HomeMy WebLinkAbout1804 8. Until dcfuult in the ~~rformance of the ccn'en:ints aud :+fi~~~c~~nents oE this mort~;abe, tl~e murtg:egors shall be entidetl
t~~ collect the rents, issues and p~ofits fmm ihe premises hereuibefore describecl, but in rasc af a default in any oE the terms ut
this mortgage, nnd the (iling of a bill to foreclose this or any other mortgage encumbering the within drscrilxd pmperty, the
:\ssociation shall imme~liatelv and ~~•ithcut noticr t~e entided to the ap~intment of a Receiver of the ~nortgageei property, and
~~f the rents, issues and prufits thereof, with the ~uual po~~~er af Recrivers in sueh cases, and such Receiver may be continuecl
~n pos.,essiou of the suid pn,pert~• until the time of the sale thercof under such foreclosure, and until the confirmation of such
.ale b~• thc Court. i
9. If a cum'e~~anc~ shoiild l~e made by the mortgagors of the pre~miscs hercin d~~scrilxrd, or ~ny p:~rt thereof, ~~~ithout ;
th~• ~eritten arosent c~f tf!e Association, and ~~ithout ;usumptiun in rc~ular Eorm of la~v bv the Qrantee of tL° oblig:?tions to the ~
\.uK•iation creatc~cl h~• said promi~orv note and this r.iori~;age, theu, ~u?d in that event, and at thr option ~~f th~• As~~x~iati~~n. _
.uui ~.~ithout n~~ticr, all sums of mcmev sec~~rcYl hercby shall immediateh• and cemcurrrntlv ~~~ith sueh rnnvr~•anc~e ix~cv~~ne due und :
~x?~:~ble aud in default, 1'he Associarion may deal with successurs in interest ~~~th referrnce to this rnortgage and the debt hereb~•
,ecured in the s:une manner as ~vith the mortga~;urs, and may forlx•a~ to .ue or mav e~tend timc fur ix~}Tne~~t of the ~lebt, securcYt
hereby, or othen~~ise act ~~•ithout discharging ur in an~- ~~:~v affectin~ the liability of the mortgagurs hemunder ur upon the de1~t
hereby secur~~c~. The Association may also dral ~vith the ~tortgaGors and %or ~~•ith sucxY•ssors in interest ~~•ith reference to this
murt~~age ancl the debt herrbv sccur~Ki 1~~~ f~~rbearin~ to sue, rxtending the time for pa~~~nc•iit of the deUt, Ixo~•iding for difEerent
~nouthly ~~a~~mcnts and/or a different interest rate, und bv other espre~cs m~xlifications of the cuntr;ict, ~~•ithe,ut losing any Priorih~
thc Association has o~•er other morig:~~ees or lirnors on c~tldc•n of ant junior interests in the pro~x~rt~• seY•urc,d hcrebv.
10. That in the c~•ent the prc•mises h~•rebv n~ort~a~E~cl, ~?r .?m• ~k~rt thereof, shall be eondr~nned and taken for publie us~
~incle•r tlie p~~~•rr uf emineut domaiu, ti?e A~s~K•iatiu~~ shall ha~•e the ri~}?t to cicmand that all damages a~~~arded for the taking of or
clamaGes to said premises shall tx• paid to the Association, its successor. or assi~~r.s, up tn the amount uupaid on this mortga~e and
ma~• be ap~~lied upon the pa~•ment or pa~~ments last 1~:~~~able thereon.
11. It is s~xxificalh~ agrecd that time is the essencr of this amtruct :ill(I ~Ii3~ no ~vai~•rr of anv oblig:ition hereunder ur of
the ~ibligateon secured herebv shall at an~• time themafter be held to tx• a~vai~•er of the terms or of ±he instrument secured herebv.
; I`?. If foreclos~re Proccedings of an~- sernnd mortqage or second tnut dced or any junior lien of ..nv land should be insti-
tuted, the Association ma~~ at its option, imrnediateh• or thereafter declare d~is mort~a~e and the indcbtedness secureci hereby dae
:?nd pa~~able.
