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8. Until default in the ~rformance of tbe coven~ats und a~r~eets of thts mortgage, the mortgagors shali`ba-eutitled
tu collect the renb. issues and profi~ fraa the p?emi~cs hereinbefora described, but in case of a default in any of tbe temu of
rhis moctgage, and tha filing of a b;11 to fucec{oae this o~ any otl~er mort8age cacumbering the within de~xibed p~operty, the ;
.lssociation shall immecliatelv a~d witlwut notice be er~titied to the appointme~t of a Receiver of the mortgagedproperty, and ~
of the zents, issues and protits the~of, with the usualpo
wer oE Receivers in ~uch cases, and such Aereiver may be cantinuad ~
;n po~ienion of the said ~opert?• until the time uf the sab thereof under such foreclosure, and until the confirn~ation of such ~
..~le by the Cowt, t
9. IE a co~ should be made by the matgagors of the ~uemix~s herein described, or a~y pArt thereof, without ~
th~~ written coosent a the Association, and w~thout ass~unptan in regular form oE law by the gra~tee of the obligations to the ~
~.~~ciwtion created bv said promissor,y note and this mottgage. thiti?, and; in that event, and nt the option of il~e Asx~ciatNm. ~
:~nd .~~thout notice. a~l sums of mmey securecl hrreby shal! immediately and concurrrntly with such cm~~eyance become due anci
~~ayuWc and in default. The Association may d~l with successon in inte~rst with reEerence to t}ih mo~tgage and tbe debt hereby
securec] in the same mannrr as ~n~ith the mortgagots, and may forbea~ to si~e or may extend time for jxtyment of the ckbt, securecl
hereby, or otherw~se act witlwut disci~acgmg or in any way uffectir.g the liability of the modgAgors hereunder or upon the debt
hereby secured. The Associstian may also deal with the Moctgagors and/or wid? successors in interest with reference to t6is
~rn~rt~agc and the debt heseby serun~ci by forbearing to sue, eutending the time fur peyment of the debt, providing for dffferent
~nont~hly payments and/or a different inteoest rate, and by od~er e:press moclifications of the contrnct, ~~ithout loaing any priorit~•
the Associatian has over Qthet motigagees or lienors or hoWers of any jwuor interests in the properiy secured hereby.
10. That in the event the ~mmises hereby mortgagcd, or uny part thereof, shall be cond-mned and taken forpu
blic ase
undcr the power of em?nent doawu~, 1~IC AS90CIY[IOO S}WU have the right to denwnd that aU damages awarded for the taldag of or
damages to said premise~s shall be paid to the As.9ociation, .its snccessors or ass~Cns, up b the amount unpaid on this moRttgage and
ma.• be ap,
lied upon the p~~cent or payments last pc+yable thereon.
11. It is specifically agreed th~t time is the c~nce of this contract and that no waiver of any obligation herc+uider or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the tern?s or of the insh~un~nt sec~ued hereby.
12. If foreck~sure proccedings of any second modgage ~ second trust deed or any ~unior lien of sny lrind should be insti-
tutcd, the ~lssociation may at its option. immediately or thereaker declare this mortgage and the indebtednes~ secured hereby due
and payable.
13. To the extent of the indebtedness oE the Mortgagon to the Aswciatan descxibed hemin or securecl l~ereby, the As~o-
ciation ~s hereby snbroga~ed to the lien or liens and to the rights of the owners and holders thercof of each and every mortgage.
licn or other encumbrance on the land described herein which ic paid and(or) satitfied, in whok or in part, out of iLe~~rOOeedt
~~f the loan described heoein or secunYl hereby, and the respectivc liens of said mortgages, liens or dher encumbrai~s, haDpa~
c~~ and be held by the Assoc~atio~ herein as secunry for the indebtedi~ess tu the Association herein described or hereby sec+u~ed, to
the same e:±ent d~at it ~vo~dd have been preser~~ed and W~ould ha~e bee~ passed to and ~en heW by the Assoeiation had it been
~iulv and r~egularly assigned, transfEmd, set over and delivered unto thc Associatian by separate deed of assignment, notwithstand-
ing thc fad that the same may be saticfied and cancelled of record, it being the iatentim of the parties l~ereto that the same will
t,e ra~d and cancelled of record by the lwlders thereof at or about the time of the recording of this mortgage.
