agors agree, the ~tort~afiors tvill cam• a policv or ~licies uf uuurance upun ;
~ the•ir li~~es in au ar~b~int eqiG11 from time to time to the amount of uxlebtedness hereb~• scctued, making saicl Assaciation benefi- t
k ~.~n~ lhrreimcler, and that the said ~ssociation mav pa~ the premiums for such insur.incr (in the event the ~lortgagcxs do not), ~
~ ~n~l add each such pa~•ment to the un~aid hllance~of the k~an, as of !he First day of the then currcnt ~.ionth, and it shall Uccome• ~
~ .:~?.lit~ona) indebt~Ylness ~ecure~~ bv th"~s mortgage payable upon dcmand. ?
~ 1:. That in the e~•cnt that this mortgaqe be (~i~•en to secure a c~nstn~cti~n loan, failure on the j~art of !he ~tortgagon ur =
?he•ir rnntractors to complete said builclin~ ir accordance «-ith Coestnirtiun l.o.?n A~rce~ment, oE ~ven d~te here~~•ith, or to buil~l E
.~icl cti~n~truction in accvrdance ~~~ith pl:ins :+nd s~cifications filc~l ~cith the A~sociation, shall rnnstitute a breach of this mort~a~;c.
:r~~l. :~t the option of thc Associatiun, immeeiiatelv matwe the entire amo~mt principal and intrrest hemb~~ secured and the A«?-
<<.~tiun ma~• imme~li;~teh• institute pr~~ceclin~s to forerluse this mo~!~age. ~ `
1S. That thc ahstraM ur ab:tr:~cts of tide rn~•criug tt~e m~rt~:i~~~Yi rrvy~ert~• sh;?Il at :~I) times, durin~ the life of this murt- ;
remain in the possc~s~eon ~~f th~ AUCx~iatiun and in the e~•ent e~F th~~ forerlosure of this murt~a~e or other transfer c~f Nde M ~
~f~,~ m:~rt~a~c~l ~xo~xYt~• in extinguishmcnt of Ihe indebtedness securr~i }:crc•b~•, all ri~ht, titlc~, and interest o( the ~tort~a~~~rs in :
~r«1 tc~ am• such abstractc of title shall p:ics to the purchaser or grantre_
l9. The 4s~ciation shall ha~•e the right, in its disrretion, t~~ rcti~uire th:~t the ~iort~a~ors r:~r into the Assnc•iat~~n in addi- a
'.•~n to th: m~~nthl~• installmenic of principal and inierc~si to lx~ paic! h~ the \fort~.?~ors under the note sec•urcYl b~• t}~is mortsa~e, '
n.u~:ooid E~ual to ~?ne-ha•clfth of thc ~nnual installmcnts of am• ti~~~< <~n thc~ murt[;a~c~l Prcmiscs If~'tEYj or asu~su~d b~• anc
~ ~~r+~mct~2.+1 avihorih•, and one-h~•cl(th of th~ ann~:al premiums (e~r Pirc ~nd ~:tt~•:ulcYl Covcrs~e insur,~ucr vn the mort~a~eYl _
~ ,;r~~mise. .ic he•reinF~efom re~~nirtYl h~• the A~ctK't.llN~l~. .ltl(I t~1C ~1s~rt~,,i~~,r.' f.ulnn• t~~ nr.?ke sueh 1~:~.~n.•~~t~ .h:~ll ~.,~~~tit~~te~ a def:wlt
,'.•r :hi~ tuar+~a:e.
~ 1\ ~\'lT\E:SS ~\'HEItE(?F. the- •.~id ~Ir~rt~.~,~~rs he•rei~ntv .rt th~•ir L:~n~ls .u?cl x~al. tht• ~1a~ an~l ~e•.?r firc~ a1Kn•c ~crittrn.
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