HomeMy WebLinkAbout0077 10. The mortgagor binds itself not to erect or permit to be
erected any new buildings on the premises herein mortgaged or to add
or to permit to be added to any of the existing improvements thereon
or to demolish, alter or destroy any material part of the improvemen~,
without the written consent of the Association and in the event of
any violation or attempt to violate this stipulation this mortgage
and all sums secured hereby shall immediately become due and collect-
ible at the option of the Association.
11, It is specifically agreed that time is the ~ssence of this
contract and that no waiver of any obligation hereunder or of the obli-
gation secured hereby shall at any time thereatter be held to be a
waiver of the terms hereof or of the instrument secured hereby.
12. If foreclosure proceedings of any second mortgage or ~
second trust deed or any junior lien of any kind should be instituted,
the Association may at its option immediately or thereafter declare
this mortgage and the indebtedness secured hereby due and payable,
13. To the extent of tne indebtedness of the mortgagor to the
Association described herein or secured hereby the Association is
hereby subrogated to the lien or liens and to the rights of the owners
and holders thereof of each and every mortgage, lien or other encum-
brance on the land described herein which is paid and/or satisfied, in
whole or in part, out of the proceeds of the loan described herein or
secured hereby, and the respective liens of said mortgages, liens or
other encumbrances shall be and the same and each af them hereby is
preserved and shall pass to and be held by the Association herein as
security for the indebtedness to the Association herein described or
hereby secured, to the same extent that it would have been preserved
and would have been passed to and been held by the Association had it
been duly and regularly assigned, transferred, set over and delive~ed
unto the Association by separate deed or assignment, notwithstanding
that the same may be satisfied and cancelled of record, it being the`,
intention of the parties hereto that the same will be satisfied and
cancelled of record by the holders thereof at or about the time of .
the recording of this mortgage. ~
14. To pay all and singular the costs, charges and expenses,
including lawyer's fees, incurred or paid at any time by the Associa-
tion because of the failure of the mortgagor to perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of said promissory note an,d this deed, or either, and
every such payment shall bear interest ~rom date at the rate of
nine per cent (9$) per annum.
15. ~he mortgagor further covenants that the buil~ings to be
constructed and equipped with money to be advanced on this mortgage
shall be constructed in accordance with plans and specif ications
submitted to the Association, and that should said buildings not be
constructed in accordance with said plans and sgecifications, then
and in that event, the mortgagee may, at its option, declare a12 su~s
; secured hereby immediately due and payble.
i
I6, Upon the occurrence of the filing of an arrangement or
proceeding in bankruptcy by or against mortgagor, initiation of
insolvency proceedings by or against mortgagor, or assignment by
mortgagor for benefit of mortgagor's creditors, all of the sums
secured by this mortgage shall be immediately due and payable at
the option of mortgagee, without notice or demand.
17. To pay to mortgagee with each monthZy payment an addi-
tional sum estimated by mortgagee to be equal to Z/12 of the annual
cost of the following:
a. All real property taxes levied or assessed against
the above described real estate. -
-4-
°~QK 2U7 ~~~F 77
~ ~ _ .
, ~ ,„~Y,~ ~Y~ I~ ':~~~~HV
: . ~