HomeMy WebLinkAbout1466 S. Until default in the ~rE~xmance of the co~'rn:?nts and ugrccmrnts oF d~is I110[t~:l~(, t}?e morigxgors shall be entitleci
t~~ coliect the rents, issues and profits [rom the premises hereinbeforo describecl, but in rase of a def:ault in any of the term~ of
this mortgage, und the [iling of a biU to foreclose this or any other mortgage e+uumbering the ~vithin described property, the
.\ssociation shall immc~cliatelr anci ~~~ithcut notice be entidecl to the ap~intment of a Receiver of the mortgaged p»perty, and
~~f the mnts, issues and profits thereof, ~vith the ~cual power of Receiven in such cases, ~nd such Receiver mav be continueci
~n Ixu;essioii of the said prupem• until the time of the sale the~eof under such foreclos?ue, and until the confirmation of such
.ale b~- thc Court. ~
9. lf a c~nvevtuice shouici be made by the mortgagon of the premiscs herein describc~d, or anv part thereof, without
'h~• ~~•ritten consent of the Assa~i.?tion, and ~~:tliout assumption in n~ular for~n of law bv the grantee of the oblig.itions to the
\..~?r'sitiun created b~~ said promissan• note and this mc~rtgage, then, :u~d in that event, ancl at the opiion of thr Asuxiatiun.
,u~1 ~~•ithout notic~, all sums oE monev sernred hereby shal) immediatel~~ and amCUrrentlv with such cc~nveva~x~e bc~ume due ancl ;
E~.~yable and in default. The Associadon may deal with successors in interest ~~~th refe~rnce to this mortgage and the debt hrrebv i
.ecarecl in the same mannrr as w~ith the mort~;a~;ors, and may forbear to sur or may extend time (ur pa«nent uf the debt, seeureci ~
hercby, or othcn~•ise aM ~~zthout dischargu~g or in anv ~~•:iv aEfccting the liability of the mortg;?gurs hrrcunder or upon the deUt
!~ereb~~ secured. The Association may also deal w•ith the :ltortgafiors andior N7Lt1 succrssors in interest K~ith reference to thu
~nonthlyepayrnents ~a d/or atdiffere~nt inter st r~ate, ~a d bv otherecxprc~gsshm~xlif ca ioiuaof the h cdeb,ihc?ri~it losu
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ar ~pnor t~ ~
thc :lssociation has over other mortg:~gees or lienors or ho~clers of any jui?ior interests in the protx~rtv sec~?recl hereb~•. ~ ~
]0. That in the c~•ent the pmmises herebv mort~agc~ci, or :u~v part thereof, shall be .rondernned and tai;en for publie tue• ~
uu~lcr the pu~~'er of eminrnt domain, the A~.wciatiwi shaA ha~~e tl?e ri~ht to dem:uid that all damages awardecl for the taking of or
~i:?ma~e~s to wiid pmmises shall be ~aid to the Association, its succcs~rs or assi~ns, up tn the amount unpaid on thu mortgage and ~
,na~~ be apnlied upon the payment or pa~-ments last pa}•able thc~reon. ~
11. It is s~CCifically agreed that time is the essencr of this contract and tliat no wvver of any obliguNun hemunder or of
tt:e obligation securecl herebv shall at anv time thereafter be held to be a waiver of the terms or of the instrument secured hereb~•.
13. ]f foreclosure procec~clings of any second mort~age or secoi~d tnut deed or any junior lien of ~ny kind should be insti-
t~~ted, the Association m~y ~t its aption, immediately or thereafter declare this mortgage and the li~debteciness sPCUred hereby due
:ind pa~•able.
13. To the extent of the indrhtedness of the ~fortgagors to the A~SOCiation described hcr~~iu or secured hcreby, the Asso-
~ i.ition is hereb~• si~brogateci to the lien or liens and to the right, of thc uw•ncrs and holders thereof of each and evcry mortgage,
; ]i~•n or other eucumhrance on the land described herein H•hi:h i~ ~~:~id an~lfor) satisfiecl, in ~~•hole or in part, o~t of the proceeds
' .>f the loan describecl hemin or securecl hereb~•, and the respecti~•~• liens of said mortgaRc~s, liens or other encumbrances, shallp~ ss
~ r~~ :ind t~e held b~• the Association ht~rein :u security for the in~lebte~ness to the Assxiation herein described or hereby secured, to
~ t hc~ s.ime e x!ent that it ~~~ould ha~~e ix•en presen•ed :u~d n•o~~t ha~•e heen l~assed to :~nd been hcld by the Association had it been
} ~lul~~ and re~ularl~• assi~neci, transferrecl, set over and delivered unto the Ass~~ciation by separate deed of assignment, notwithstand-
_ in~ the fact that the sa~ne mav be satisFiecl and cancelled of recnrd, it bc~ing the intention of the parties hereto that the came ~vi11
_ l~ s:?;isfied anil c:incelled af~record b~~ the holden thereof at or about the time of the recording of this mortgage.
i 14. To pa~- all and sin~ular the costs, charges, and expenses uiduding lawyer's fecs, reasonablv incurred or paid at am•
rime b~- the Association, }x~c•uuse of the f:~ilure af the ~tort~agors to perfonn, comply w~th and abide bv each and everv stipula-
t~ons, a~ree~nents, conditions and cti~venants of s:iid pmmisson~ note and this deecl, or eithcr, and c~•erv such j~vment shall Uear
~nterest fmm date at the rate stat~~cl in the note secured hereb~•.
