HomeMy WebLinkAbout1796 8. Until default in the periorn~ance of the coven:ints and agr~rments of t}?is mortguge, the morigugurs shall be entid~Yl ~
t~~ collcct the rcnts, issues and profits from the premises hereinbeEoro describerci, but in rase of a~lefault in any of the terms uf =
this mortgage, and the filing of a bill to forerlose d~is or any other mortgage encumbering the ~vithin described property, the ~
\ssoci~tion shall immediateh~ :ind withcut notice be entitled to the ap~intment of a Receiver of the mortgaged pro~rty, and
of the rents, issues and profits thereof, ~~~ith the tuual po~~~er of Receivers in such cases, ~nd such Receiver may be continuecl
~n pos~ession of the said propem• until tfie time of the sale thercof under such foreclostue, and until the confirmation of sucL
,alc b~• thc Court. ~
9. lf a convev3nce shoidd be made by the mortgagurs of the ~~r~miscs hercin descri~d, or any part d~ereof, ~vit}?out ?
!hi• ~~Titten c~nsent of the Ass~x•i.?tiou, and ~~~it{~out assumptiun in n~~ular Forni ~~f law bv the grantee of th~ obligations to thP
~.,~Ki:~tion created b~~ said ~~romissor~~ note and this inurtb.ige, then, rind in that evrnt, uncl at the uption of thc• Ass~K•iati~n~.
~nii ~vithuut notice, all sums of mone~• sce~ued hrrebY shall imme~~liatelv and concurrenth~ with such cYm~•e~•:u?ce bec~me due und
~,ayablc and in default. The Association may deal with successors in interest ~~~th reFeirnce to this mortgage and the ciebt hereb~~
.ecured in lhe +:ime mannrr as H•ith the mortga~;urs, and may forlxar to suc or m.iy extend time fur ~x?ymeut of the debt, secured
hereby, or othenvise act ..•ithout d;scharging or in am• affecting the li:ibility oE the mortg~gurs hereunder or upon the debt
hereby secured. The Association may also deal ~+~ith the ~ioctgagors and!or ~~~ith succY~ssors in interest ~~•ith reference to this =
,nurt~:z~c and the debt hereb~• secure~ci by forbe:uiug to sue, rxtending the time for payment of the debt, pro~•iding for diiferent t
mont~hh• payments and/or a diffemnt interest rate, and by other express motlifications of the cwntr,ict, ~.•ithout losing am~ l~riurih-
the :lssocialion has over other morig:i~ees ur lienon or holders of :u~~ jin~ior interests ~n the prolx•rt~~ securecl hereb~•. .
10. That in the cvent the ~xi•misc•s hi•reU~~ n~ortga~e~cl, or an~~ part thereof, shall be ~rondeinnecl aud takeii Eor public i~se~ ;
uu~lcr tl?e ~x,~.•rr of emu~rut domai~i, the AssiK•iatiun sLall huve the ri~ht to drmand that all damagcs aw3rdrd for the taking of or '
~Lima~c~s to said premises shall be paid to the Association, its successors or assi~r.s, up to the amount unliaid on this mortgage and
m.iv he applied u~n the pa~Tnent or pa~•ments last pa~~able thcreon.
I1. lt is speciEically agreecl th:it time is the essenm of this contract aud that no ~~•ai~'er of anv obligatiun hereunder or of
i tlie ~>bli~ation securecl. hereby shall at an~~ time thereafter be held to be a waiver of ihe terms or of the instnunent secured hereb~•.
` 12. If foreclosure proceeYlings of am~ sernnd mort~age or second trust dced or any junior lien of sny kind should be insti-
~ tuted, the Association m.iv 1t its option, immediateh~ or thereafter declare this martgage and the indebteclr.ess sPCUred hereb~~ due
; :ind pa~•able.
