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Home My WebLink About1984 8. Until default in the performance of the cove~ants and agreements of this moctgage, the mortgagors shall be entided ~ tu collect the re~ts, issues and profits from the premises hereinbefore described, but in case oE a default in any of the terma of this mortgage, and the filing of a biU to foreclose this or any other mortgage encumbering the ~vithin described property, the :~ssociation shall immediatelv and without notice be entided to the appointment of a Receiver of the mortgaged property, and of the rents, issues and pro~its thercof, with the usual power of Receivers in such cases, and such Receiver may be continued ~n pos,ession of the said propert~• until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale b~• the Coiut, i . ~ 9. If a comeyance should be made by the mortgagors of the premues herein described, or any part thereof, without ' the ~vritten cmuent of the Association, and H~thout assumption i~ re~ilar form of law by the.~rantee of th~ obligations to the ~.~ociation createci by said promissory note and this mortgage, then, and in that event, and at the option of tlie Asu~ciatiin~, .~nd ~.~thout notice, all sums of mone~~ secured hereby shaU immediatety nnd concurrentlv Ntith such rnnveyance bec~~me due and ~~a~•able and in default, The Association may de~al with successors in interest ~vith reEerence to this mortgage and the debt herebv ,ecured in the same manner as with the mortgagors, and may forbear to sue or may extend time for ~yment of tLe debt, securecl ; hereby, or otherwise act ~vithout discharpu~g or in a~y way affecting the liaibility of the mortgagun hereunder or upon the debt ; hereby secured. The Association muy alto deAl~ with tlie Mortgagon and/or with successors in interest with reference to this inortgage and tha debt herebV secured by forbearing to sue, extending the time for payment of d~e debt, providing for different monthly payments and/or a differeat interest rate, and by other e:press malifications of the contract, ~vithout losing an~• priorih- the Association has over other morigage~s or lienors or holders of any jwiior interests in the property secured hereb~~. l0. That in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken for public use undcr the po~ver of eminent domain, the Assuciation shall have the right to demaud that all damages a~vanled for the tal.-ing of or damages to said premises shall be ~raid to the Association, its successors or assiQos, up M the amount unpaid on thu mortgage and ma~~ be applied upon the payment or payments last payable ihereon. 11. It is specificaUy agreed that time is the essence of this contract and that no wvver oE any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a~n/aiver of the terms or of the instrument secured hereby. 12. If foreclosur~e procecciings of any second mortgage or second trust deed or any junior lien of any Idnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due :~nd pa~~able. 13. To the extent of the indebtedness of the `iortgagors to the Association described hercin or sec~ued hereby, the Asso- ci:~tion is hereb~• subrogated to the lien or liens and to the rights of the owmers 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 whole or in part, out of the proceeds ? ~~f the loan descnbed herein or secured hereby, and the respecti~•c liens of said mortgages, liens or other encumbrances, shallpass t:~ and be held by the Association herein u security for the indebtedness to the Association herein described or hereby secured, to th~ same ec!ent that it would ha~~e been preserved and ~~•ould have been passed to :3nd been held by the Association had it beeri cluly and mgularly azs~gned, transferred, set over and delivered unto the Associati~n by separate dced of assignment, nohvithstand- ing the fact that the same may be satisFied and cancelled of record, it being the intention of the prarties hereto that the same ~vill l~e sa5sfied 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, reasonably incurreci or paid at anv cime by the Association, because oE the failure of the ?1iortRagors to perfonn, comply with and abide by each and every stipula- t iuns, agreements, conditions and co~•enants of said pmmissory note and this dec~, or eiiher, and everv s~~ch payment shall be~ar interest from date at the rate stateci in thc note secured herebv. ~ ! 15. That he ~vill permit, commit, or suffer no waste, impairment, or deteriuration of wid pro~rtv or an~• part thereof; ~ :ind in the e~•ent of the failure of the Aiortgagors to keep the buildings on said premises and those to be erected on said premises, _ ~~r improvements thereon in good repair, the Association may make and pay for such repain as in its discretion it may deem ~ ~ necessary for the pmper preservation thereof, and the full amount of such pa~Tnents shall be secured by the lien of this mortgage ' f :~nd shall at the option of the Association be immediately due and payable, or payable in svch monthly iTUtallments as the Associa- ; ti~in may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the ;1lortgagors agree, the ~ltortgagors will carry a policy or policies of insurance upon thc•ir lives in an a~eunt equal [rom time to time to the amaunt of indebtedness hereby secured, making said Association benefi- s . iarv thereunder, and that the said Association may pay the premiums for such insurance (in the event the ~tortgagors do not), ; ~nd add each such p:i~Tnent to the unpaid balance of the loan, as of the first day of the then c?urent month, and it shall Uecome ! ~iciditi~~nal indebteclness seeurecl by this mortgage gayable upon demand. ~ 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the ~iortgagors or ~ !heir contr.utors to complete said building in accordance with Construciion Loan Agreemcnt, of e~~en date here~vith, or to build _ ~.iid construction in aecordance ~vith plans and specifications filecl ~+~ith the Association, shall constitute a breach of this mortgage. ~ ~ncl, at the option of the Association, immediately mature the entire amoiint of principal and interest hereby secured and the Asso- ~ ~ i.ition may immediatel,v institute proceedings to foreclose this mor?gage. ~ ~ ~ 13. Ti~at the aUstract or abstracts of tide covering the mortga~eci pm~xrty shnll at all times, d~ring ihe life of this mort- ~ ^_a~~e, remain in the possession of the Association and in the event of tl~e foreclosure of this mortgage'or other iransfer of title to ~ !h~• mortgaged pmperty in extinguishment of the indebtedness secureci hereU~•, all ri~ht, tide, and interest of the 1liortgagors in ind to any such abstracts uf tide shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to rec~uire that the 1ltortgagon pay into ihe Association in addi- ~ ti~~n lo the monthly installments of principal and interest to be paid b~ the \fortgagors under the note secured bv this mortgage, ~ .~n amount ec;ual to one-hvelfth of the ~nnua) installments of am~ tascs on the murtgageci premises le~•ied or :usessed bv am~ ~~u~•ernmental authority, and one-tw•elfth of the ~~nnual premiums for Fire and E_~tended Coverage in'surance on the mortgagcd ~ ~~remis~s as her~inbefore required i~~• the Asscx•iation, and the ~tortha~ors' failure to make sueh pa~•ments shall constitute a defaidt ~~rider t~~is mortSa~e. I\ WIT~ESS ~~'IiEREnr, thc said \iort~an~rs hrmunto set their hands and seals the da~• and ~~r.ir first abo~'e ~~~ritten. ~ ` 5~gn~d, sealed and c3cli~•ere~l in the presencc of: ~ ~ '-5 _ , ~,c' ~ ~ ~ ' : - ~ • ~ G/L (SEAL1 Victo F. Ogden ~ ~y~, ~ _ 'y~,, ~ " ~ ~~'J/s~ //f . l//l.~-LQIzv v ?-~-evt/ / ~ / . ~ fs ~1Li 1 SEAL) Doris M. Ogden - t st::~?i. ) j SEAL} (WITNESSESJ ;MORtGAGORS) :s ~ BCOK~~7 tACf1(~t . -