~ l:i. That he ~~~ill perrnit, commit, or suffer no waste, impainnent, ur ~leteriur.~tion of said properi~• ~~r am• l~art thereof; ~
~nci in the c~•ent oF the fsilure of the itortt;agnu to keer th~ buildink~ on said premises and those to be cvccted on aiid premises.
_ ~~r un~~ro~•ements thereon in gooci repair, the Association n~av make and ~~v for such repairs us in its discretiun it mxv deem
n~rescarv for the pr~~per presen
ation thereof, and the full amount of such p.1}~ments shall bc• secured bv the lien of this mv~tgage
- ~nd shall at the option of the Associatioa i~ immecliatelv due and pa}'able, or pa~•able in such monthlv installments as the Associa-
t iun mav detcrmine, and e~•er~• such pa~Tnent shall bear u~terest from date at the rate statec3~"ii the note secured hereb~~.
16. Th.~t if the Associatiun 3nd !he ~tortga~on a~ree, the ~tort~a~ors ~~~ill cam' a policy or policies oE insurance upon
_ thrir lires in an arr3t+unt ecjual From time to time to the amount of indrbtedness herebv ~e•cured, making said Association beneFi-
- ~ i.ir~~ lhereunder, and that die saicl Associ:?tion may pa~' the premiumc for such insurancr (in the event th~ \tort~aGors do not),
in~l acld each such p:~~-ment to the unpaid balance of the loan, as of tl~^ Eirst day of the then currcnt ~nonth, and it shall bccomr
_ .ul:liti~,nal indcbtcdness sccurcd bv this mortQa~e payable upon demand.
ti 17. That in the e~•~•nt that this m~~rt~a~e be ~i~'en to secur~ a constn~ction loan, fai)nTe on the part of the \1ort~afiors or
thrir c~~ntract~~rs to comPlete said huildin~ in acrordance ~~7~}l G~ilSIRIChUA Lu.?n ~1t;ree~ne•nt, oE even date herr~vith, or to build ~
= vi~l cunstructinn in accor~lance «•ith plans and s~x~ctificaliems file~l ~~~ith ihc• Asuxiation, shall constitute~ a brc~ach oE this mort~:t~;r,
u,~l. :,t the vPtion of thc Associatiun,,immc~li.~telv mature thc~ entir~ :?mount ~f l~rincii~l and intrrest hercb~~ serured and the Asu,- ~
c i.~tian mav immedi:itel~~ institute pr~xeeclin~s to forecluse this n?or'~a~e. ~ ~
- ly. Z~h:it the ahstr.iM ur ah:tr.?cts ~f title rn~•~•rino tht• inort~:i•~e~ci ~~n~~~ert~• sh:~ll at :~ll timec, cluring the li[e of this m~~rt- ~
: ~~.i~c~. remain in the Jx~ssrssiun nf thr :1s,~xiat~un and in the c~•ent ~~f th~~ fc~rc~cl~,sure of this mort~:~ge or other transfer o( title to ~
tl~~• m~rtg:~~eci ~~r~~~~rtv in extingui~hment of t}?e ind~htcdness s.~•ure~l hcrc•ht•, all ri~ht, titlt•, and interest of the \1ortKa~un in s
_ .;ud tu an~• stich abstracts of title shall p.+ss trr the parchaser or grantre.
19. The Asscx iati~m shall ha~•e the ri~ht, in iis diceretion, t~~ re~~uire th.it th~ \i~~rttTa~ors p.~~• into the Asscx~iation in addi- '
, }!un to th~ montlih• installm~nts of pri~~cipal and interest to be ]~.+icl 1~~~ t}ec• \1~~rt~~:~5;~~rs un~ler the note secured b~• this mort~a~e,
:n .~mount F~ual tu onr-hcelfth of the :?nnual inct.illments of an~• t~~~~s on th~• murt~a~ecl rremises le~~i~~cl iir assrssc•<t b~• cuir
~u~•rn,mc•nt.~l authoritr, and rn~e-t«elfth of the :~nm~al premium: f~~r I~ire ar.d Eetende~l Cuvera~~ insura~ecr nn the mort~a~tti1
- ~~rc~~ni,e~ .ie he~rrin2ri~furc rcti~uire•<! h~ th~~ A•,~Ki.~ti~~~~. .~~~d th~ \1~,rt~.?~urs' f.ul~ir<• tn m.ikc such ~~avme~nh ~h.~l) ~•~n;.titute a dc~fault
_ u•+clrr this tnort~.~~e~. }
- 1`' \l'lT\F:Sti ti1'ii!•:HE:(?F. thr ..ii~l \tnrt~a~~~~r~ h~•r~nnt~~ ~rt th~•ir haucls .~mi s~~.~ls the d.~~~ xnd ~ear first :~}w~•c~ written. ~
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Loretta :~I. Wood ~ i
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' p'.:R'r ~~V f•~r;~ 1466
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