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Home My WebLink About0352 8. Unti) default in thc performanoe of the covenants and agrec~rne~ts of this mortgage, the morigagors shall be entitled i t<~ collect the rents, issues and profits from the premises hereuibefore described, but in case of a default in any of tbe ternu of this mortgage, and the filing of a biU to forecbse thit o~ any other m~tgage encumbering the w~thin desc7ibed ~+u~xty, the ~ _~ssociation shall immediatelv and witheut noti~e be entided to the appointment of a Receiver of the moitgaged~m~e rty, and i of the rents, issues and pm~its thereof~ with the usual powet of Receiveis in such cases, and such Receiver may be continued ~ ;n pos.,ession of the said pro~~ until the time of the sak thereof under such foreclostue, and unti! the confirmation of such ~ .ale bv the Court. • ~ 8. lf a eonv ~ance should be made b the mo~rttgogors of the premiscs herein desc~ibed, or any part thereof, without ~ y mo the written coruent o the Asso~ciation, and v?ithout assumption ia regular form of law by the grantee ~f the obligations to the ~ ~.+.cociation created bv said ptomissory note and this modgage, then, and in that e~ent, and at the option of tl~e Associaticm, :u~d ~~~thout notice, all avms of mrnev ser.~red hereby shal! immediately and conc~u~rentty with such rnn~•e~~ance bernme due und ~ pa}~aWe and in defauh. The Associadon may deal with sucoessors in interest with reference to this mortgage and the debt hereb~• ~ secured in the same manner as with the mortgagors, and may forbear to sae or may extend time fur pavment of the debt, securt*ii hereby, or ot~~~ise act W~thout dischargrng or in any way affecting the liability of the mortgagcus hereunder or upcm the debt hereby secured. The Association mav alco deal with the Mortgagors and/or with suec~essors in interesc ~~th reference !o this ~ ~nortgage and the debt henebv secured by forbearing to sue, e~ctending the time for gayment of the debt, providing for different ' monthly payments and/or a different interat rate, and by otber ezpmsc moclifications of the contr.ut, without bsing any ~riorih• # the Association has over other mortgagees or lienon o~ holders of any junior interests in the property secured hereby, 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken forpu blic use under the power of eminent domain, the Assuciation shall have the right to dcmand that all c3~mages awarded for the taking of or damages to said prernises shaU be paid to the Assoriation, its successon or ascigns, up to the amount unpaid on this mcntgage and mav be ap, lied upon the pa~~ment or Irayments last payable thereon, . 11. It is specifically agreed that time is the essence of thit contmM and that no waiver of any obligation hereunder or of the obligation seaued hereby shall at any time thereafter be held to be a waiver of the terms ar. of the instrum+ent secured hereby. 12. If foreclosure proceedings of any second mortgage or sernnd trust deed or any junic~r lien oE any kind should be insti- tnted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtetiness secured hereby due and pa~~able. 13. To the extent of the indebtedness of the Mortgagors to the Association described hemin or sec~ued hereby, the Asso- ciai;on u hereby~ svbrogated to the iien or liens and to the rightc of the owners and holders thereof of each and every mortgage, lien or Qther er~cumbrance on the )and described herein which is paid and(or) satisfied, in ~?hole or u~ part, out of the rp ooeeds ~~f the loan described herein or serurecl hereby, and the respectn•c liens of said mortgages, liens or other encumbrances, shall~ax ; r<~ and be held by the Association herein az seairity for the indebtedness to the Association herein described or her+eby secured, to thc same ex!ent tl~at it would have bee~? prese~veil aad ~vould have been ~.assed to and be~en held by tbe Association had it been ~3uly and regularly assigned, transferred, set over and delivered unto the Associatic~n by separate deed of assignment, notwithtitand- inQ the fact that the same may be satisfied and cancelled of record, it being tl~e intention of the p~rties hereto that the same witl he sa~isfied and cancelled of record by the holders thereof at or about the time of the recos+ding of thic mortgage. 14. To pay all and singular the costs, charges, and e:penses inc2uding lawyer's fees, ressonably ineurred or paid at an~~ time bv the Association, because of the failure of the I?lortRagors to perform, comply with and abide by each and every stipula- tiuns, a~reements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest~from date at the rate stated in the note serured hereb~•. ; 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; E :lnd in the c~•ent of the failune of the Mortgagors to keep the buildings on saidpr and ihose to be erec.rted on said premises, ~ c,r impro~•ements thereon in good repair, tbe Associatiou may make and pay for~ smi.i h repairs as in its discretion it may deem ` necessary for the proper preservatioa thereof, and the full amount of such pa.vments s}iall be secured by the Iien of this mortgage ~ .~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as ihe Associa- E tion may determine, and every such payment shall bear intetest from date at the rate stated in the note secured hereby. ` 18. That if the Association and the 1lfortgagors agree, ihe I?~ortgagors will carry a policy or policies of insurance upon their lives in an a~aunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~~iary ihereunder, and that the said Association may pay the premiums for sach insurance (in the event the :1lortgagars do rat), anc3 add each such pa~Tnent to the unpa~d balance of the 1oan, as of the first day of the then current month, anci it shall berome :idditional indebtedness secured by this mortgage payable upon demand. ` 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Aiortgagors or = their c~ntraMors to complete said building in aeeordanee with Construction Loan Agreement, of e~•en date here~atith, or to build ` ~aid construction in accordance with plans and specifications filed ~a~th the Association, shall constitute a breach of this mortgage, ~ :,r~d, at the option oE thc Associatian, immediately mature the entire amount of principal and interest hercby secured and the Asso- ~ ciation may immeciiately institute proceedings to foreelose this mortoage. ~ 1~. That the abstrart or abstracts of title covering the mortgatied properiy shall at all times, during the life of this mort- ' •~a~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transEer of title to ' thr mortgaged property in extinguishmer~t of the indebtedness secured ~;ereby, all riaht, tide, and interest of the Mortgagors in ar~d to any~ such abstracts of tide shall pass to the purchaser or grantee. - 19. The Association s6a11 have the right, in its discretion, to require that the I?iortgagors pa~~ into the Association in addi- ; ±~on to the monthly installments of principal and interest to be paid by ihe ~tortgagors under the note secured by ihis mortgage, amount c~yual to one-twetfth of the annuat installments of anv taxes on the mortgaged premises levied or assessed by am~ <~cn-er~~mental auihoritv, and one-h+-eUth of the annual premiums for Fire and Eztended Coverage insurance on the mortgagec~ ~ Jxemises as hc~reinbefore required b~• the Asscx~iation, and the ~lfortgagors' failure to mal:e sueh pa~Tnents shall constitute a default ' under this mort~age. ~ I~ V1'IT'_~ESS ~1'~~ERE()F, the said ~fortgagors hereunto set iheir hands and seals the dar and ~~ear first ~bove K~ritfen. s - ~ Signed, sealed and deli~•ered in the presence of: ~ f ~ ~ ~ . ~ ~;~~..e.-~ ~ / (SEAL} ~ Ruth Schreier, a single woman C~~4cL ~i'~ ?,flzL,~'~ (SEAL1 k ~ a i ( SEAL ) i ~ ~ ~ i ~ s - (SEAL) i W I THE SSES; ;N10RTGAGORS) 6ocK 199 racE ~~1 ~ t