13. To the extent of the indrbtc~ciness of the ~lortgaKors tu the Association described her~•in or scrnred 1?en•b}', the Asso-
- ~~i:~tion is hereU~• subru~atc~ to the lien or liens and to the right. of the u~~•ners and holden therrof of each and e~~ery mortgage,
k li~•~i or othrr eucumbr.ince on the land describeci herein µ•hich i. ~~aid an~l ( ur) satisfi~~cl, in ~~•hole or in ~x~rt, out af the proceeds
s ~~f the loan described hercin or secured hereb~•, and the resix~cti~•~• liens oE said mortgages, liens or other encumbrznces, shall~a ss
t~~ :?nd ix held b~• the ~ssuciation herein :u securit~~ for the in~iebtednrss to the Assxiatiun herein described or herebv secured, to
the c,~me ex•.~•M that i~ ~~~u<<Id ha~•e bec•n preserved and .~•ould h:n'c~ been ~~ass~~e1 to and been helcl by the Assoeiation had it been
- tn ~`c} e faec that,ihessssne~m3v be saisfic~clt:u cl eaneell d of ineord~ it lx~in~ the,intentio
of1thei~ ies here~to th.
t the .c•
~ne ~nzll
- l~r s~'isfied and c:+ncelled oE rcrnrd by the holders th~eof at ~or about the time of the recording of this mortgage.
14. To pa~~ all and siu~ular the costs, charges, and expenses includin~ l:iw~•er's fees, reasonabl~~ incurred or paid at am•
= t~~nc bv the ASS(X'11h~)Il, ~1tY'a~~se of the f:iilore of thc ~fortgagors to perfonn, complv ~.~th ancl abide bv c•ach and everv stipula-
~r tn~ns, a~reements, rnnditiuuc ,ind rn~~enxnts uf saici promissory not~ and this ~c~c~i, or eithc•r, and e~•en• such pa~~ment shall lx~xr
- interes! from date at the ratr st;?teel in thr note securecl hereb~•.
3 1~. ?h:d he ~~~ill ~rn~it, cvm~nit, or suffer no waste, imp:?irnirnt, ur ~lrteri~~rati~~n nf ~icl prupcrt~• or am• part thereuf;
- mtl in the c~rnt of thc• f iilure of the ~tort~a~ors to keep th~ huil~linti. ~ni said pmmises and thvse to be erccted on .:~id premises,
_ ~~r ~m~xo~~ements thert~cm iu ~c~l repair, the Association mav make ~nd pa~• for such r~pairs as in its discretion it ma~• deem
nerescarv for the Proper prescn•ation thereof, :uid the hill amount of such I~:?~~~nents shall lx~ secared b~• the lien of this murtgage
,.ncl shall at the optiuu of the Association be immediatrh• due and pa~:iUle, ar p:?~•able in such monthl~• installments as the Associa-
ti„n rna~• detc~nnine, .~nd e~•er~• such pa~~ment sliall 1?ear u~terest from date at the rale statecl in the note secured herebr.
_ 16. Tl~.it if the .~sxx•i.ltiun ancl th~ \1ort~a~ors a~rce, the ~tort~agors ~~~ill cam• a~licv or ~lici~~s of insurance u~wn
- thrir li~~es in :u~ am~unt celual from time to time to the amount of i~ielebtednr.s heicb~• ~se•cured, makin~ sai~l Association benefi-
~.iar~• lhc~reun~ler, and th:~t tl~e ~.~id Assex•i:?tior~ mav pa~~ the premiu?ns fur suc}~ in~ur.~nce (in the e~~ent the \[urt~~a~ors do rwtl,
- ~nd :uld each s~ich p~~-im•nt to the un~id bal:ince of the loan, as of the first dav of the then ciirrcnt ~nui~t}?, :ind it shall becoine~
_ :uiclit~~>n~l inclebtcdness serure~cl bt• this mort~a~e pa}•able uExm tlem.incl.
