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Home My WebLink About2978 . i 8. Uattl default in tbe perfora~anoe of the cov~unb sad a~ls oE lht: matgage, tbe moctgagas shall ba at~titled to oollect the reats, isn~a ~ud pofib b+oa tbe p~emba herednbefore daaibed, but in oaie of a defauh in any oE tbe ternu~ of , thb mortgsge. and tlie ' oF a biU Eo faredae t6b a~ a~ap otbec moctgage eocumbering the wlthiu de~xibed .pi+o~pecty. tlie As~ocJatiou sLall iaunedla and wtthout ratfoe be antltled to tbe appolnhaent of a Raoeivar ~ tbe moctgagedp~p~y . and of the t+eab, issues and ib tl~eof. wit6 tbe usualpowa of Heoeivas ia such ca~es, snd and~ Receiv~er a~ay ~e-ooatinued ia pos~essioc~ of the saId propaty unt~l the time of the sab tbereof unckr such forecloaure. and until the confirmatton of auch ~ak by the Court. ~ 9. If a aonveyaoce sl~ould be msde by the matgagas oE the premisos herein desMbed, or any part tLereof, without the written ca~sent of the Associatio~, and witbout a:sumptioa in regular f~m of law by tbe grautee oF tTie obligstia~s to the :~ssociatioa creuted by said p~niss~;~• note aad tlus mortgage~ tben, sud ia thst event, aad at ihe option of the Association, :ind ~vithout notice. all sums of man.w ser~red hereby sbal! immediately and ooncvrn~ntlv with such rnnveyance beoome due and PaYaWe and ia default. Tbe Association may deal wtth suooeuars in interest with nference to this moctgage and tbe debt bereby secured iu lbe same maaner as with the mortgagazs. aad may forbear to sue or may eactead time for paya~ent of ibe debt, securec~ hereby, a~ otherwise act witLout g or in any way affecting the liability of ihe matgagors hereundec or up~ tl~e debt hereby secured. Tl~e Associatio~ may deal witb the Mortgagon and/oc with suooes~ors in interest with refe~nee to thit mort age and the debt Lereby secured by forbearing to sue, eutead'mg the time for psyment of the debt, providing for different mo~t~ly payments and/or a different int~ rate, and by ather e:pcess awdiHcations of the caniract, without losm any priorih the As~ociatjon has over otLe~ mactgageea or lie~?a~s o~ bolde~x of any junior iaterests in the ProP~Y ~Y. 10. That ~n the ev~ent the premises hereby ag~d, or any p~rt thtreof, alwll be oondemned and takea forp~ blic we under t6e power of emineat domain, the Association~l have the right to demand that aII damages awanled for tbe talang of or damages to said premi~es shall be paid to the Association, its aucceasors or assigns, nP to the amount unp4id on thia matgage and may be applied upon the paya~ent ar payments last payabk thereon. 11. It is specifically agrced that time is the essence of this oo~trad and that no waiver of any obligation h~r or of the obligation secured hereby sball at any time thereaRer be hdd to be a waiver of the tenns ar of the u~strument secured hareby. 12. If forecloau~+e proceedings of any second mortgage or seoond tnut deed or any jwiior lien of any ldnd should be iaa~i- tuted, the Association may at its option, inunediately or thereafter declare this modgage and the indebtedn~ts secured hereby due and payable. 13. To the e~tent of tLe indebtedness of the Mortgagors to the Associateo~ described herein or secured hereby, the Asso- c;ation is hereby svbrogated to the lien oz liens and to the rights of the ownen and holders thereof of each and every martgage, Iien or other er~c~brance on the land desaibed herein which is paid ar~d j~) satisfied, in whole or u~ part, out of the of the ban des~xibed berein or secureci hereoy, and the re.spective liens of said mortgages, lieas or other encumbianoes, ~hxaD~ co and be held by the Assaciatia, herein as secun~ty for the indebtedness to the Assoc;ation hesein describecl ar hereby s~uec~t~o the same eztent that it would have pre,cerved and ~vould have been ~assed fio and been held by the Association had it been duly and regularly assigned, transferrcd, set over and delivered unto~ the ~ssociation by separate deed of assigament, notwithstand- ing the fact that the same may be satisfied and cancelled of recard, it being the intentim oE the prarties hereto that the same will be sa~d and car~oelled of record by the holders theseof at ar about the time of the reoording of this mortgage. 14. To pay aA and singular the costs, charges, and expenses iududing lawyer's fees, ~r,asonably incyured or paid at any time by the Association, because of the failure of tLe 1?iortgagors to perform, oomply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated~ in the note secnred hereby. . 15. That he willpemu t, commit, or suffer no waste, impairment, or deterioration of said property or any paut thercof; and in the event of the failune of the Modgagors to keep the buildings on said~?n and those to be erected on said preuiises, or improvements thereon in good repair, the Associatian may make and pay orf s~h as in its disccetion it may dcem n for the P~P~ Praervation thereaf, and the full amount of such pa,vments shall~sec~u~ed by tlie lien of this mcxtgage and sh~a at ihe option of the Associatioti be immediately due and payable, or payabk in such montlily icu~llments as the Associa- tion may determine, and every svch payment shall bear interest from date at the:ate stated in the note seciu~ed hereby. 18. That if the Association and the rtortgagors agree, the Modgagors will carry a policy or policies of ms~~mnce upcm their lives in an a~eunt equal from time to time to the amoant of indebtedness hereby secured, making said Association benefi- ! ciary thereunder, and that ihe said Association maypa y the premiwns for such insurance (in the event the Mortgagors do not), ~ and add e~ach such payment to the unpa~d balance of the loaq as of the first day of the then civrent month, and it shaD become ~ additional indebtedness secured by this mortgage payable upon demand. E 17. That in the event that this mortgage be given to secure a consdvction loaq fa~7ure on the pazt of the 1liortgagors or ~ their contractors to complete said building in aoca~danoe with Conshvctiai Loan Agreement, of even date henewith, or to build said constr~ction in aocordance with plans and specifications filed with the Association, shall oonstitute a breach of this mortgage, and, at the optian of the Associatioq immediately matu:e the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immediately institute proc~ings to foreclose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortgaged property shall at all times, during tl~e life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in eztinguishment of the indebtedness secured hereby, all right, Nde, and inter~ct of the Mortgagois in ~ and to any such abstracts of tide shall pass to the gurchaser or grantee. 19. T6e Association shall have the right, in its discretion, to require that the Mortgagors pay into the Assoc~ation in addi- tion to the monthly installments of principal and 'aiterest to be paid by the Mortgagors under the note secu~d by this m~tgage, an amount equal•to one-twelfth of the annual installments of any taxes on tbe awdgaged premises levied or asses.sed by any govemmental authority, and one-twelkh of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ l~remices as hereinbeEore required by the Association, and the Mortgagors' failure to make such payments shall coiutitute a default ~ under this mortgage. g IN WITNFSS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ - ~ Signed, sealed and delivet~d in the presen~e of: • • . ~ - - - - (SEAL) ~ - - - - - - - - e Michaud ~ ~ - - - - - - - - - ~ - _ (SEAI..) Je E.1VI~chaud _ . _ - - - - - _ (SEAI..) = - - - - - - - - - ~SEAL) - - - - (YVITHESSES) - - _ (MORTGAGORS) So~~ ~2975 _ _ - - - ~ ~ _