HomeMy WebLinkAbout2581 S. Until default in the perfurmanoe of the cave~~ants and agr~~nents uf t}?is mortgage, the mortgagors shall bc entided
t~~ collect the mnts, issues and profits from the premises hereinbefore described, but in rase uf a default in any of the Ierma of
this mortgage, and the filin~ af a bill to foreclose this or any other mortgage encumbe~ing the within described prope~ty, thr
.lssociation shaU immeciiate v and K~ithout notice be entitled to the appointment of a Receiver of the mortgaged ~uoperty, and
uf the rents, issues and profits thereof, with the iuual power of Reccivers in such cases, snd such Receiver may be continued
~n pos;essioo of the said propert~~ ~mtil the time of the sale thercof under such foreclusure, and until the confirmation of such
.~le b~~ thc Court.
9. lf a c~nveyunce should be made by the mutigagors of the premises herein describcd, or anv part thereoE, without
th~• ~~•ritten consent of the Associatioo, and ~~ithout assumptiun in re~ular forni ~f la~v by the qrantee of th~ obligatio?u to the
~.uxiatiun created bv said pmmissory note and this mortgage, then, and in that cvent, and at the uption of tiie As~~xiatiui~.
,ix1 ~vithout notice, all sums oE mone~~ sec~ireci hereby shall immc~cliateh• and a?ncurrendy with such rnm•evance becc~me due und ;
~,a~ able and in defaulc, The Association may deal with successors in intemst with reference to thu mortgage and the debt hereb~• ;
~ecured in the same mannrr as w•ith the mortgagors, c~nd ma~• forbear to sue or may extend time fur p:?yment aE the debt, securc~l ~j
hereb~•, or othen~•ise act ~~tithout discha u~g or in any ~~•a~• affecting the liability of the mortgagurs hereunder or upon the debt ~
hereby secured. The Association mav s? dcal with the 1lortgagors and/or with succrssors in interest ~~~ith reference to this
:nurtg~gc anci the? debt hcrebv secured b~ forbearing to sue, extending the time for payment of the debt, pro~•iding for different
,nonthly payments and/or a diffemnt interest rate, and bv other eipress modificatioru of the contract, ~~•ithout losing an~• Priorih• ~
the :lssociation has over other morigagees ar lienors or holders af any j~nuor interests in the pn~perty scrured hereb~•.
l0. That in the cvent the prcmisec hcmby mortgagcd, or aoy part thereof, shaU be condeinned and taf:en for puUlic i~ _
- ~~n~lcr the ~a~c~r of eminent dom.~in, the A~xiatiun shall have the right to demanci that all damages awardecl for the taking of or ~
; ~ i:una~es to said pmmises shall be Paid to the Acsociation, its successors or assigns, up to the amount unpaid on thit mortgage and ;
` ma~• be ~p~~lied upon the payment or p.1~•ments last p:~v<ible thcreon. :
~ 11. It is specifically agreed that time is the esse~cr of this contract and d~at no ~+•aiver of anv obligation hereunder ur uf
! the ubligation securecl hereby shall at am~ time thereaEter be l~eld to be a~~•aiver of the terms or of the instrument sec~red hereb~~.
12. If Eoreclosure procec~clings of any seeond mortRage or second trust deed or any junior lien of sny kind should be insti- :
? tuted, the Association mav :?t its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ;
? :~nd pa}•able. ~
~ 13. To the extent af the indebtedness of the ~fotigagors to the Association described herein or securecl herc+by, the A~so-
~ ~,.~tiun is hereb~• subrogatecl to the lien or lie~s and to the right~ of the oH~nen and holders thereof of each and every mortgage, ~
` li~•n or othrr erecumbrance on the land described herein Which ic paid an~l(ar) satisfiecl, in ~.•hole or in part, out of the proceecls ;
x ~~i the loan descriUed herein or secured hereb~•, and the respecti~•e liens oE ~.~id mortg~ges, lie~u or other encumbrances, shall ss
~ r„ a~id 1~ held b~• the Asscx~iation herein as securitv for the indebteci~~ess to the Assxiation herein described or hereby secu~to ;
~ th~• same ex!ent that it «•uuld ha~~e been preseived and ~~•ould have• hecn ~uss~~~ to and been helcl by the Association had it been =
~lul~~ and re~ulariv assi~nc~l, transferred, set o~•er and deli~•ered unto the Assoc•i.~tion by separate deed of assignmeni, nohvithstand- `
= in~ the fact that the same mav be s~ltisfied and cancelled of record, it brint; the intention oE the parties hereto that the same ~~~ll
I~e s:~tisfied and cancelled of~reconl by the holden theirof at or about the time of the recording af this mortgage.
f 14. To all and sin~ular the costs, charges, and expenses includinR la~ayer's fees, reasonablv incurrecl or paid at a~n•
rirne bv the Aswciation, lx~c•ausr of the failure ot the ~(ortga~ors to perfonn, comply ~ith and abide bv each and every stipula-
K ti~,ns, a~memeiits, conditiuns :;nd rn~•en.?nts of said promis~cory notc and this deecl, or either, and e~•enn~ such paa•ment shall l~ar
c ~ntcrest from date at the rate stat~~cl in thr note secured hereb~•.