;3 l:. That in the e~•~~nt th.~t this m~rt~a~c lx~ ~i~'cn to secure~ a c~m~tnu•ti~~n loan, failurc ~n 1}~e P.irt of tlie \1uri~aaors ~~r
thrir cuntr:ict~~rs to cr~ini•lete said buildin~ in accorclai~ce «•ith C~~nstn?ctiun L~~,in A<~rcrm~•nt, of c•cen elate here~~•ith, ~~r to huit~l
..~id c~m,tn~cti~zn in ac~cv~rilance ~~-ikh plans and s~ecific~tiuns filf~cl ~~i:h the ~1~,~Ki;itiun, s}~all canstitute~ ~i brrach oE tt?is ~nurt~.,~.~,
- u~~l. :~t !he u~itiun of the :~s;~ci:iti~~n, immediatrh• mature the entirc• .~n?oiint c~( j~nncii~.~l and interest hercbv securc~ and the A~s~~-
~ iatiun nia~• imme~li:?tc~l~- iustin~tc prne•crdin~s to foreclose this mc»!~~.?~~e. ~
- I~i. "That the ahstr.ict ~~r ab:tracts of title cu~~erin~ the mnrt~:+~<Yi ~~n~~x~rt~• shall at all timec, durin~ the life nf this mi~rt-
_,i~~~~, remaui in the ~x~ssessiun ~if th~ :1s.~~~i.itiun :incl in the e~'cnt ir[ ilu• F:~rcc•l~~sur~ c~f this inuri~a~e or other tr:tnsfer ~~f title t~~
thr n~;~rt+~.?~ecl ~~n~~x~rtv in ~slin~~uishment nf the imlc~htedness s~ curr~i herrh~•, all ri~ht, titl~•, and interrst of the \lort~~.~~urs in
- ,uid tn ~u~ .uch ahstrlcts uf titlc ah.ill P:us tu thc ~~urchaser c~r grautcr.
1s~. ~rhe Asscx•iatic~n st~all ha~~e the ri~ht, in its discretion. t~ rc+~nim tL ~t thc• \i<~rt~.~~~~r~ int~~ the ~ssix~iation in addi-
tn~:~ io th~~ m~~ut}~h~ i~~st;~llmc~ntti ~~f ~;ri~~cip.il xnd inte~mst to l~c i~.ii~~ h~- ih~ \t~~rt~~.+~ors »nder t}ie note seci~rt~cl h~• this mort~a~e,
_ .u~ .imount e~c~~~.~1 tu ~~nr-t~~•elEth uf the a?~nual inst.tllmc•nts oI an~- t,i~c•; un th~~ iz:nrt~.~~_cYl i~n•rnises 1e~i~Yi or :?sst•,srd ?i~• at~~•
' ~,u~~c~n~mt~nt.il auth~ttih•, .~ncl onc•-t~~~clEth nf t}ic :~iu~n.?1 ~~rcmium, f„r I~ire anei I:rt~iiil~~cl Ci~cer:~~e i~„~:r,uice un the ~nort~a~i~~1
~~rt~tni~~~: h~~re~nix•f~rrc• nYluirr~I i,~ !hc ~,:~,c i.iti~~n. ~ncl th~• \f~~rt,,i~r~r~~ (.ul~~rc~ tn rn,+},c ~nch ~x~~int•nt. tih.ill c~,i~stituti~ ~Icfault
ur~+~c [ t~:i. tnurt,; <<,t~.
`LL::~ I\ \1'IT\1-~tiS ~1~Ilf:liF.(?1~. t}ir ..i;cl \i~~rt~~a~_+~r~ ln•r~~~i~~tu .~t !h~•ir }~~n~l, .,n~l •e~.~l; t}~e~ ~l,i~ an~l ~~r.ir first alw~~ ~criltrn.
: Si~nr~l, .r:~l~cl ~n~l ~li•li:errcl ir~ thc ~~r~•arcc ~~f: i J
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- - ~ f 6 ~ t~' L ~ ~ f; ' - ~~L~~-4`st i SE.~11.1
~ - , r '1' ~1' ~ . . ~
~ - , W~]liam A. Pittman, a single man ~
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wiTNF~SES MO¢iG~GOR;'
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