HomeMy WebLinkAbout0041 .
8. Until default in the ~rformance of the a~venants and agr~Yynents of t1?is mortgage, the inurtgagors shall be entideci
t~~ collect the rents, issues and pmfits from the premises hereinbefore describeci, but in rase of a deEault in anv of the ternu of
this mortgage, and the filing of a biA to fareclose this or any other mortgage encumbering the within described pro,perty, the
.lssociation shall immc:liatelv and «•ithcut notice be entidecl to the nppointmeni of a Receiver of the mo:tgaged praperty, und
~~f the rents, i.aue•s a»d profits thereof, with the ~sual power of Receivers in such cs.ses, and such Receiver may be continued
:n possession of the ~aid propert~• until the time oE the sale thereof under such (oreclosure, and until the confirmatio~e of such
.~lc b.• the Court. ;
9. lE a cc~m•evance should be made by the mortgagors of the premisrs herein descrebed, or anv part thereof, ~vithout t
thr «7itten cot~cet~t o~ the Association, and ~+ithnot assumption in re~ular forni of law b~• the grantee of the obligations to the i
1..~?cc~tian cmateci b~~ caid promissor~• note and this mortgage, then, and in that event, and at the uptio~ of ihe As.W?ci:itiun. i
~n~l ~~~thout tx~tice, all sums of monev secvred her~by ~hall immediatelv and concurrentlv ~~7th such rnnve~ance bec~?me ciue und ~
~~.?~~able and in default. The Assciciation may deal t+ith suceessors in interest ~vith reference ta this mc.rto.age n~d the debt herebv ~
.ecured in the same manner as w•ith the mortfiagots, :u~d ma~• furlxar to soe or may extend time (or Ex~~Tnent ~~E the debt, secuteil
hereb~•, or othcrW~i>e ac~t ~~~thout discha?-~ing or in anv »•a~• affectuig the li:~hilitv of the mortKugurs hemunder ~r ~~non the deVt
h~reb~~ sccwed. The Association may ajso deal with the~ \iortgagors and/or Hith successon :n :nir~•~ct «•ith reference to this
:nurtgagc and tho debt hcreb~• secumd b~• Eorbearing to sue, exienc~ing the time for payment of the debt, providing for different
~nonthlv par~nents and./or a different interest rate, and bv other express mcxlifications of the cont~act, .vithoot bsin~ am~ priorih• ~
the :lssociation has over other morigagees or lienors or tw~ders of ~ny jw~ior uiterests in the propc•rtv secured here
10. That in the event the premiscs hrrebv mortgaged, or um~ part thereof, sF~all be ~rondrinned and taker~ (or pnblic i~
~uulcr the ~~~•er of eminent doma?n, the As.wciation s!?all have the ri~ht to demand that al! damages awardect for the taking of o~
~i,,ma~es to said pmmises shall be paid to the Association, its successors or assi~r.c, up to the amount unpaid on this mortgage and
rn:~v be ap,~lied upon the pa~-ment o~ pa~~nents last pa~~able thcreon,
11. It is specificallv agreecl th~t time is the ecsenm of this contract and that no ~vaiver of anv obligation hereunder ur of ~
the~ obligation secumd herebv shall at any time there~fter be held to be a waiver of the terms or of th~e instrument seceimd hereby.
1?. If foreclost~re procreciings of am semnd mortgage or second trust deed or any junior lien of : nv ldnd shotild be insti- ~
t~ttcc~, the Assoriation m:~~• ~t its option, immediately or thereafter declare thi~ mortgage and thc indebtedness secured hereby due ;
.~,~d ~~•able. .
13. To the exter.t ;.f thc indcbicciiscss of the ~lurtgaQors to the Accoccitian described hercin or securecl 6ectiby, the Asso-
~ z.~tion is hereb~• subrogateci to the lien or liens and to the rightc of the ow~nc~rs :uid holders thercaf oE each and every mortgage,
h~ n or other er~cumhrance on thP lancl described herei~~ w~hich ic ~,aid and{or) satisfied, in ~.•hole or ii~ part, out of the pr~aceeds
,~f the lo:m described herein or seeurcYi hemb~•, and the tespectiv~• liens o[ ~,zid mortgages, liens or ather encumbr.inces, s~ 11~a ss
.«~~i t~ he~a bv the Acsoc~ation herein :u securitv fo: the indcbtcclness to the Assxiation herein ciescribeci or hemby secured, to
th~~ same cx!rnt that ir ~roi~W ha~•e bcen Prc~served and ~~~ou1d ha~•e bePn ~~155('tI ~O :1(I(~ ~PfD held by the Association had it bc~n
~ luh• anc~ m~ularh• assi~necl, transferrrcl, set over and delivered unto the Ass~x~i:~tion b~~ separate deed of assignment, noh~~it}utand-
~n~ the fact that the same ma~• be satisfied and cancelled oE record, it bcing the intention of the ~urties hereto that thP same will
lx~ sa~sfied an~l cancelled of~record by ihe holders thereof at or about the time of the recordir?g of this mortgage,
14. To pa~~ all and singular the costs, charges, and expenses includiny Iaw~~er's fcrs, reawnabh• inc~~rrecl or paid at am•
ri~nc h~• the Associatian. tx~rause of the failure of ltte :1foa~t~aQors to per(onn, complv ~vith and abide b~• r.uh and e~~erv stipula-
t}unc, ,~~reements, conditions and rn~•c•n.ints of said pmmissc~n• note and this deecl. or eithcr, and even~ such pavment shall l~ar
~nt~~rest from date at the rate stated in the note securecl hereb~•.
