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Home My WebLink About1298 . ~ ~ 8. Until dcfault u~ d~e ~rf~~rniance of the c~venants a~id agnrments of this mortgage, the mortgagors shall Ue entitkYl collect the rer?ts, issues and profits from the premises hereinbeEore dcscribed, but in ras~ uf a default in any of the tenns uf this mortgage, and the filin af a biq to foreclose this or any other mortgage eneumbering the within deseribed prc~pecty, the .\ssociation shall immc.liate~v and without noticc+ be entided to the appou~tment oE a Receivcr of the mortg~ged property, anJ ~~f d~e rents, issues and profits thereof, with the i~sual power of Receivers in such cases, ~nd such Receiver may be continued ~n ~~os~ession of the s:?id propert~• until the time uf the sale thercof undc•r such foreclosiue, and until the confirmatiun of such ,alc b~• the Court. 9. If a c~~~vevanc~e should be made by the mortgagors of the ~~remui•s hercin dc~scrilx~d, or anv part thereof, without rh~• ~vritten co~~cent oE the Ass~x•iution, and Hithout assumptiun in m~ular fonn c~f la~v by the grantee of the obligatiuns to the `n~1M~ ittwnit ~»t c~e, b Il ,~~ms~uEnm~ e~~ servreci Lem~b~~~sha~l~~mm h liatelv ~and ro icurr ~ tlv N ith such rnm e~ ance t}x~,n e~due t?nd ~~ayable and in default, The Association may deal ~vith successurs in interest ~vith refemnce to this mortgage and the debt herebv ' ~ecurecl in the same mannrr as w~ith the morigagors, :~nd may forlxar to sue or may exteud tin~e fur ~u~•ment of tl?e debt, securecl ; hereb~•, or othen~•ise act ~~~thout discharging or in am- ~~•a~• affcctinfi tl?e liability of the mortga~urs hereunder or upon the debt ~ h~reby scrureci. The Assoeiation may also deal ~sith the \lortgagors and/or with suecrs~ors in interest H•ith mferenee to thi~ n,urtt;age and th~ debt hereb~• securc~cl bv Eorbearing to sur, rxtending the time for pay~ment of thc drbt, providing for diFferent ,nonthly paVments and/or :t diiferent interest rate, and bv other exprecs moclifications of thc contr.~ct, ~~•ithaut losing anti• priorit~- - the :\ssociation has over other morigagees ur lienon or holders of any jmiior interests in the proprrh~ secamd hereb~~, i 10. Th1t in the event the pmmises hereby mort~a~ecl, or :iny part thereof, shall be condernnecl and taken for publie i?se : ~.?~der the Ix~wrr af ecnu~ent domain, the Assuciatiun shall have thc: ri~ht ro demaiid that all damages awarded for the taking of or ~L~mages to siid premises shall be paic3 to the Association, its successon or assigns, up to the amount unpaicl on this mortgage and m:~.• be appliecl upon the pa}'ment or pa~~ments last pa~•able thereon. I1. lt is specifically agreed that time is the essencc oF ihis contract :md that no waiver of any obligation hereunder or of th~• ubligation securecl herebv shall at any time themafter be held to be a waiver of the terms or of the instrument secured hereby. 12. lf foreclosure procec~clings of any second mort~age or second tnLSt decd or any junior lien of any ldnd should be insti- j 7 .a. _ _ _ _ ' ' _,..~c .1: •..1. ?6........~1~.. .~nn~~ro 1{~~~ i..~lnono ~ni~ ftiu. i.~ils.I~la~ns•cc evrnrvrl hprv}~y f~ItP j ~ ~ . . . , .:C : ..:.tY .:~s , ._:ie::•°. .na~ ~%i . . . . ~ - :ind pa~•ablc. ~ 13. To the extent of d~e indebteciness of the \tortga~ors to the Assocultion described herein or secared hemby, the Asso- ~ ~ i.ition is hereby sabrogateci to the lien or liens and to the rights of the ~~~rr?c~rs and holden thereof of each and evcry mortgage, lie~n or othrr ei~cambrance on the land described herein «~hich is ixiid and(orl satisfied, in ~~~hole or in part, out of the proceecis ~~f the la~n described herein or securecl hereb~•, and the respecti~•~• liens ot said mortgagc~s, liens or other encumbrances, shallpass ' t~~ and !ie held b~~ the Associatian hercin as security for ihe indebtedness to the Assxiation herein describeci or hereby secured, to the• same ex!ent that it ~rould ha~~e been preserved and ~~•oold h~ve been ~:useci to and been helci by the Assoeiation had ii beer? 2 ~lulv and regularly assi~necl, transferrecl, set over and delivered unto thc Assoc•iaition by separate deed of assigr?ment, nohvithstand- in~ the fact that the same may be satisfiecl and cancelled of