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Home My WebLink About2249 S i 8. UnW default in the performanoe of the covet~ttnts and ag~ec~nenls of this mortgage, the mortgagon shall be entitled to collect the rents~ issuGt and profits fro~n the premises hercinbefore descri6ed, but in case of a default in any of the ternw of this uiortgage, and the filing of a bill to fat+eclose this or any otber mortgage eac~unbering the within described pTOperty, the ,~ssociation shall immediately and without notice be entided to the appointment of a Receiver of the mortgagedproperty. and of the rents, issues and profib thereof, with the usual power of Receivers in such c~ses, snd such Receiver may be oontinued in pos~ession of the said pmperty unW ihe time oE the sak thereof under such foreclosure, and until the rnnfirmation of such >nle by the Court. 9. lf a conveyance should be made by tLe mortgagats of the premises herein described, or unypart thereof. without ?hc written conse~t of the Association. and without assumption in regular form of law by the grantee of tFie oblSgations !o the ~,cociation creuted by said promitsory note and this m~rtgage~ then, and in that event, and at the option of the Association, :~nd .vithout notice, all sums of money sec~vred hereby shaU immediately und concurrently with such cc?nveyance become due and payable and in defadt. The Association may deal with successors in interest with reference to this mortgage and the debt hereby secured in the same manner as with the mortgagors. and may forbear to sife or may extend time for payment of the debt, secureci hereby. ~ otherwise aM without dischargmg or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Associatioa may alco d~?1 with tbe Mortgagon aad/or with successors in interest with reference to this mortgage and the debt hereby ~secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a diEferent interest rate, and hy other espress moclifications of the contrnct, without losing any ~uiorit~• the Association has over other morigxgees or lieriors 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 forpu blic use under ihe power of etninent domau~, ihe As.suciatioa st~aU have the right to demand that all damages awarded for the taldng of or damages to said premises shall be paid to the Association, its svccessors or assigns, up to the amount unpaid an this mortgage and mav be applied upon the payment or payments last payable thereon, 11. It is specifitt~lllly agreed that time is the essence of this contraM and that no waiver of any obligution hereunder or of the obligation secure~l hereby shall at any time tbereaher be held to be a waiver of the teans or of the insisument secured hereby. 12. lf foreclosure procc~sclings of any second modgage or second trust deed or any junior lien of any ldnd should be insti- tuted, ihe Association may at its option, immediately or thereafter declare tbis mortgage and the iadebtedness secured hereby due and payabk. 13. To the eatent of the indebtcdness oE the Mortgagors to the Aswciation described herein or secured hereby, ihe Asso- ciation is hereby submgated to the lien or liens and to the rights of the ownen and holders ihereoE of each and every moitgage. lien or other encumbrance on the land described herein which ic Paid and(or) satisfied, in whole or in part, out of thep ~~f the loan described herein or sec~rec~ hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sh~ t~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby ~e~~re~to the same e~c!ent that it would have been pre9ervec~ and ~~ould have beea pacseci to and been held by the Association had it been duly and regularly assigned, transferred, set ove~r and delivered unto the Association by separate deed of assignment, notwithstand- ing the faet that the same may be satisfied and cancelled of record, it being the intention of the p,uties hereto that the same will be sa5sfied and cancelled of record by the holders t~reof at or about the time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and ezpenses including lawyer s fees, reasonabl incucred or paid at any time by the Association, because of the failure of the l~iortgagors to perform, comply with and abide ~y each and every stipula- t ions, 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 secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of caid procerty or any part thereof; :md in the event of the failwe of the Mortgagors to keep the buildings on said premises and ihose to be e~rected on ~id premises, ur ;mpro~ements ihereon in good repair, the Association may make and pay for such repaus as in its disc~^etion it r~iay deem necessary for the proper preservation thereof, and the full amount of such payments shsll be setured by the lien of ihis mortgage ;ind shall at the option of the Association be immediately due and payable, or payable in such monihly installments as the A.ssocia- tion may determine, and every svch payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the Atortgagors agree, the Mortgagors will cazry a policy or policies of insurance upon i their lives in an arrTeunt equal from time to time to the amount of indebtedness hereby secureci, maldng said Association benefi- ~ ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the 1?iortgagors do not), ~ and add each such pa~anent to the unpa~d balance of the loan, as of the first day of the then ciurent month, and it shall become ; .~dditional indebtedness serured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a constniction loan, failure on tbe part of the 1liortgagors or ~ ~ their rnntraMors to complete said building in accordance with Construction Loan Agreement, of even date hezewith, or to build ~ said construction in accordance with plans and specifications filed with the Association, shsll constitute a breach of this mortgage, snd, at the option of thc Associatioq immediately mature the entire amonnt of principal and interest hereby sec~u~ed and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortgaged property shall at all times, dwing the life ~f this mort- ~age, remain in the possession of ihe Association and in the event of the foreclosure of t}us mortgage or other transfer of tide to the mortgaged pmperty in eatinguishment of the indebtedn~ss secured hereby, all right, tide, and inteccst of the Mortgagors in and to any such abstracts of tide shall pass M the pumhaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- tion to the moathly installments of principal and interest to be paid by the Mortgagors under the note secured by this mortgage, .,n amount equal~to one-hvelfth of the ~nnual installments of any taxes on the mortgaged premises levied or assessed by any ~~vemmental authority, and one-twelfth of ~ the annual premiums for Fire and Extended Coverrge insurance on the mortgaged nremises as hereinbefore required by the Association, and the Mortgagors' failive to make such payments shall constitute a default under this mortgaoe. ~ Il~ WITNESS WHEREOF, the said Morigagors hereunto set their hands and seals the day and year first above written. ~ Si ed, seal an delivered in the resence of: S~ P f ' ~~C%~C- ~ ~ . ~ - --~SEAL) z; - ~ - _ - - - _ - - ' ~ Carl D. ano ~ ~ - - - - - _ _ - - -Dn~ix'~j'- - (SEAI..) ~ Jo Ann Romano ~ - - - _ - - - - (SEAI..) - - - _ - - - ~ - - - - - - - - - - . (SEAL) ~ (WITNESSE~ (MORTGAGORS) ~ ~ OR ~ ~ aoo~203 ~2249 i - - e~ ~ ~ _ ~ -~w_ ~ z;~