~ l:i. Thut he ~~till pem~it, commit, or suffer no waste, impairmc•nt, or ~Ieteriuration ~~f +:~id pml~ertr ~?r am~ i~art thereuf, J
; ~n~i in the c~•ent of the failure of the \iort~a~ars to keep the builctin~s or~ s:~id premisES and tho~e tv br erectecl s:ud premises.
! ~r irnpro~•emerttc thereon ii~ ~oocl repair, the Assaeiation m.?~~ ma~:r ami !wv for sueh rr}~irs as in its disc7c~tion it rnay deem 4
s ~<<rescan• for the proper presen•ation themof, and the full amount of such ~~~ments shaU ire xecured b~• the lien of thic mcxtgage
~u~i shall at the option af the Associatioa be immeciiateh• due and pa~-able, or pa~•able in such monthty instattments as the Associa- ~
t~~,n ma~~ determine, and rven• n~ch pa~-ment shali bear interest from date at the rate stated in thc~ not~ secured herebv.
_ 18. T}~at if the Assoeiation and the \lortga~ors a,~ree, ihe ~lortga~ors ~vill carrv a policy or ~licirs uE insur~nce ujx~n ~
t~:~•ir li~•es in an ae~unt ec~ual from time to time to the amaunt o[ u~debtedness herehv seeured, making G1id Asscx~iatan bene[i- f
ihPreunder, and that the said Association mav pa~ the pmmiums !or surh insurance (in tl~e e~~ent the ~tortt;a~ors do not), <
;T~~l ,rlcl ~~h ~uch p1.-ment to the un~a id balanre~of the toan, as of the First d~v of the then ci:rmnt month, and it shall becorne•
~~~{liti~mal irdebtcciness seceuc~~ bv this rrtort~a~e pa~~able upon demaud. ~
I:. That in tl~e e~•c•nt that this mort~:~~e bc ~iren to securc a con~tn~ctinn loan, failure on the p:trt of the \tort~a~ors ~~r ~
tl~eir c~~ntractors to com~lete said buildin~ in accotdance ~~•ith G~~utn~ctiun I.oan A~reement, of e~•en date here~~•ith, or to build ~
~_~icl c~~nctructi~~n in accv~rdance ~rith plans and sperifications fiteci ~~ith the As:~x•ir.;::,n, s!:atl rnrsti.::.e a~=rc~a:h of this mcxtga~e. ~
:~t !he oPtian of thc :\ssnciati~yn, immc:liatelv mature the entere zmour~t nF ~rinei~:~l and inte•rest hercby secured and the :~sso- ~
.,,~tion ma~~ immediateh- insticute ~TCx~eetlings to~foreclose th'ts tnw!~.~~,+c. ' ,
I5. That the al~straM or abctr.icts of title cvn•ering the mort~:~~~e~ci 1imix~rtv sb:iil at all times, durinfi the Iife of this mott- ;
~ _.~~~e•. rem~in in the Jws~ession of th~ As~cx~i~?liun ~nd in the crcnt uf thr fnrc::~ :E :;sc::!;;:~; z: ~;E;~r tr~e_s~ar of title to
F nr.~rt~a~ed ~xoPertv in exti;i~ui~hTnent nf the indebteclness sc>rure~cl };eret«•, all ri~ht, titlc, and interest of the ~fort~u~urs in
' ~n~l tc~ ari~• surh abctracts of title sha11 ~xiss to the purchxser or gr~nt~~e.
~ -
` l9. ThP Association shall ha~•P the riRht, in its discretion, t~ re~~uire th.~t the \t~rt~a~ors J~i~• into the Assoriation in addi-
`:~m to tF~e memthlv installments of princi~~l :+nd i~it~•rest to }~e ~~aid b~- the ~1urt~.?~ors under tht• note sec~~re~cl b~• this mortgage,
~ .t~nount e.~u~l to one-h~~elfth of the annual inst.illments of am• t:~~~•s c~n tht~ murt~,~~ec1 Premues le~•ic~cl ~;r assrssrd 1n• am•
3 ~u~~.~inmcr.t.~l authorih•, artd onP-tu-elfth nf thc ,ir~n:i;~l premiums fur F:re and I~:ctcndrd Co~•era~;e ii~sura~~cr un the murtga~~•ci
„r~~miu~~ .i~ hrmuilx~fure ny~i?ire~~l h~~ thr A•.~K i.~ti~m. .uid the \turt~~.?~ur~' failnr~ t~~ m:~ke such pavmentt tih.ill crn~stitute a defa~~lt
- i:!~ilcr thi~ tnnrt~.i^P. ~
i
1\ 1t'1T\E~~ ~l'HI:Hf:( ~F, thc~ ..ticl \tnr!~a~~~~n !u•r~•u~~tu .t•t th~•ir li~iniis ;inil x~.?I~ thc ~i,~~- ancl ~~~.ir first :~iwc~ ~~-riftt~n.
~~~n:-cl. ~~~~I~•d ancl drliccr~c! ~n the ~~t~~~ nce• ,~f -
_ , . ,C ~
; .
_ ~ ~ .
{ SF, ~I.1
' ' Walter O. Green
: . . _ s . ~ .u,~ C~ ~ _ j. ,{,G. ~'L~ i SE
AL J
~ O ~ive C. Green' -
< ~F:.~1. ~
s
.v,?NfSSf~ ~ $~'~I.1
MOitiGAC•ORS
F
8~~1~7 ~j
, ~r _