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Home My WebLink About1395 8. Until default in the performance of the co~•enants and agrc~~meots oE this mortgagP, the nwrigagots shall be entided S to coAect the rents, issucs and profits from'the premises hereinbefore described, but in case oE a default in any of tbe tenn~ oE this mortgage, and the filin~ oE a bi11 to foreclose this or any other mortgage encumbering the K~thin described property. the .~ssociatian shall immcciiate~v and withcut notice be entided to the appointment of a Receiver of the morigaged p»perty, and of the rents, issues and proEits thereof, ~~ith the usual power of Receivers in such cases, and such Receiver may be rnntinued ~n possession of the said propert~• until the time of the sale the~eof under such foreclosure, and until the confirmaticx~ of such ..~lc b.• thc Court. ~ ~ 9. 1~ a conve~•ance should be made by the mortgagors of the pmmises herein described, or any part thereof, without ; thc• written consent oE the AssociaNon, and without assumption in re~ilar form of law by the grantee of th° obligations to the : a~suciation created b~• caid ~vmisso~ry note and this mortgage, then, and in that event, and at the option of the :~ssocixtiun. - ,~uci ~~ithout notice, all sums of mcxie~~ sec~~red hereby shaA immediately and eoncurmndv w~th sueh rnn.•eyance beeome due and pa~•able and in default, The Association ma} deal with successors in interest ~vith reference to this mortgage and the debt hereb~• j secured in the same mannrr as v?•ith the mortgagois, and may forbear to sue or may extend time for pa~~ment of the debt, securc~ ~ hereb~•, or otherw•ise act Nzthout discharging or in any N•a~• affecting the liability of the mortgagors hemunder or upon the debt ? hereby~ secured. The Association mav also deal with the Mortgagors and/or with successors in interest a~ith refera?ce to this mort~age and the debt hereb~~ secured bv forbearing to siie, extending the time for payment of the debt, providing for different mont~hly pa~~nents and/or a different interest rate, and by other eacpress m«lifications of the contr.?ct, ~~~ithout bsing anv priorit~- the Association has o~~er other morigagees or lienors or holders of any junior interests in the propert~• secured hereb~•. ~ 10. That in the event the pmmisec hereb~~ mort~aged, ar an~~ part thereof, shall be condernned and take+n for public ~ue ; under the pow~er of eminent domau~, the Aswciation shall have the right to demand that all damages aw~arded for the taking of or ~ dama~;es to said pmmises shall be paid to the Association, its successors or assi~ns, up to the amoant un~aid on this mortgage and ~ mav be applied upon the payment or pa~~nents last payable thereon. ~ 11. It is specifically agreed th~t time is the essenre of this contraM and that no vvaiver of an~• ubligation hereunder or of ~ the obligation secured hereby shall at an~ time theteafter be held to be a~vaiver of the terms or of the instrument secured hereby. 1~. lf foreclosure procFedings of an~• sernnd mortgage or second trust deed or any junior lien oE .^.ny ]dnd should be insti- tuted, the Association mav at iis option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the \lortgagors to the Associ.ltion desc~ibed here•~i or secured hemby, the Asso- cistion is hemb~• subrogated to the lien or liens and to the rights of the o~~~ners and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which is paid and ( or) satisfied, in whole or in part, out of the pr ll~eeds ~~f the loan described herein or secured hcrebv, and the respert~vc liens of said mortqages, liens or other encumbranc~es, s}?a ~ t~~ and be held b~• the Anociation herein as security for the indebtedness io the Assxiation herein described or hereby secured, to ~ the wme ex•.ent that it ~arould ha~•e lx~en preserved and ~~•ould ha~•e been passecl to and been held by the Association had it beer? duh• and regularh• assigned, transferred, set over and delivered unto the Assoriation by separate deed of assignment, notwzthstand- ~ in~ the fact that the same ma~• be satisfied and cancelled of record, it being the intention of the puties hereto that the came ~vill ~ ?