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Home My WebLink About1640 8. Untif detault in the perfora~st~e af t}+e cavenants and agrrcn~ents of this mo~tgagc, the mortgago~t shall be entitled to collect t}~e rent~„ issuea andp,~ tb h~Om the praaises l~dnbefo[e den~ibed~ but in case oE ~ defauh ia aay of tbe ternu oE th~ mottgage, u?d the fiUng a~ a bill to fa+eclote tWs or a~ny otl~ matgage encumbering the within de~ribed penpaty, tbe ~s,+ociatioa sl~all immediately and without notice be entitkd to tbe appofntme~t of a Aecriva~ of the matgsgedp~ope~ty, and of the rents, tuucs and proEits thereoF~ wlth the usw~lpo wer oE Reoeivers Ia sucb casa, and such Aecetvec may be-eaiti~ued ~n pos~uio~ of the said property until the tirrM of the sale thereoi under such fa~ecloaure, and until the confirmatian of such ~ .ale by the Court. 9. If a con should be macb by the nattgagas of thep~mi~s hereln de~cribcd, or anypart tbereof, without t he writtea consent o the Associatior~, and without assiunption in regular fam of law by the grstntee of tfie obligations to the acsociation creuted by said promissory note and this mort guge. then, and i~n thAt event, and at the option of d~e Association. :~nd ~vithout notice. all sums of mcx~ev se~rired hereby shall immediately and ca~currcntly with such cmveyance become due and payaWe and in default. The Association may deal with snoce~ors in interest with refei+enoe to this mortgage and tbe ~ebt hereby secu~d in ihe same mannrr as with the mortgagors, and inay forbear to sue or may extmd tima for payment.of t1~e debt. secureci hereby, ac otherwise act without discharg~g or in any way affecting the Uubility of the mortgagars hereunder or up~m the debt m hereby sec~ued. The Association map a1SO deal with the Moztgagors and/or with successars in interest with refe~ce to this mortgage and the debt hereby secured by forbearing to sue, ester~ding ihe time for payment of the delit, providing for different monthly payments and/or a d~fferent interest rate, and by other eapress maliE`catioiu of the contr.?ct, wit~out loaing any prioritr ' the Association has over other mortgagees or lienors or 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 condemned and taken for public use , under ihe power of eminent domain, the As.wciatioa shall have the right to derruuid tbat all dauuiges awarded for ihe taking of or damages to said gremises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or paymeats last payable thereon. 11. It is specificall}• agrced that time is the essenre of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time the~eafter be held to be a waiver of the terms or of tbe instrurnent secured Lereby. 12. If foreclosure procecdings of any second modgage ar seoond trust deed or any jwuor liea of any ]dnd should be insti- tuted, the Association may at its option, immediately or thereafter derlare this mortgage and the indebtedness secured hereby due and payabk. 13. To the extent of the indebtedness of t6e Mortgagors to the Association d~cribed herein or secured hereby, the Asso- ciation is hereby svbrogated to the lien or lIens and to tbe rights of the owners and holders ihereof oE each and every tien or other encumbranee on ihe land des~i6ed herein which is paid and(or) satisfied, in whole or u~ part, out of the~ of the loan described herein or secured hereby, and the resPectivc liens of said mortgages, liens or ather encumbranoes, pa. to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secun~d, to the same extent that it would have been preserved and would h?ve been Pa,csed to and been held by the Association had it been duly and regulazly assigned, transferrc~, set over and delivered unto the Association uy separate deed of assignment~ notwithstand- ing the fact that the rame may be satisfied ar~d cancelled of acord, it being the intention of the p~vties hereto that the same will be sa~ and cancelled of record by ihe holders thereof at or about the time of the recording oE this mortgage. 14. To pay all and singular the costs, charges, and eapenses induding lawyer's feES, reasonably incurred or paid at any time by the Assaciation, because of the failure of the 1?fortgagors to perform, comply with and abide b}? each and every stipula- t;ons, agreements, conditions and covenants of s.tid promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in ihe note secured hereby. 15. T'hat he will Pernut, commit, or sufEer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the builc~ings on said remises and those b be erected on said premises, erec or improvements thereon in good repair, the Association may make and pay or such repaus as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the uen of this mortgage and shalI at the option of the Association be immediately due and payabte, or payable in svch monthly installments as the Assceia= tion may determine, and every such payment shal! bear interest from date at ihe rate stated in the note secured hereby. 18. That if the A.csociation and the I?tortgagors agree, the Mortgagors will carry a policy or policies of insuran~e upon their lives in an a~unt equal from time to time to the amount of indebtedness hereby secure~l, ma]dng said Association benefi- ciary thereunder, and that ihe said Association may pay the premiums for such insurance (in the event the riodgagors do not), and add each such pnyment to the unpa~'d balance of ihe 1oan, as of the first day of the then current month, and it shail bec.~ome additional indebtedness secured by this mortgage payable upon demand. l7. That in the event that this mortgage be given to secure a construction loaq failure on the paxt of the blortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to buiid said construction in aocordance with plans and specifications fited with the Association, shaII constitute a breach of this mortgage, and, at the option of the Associatioq immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immeciiately institute procec.~dings to foreclose this mortgage. 18. That the abstract or abstraMs of tide rnvering the mortgaged property shall at all times, daring the life of this mort- F ;age, remain in the possession of the Association and in the event of the f~reclosure of this mortgage or other transfer of title to the mortgaged property in eztinguishment of the indebtedness secured hereby; all right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pass to tbe purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the 1liortgagors gay into ihe Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the hiortgagors under the note secured by this mortgage, ; .tn amount equal-to one-hvelfth of the annual installments of any taxes on the mortgaged premis~c levied or assessed by any ~ governmental authority, an~ one-twelfth of the annual premiums for Fire and E.~ctended Coverage insurance on the mortgageci ~ rremises as hereinbefore required by ihe Association, and the 1?tortgagors failure to mal:e such payments shall constitute a default under this mortgaae. II~ ~VITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above'written. Signed, sealed and delivered in the presence oE: - ---L-" - - - t - - _ . - ~ -~SEAL) - ha er _ "y v_ _ " " . , ~/y~y [%U~ ' . . . . ~~/~!1~~~, thleen W. Shacter , - - - - - .(SEAL) _ - _ . _ - / - ~ - - (SEAL) - - - - . _ (VYIiNESSfS) {N{pRTGAGORS) f ~ 8 ~ - _ . : ~ ~ °z r~.~~..x"- ~ ~ ~ :X~r> - - ~ :