HomeMy WebLinkAbout1360 8. UnW default in the performance of the cove~ants and agrcements of this mortgage, the mortgagors shall be entitled
to collect the rents, issues and profits from the premises hereinbefore described, but in case of A default in any of the ternu of
this mortgage~ and the filing oE a bill to foreclose this or ai~y other mortgage encumbering the ~vithin described property, tt~e
Association shall immecliatelv And without notice be entided to the appointment of a Receiver of the mortgagedpro
perty, and
of the rents, issues and profits thereof. with the usual power oE Receivers in such cases, and such Receiver may be continued
~n pos~essio~ of the said property until the time af the sale thereoE under such foreclosure, and until the confirmation oi such
.ale b~• the Court.
~ 9. If a conveyance should be made by the mortgagors of the premiscs herein described, or any part thereof, without
the ~~zitten consent of the Association, and H~thout assumption i~ regular form of lu~v by the grantee of the obligations to the
~ssociation created bv said promissory note and this mortgage, then, and in that event, and at the option of the Associ:?tio~i.
:uid ~~~thout notiee, all sums of money see~~rrd hereby shaU immediately und coneurrentlv with sueh rnnveyanee bec~>me due ancl
~~ayable and in default, The Association may deal with successors in interest ~vith reference to this mortgage and the debt hereb~~
secured in the same manner as with ihe mortgagors~ and may forbear to si~e or may extend time for payment of the debt, secured
hereby, or otherwise act without dischacguig or in any way affccting the leability of the mortgagurs hereunder or upon the debt
hereby secured. The Association may aLso deal with the Moztgagors and/ar with successon in interest ~sith reference to this
mortgage and the debt herebv secured by forbearing to sue, extending the time for payment of the debt, providing for different
monthly payments and/or a clifferent interest rate, and by other express moclifications of the rnntract, ~~•iihout losing any priorih-
the Association has over other moregagees or lienors or holders of any junior interesis in the property secured hereby.
l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned and taken for public use
i~nder the po~ver of eminent domau~, ihe Aswciation shall have the right to demand that all damages awarded for the ta{dng of or
damages to said premises shall be paid to the Association, its suceescon or assi~ns, up to the amount unpaid on ihis mortgage and
ma~• be applied upon the payment or Irayments last pay~able thereo~.
I1. It is specifically agreecl 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 instnunent secured hereby.
12. lE foreclosure proceeclings of any second mortgage or second trust deed or any junior lien of any kind should be insti-
tuted, the Association may at iis option, immediately or thereaker declare this modgage and the indebtedness secured hereby due
and pa~•able.
13. To the exient of the indebtedness of the ~lortgagors to the Associ~tion described herc in or secured hereby, the Asso-
ci:~tion is hereby subrogated to the lien or liens and to the rights of the ow~nen and holders thereof of each and every mortgage,
licn or other ericumbrance on the land described herein which-is paid and(or) satisfied, in ~~~hole or in part, out of the proceeds
~~f the loan described herein or secured hereb~, and the respectivc liens of said mortgages, liens or other encumbrances, shallpa ss
t~, and be held by the Assoc;ation herein as security for the indebteclness to the Ass~ciation herein describe~ci or hemby secared, to
thc wme ex!ent that it ~vouW have been preserved and ~vould have been passed to and been held by the Association had it been
~liil~• and regularh~ assig~ed, transferred, set over and delivered unto the Associatian 6y separate dced of assignment, nohvithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~rties hereto that the same will
l~e sa5sfied and cancelled of recotd by the holders thereof at or about the time of the recording of this mortgage.
14. To pay a1) and sin~ilar the costs, charges, and expenses including lawyer's fees, reasonably incurreti or paid at an~•
time bv the Association, txc:mse of the failure of the ~tort~agors to perform, comply with and abide by each and every stipula-
ticros, agreements, conditions and rnvenants oE said pmmissory note and this deed, or either, and every such pavment shall bear
interest from date at the rate statecl in ihe note secured herebi•.
15. 1'hat he ~vill permit, commit, or suffer no ~vaste, impairment, or deterioration of said pmpert~~ or an~• part thereof;
:?nd in the e~•ent of the failure of the \tortgagors to keep the buildings on s.1id premises and those to be erected on said premises,
~~r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem
necessary for the pro~r preservation thereof, and the fuU amount of such pa}•ments shall be secured by the lien of this mortgage
:ind shall at the option of ihe Association be immediately due and payable, or payable in such monthly installments as the Associa-
ti~n may determine, and every such payment shall bear interest from date at the rate stated in the note secured herebv.
16. That if the Association and the ~tortgagors agree, the 1ltortgagors will carry a policy or policies of insurance upon
their lives in an arrieunt equat from time to time to the amount of indebtedness hereby secured, making said Association benefi-
.~ian• ihere~nder, and that the said Association may pay the pmmiums for such insurance (in the ever.t the ~tort~agors do not),
and~ add each such p1~Tr?ent to the unpaid balance of the loan, as of ths first day of the then current month, and it shall becomc
additional indebteciness secured by thu mortgage payable upon demand.
1±. That.in !he event that this mortgage be given to secure a construction loan, failure on ihe part of ihe ~iortgagors or
their contr.ictors to complete said building in accorclanre Kith Construction Loan Agreement, of evzn date here~vith, or to build
said construction in accordance ~~~th plans and specifications iiled ~~•ith the Association, shall constitute a breach of this mortgage,
:~nd, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso-
ciation may immeciiately institute proeeedings to foreclose this mor±gage. ~
:3. That the aUstract or abstracts of title rovering the mortga;eci property shall at all times, during the life of this mort-
' <<age, remain in the possession of the Association and in the event oE the fnreclosure of this mortgage or other transfer of title to
the mortgaged property in extinguishment of the indebtedness secureci 1-~ereb~~, all ri~ht, tide, and interest of the ~tortgagors in
:ind to any such absiracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to mquire that the \iortg.~gon ~y into the Association in addi-
tion to tl~e monthly installments of principal and interest to be paid b~~ the ~tortgagors under the note secured b~ this mortgage,
:~n amount c~ual to one-h~•elfth of the annual installments of any tases on the mortgaged premises leviecl or assessed by anv
, ~o~~emmental authoritv, and one-h~•elfth of the .innual premiums for Fire and Extended Coverage insurance on the mortgagec~
~~remises as iiereinbe~ore required h~• the Assuciation, an~ the \lortga~ors' fail~~re to make such pa~~nents shall cnnstitate a defaiilt
undcr tiiis rnortfiage.
I\ ~t'IT\ESS ~CHEREnF, ihe said ~iortganors hereunto set their hands :md seals the day and ~~ear first above written.
Sign,~d, sealed and dcli~•emd in the presence of:
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~ ` ~ ~ ~ 1 ! 7l~ /~~L'~1
' G~~~ Cl ' C~riL~~~J SEAL
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~ l./~'~,~ ' CG;uie..~C.ZaC/ ~Gs.a.(r~i-
,~.~G ' . ( sEAI., )
Matina K. Zambetis
( SEAL )
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~ iM~ITNESSES) U R ` (MORTGAGORS)
800K Fal;~~vVIJ
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