14. To pny all and singular the costs, cl~arges, and expenses induding lawryer
s fees, reasonab~ incurred or paid at any
time bv the Association, becaase of the fnilure of the 111ottgagors to gerform, comply with and abide y each and cwery stipula-
tions, agreements, conditions and covenar~ts of said ~omissory note and this deeci, or either, and every such payment shall bear
interest from date at the rate stated in the note secur~ hereby. -
15. That he willpe rmit, commit, or suffer no waste, impairment, or deterioration of said proPerty or any part ther~of;
and in the event of the fa'aure of the Mort~;agors to keep the buildings an saidprernises and t}~ose to be erec~ted on said ~xt~nises,
or imixovements thereon in good repair, the Assaciation may make and pay for such repairs as in its disriction it may deem
ncccssary for the proper preserva!ia~ thereof, and the !ull amount of such payments shaU be secured by the lien of this mostgage
.~nd sha,ll at the opEion of the Association be immecliately due and payable, or payabk in svch monthfy installments az tbe Associa-
tion-enay determine, and every such paymcnt shall bear interest from date at the iate stated in the note secured hereby.
' 16. That if the As.wciation and the 1lortgagors agree, the 1?lortgagors will carry a policy or policies of insurance upon
their lives in ar arr~eunt equal from time to time to the amount of indebtedness hereby secur~ed, making said Association benefi-
ciarv thereunder, and that the said Association maypa
y ihe premiums for such insurance (in tne eeent the :ltortgagars do not),
and add each such pa}~rnent to the unpaid balance of the loan, as of the first day of the then c~urent month, and it shaU become
additional indebtedness scc~ired by t~us mortgage payable upon demand.
l7. That in the event that this mortgage be given to secure a construction lc~an, failure on the prart nf the Atortgagors or
their conhactors to complete said building in accoidance with ConstruMion Loan Agreement, of even date here~vith, or to build
caid constnution in acrordance ~vith plans and speafications filed ~~~ith the Association, shall constitute a bn•ach of ihis mortgage.
and, at the option of tbe Association, immediately mahire the entire amount of principal and interest hereby secnred and the Asso-
ciation may immedi.ltely icutitute pmceedings to foreclose this mortgage. ~
]8. That the abstract ur abstncts of title covering the mortga;eci property shall at all tirees, during the life of this mort-
~,age, remain in the possession of the Assckia'aou and in the event of the famclosure of this mortgage or other transfer of title to ~
thr mortgaged pro~xxty in extingoish~ient of the indebtedness seciu+ed hereby, all right, title, and interest of the Mortgagots in
and to any such abstracts of tide shall pass to the purchaser or grantee. -
" 39. The Association shall have the right, in its discretion, to recjuire that t1~e 11Sortgagon ~y into the Assa-iation in addi-
tian to the monthly installments of principal and interest to'be paid by ihe \tort~agors under the note secured bv this mortgage,
.:n amour.t equal to one-twelkh of the annual installmeats of any tares on the mortgageci pre~ui;es le~~ied ~r assesseci by am~
~overnmental authority, and one-twelfth of the annual ~x~emiums for Fire and Exte~~.~Pd Coverage insurance on the mortgageci
~,remises as hereir~befam required b~• the Ass~ciation, and the ~tortga~ors faih~re to make such pa~Tnents sh311 constitute a default
~~nder this mortgaee.
1\ ti~'[T\ESS «'~IEREnF, the said ~~ortgagor~ hemunto sM iheir hancls and seals the da~• and ~•ear first above ~vritten.
Signtd, sealed aad dcli~ered in the prescnce of: " =
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~t~~~'~C~~!~b (SEAL) .
' i~~ RUTH SCHREIER, a single woman
I -y--~--~ t _J ~/?~2.,~ (SEAL) -
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( tiF.:11.)
' . (S~AI.)
(W ITNESSES) f Mf~TGAGOtS)
g~R193 ~8~8