F 13. To thr extent of the indrbtctiLiess of tl~e ~lortgaQors to the Association described hemin or secureci hemb}~, the Asso-
~ i.~tion is hereb~~ ~ubrogated to the lien or lieus and to the rightt of the u~~•ners and holders thereof of each and every mortgage,
li~~n or othrr ei~cumbr:mcF on the land described herein ~~•hich ie paid anrl(or) satisfied, in ~~•hole or iii part, uut of the proceeds
~ ~~f the loan c~escribed hercin or secured hereb~•, and the respecti~•~~ liens of s:iicl mort~ages, liens or other encumbrances, shallp~ ss
t,~ anct be held U~• the Acsex~iation hc~rein as seeuritv for the indehtt~cinrss to the Ass~c•iation hetein deseribeci or hembv seeured, to
~ th~• s,une ex'ent that it ~~•u~~ld have been preserved and ~~•ould ha~•~ heen l~ascc~cl to and been helcl bv the Assoeiation had it been
- ~l~il~• and rcg~?larh• assi~ned, transFerrcd, set over and delivered unto the Asc~x•istion b~~ separate deed af assignment, noh~~ithstand-
in~ the fact that the sarne mav be satisEied and cancelled of record, it l~cin~ the intention of the ~kirties hereto that the same tvill
- t~e s~tisfieci an~l cancellcxi of~record b~~ the holders thereof at or about the time of the recording of this mortgage.
14. To p:i~• all and sin~ular the costs, charges, and expenses includin~ la~~yer's fees, reasonabh- incurred or paid at an~•
= t~me U~~ the :lssex~iation, l~cc:iuse of the failtue ~E the ~t~rtt;n~ors to ~erlonn, complv ~rith and abide bv each and everv stipula-
ti~~ns, a~reemrnts, rnnditiurr. aud cti~~•en.;nts of saici pmmisso~ note :ind thic ciefYl, c~r either, .inci eren~ sueh Pa~•ment shall bear
n~tcrest from clate at the ratc statecl in thc note scrured hereb~•.
- li. Th~t 1?e ~~~ill pern~it, commit, or suffer no ~vaste, impairn~cnt, ~~r ~lrteriuration ~~f s:~i<1 pru~ert~> ~~r am• ~xirt thereof.
_ ~nc~ in the e~•~nt of th~ f:?ilure of the Vort~a~ors to keep the buil~lin~c ~~n s:iid prernises and thuse to Ue rreeteci ou .~~ici ~rrmises.
.~r im~iru~~ements thereon in goad repair, the Association mav m:?ke and pu}• for such rep:;irs as in its discrc~tion it ma~• deem
5w rn~ces~an' for the proper Presen•:?tion thereof, and the full amount of s~ich ~xi~•ments shall }x~ secured b~~ the lien of this mortgage
' .~nd shall at the opiion of the Association be immecliatch• due anci pa~~able, or ~avable in s~~ch monthlv installments :.s the :~ssocia-
tic~n ma~• dM~rmine, and r~•er~~ snch pa~-mcnt s}?all bear intcrest from datc at the rate stated in the note sect~rc~ hereb~•. '
lfi. "TLat if t}~e Association and the \tort~a~ors a~ree, the ~tart~akors ~~~ill cam• a~licy or ~licies ~~f insurance u~~n
= thrir li~•es in :iu an~unt e<lual from time t~i time to the amoiint of indebtedness herebv securecl, mal:ing said Association UeneEi-
i.ir~~ th~reunder, and th:it the s:iid Ass~~ciation mav pa~~ thc premiums f~~r suc}~ insiirsnce (in the e~•ent the \1urt~agors do notl, '
~nd a~ld cach si~ch p:nment ~o the unpaid b~lance~of the loan, as oE th~ first dav of the then current month, and it shall becomc
_ .~~lclit~unal indchtcciness sc~c~ured Uv this mnrt~a~e pa~~able u~~n dcrnand.