~e sa5sfied and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage. ~ 14. To pa~• all and singular the costs, chazges, and expenses induding lawyer's fees, reasonablv -incurred or paid at an~• ~ time bv the 4ssociation, bec~ause of the failure of the \1ort~agors to perfonn, comply ~s~th and abi~e by eaeh and every stipula- F tions, a~reements, conditions and rn~•enants of said pmmissory note and this deed, or either, and e~~erv s~ch pa~~ment shall be~ar ; I mterest from date at the rate stated in the note secured hemb~•. ' i 15. That he N•ill permit, eommit, or suffer no waste, impairment, or cleteriora6on of s:iid properh• cx an~~ part thereof; ; ~ :~nd in the e~•ent of the fail~re of ihe '~1ort~agors to keep the bu~lcl~n~s on said premises and those to be erected on said premices. ; ~~r impro~•ements thereon in good repair, the Association ma~~ make and pay for such repairs as in its discretion it ma}' deem ~ ~ necessary for the proper preservation thereof, and the full amount of such pa«nents shall be secured by the lien of this mortgage : .~nd shall at the option of the Associatioa be immediately due and payable, or payable in svch monthly installments as the Associa- ~ tion mav determine, and ever~~ sach payment shall bear interest from date at the rate stated in the note secured hembv. I6. T}~at if the Association and the \tortgagors agree, the I?lortgagors w-ill carry a policy or policies of insurance upon ` thrir li~~es in an arr~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- : ian~ ihereunder, and that the said Association may pay the premiums for such insurance (in the event the ~~ortgagors do not), ~ ~nd add each such pa~-ment to the unpaid balance of the loan, as of the fint day of the then cimrnt month, and it shall become ~ .~c3ditional indebtedness secured b~ this mortgage payable upon demand. l~. That in the event that this mortgage be given to Secure a construction loan, failure on the part of the \fortpaRors or 3 their contracton to complete said buildin~ in accordance ~ith Construction Lc~an Agreement, of e~•en date herew~ith, or to build ~ caid construction in accordance ~~~th plans and specifications filed ~rith the Assxiation, shall constih~te a breach of this mortgage, ;;nd. at the option of thc Association, immediately mature the entim amount of princigal and interest hereby secured and ihe Asso- s c iation mav immedi~teh- instiiute prrx~eedings to foreclose this mor!oage. ~ ~ 1S. That the abstraM or abstracts of title covering the mortgahc-ci properh• shall at all times, during the life of this mori- ~ ;a~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or othcr transfer of tide to ~ tl~c mortgaged property in extinguishment of the indebtedness secured herebv, all ri~ht, tidc•, and interest of the Mortga~ors in ~ :ind to an~• such abstracts of title shall ~~ss to the pumhaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the :lfortgagors pa~• into ~he Association in addi- ±s~n to ihe monihh• installments of principal and interest to be paid by the ~fort~agors under the note secured bv this mortgage, ~ .;u amount equal to one-tw•elfth of the annual installments of am• taxes on the mortgaged pmmises le~•ied or assessed bv anv ~,r,~~ernmental authorih•, ar~d one-hti~elfth of the annual premiumc for Fire and F;tended Coverage insurance on the mortgagec~ ~ ~~remisP~ as hereinbe{ore reqiurecl b~• thr Asscx-iatiun, and the ~fortgagoTS' f:uhire to make sueh pa~~ments shsll constitute a default undcr tlus ~nort~age. ; z3 1\ ~~'IZ':~ESS ~~'E~EREOF, the said ~ioriga~ors hereunto sct thrir hands and seals the da~• and ~•ear first above ~vritten. ~ Signed, sealed and dcli~-ered in the prc~sencc of : - ~ ~~Ls' ~L~'t ~GL~~/ - ~--z~.-------- 1 ~ ~ -Z (SEAL) r~ ~ , minic J. $~sta _ ~ . ~ ~ ~Zj ~ (SEAL) `y ~ ~ Mary Basta,~ ( SI?AI. ) i~ (SEAL) f ?MORiGAGORS) _ (WITNESSES) = 1g9 ~ 1394 W~_~~ ~