HomeMy WebLinkAbout2510 ~i. t'util ~lef~ult in the ~erformance of the coreu:?nts ~nd :~finY•~nrnts o( this mortguge, the morigagors shall be entidrd ;
~c~ collect tl~e rents, issucs and pmfits from the premises hereinbefore described, but in c~~e of a default in any of the term~ o(
this mort~afie, and the filin~ of a bill to foreclose this or any other mortgage encumbering the µ•ithin described pro~~, the
Association shall immec3iatf•1~ and w•ithcut notice be entitled ta the appointment of a Rereiver of the mortgaged propert~~, and
„f the rents, issues and profits the;.~f, w•itri the usual power of Receiven in such cases, and cuch Receiver may be continued
:n ~ession af the s:iid pn~pert~ until the time of the sale thereof under si~ch forcrlosure, and until the rnnfirmation of such
,:,~e t~.~ ~t~, c~,~~~.
9. 1f a cunvevaiur should be made bv the mortgagors of the ~xemixs herein dc~scrihrci, or am• part thereof, ~rithout
r},e• w~ritten crn~ce•nt of the Associ.?tion, and ~cithout assumption in n~ilar form of law bv the grantee of tl~° obliRations to the
~..~x~i:?tiun c•r~•ate•d bv taid promiason• note and this mort ga~e, then, and iu that event, and :it the option of thr A~u~c~ati~~u.
.~u~l aithout notice, sll sums of mone~• sec~ired hembti~ shall immeciiatelv and cvncurr~•ntlv H~th such rnm•e~auce becume due and
f~a~~able and in default, The Ascociation may~ deal v?~th successurs i» interest ~~ith reference to this mort~age and the debt herebv
.c~rured in the same mannrr as w•ith the mortga~urs, and ma~• farlx-.ir to sue or ma~r extend time fc~r ~xi~znent c~f the debt, securec~
herebv, or other~cise aM Hzthout duchargu~g or in am~ ~.~a~• affcrtin~ the liabilily of the mortga~ors hemunder or upon the debt
hereb~~ secured. The Association mav also deal w~ith the~ Mortgagors and %or Mtith s~ccrssors in intcrest ~~~th reference to this
ii~t~rt~a~e and the debt hcreb~~ securrd bv forbearinG to suc, extendin~ the time for pa~~ment of the debt, proriding for different
~nonthl~• }~a~Tnents and/or a different interest rate, and bv other expmss moclifications of the contract, ~~•ithout lasing anv priorit~~
;he 4ssociation has nver other morig~~ees or lier~ors or holdcrs of anv junior interests in the pru~•rh~ sec•ured herebv. z
]0. T'hat in the e~•ent the prcmisc~c hembv mort~a~ed, or anv ~1rt thereof, shall be .rondrrnned and taken for public usP
unclcr the ~~ser of emn~rnt domau~, the AssiK•iatiun shall ha~•e the ri~ht to dema~id that all ciamages a~~-arded for the taking of or
:.iamagc~ to ~aid premises shail be paid to the Asscxiation, its succeccors or acsinr.s, up to thc amount unpaid on this mortga~e and
~na.• be ap~lied upon the pa~-ment or pa~~ments last p:i}•able thereon '
11. lt is sjxcificalh~ aRreed that time is the escence of this rnntract and d~at no «aiver of anv obligation hereunder or of
±t~r ubligation secured hereb~~ shall at am• time thereafter be held to be a w•ai~~er of the terms or of the instnunent serured hereb~•.
12. If foreclosure procc•edin~s of am• secnnd mortt;age or second tnLCt deed or any junior lien of unv 16nd should be v~sti-
~ute~d, the Association ma~~ at its aptic,n, immediatelv or thereafter declare this mortgage and the indebtedness sPCUred hereby due
and pa~•able.
13. To the exte~d of the indcbtedne~c ~f the !~tortga~ors to the Associltion described herein or sc-curecl hemb~~, the Asso-
~~,~tion is hereb~• subrogated to the lien ar liens and to the rightc of the ow-nrn and holders thereof of e~ac•h and every mortgage, '
;irt~ or other eucumbrancr on the lanc~ deseribed herein ~~~hieh is paid an~l(orl saticfic~d, in ~?~hole or in part, out of the proeeecis ~
,~f the loan descrihed hemin or secureci hemb~•, ~nd the respecti~•~• liens of said mortgages, liens or otht•r encumbrances, shall~
~;uid i~e held b~• the !lsscx~iation h~~rein as securih~ for the indebtrduess to the Assxiation herein described or herebv secured, to
thc• wme es`ent that it ~~•oi~ld ha~•e lx~en preserved and ~.•ould ha~•e been Passecl to and been held by the Association had it bren
:lul~• and re~iilarl~• :usi~iied, transferred. set over and delivered unto the Asxx•iat:on U~~ separate deed of assignment, noh~•ithstand-
~n~ d~e fact that the same ma~• be satisfied and cancelled of record, it lx~in~ the intention of the parties hereto that the same ~~~i11
1~e sa5sfied and cancellecl of ~ rerord br the holders thereof at or about the time of the mcording of this mortgage.
