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Home My WebLink About1854 ~ . ` _ ~ ~ ~ i ~ i ~ ; 8. Uatil defaWt in the perfiuraanca of the oc~ven.v~ts aad ag~+ac~uents of tlus mortgage, the mortgagors shsU be entitled i t~~ collect the rents, issues andp~oE~ts fiom the premisea h~dnbeEora desaibed, but in case oE a default in nny of the terma of ' this uartgage, and tha fi}ing of a bill to forecbse thts a any other martg-~e ~cur~bering the within described ~oPertY. the } Association shall immediatelv and without iwtico be entitlyd to the appointment of a Receiver of the mortgagev'p~op~ , and + of the rents, issues und pro~its thereof, with the iuual ~rr of Rcceivers in such cases, and such Recei~er may be o ntinued in poa~ssion af the said propert~• unt~l the time of the ~ thercof under such forecloaiu~e~ anc~ until the confirmation of soch .aM bv the Cowt. 9. lf a conveyaace should 6e made by tl~e nartgaga~s of the premis~ I~~ein described, ar any part thereof, without the writtea consent of ihe Association, and without assumptan in ~ular form of !aw by the grantee of tFie obligations to the ~~.wci~tion c~eated by saic~ E.romissory note and this moitgage, then, and ip that event, and at tbe optio~i of the Assuciatiun, :~nd ~~~thout notice. all sums oE mc~ney serired hereby shall immediately and concurmntlv with ~such cmvt,yance be~me due and }Yayable ar~d in default. The Association may deal with succc~sors in interest ~vith reEerence to this moctgage and the debt 2~erebv seeureci in lhe same mannrr as with the mottgagots, and may forbear to sue or may extend time for payment oE the debt. steurcct hereby, or otherwise act without discl~argu?g a- in any way uffecting the liability oE the mortgagcm hereunder or upon tbe debt hereby secured. The Assoriatio~ majr aipo deal with t6e Mortgagors and/or with succ~essors in interest with reference to this ~nort~age ar?d the debt herebv secured by forbearing ta sue, eatending the time foc payment of the c~ebt, providing fa differei?t monthiy payments and/or a diiferent interest .rate, and by otber eu~ modifications at the contrnct, without h~ any priorit.• the Association bas over other mortgagees or-lienors or holders of any junior intecests in the ~xoperty secured y. l0. That in the event the prrmises hcreby mortgsgcd, or anp part there~, shall be condemned aixl taken forpu blic use under the power of eminent danain, the Assuciatiw~ shall have the right to deRwnd that aII damages awarded fo~ tbe taking of or damages to said premises shall be paid to the Association, its successon or assiGr~s. up b the aAw~int unpaid on this moztgage and mav be ap, lied npon the pay~tnent or payments last payable thereor~. 11. lt is specifirally agreed" that time is the ~c~ of this cantract and that no waiver of any obliga~xter or of the obligation secured hereby shall at any time thereaher be held to be a waiver of the terms o~ of ther'mstrument secured Lereby. 12. IE foredosure procecdings of any secoRd mort~;age or seoond trust deed or any iunior L'en oE any ]und should be insti_ tuted, the Associatian may at its option, immediately or thereaker dcclane this mo~igage and the indebtedness secared hereby due and payable. 13. To the extet?t of the indebtedness of the Mortgagors to the Associ~tion desuibed hercin or sec~ued hereby, the Asso- ciation is ~~ereby subeogated to the lien or Uens and to the rightc of the owners ancl hQlders tl~ereof of each and every cnortgage, lien or other encumbrance on the land described herein which ic paid and(or) satiified, in whole or in purt, out of tl~ep ~~f the loan descYibed her+ein or secun~l hereby. and tbe raPectivc liens of said mortgnges, lient or other encumbrances, sl~~ tn and be held by the Associatio~ herein ~s security for the indebtedness to the Ass~ iation herein described or hereby s~~ thc same e:tent il?at it ~wuld have bcen preserved and ~vould have been ~azsed to anc`i~ten' held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Assocke~ion by separate