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Home My WebLink About2770 8. U~W default in the performance of the covenants aad :~grc~c~menls of this mortgage, the mocigagors shall be entideci 3 t„ collect the rents, issues and profits from the premises hereiabefore described. but in case oE a detault in any of the temu oE this mortgage, and the filing of a bill to fareclose this or any other mortgage encuml,ering the within described property~ the _lssociation shaU immecliately nnd without notice be entided to the appointment of a Receiver of the rnortgagedp~~operty, and ~>f the rents, issues and profits thereof, with the usual powes of Receivers in such cases, and such Receiver may be continueci ~ ~n possesaion of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale bv thc Court. 9. if a conveyance should be made by the mortgagars of the premis~ herein described, or any part thereof, without ! h~• written crnuent of the Association, and without assumption in mgular Eorm of law by the grantee of tfie obligations to the l.tiociation created by caid promissory note and this mortgage, then, and in that event, and at the option of ihe Associatiun. .~u~l ~~~thout notice, all suma of money sec~~red herPby shall immediately and concurmntly with such rnnveyance become due and pa~~able and in default. The Association may deal with successors in interest with referener to this mortgage and the debt herebv ~ secured in the same mannrr as With the mortgagors, und may forbear to sue or may extend time for lxiyment oE the debt, securecl ~ hereby, or otherwise act w-ithout dischacguig or in any way affecting the liabilit~ of the mortgagurs hereunder or upon the debt ~~ereby secured. The Association may also deal with the Mortgagors and/or with succ~eswrs in intcrest with reference to this ~ ~nortgage and the debt hereby secured by forbeating to sue, extending the time for payme~it of the debt, pmviding for different ~ monthly payments and/or a different interest rate, and by other express modifications of the contr.ict, without losing any priorih~ ~ the Association has over other mortgagees or lienors or holders of any jmlior interests in the property secured hereb~~. l0. That in the event the premises hereby mortgaged, or anp part thereof, shall be ca~dernned and taken for public use ; uuder the power oE eminent domau~, ihe Assuciation shall have the right to demund that all damages axarded for the taking of or ~ damages to said premises shaU be paid to the Association, its suc~cesson or assigns, up to the amount unpaid on this mortgage and ma~~ be applied upon ihe payment or ~rayments last p.lyable thereon. ~ 11. lt is specifically agreed th~t time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secureci hereby shall at any time thereaEter be held to be a waiver of the ternu or of the insirument se~cured hereby. 12. If foreclosure proceeclings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tutcd, the Association may at its option, immediately or ihereafter dec~are this mortgage and the indebtedness s~e~cared hereby due ~ :tnd payablc. 13. To the extent of the indebteciness of the 14ortgagots to the Association dt~cribed herrui or secureci hereby, the Asso- ? c~;:~tion is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, j licn or other eucumbrance on the land described herein whirh is paid an~l(or) satisfied, in w~hole or iu part, out of the proceecls ~ ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpa t;~ and be held by the Assceiation herein u security for the indebtedness to the Assxiation herein described or hereby s~ec~ued, t,o ; th~ sume cxtent ihat it would have been preserved and ~t~ould have been passeci to and been held by the Assoc~iation had it becn ~ ~{~ily and regularly assigc?ed, transferred, set ovet and delivett~d wtto the Associ:ition by separate deed oE assignment, nohvithstand- in~ the fact that the rame may be satisfied and cancelled of record, it being the intention of the P:vties hereto that the same ~vi11 I~e sa~sfied ancl cancelled of record by the holders thereof at or about the time oE the recording of this rrwrtgage, ; 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, re~asonably incumd or paid at am• x time by the Association, beca~ue of the failure of the iltortgagors to perfonn, comply with and abide by each and every stipula- t~~,ns, agreements, conditions and rnvpnants of said promissory note snd this deed, or either, and every s~ich payment shall be~ar interest from date at the rate ~stated in the note secured herebv. 15. That he will pernut, commit, or suffer no waste, impairment, or deteriuration of saicl pmperty or any part thereof; „nci in the evcnt of the failure of the 1~1ort~agors to keep the buildings on said p~emises and thase to be erected on ~.~id premises, ~~r improvements thereon in good repair, the Association may make and pay for such repaics as in its disc7etion it may deem r~ecessary for ihe praper preservation ihereof, and the full amount of such pa~-ments shall be secured by the lien of this mortgage :~nd shall at the option of the Association be immecliately due and payable, or payable in s~ich monthly installments as ihe Associa- ~ t i~,n may determine, and every such payment sha11 bear interest from date at the rate stated in the note secured herebv. 16. That iE the Association and the ~iortgagors agree, ihe !1lortgagors will carry a poliey or policies of insurance upon th<~ir lives in an arr3aunt equal from time to time to ihe amount of indebtedness hereby secured, making said Association benefi- c11R~ thereunder, and that the s.1id Association may pay the premiums for s~ch insuranre (in ihe event the ~tort~agors do not), and~ add each such pa~Tnent to the un~aid balance of the loan, as of the first day of the then current month, and it shall become adciitional indebteciness seeurecl by th'~s modgage payable upon demand. 17. ?hat in ihe event that this mortgage be given to secure a construction 1oan, failure on the ~rt of the \fortgagors or their contr.utors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build s~id «mstruction in acrordance with plans and speciEications filed ~~•ith the Association, shall constih~te a breach of this mortgage, :~nd, ;d the option of thc Association, immediately mature the entire amount of princi~a) and intr.rest hercby secured and the Asso- ~ i:ition may immecliately institate proceedings to foreclose this mortgage. ~ 18. That the abstracc or abstr:icts of tide rnvering the mortga~;eci property shall at all times, during the life of this mort- ~;;?~e, remain in the possession of the Association and in the event of thc forcclosure of this mortgage or vthcr transfer of title to the mortgaged property in extinguishment oE the indebtedness secured hcreby, all right, tide, and interest of the 11~OrtS~~a°ors in ' and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the \lortgagon p:?y into ihq.lAssocial5dn` in ~~d~+ t ion to the monthly installments of principal and interest to be paid by ihe ~tartgagors under the note secared bv'~}iis~ ~~nongag.+e, an amount equal to one-hvelfth of the annual installments oE any taxes on the mortgageci premises levieci~ flr a.~seased.by zny ~o~~emmentat authority, and one-h~elfth of the annual premiums for Fire and Extended Covcrage ins?a~aix~ ori the inoltgaged {~r~rniscs as hereinbefore rer~aired b~• the Asscxiatiun, :?nd the \tortgagors' failure to make such pa~Tr?ent€sha{I ~'~nstitute a defaxllt ~inder this mort~a~e. - : • I\ \~'IT\ESS ~\'HrRE()N, thc said ~tortga~~rs hereunto sc~t the•ir hands .~c~ seals~the~ft y and ti~ar'~rsttill~fit,eiwrtTten; . Si~nrd, sealcYl and dcliti•erecl in the presrncc of: ~'t"'~' ` • ~ ; ' , ~ . ~ ~ ~J'~ ~ ~ (SEAL} ~ ~ ~ ert L. ehr~ ns . 'L~~~~~~~~ ~ / ~ ; ~ ~ '`i~ ~ (SEAL) as~~O Albert L. B rens ne H. Behrens ~ _ aC;-!'~~: „ - 4 ,z ~ ' i SI:AI, ) (SEALI ( , (WIiNESSfS) ~MO4JGAGOAS) U~~I BODx1~ p,~z?~ - :