li. Th:d he ~~•ill pern~it, conunit, or suffer no «•aste, imp:iinnent, or ~leteriuration uf said pmpert~• or am• part thereof;
~ ~n~i in the i~~~ent of the failure of the \1ort~agors to keep the huilclin~e un xiici premises and those to be erected on s:iid premices,
~ ~~r im ~ro~~cments thereon in ood re ~r the Ass~~ciation rn3r make and v for such re u~s as in its discTMion it mav deem
~ ! g E~~ . . I'a. E~~ . ;
~ rn~cessarv for the proper presen•ation thereof, and the full amount of such pa~-ments shall l~e securecl bv the lien of this mortgage ;
~ .~nd shall at the aptiun of the Association be immeciiateh• due and pa~~able, or pavable in such monthlv installments as the :\.csocia- f
: tinn mav det~rmine. and r~~en• such pa}7ncnt shall bear interest from date at the rate stateci in the notc secured hercbv. ~
I~. 1'l~~t if the Associ~ti~in and ihe \tortga~ors agrcr, the \tortna~ors ~~•ill cam' a policy or ~licies of uis~rsnce ujxm ~
= !hrir li~~cs in an 3m~unt e~lual from time to time to the amount of i~tdebt~~ness herebv sccured, making said Association beneEi- ;
- . iar~• th~reuncler, and that the ~.zicl Association mav pay the premiums (or siu•}~ insurancr (in the e~•ent the \fort~agors do not),
- tncl acid cach ~~~ch p~~-ment to the un[~.~id balance of the loan, as of th~ first dav of the then ciinrnt month, :ind it shall becomc•
- ,~~lciit~~u~al indrbtedness sccurecl bv this mort~a~e pa~~able uix~n demand.
' 1~. Thcd in the P~~cnt that this mortGage be gi~'en to secure a constn~ction loan, failure on the rart of the ~1urt~3~ors ~~r
_ ±heir c~~ntr;~cturs to complete said buildin~ in accorciance ~~•ith Constn~ctiun L~~;u~ Agreeme~nt, of e~•en d.ite here~rith, or to build
..~ie) cunstrueti~~n in accy?rdance ~~•ith plans and speciEications fileci ~~•ith the Ass~~ciatiun, sLall constitute a brrach of this mort~a~e,
~r~cl, at lhe o~~tion of thc Association, immcYliatelv mahue the entire amt~unt of Principal and inti~rest hrrcb~~ secured and the Assu-
, i.itic~n ma~• immecii:~tel~• institut~ Prr>ccedin~s to ~foreclose thi~ mor!~3ge. ~
- IS. That the abstrac~t ur ab:tracts ~f title cYn~erinQ the murtga~~~~i pni~x•rt~• shall at all times, durir~R the life of this m~~rl-
"f: _.i~~e•, rc•m:i~n in thc jx~ssc•ssian ~f the~ :aa:cx~iatiun and in the c~•ent of thc fnrcclusurc this murtfia~e or vth~r transfer ~~f titlc t~
~ thr nu~rt~~.~~~ecl ~~rupert~- in extin~uishment of the indebtedness securc~cl h~~reln•, al) ri~ht, title•, and interest of the ~fort~aoors in
uid to .~m- such abstr:icts of titte sha11 pass to the purch.?ser c~r grantce.
~r~ 19. The Associati~m shall have the ri~ht, in its diccretion, to rc~tuire th:it the \1ort~:~~or~ p.~~• into the Aceociati~n in addi-
~ h~m to thr tn~~nt},h• installmcnis of jxinci~r,~l and inte~rest to l~e j~aid i,~• the \1nrt~a~nrs under the note sec•urcYl U~• this mort~a~c,
.:n .un~unl e~~ual to ~~nr-t«•rlfth of the annual inst;illments of an~~ t.~~~•s on th~ murt~;a~c~cl ~~rrmiccs I~•~itYl ur :iss~~ssc~d b~• :ui~-
; e nnn^nt:il authnrih•, and one-t~~~el[th of the annual premiums f~~r Pire and I:rte~nded Co~~era~e insu~.u~ce an the m~~rt~a~e~
_ i~r~•~ni~t~. .i~ her~in}x•fr~re rcti~uire~i h~~ !IlC AS~~K'I.Iiluli. .lli(~ tFIC \t~,rt~.?~ifrs' f:uhire~ t<~ make sueh pa~~ments sh.cll c~,:istit~itt~ a clefault
' i:ci:lcr thi~ uu~rtt;a~,e.
= 1\ ~1'1 r\F.SS ~t'llEfiE:OF, th~~ ~.iici \1+~rtL.i~,~~r~ h~~r~imt~~ .et thrir h ~n~l; .incl se.~k the ~i.~~ an~i ~~r.ir fi~st :+lwti•e ~~•ritte~n.
_ ~i~~n_•~1, .r.ilyd .~nd d<~li~erc~il iti tlu• }ur~cncc ~~f.
~ ~l ' ~ ~ `
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f~:~4 ~ . - ~ 1 t~ ~ ~ ,
t SE:1I.
~ iJc~hn J. , ewior
_ . t _~C : ~ . t~~ >t., ~ r~ 'lc<,r't~ _ i Sf:AI. ~
~
, .~udy R. Siewiorek
~ 5t~:.a~. ~
1 S E.~ I .1
NiTNESSfS MORFGAGORSi
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