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HomeMy WebLinkAbout0099 8. UnW default in the performance of the covenants and agrecments of this mortgage, the mortgagors shall be entitled to collect the rents~ issues andprofits from the prem~ses hereu?before described, but in case of a default in any of the teima of this modgage~ and the filing of a biU to foreclose this or any other mortgage encumbering the within described property. the :lssociation shall immediately And without notice be entided to the appointment of u Aeceiver of the mortgaged pr~pecty, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, ar~d such Receiver may be continued in possession of the raid propeity until the time of the sale thereof under such foreclosure. and until the confirmation of such ,ale by the Court. - 9. lE a rnnve ce should be made by the mortgagors of the premises herein described, or any ~art thereof, without the ~vritten consent o the Association, and ~~thout assumption in regular form of law by the grantee of tTi~ obligations to the ~,wciation created by said promissory note and this mortgage, then, and in that event, and at the option af tl~e Associ:+tion. ;u~d ~vithout notice. all sums oE mcmey secared hereby shall immediately and concurrendy with such ccx?veyance become due nnd payable and in default, The Association may deal with successors in interest ~vith reference to thu mortgage and the debt herebv secured in ihe same manner as with ihe mortgagors, and may forbear to sue or may extend time for ~yment of the debt, secureci hereby, or otherwise act without discharging or in any w~y affecting the liability of the modgagurs hereunder or upon the debt hereby secured. The As.wriation may also deal with the Mortgagors und/or with successors in interest with reference to this inortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, pmviding for diEferent monthly ~rayments and/or a different interest rate, and by other express moclifications of the contract, without bsing Any priorit~• the Association has over other modgagees or lienors ot holders of any jwuor interests in ihe property secured hereby, 10. Th.1t in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned and taken fot public use i~nder the po~ver of eminent domain~ the Assuciation shall have the rigtit to demand that all damages awarded for the taking of or damages to said premises shaA be paid to the Association, its successors or assigns, up to the amount unpaid on thu mortgage and mav be ap~lied upon the paylnent or payments last payable thereon, 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure pinceedings of any second modgage or second tn~st deed or any junior lien of any ]dnd should be insti- tuted, ihe Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secwed hereby due and pa~~able. 13. To the extent of the indebtedness of the Mortgagors to the Associltion de.ccribed herc in or secured hen~by, the Asso- ciation is hereb}' subrogated to the lien or liens and to the rightc of the owners and holders thereof of each and every mortgage, licn or other er~cumbrance on the land described herein which is paid and(or) satisfied, in H•hole or in part, out of the proceeds ~~f the loan described herein or secured hereby, and the respectivc liens of said modgages. liens or other encumbrances, shallpa to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~ecured, o thc same ex!ent ihat it ~vould have been preserved and would have been passed to and been held by the Association had it beeti duly and reg~larly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithttand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa~sfied and cancelled of record by the holders the~eeof at or about the time of the recording of this mortgage. 14. To pay all and sino lar the costs, charges, and expenses including lawyer s fees, reasonably incurred or paid at any time by the Association, beca~ue of ihe fai~ure of the 1lfortgagors to perfonn, comply with and abide b_y each and every stipula- tions, agreements, conditions and rnvenants of said promissory notc and this deed, or either, and every such payment shall bear interest from date at the rate statecl in the note sec~red hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ancl in the event of the failure of the MortRagors to keep the buildings on said premises and ihose to be erected on said premises, ~~r improrements thereon in good repair, the Association may make and pay for such iepairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage and shall at the option of ihe Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby, 16. Tl~at if the Association and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ' thcir lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association beneEi- ~ ~•iarv thereunder, and that the said Association may pay the pmmiums for such insurance (in the event the ~fortgagors do not), ; :~nd add each such ~~Tnent to the.unpaid balance of the loan, as of the first day of the then ciurent month, and it shall becomc f _ additional indebteciness seeureci by this mortgage payable npon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the \tortgagors or ~ their contr.utors to complete said building in accordance with Consiruction Lo.~n Agreement, of even date here~vith, or to build ~.zid construction in accordance ~vith plans and specifieations filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amount oF principal and interest hereby secured and the Asso- c~iation may immeciiately institute proceedings to foreclose this mortgage. ~ 18. That the abstract ur abstracts of title covering the mortgageci properiy shall at all times, during the ]ife 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 prope~ty in extinguishment of the indebtedness secured hereby, all ri~ht, title, and interest of the 111ortga~ors in :~nd 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 r4ortgagors p:iy into ihe Association in addi- t ion to the monthly installments of principal and interest to be paid by the !1lorigagors under the note secured by this mortgage, an amount equal ~ io one-twelfth of the annual installments of any tases on the mortgaged premises levied or assessed by am• ~lo~~ernmental authority, and one-hvelfth of the annual premiums for Fire and Ectended Coverage ins~rance on the mortgageci , ~~mrnuc•s ~s he?rinbe[ore reqiured bv the Association, and the,l~lortgaaors' failare to make such pa~~nents shall constitute a default under this mortga~e. . Ie~ ~~'ITNESS \1'~iEREOF, the said \iortgagors hereunto set their hands and seals the dav and year first above ~vritten. Signed, sealed and delieered in the presence of: ~ ~ ~ 1 ' ~ ~ _ C .au ~~1Lt?J SEAL1 ~ ~ ( ~ ~ , M' hael F. B rnoski ~ ~ ~ ~ L'~l 1/i~l. C - ~V ~l.'Vl'1~ ( SEAL ) ~ Ann C. Barnoski (SEAL) _ _ _ _ (SEAL) ~ _ - - _ _ _ (W ITNESSES) i~MORTGAGORS) UR~ - BO~K ~O5 PACE 99 ~ ~-..:w~ - - ~ ~ ~ .