1~. That in tiie e~•~~nt that this rnorttia~e be gi~'en to secure a c~~nstniction lo:in, f:?ilure on th~ l~:irt of the \turt~agors ~~r
±iirir ctimtr.ict~~rs tn complete said buildin~ in accordance ~•ith C~mstnictiun Lu:u~ A~rmme~nt, of e~~en date here~vith, or to build
= .aici c~mctructi~~n in acr~~rd.uue ~~~th plans and s~~c•ifieations filed ~+•ith the ~Sti!K'I:1hUi1, 511:1II MI15~1h1~P 3 breaeh of this mort~a~e,
~ncl_ at thc u~~tion ~~f thc :~ssix•iatiun, imme~~iatelv mati?re the entire amount ~~F PrinciPal anci i~ite~rest hertb~~ secured and the Ass~~-
- ~ i.itii~n m:~~• im?nc~li.?tFl~- iu~ticute iir~x•ecdii?~~ to foreclose this mur!~a~e. ~
iy. '~l~:~c ~he :ihctract ~~r :ib:tr.~cts ~f title co~-eein~ the mort~a~,~Yi I~~olx~rt~• sh,~ll at xlI timet, durin~ the life ~~f this mnrt-
- remain in t}ie ~x~stie,~ion ~~f the Assrxiatiun :inci in the e~~ent i~f tLe f:~recl~~sure of ttiis murt~.?~e or e~thc•r trans(er of title to
'hr nu~rt~.~,eil I~n~~x~rt~• in extin,~,uishment ~f lhe indehted~~ess secure~i }~i~rrh~•, all ri~ht, titlc~, and interest uf thc '~1ortk.~~on in
: aiid to am• such :ihstr:?cts <~f title s}~all ~.~~s to the pi~rc}iaser or ~rante~e.
l9. The A~s~ciatinn s}~all hat~e the ri;ht, in itc discretion, M m~~uire th.~t tLe \t~riR:iGor~ ~.i~• int~? the ~lssociatiun in adcli-
~ !wn to thc• m~mthh• iisstallmenh ~~f rrineip.il and intc•n~st to be j~.~icl h~ the ~t„rt~a~~rs Lu~der thc~ note ~eeurr~cl bv this mortfia~c,
.~u .i:nnunt rc;ri,il tu ~nt~-h~•clfth uf tfm :in:iu:~l in~tallsnents of am• t.~~~•s rn th~~ m~~rt~.~~~Yl Fremiscs le~vic~cl «r :?ss~~sscd b.~ am•
~;u~en~m~•n±.~1 .~uth~,ritv, and one~-t~~~c~lfth ~~f the :u~nual premiums f~~r I~ire~ ancl F.~te~?~de~l Co~-er:i~~ imiu.~nce „n the murt~at;~~cl
i,~,~nii;t~ti .is hri~~ir~~c•f~~re re~~i~irf~~l hc thr .a,~~K i.~ti~~n. .ind th~~ \f~~rt~.+~un~ f:iilnre• t~~ make' SIIC}1 ~hi~'lllt~ntc sh.ill c~m.tituti• a drf.uilt
un;l~ r tl~is ttinrt~:i,e-
1\ !1~["1~\EtiS ~1~Ili:t;1:(~F', thr c.ticl \(~~rt~.~_.~~r: h~~n•iuit~~ •i t th~~ir hanils .~ncl ~r.~l~ tht~ ~1;~~~ .intl ~•e•ar first alwce ~~•rittF~n. ;
.
Si~te~<l, se :ilf~~l ::ncl cle~li~~ r~~~l in the iu~~~~ nc<~ r.f
4 - ~ ~
= l Y~ c~ ~ ~.,1~~ tll~~~C -1~~~ s~:.~
. . ~ ~
, Richard K. Ault '
r " r ~ ~ L?-~, r i ;I f' ~c. t- ~ t tiF,.~L ;
~ ~~acqueline B.~ul~
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rYfTNESSES, MORTGA.GORS' `
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