14_ To p:?~• all and siu;ular the costs, charges, and expenses including lawti~er's fees, reasoi~abh• incurred or paid at an~• _
?i;ne b~~ the Assaciation_ }x~c•ausr of the failure of the \tort~a~ors to perfonn, complv ~+~ith and abide b~~ each and e~~en• stipula-
r~ur?s_ aoreements, conditi,~u~ and rn~•e•nants of s:~id pmmissorv notc and this dFed, or either_ and e~~erv such pavment shall l~e:ir
~nteresi fmm date at the rate StateYi in the note s~xurrci hereb~•.
1~. Th.d he ~~•ill pem?it, cc~mmit, or suffer no «•aste, impainnent, i~r cleteriuration of said pru~x•rt~• ~r am~ part thereof:
.,nci in the c~•ent of thr fsilure of the \iort~a~ors to keep the builclin~~ on said premises and those to br erected on c:iid premises.
~r irnpro~•ements thereon in ~c~d repair, the Association ma~• m.ike and pa~~ ior such repairs as in its disc~retion it ma~ deem
~ necescan~ for the proper presen~ation thereof. and the full amount of such pa~~nents shall be secured b~• the lien of this mvrtgage
3 ir~d shall at die option of the Associatioa be immediate]y due and pa~•able, or pavable in surh monthh~ installments as the ~.tsocia-
~ tinn mav determine, and e~•en• such pa~~ncnt shall bear interest from date at the rate stated in the note secured hereb~•.
16. That if the Association and the ~tort~agors agree, the '~iort~a~ors K•ill cam• a policv or policies of insurance upon
~ !heir li~~es in an anlt+unt equal from time to time to the amount of 'v~debtedness hereb~~ secured, making said Association benefi-
iar~- thereunder, and that the said Association may pav the premiums for suc}, ir:surance (in the e~~ent the \fortgagors do r.ot),
~nc~ add each ~uch pa~-ment to the unpaid balance of the 1oan, as of th~ first day of the then current month, and it shall becomc
„clditiunal indebtc~clnes~ sc~c•ured bv this mortgage payable upon deman~.
~ 1~. That in *.he e.•c•nt that this mortga~e lx gi~•en to securc a c~nstruction lo:in, failure on the part of the ~loriga~ors or
~ ±4:c~ir c~ntractors to complete said building in accordar_ce w•ith Construction Loan A~reement, of e~•en date here~~~ith, or to build
~ ,_~id cunstruction in accurdance ~+zth plans and sjx~c~ifications filc-d ~~•ith the Asscx:iation, s1~a11 constitute a brrach of this mort~a~c,
,r~cl, at the uPtion of thc Association, immediatel~~ mature the entire amount c~f principal a??d interest hercbr secured and the Asso-
: i:~tion ma~~ immedi:~te1~• instiiute proceedings to foreclose this mor!~age. ~
. .
18. That the :ibstraM or abstracts of title co~•ering the mort~a~,c~ci p~o}xrt~• shall at all times, during the life of this mori- ;
~ _.~~e~, remain in the posse~sion of the Assoeiation and in the e~•ent of tlx~ forc~c•IosuTe of this murtgage or other transfer of title to `
~ ~hr• rnortca~cd propertv in extinguishment of the indebtedness serwed }~ereb~•, all ri~ht, title, and interest of the 1liortgaoors in
> ;,t~d to an~• such abstraMs of title shall pass to the purchaser or grantee.
- 19. The Assoc•iation shall ha~•e the right, in its discretion, to ree~uire that tiie '~tort~agors pa~~ into the Association in addi-
y ~i<m to t}~e munt}~h• installments of principal and interest to ~e paid b~- the \fartgafiors under the note secured bv this mortgare,
~ ,~u :~rnount equal to c~ne-t«•elfd~ of the annaal installments of an~• t:ixes on the mortgaged premises le~•ic~cl or assessed b~• an~•
~~c~~•ernmc•utal aut}?orih•, and one-hvel(th of the annual premiums for Fire and E~tendecl Coverage ii~surance c~n t}~e mort~a~i~
- ,~re:niset hereinbc•h~re rc•r~uirc•r! h~• the A~s{K•iatiun, :md the \tc~rt~a~urc' f:ulure to make such pa~•ments sh~li c~rnstitute a defatdt
~;~:cicY tl,is tu~~rt;;a,e.
- I\ ~t'I'I \E5S \1'HEREOF, t6e ~a~id ~tnrt~a~nrs he~mu~~tcr s<•t thrir hr~rds and scals !he da~• and cear first a}w~'e ~~'ritten.
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tii~nt•d, sraie~d and de:i~~crc~d in the prc-sence of: ,
, ~ ~ ~
~ ~~~,t~,, _ ~_L_ - . L~ ~~SEAI,1
~ ` 1 ~ Evelyn Sheehan
;'ra J `
/ J ~SEAL1
` ~~`ri.~t- , .~..lA~v
- ~ SH:AI. ?
- iSEALj
- ; W I SNESSES ;MORiGAGORS)
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i~ ~~50?
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