record, it being the intention of the p:uties hereto that the came wzll } 1>e s:~5sfied and cancelleci of record by the holders thereof at or about the time of the recording of this mortgage. } 14. To pay all and singular the cosis, charges, and expenses including lawyer's fees, reasonablv incurred or paid at an~• ~ time bv the A~cociation, }xc:n~se of the failure oE the ;1lortgagors to perfonn, compl_y w~th and abide by each and every stip~la- 1 tiuns, agreements, conditions and cnvenants of said promissory notc and this deeci, or either, and everv sach pavment shall bear ~ interest fmm date at the rate stated in ihe note secured hembv. ~ ; 15. Th:d he ~vill permit, commit, or suffer no waste, impairmrnt, ur cleteriuration of said pmpcrt~• or any part thereof; ' ~ ~ncl in the c~•cnt oE the f~ilure of the ~iort~agors to kecp the buildin~~ on said premises and those to be erected on ~:iid premises, ; ~~r i~nprovements thereon in goocl repair, ihe Association may make and puy for such repairs as in its di~cretion it mav defm * ~ ,~~~cc~ssarv for the pmper presen•ation ihereof, and the full amount of such pa}~ments sha11 be secured b}' the lien of this mortgage ` .u~d shall at the option of the Association be immediately due and payable, or payablc in such monthly installments as the Associa- ~ t~~~n mav detcrmine, and eren• such paymcnt shall bear interest from date at the rate statecl in the note secured hereby. 16. 'I'hat if the Association and the \tortgagors agree, the ~tortgaGors will carry a policy or ~licies of insurance u~wn ' th~~ir lives in an am~unt equal from time to time to the amount of indebtedness hereb~~ secured, making s.1id Association benefi- ; ~i:in~ ihereunder, and that the said Association may pay the premiwns for such insurance (in the e~~ent the ~tort~agors do not), F ~nd add each such p1~-ment to the un~a id balance of the loan, as of th~ first day of the then ciurent month, and it sha11 becomc ~ .~clclitional indebtedness securecl by th'u mortgage pay~able upon demand. ~ 17. That in the event that this mortgage be given to secure a constn?ction loan, failure on the ~~rt of the \fortQa~;ors or { !heir contraetors to eomplete said builciing in accordance ~cith Constn~ction Loan Agreement, of even date here~~•ith, or to build ; .:~id amstruction in accordance ~ti•ith plans and specifications filecl ~~•ith the Association, shall constitute a breach of this mortgage, ~nd, at the option of thc Association, immediately matiue the entire amoiint of principal and interest hcrcby secured and the Ass~~- c i,ition may immecliatelv iiutitute pr~x.~eedings to foreclose this mor!~age. ~ a 13. That the abstract or ab~tr;uts of tide rn~~ering the mortga~eci pmpcrty shall at all times, during the life of this mort- ~~;+~e-, remain in the possession of the Association and in the event of the foreclosure of this mort ~ e or othcr transEer of tide to fi~ ~ ~ tli • mortgaged proPerty in extinguishment of the indebtedness secured }~ereb~-, all ri~ht, tide, and interest of tlie 1lortaagors in r ,~nd to an~• such abstracts of title shall pass to the purchaser or grantce. ~ 19. The As.wciation shall have the ri~ht, in its discretion, to rc~ uire that the '~tort ~ ors ~ into the Asscx~iation in addi- ;Y, ~ i ~ i's.' - ti~~n to th~ monthly installments of principal and interest to be paicl b~• the ~tort~~~ors i~nder the note secured bv this mortga~e, - .~n :~mount equal to one-h~•elfth of the annua) installments of an~• tax~~s on th~ mort~a~ed Premises levied or :assessed b~ am• - ~~~vernmental authorih•, and one-t~.•elfth of the annual premiums for I~ire and Extendecl Coverage insuranc~' on ttie mortga~eci _ ~~remises as hcreinhefore re~uirecl b~• thc As;~x•iatiun. :~nd the ~tort~a~~,rs' failure to make such pa~Tnents ;hr?11 constih?te a default undcr this mort~a~e. 1\ ~~'IT\ESS ~CIIEREOF, the said ~iort~a~~~rs h~•rci~nt~~ se•t th~•ir h~en<ls :~~d scals the da~• and ~•e:ir first alxn'e ~~•ritten. n ~ Si~n^c scal~•d :uid deli~•crcd in th ~rescncc of: ` - ,J~ ~ ~ ~ ~ ~ ~-,2 1~2= r ~~-cc~~ ^ ~ (s~t. ; ~~To~ u~in Ma inez :,y ~ ' ~ li i~•,u- (SEA ) 1 _ -e ~G~~ . Eva Martinez ~ _ + i ~ - t si::~t.> { (SEAL) ;-:j (W iiNESSES) iMORTGAGORSI _ t ` G R~ 1y7 P~~E1zy7 ' - B001~ - - s _ _ ~ ~ _ _