The URL can be used to link to this page

Home My WebLink About1434 a 8. Until default in the performance of the covenants und agn~.~rnenls of this mortgage, the mortgagors shall be entided t~~ collect the rents, issues and profits fram the premises hereinbefore describeci, but in case of a default in any oE the term~ of this mortgage, and the filing of a bil) to foreclose this or any other martgage encumbering the ~vithin described property, the .~ssociation shall immediatelv and without notice be entitled to the appointment of a Receiver of the mortgaged propert}', and of the rents, issues and profits thereof, with the iuual po~ver of Receivers in such cases, ar?d such Receiver may be continued ~n po~ession of the said propert~• until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale bv the Court. ` 9. If a conveyance should be made by the mortgagors of the premis~~s herein described, or any part thereoE, without ~ th~• written cmuent of the Association, and ~~ithout assumption in re~ilar form of law by the grantce of the obligations to the ~.u~ciation created bv said promissory note and this mortgage, then, and in that event, and :~t the option of thr As.u~ciatiun, .~n~l ~vithaut notice, all sums of money secvred hereby shall immediately and concurrently with such ec~nveyance bec~~me clue and - ~~yable and in default, The Association may deal with successors in interest ~vith reference to this mortgage and the debt hereb~• ,ecured in ihe same mannrr as w•ith the mortgagors, and may forUear to sue or may extend time fur ~yment of the debt, secureci }~ereb~•, or oth~n~~ise act H~thout discharging or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest ~vith reference to this ~~?urtgage and the debt hereby secured by forbearing to sue, extencling the time for payment of the debt, providing for diffemnt ~nonthly payments and/or a difEerent interest rate, and by other express moclifications of the contr.~ct, ~~~ithout losing anti~ priorit~~ the rlssociation has over other morigagees or lienors or holclers of any jwiior interests in the property secured hereb~•. 10. That in ihe event the pmmises hcreby mortgaged, or :iny part thereof, shall be condernned and taken for public usc~ uudcr the po~ver of eminent domau~, the Assuciation shall have the right to demand that all damages aw~arded for the taking of or clamages to said pmmises shall be paid to the Association, its successors or assig~es, up to the amount unpaid on this mortgage and mav be applied upon the payment or ~yments last payable thereon. 11. It is specifically agreed that time is the essence of this contraM and that no ~vaiver of any obligation here~inder or of ttie obligation secured heteby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tuteci, the Assoeiation mav at its option, immeciiately or thereafter deelare this mortgage and the u~debteciness scr~u~ed hereby due and pa~~able. 13. To the extent of the indebtedness of the \iortgagors to the Associ~tion described herciu or secureci lienby, the Asso- ci:~tion is hereby subiogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage, lien or other e~~cumbrance on the land described herein which is paid an~l(or) satisfied, in .~•hole or i~? part, out of the pmceeds ~~f the loan described herein or secureci hereby, and the respecti~~c liens of said mortgages, liens or other encumbrances, shallp~ss r~~ :+nd he held by the Association herein as securitv for the indebtedness to the Assxiation herein described or hemby secured, to thc~ same ex!ent that it would ha~~e been preserved and ~~~ould have been passed to and beeu held by the Association had it been ~ cluly and regularh• assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ~ inG the fact that the same mav be satisfied and cancelled of record, it being the intention of the parties hereto that the same will ~ l~e sa:isfied and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage. -i 14. To pay all and singular the costs, charges, and e!cpenses including lav~yer's fees, reasonablv incurred or paid at a~iv time bv the Association, because of the failure of the ~tort~agors to perfonn, comply ~vith and abide by each and every stipala- t;c,ns, agreements, conditions and rnvenants of said promissory note and this deed, or either, and everv such ~yment shall be~ar - i~~terest fmm date at the rate stated in the note secured hereb~•. 15. That he will permit, commit, or suffer no waste, impairment, or deteriuration of s:~id property or am• part thereof; :~nd in the cvent of the failure oE the Alortgagors to keep the buildin~s on said premises and those to be erected on said premises. ~~r impro~•ements thereon in good repair, the Association may make and pay for sach mpairs as in its discretion it cnay deem k nccessary for the proper preservation thereof, and the full amount of such ~yments shall be urured by the lien of this mortgage ~ 'I :ind shall at ihe option of the Association be immediately due and pa~~able, or payable in such monthly installments as the Associa- ~ ti~n may detcrmine, 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 ~iortgagors agree, the Atortgagors will carrv a policy or policies of insurance upon ~ their lives in an arrieunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ , ia»• thereunder, and that ihe said Association may pay the premiums for such insurance (in the event the ~tortgagors do not), E inci add each such p~~Tnent to the unp~~d balance of the loan, as of ths first day of the then ciumnt manth, and it shall becomc - ~ .z~l~iitional indebteclness seeurecl by this mortgage pa}~able upon demand. ~ ~ 17. ?hat in the event that this mortgage be given to secure a construction 1oan, failure on the part of the \fortga~;ors or ;heir contractors to complete said building in accordance with Construction Loan Agreement, of even date here~~•ith, or to build ~ ~.~icl construction in acrnrdance ~vith plans and specifieations filed ~~~ith the Association, shall constitute a breach of this mort~a~e, ~nd, at the option of thc Association, immediately maiwe the entire amount of principal and interest hercbp secured and the Asso- ~ ~ iation may immeciiately institute proceedings to foreclose this mor:~age. ~ 13. That the abstract ur abstracts of title co~•ering the mortga~ed propcrty shall at all times, during the life of this mort- ~ ,.~~c~, remain in the possessiun of the Association and 'ui the event of tl~e foreclosure of this mortgage or othcr trans(er of tidc to ~ th~• mortga~;ed proPertV in extinguishment oE the indebtedness securecl hcreln~, all ri~ht, tide, and interesi of the ~tortga~ors in ~ +nd to anti~ such abstracts of tide shall pass to the pumhaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the ~tort~agors pay into the Association in addi- tnm to the monthly installments of principal and interest to be paid b~• the ~tortgagors under the note secureci bv this mortgage, ~n ;~mouiit eqtial to one-hvelfth of the annual installments of am~ tascs on the mortgaged premises le~~iecl or asscsscY~ b~• an~~ - ~u~~rrnmental authoritv, and one-hcelfth of the .~nnual premiums !or Fire and Estendeci Covera~e insurance on the mortgagecl ~ t~r~mis~s as hereinbefore rec~uired b~• the AsscK~i:?tion, and the \tort~a~ors' failure to make such pa~Tnents shall amstitute a default ~ ~n~dcr this mortga~e. ~ Iti ~~'IT\ESS ~~'HEREOF, the said ~tortfia~~rs he~r~unto set th~~ir }~nds and seals the da~• anci ~•ear first abo~'e ~~•ritten. r ~ SiQned, sealed and deli~•ered in the presence of: ~ - ~ ~ ~ L/~ a ~ ~ SEAI.1 ~ ~ ~ , .'Fi~ctor M. McDougall~ ~ - ~ _ , _l , , /L ~ ~ ~lt~t. i~. • , (.L i 7.~.,~,c.t.<<' t-W'~I~JALI ~ .~~an A. McDougall , # ~ ~ ` ~ ~ ~sE~.a~.~ YC ~ ~ ( 5~ t~T. ) ,WIiNESSES? ,MORiGAGORS; ~ ~ UR x~ s~,~~ zo3 ~ i434 ~ ~ ~ - ~~.r, = - ; _ _ -