The URL can be used to link to this page

Home My WebLink About1919 8. Until default in the performance of the covenants and agrecmenls of this mortgage, the mortgagors shall be entitled ~ to coUect the rents, issues and profits from the premises hereiabefore described, but in case of a default in any of the terma of ' this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within describe~ property, the ; :~ssociation shall imrnediatelv and without notice be entitled to the appointment of a Receiver of the mortgagedprope rty, and uf the rents, issues and profits thereoE, with the usual powet of Receivers in such cases, snd such Receiver may be continued ,n pos.,ession of the said property until the time of the sale thereof under such foreclosure, and until the confirma~ion of such ~ i ,alc b~• the Court. s 9. If a conveyance should be made by the mortgagors of ihe pmmises herein described, or any part thereof, without ~ the ~~ritten crnuent of the Association, and .vithout assumption in mgular form of law by the grantee of the obligations to the ; ~...u~ciation created bv taid promissory note and this mortgage, then, and in that event, and at the option of the As.wciatiun. ~ :~o~l ~~~thout notice, all sums of monev sec~~red hereby shall immediately and concurrendy with such rnm•eyance become clue and ~ ~~ayable and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv ~ secured in the same mannrr as W~ith the mortgagors, :u~d may forbear to sue or may extend time for pay~nent of the debt, securecl I~emby, or otherwise act ~+zthout discharging or in anv wav affecting the liability of the mortgagurs hereunder or upon the debt 1?ereby secured. The Associatio~ may also deal with the~ Mottgagors and!or with successors in intcrest ~~~ith refemnce to this ~nortgage and the debt herebv secured by farbearing to sue, extending the time for payment of the debt~ providing for different ~nonthly payments and/or a clifferent interest rate, and by other express malifications of the contr.iM, without losing any priorit~• ~ the Association has over other morlgagees or lienors or holders of any junior interests in the propert~• secured hereb~~. ~ 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken for public we under the po«'er of eminent doman~, the Assuciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shaU be paid to the Assoriation, its successon or assi~ns, up to the amount unp~id on thu modgage and rna.~ be applied upon the payment or payments last payable thereon. ' 11. lt is specifically agreed that 6me is the essence of this contraM and that no waiver of any obligation hereander or of + the obligation secured hereby shall at any time thereafter be held to be a K~aiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second modgage or second tnut deed or any junior li~? of sny lond should be insti- ti~ted, the Association may at its opiion, immediately or thereafter declare this mortgage and the indebtedness secured hereby due :ind pa~•able. 13. To the extent of the indebteclness of the 114ortgagors to the ASSOCL1hOA described hemin or secured herrby, the Asso- ciation is hereb~• subrogated to the lien or liens und to the rights of the ow~reers and holders thereof of each and every mortgage, + licn or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in H~hole or in part, out oE the proceeds ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpas. tn a»d be held by the Association herein ~ security for the indebRedness to the Assxiation herein described or hereby secured, to the sume extent that it ~vould have been preserved and ~vould }?ave been passecl to and been held by the Association had it been ~luly and regiilarly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- in~ the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill 1>e sa5sfiecl and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonablv incurrecl or paid at am• time bv the Association, ixrat~sr oE the failare of the I~tort~agors to ~erfonn, comply ~vith and abide by each and every stipula- t wns, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every s?ich pavment shall bear interest fmm date at the rate stated in the note secured hereb~~. 15. That he ~~~ill permit, commit, or suffer no waste, impairment, or deteriuration of wid propertv or an~~ part thereof; ! ;md in the event of the f~ilure of the ?liort~;agors to keep the buildin~s on slid premises and those to be erected on s:~id premises, ; ~ ~~r impro~•ements thereon in good repair, the Association m~y make and pay for such mpairs as in its discirtion it mav deem ~ necessary for the proper preservation thereof, and the full amount of such p:?~~menis shall be secured by the lien of this mortgage ~ ;~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the :4csocia- E tion may detcrmine, and every such payment shall bear interest fmm date at the rate stated in ihe note secured herebv. ~ l6. That if ihe Association and the ~lortgagors agree, the Atortgagors will carry a policy or policies of insurance upon , their lives in an arrl~unt eq~~a1 from time to time to the amount of indebtedness hereby secured, making said Association benefi- 3 ~~iarv thereunder, and that t}?e said Association may pav the premiums for such insurance (in the event the \tortgagors do not), g ~nd~add each such p1~~ment to the un~aid balance of the loan, as of the first day of the then current month, and it shall become s a~iditional indebtedness secured by th'is mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part nf the ~iortg3gors or their contr.utors to complete said building in accordance ~sith Construction Loan Agreement, of e~~en date here~~~th, or to build ~ tiid cv~nstruction in accordance ~~~th plans and specifications filed ~rith the Association, shall constitute a breach of this mort~{a~e. ~ :~nd, at the option of thc Association, immediately mature the entire amoimt of principal and interest hercby secured and ihe Assn- ~ ciation may immediateh• instiiute procecdings to foreclose this mor!~age. ~ y 18. That the aUstract or abstracts of title covering the mortga~eci propert~• shall at all times, during the life of this mort- ~ ~a~e•, remain in the possession of ihe Association and in the event of the foreclosure of this mortfiage or other transfer of title to s the mortgaged property in extinguishment oF the indebtedness securcci }~~ercb~•, all ri~ht, tide, and interest of ihe ~tortgagon iii ~ .~nd to any such abstraMs of title shall pass to the purchaser or grantee. ~ 3 19. The Association shall have the right, in its discretion, to rcquire th;d the \{ortgagors p:n~ into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid Uv the \iort~agors under the note sectved bv this mortgage, ~ an :?mount equal to one-hvelfth of the annual installments of an~~ tases on the nwrtga~ed premises le~•ied or assessed bv am• " «uvernmental authority, and one-hvelEth of the annual premiums for Fire and E~tended Co~•erage insurance c~n the murtgagecl q nremis~s as hereini~ef~xe rec~uired h~• the Ass~xxiatiun, and the \tortgagors' failure to make such pa~-~nents shall constitute a default ~-s undcr this tnortgage. ' I\' «'IT\ESS ~~'FIEHEnF, the said ~fortt;ag~~rs hereuntu sM thrir L~nds and seals the da~• and vear first abo~'e ~~~ritten. " Si n:~d, ~caled nd dcli~'ercci in the presence of: ~ , ~ u~ ( SEAL1 : ; ~ , , ~ rg Sic rello ~ . l.. ~c, , /`l_' ~ ` " ~~2rf G~ ~.(~,.'~Z'~~ ( SEAL) _ • _ . Mary~A, icarello ~ ~l?A1.1 ~SEAL) ~WITNESSES) ;MORiGAGORS) ~ ga~~99 ~19~8