dced of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of recard, it bcing the intention oE the parties hereto that the same will be ra5sfied and cancelled of record b~ the hoWeis tl~cof at or about the time of the recording of this mortgage, 14. To pay all snd singular the costs, charges, and expetues including lawyer s fees, reasonably incurrecl or paid at any time by the Association, becau~ of the failure of the ;ltoetgagors to perform, comply ~vith and abide by each and every stipula- tions, agt+eements, conditions and covenants of ~id ~xomiuory note and this deed, or either, and evrry such payment shall bear interest from date at the rate statecl in the note seriucd herebv. 15. That he will perniit, commit, or suffer no waste, impairn~ent, or deterioration of said property or any part thereof; and in ihe event of the failwre of the A~ortgagors to keep the buiid"mgs on saiJprem and those to be erec.Yed on said ixem'sses, or impro~^e~nenis thereon in goo~ repa'v, the Association may make sncl pay for su h rPpairs as in its diocietion it may deem r,ecrssary for the proper preservation thereof, and the full amount of such payments shaD be secured by the lien of this matgage xnd shall at the optiwi of the Aswciation be immediately due and payable, or payable in such monthly installments az the As9ocia- tion may determine, and every such payment shall bear intetest from date at the rate stated in the note serured herebv, 16. That if the Association and the 1ltortgagors agtee, the 11lortgagors wi11 carry a policy or policies of insurance upon their lives in an arde~uet equal from time to time io the amcwnt of indebtedness hemby seciued~ making said Associatan benefi- c~iary thereunder. and that the said Association maypa y the premiums for such insurance (in the event the \tortgagors do not), " and add each such pa~~~t to the un~ baldnce of the loan~ as oF the first day of the then c~utent month~ and it shall become additional indebtedness secured by mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constnx~tion loan, failure an the part ef the 1?tortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herec~~th, or to build said construction in aocordance with pTans and specifications filed with the Assc~ciation, sha11 constitnte a breach of this ma~rtgage, and, at the option of thc Association, immediately matur~e the entim amount of principa~ and interest hercby serured and the Asso- ciation may immec~i.ltely institute procecdings to fo~reclose this mortgage. ~ _ 1~. 1'}?at the ab~ract or abstr.?cts of titie covering.t~'wrt~agesi pro~erty shall at all times, d~sing the life of this mort- ~age, remain in the possession of the Association :wd in~the event of the foreclosure of ?his mortgage or other transfer of title to the mortgaged pro~etty in ertinguishment o[ the indebtedness secured 6creby, alt right, titM, and inierest of the Mortgagors in and to any such abstracts of title shatl pass to the purrhaser or grantee. 19. The Association shall have ihe right, in its dixretion, to rc~uire that the Iliortgagors p~y into the Association ia addi- tion to the monthly instaUments of pcincipat and interest to be paid bv the ~tortgagors under the note scccured bv ihis mortgage, an amount ec~ual to one-hvelfth of the 3ru~ual installrnents of any tvres on the modgaged premises levied or assessed by any governmerLa? authority, and one-hvelfth of the anm~al premiums for Fire and Eztendec! Caverage insurance on the mortgagcd ~ prcmises as hcreinbefore required b~ the Association, and the Jiortgagors fa~l:~re to make such pa~~ments shall rnnstitute a defa~dt u~~cicr this mortgage. _ I\ R'tT1F.SS K1i~REnF, the said lturtgagors here~mto set thr'v hands and seals the dati• and ~•ear first above written. ~ Signeci, sealed and delivered in the presence of: ~~l ~G ~ ~ - ."Y~~ ~~l~`~'~ v ~ ~ _ E1L) ~ , ~ s Bruner ! -~~7~-- 7 - ?,~C__~-/? Lr-~*'~- ~ - ~~-~V-'~EAL) ~ ~ U~o othy C. B er ( SEAL ) (W ITNESSES) ' ~ SEAL ~ (AqRTGAGORS) _ - a~K ~93 1852