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HomeMy WebLinkAbout1324 8. Until default in the performance of the covenunts and agreeme~ts of thic mortgage, the mortgagors shall be entided to collect the rents, issues and profits from the premises hereinbefora described, but in case of a default in any of the term~ of this mortgage, and the filing of a biU to foreclose this or any other mortgage encumbering the ~vithin descrit~d property, the : :lssociation shall immediately and without notice be entitled to the appointment of a Aeceiver of the mortgaged property, and ; of the rents. issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued ~ in pos,ession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation af sucl~ .ale b~• the Court. 9. If a conveyance should be made by the mortgagors of the premises herein described, or any part thereof, ~vithout the ~vritten ~onsent of the Association, and H~thout assumption in re~ular form of la~v by the grantee of the obligations to the ~.~.ociation created bv said promissory note and this mortgage, then, and in that event, and at the option of the Assuci.itiuu, :?n~l ~~hthaut notice, al) sums of money sec~ired hereby shal) immecliately and concurrently with such rnm~eyance bec~me due and - ~~}'able and in de[ault, The Associati~n may deal with successors in interest ~vith reference to this mortgage and the debt hereb~~ : secured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, securecl i hereb}', or othenvise act without dischargmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt ~ hereby secured. The Association mav also deal with the Mortgagors and/or with successors in interest with reference to ihis ~nartgage and tho debt hereby serured by forbearing to sue, extending the time for payment of the debt, providing fo~ different = monthly payments and/or a different interest rate, and by other express malifications of the contr.ict, withouc losing any priorit~• • the Association has over other morigagees or lienors or holders of any junior interests in the property secured hereb~•. ; 10. That in the event the ~mmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domaui, the As.uiciation shall have the right to demand that all damages awarded for the ta1.-ing of or damages to said pmmises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on thu mortgage and , ma~• be apnlied upon the payment or ~rayments last payable thereon. ' il. It is specifica~y agreed th~t time is the essence of this contract and that no w:?iver of any obligaNon hereunder or of ~ the obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. ~ 1~. If foreclosure proceedings of any second morigage~ or second trust deed or any junior lien of any ]dnd should be insti- tidcd, the Association may at its option, immediately or thereafter declare ihis mortgage and the indebtedness secured hereby due :?nd payable. ~ 13. To the extent of the indebteciness of the »ortgagors to the Association described heaeui or securecl licreby, the Asso- ci:ition is hereby subrogateci to the lien or liens and to the rights of the ow~nen and holders thereof of each and every- modgage, ; licn or other ei~cumbrance on the land described herein which is paid an~l(or) satisfiecl, in ~~~ho1e or in part, out of the proceeds ~~f the loan described herein or ~cumd hereby, and the resPeciivc liens of said mortgages, liens or other encumbrances, shallpa ss t~~ :~nd he held bv the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to thc same extent ihat it ~vould have been preserved and ~~~ould have been passed to and been held by the Association had it been ciul~~ and mgularly ass~gned, transfer~rd, set over and delivered unto the Association by separate deed of assignment, nohvithstami- ing the fact that the same may be satisfied and cancelled of record, it Ueing the intention of ihe p:irties hereto that the same ~vi11 l~e sa5sfied and cancelled of record by ihe holders thereof at or about the time of the recordin~; of this mortgage. 14. To pay all ~nd singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, because of thc failure of the :11ortRagors to perform, comply ~vith and abide bv each and every stipula-+` tions, agreements, conditions and rn~•enants of said promissory notc and this deed, or eithcr, and every such payment shall bear interest fmm date at the rate stated in the note secured hereb~~. 15. That he ~~~ll permit, commit, or suffer no waste, impairmeni, or deterioration ~f said properiy or any part thereof; :~nd in the event of the failure of the ~fortgagors to keep the buildin~s on said premises and those to be erected on said premises, ' ur impro~•ements thereon in good repair, ihe Association may make and pay for such repairs as in its discretion it may deem ' necessary for the proper preservation ihereof, and the full amount of such payments shall be secured by the lien of this mortgage :~nd shall at the option of the Association be immediate]y due and payable, or payable in such monthly installments as the Associa- t irni may determine, and e~•erv such payment shall bear interest from date at the rate statecl in the note secured hereby. ' 16. That if the Association and the \tortgagors agree, the 1ltortgagors will carry a policy or policies of insurance upon 4 j their lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- - ; ~ ian~ ihereunder, and that the said Association may pay the premiums for such insarance (in the event the :1lortgagors do not), ; ~ :~n~1J add each such p~~~rnent to the unPaid balance of the loan, as of th~ first day of the then currrnt month, and it shall lxcomc - ~ :idditional indebtc~ciness seeurecl by this mortgage payable upon demand. ' f 17. That in ihe e~•ent that this mortgage be given to secure a constn~ction loan, failure on ihe part of the ~tortgagors or ~ ~ ttieir contr.utors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in accordance ~~tith plans and specifiptions filed ~~~ith the Association, shall constih~te a breach of this mortgage, :~ncl, ;?t the option of thc Association, immecliately mature the entire amount of principal and interest hercby secured and the Asso- c iation may immediately institute proceedings to foreclose this mortgage. ~ 13. That the abstract, or abstr:uts of title covering the mortgageci property shall at all times, during the life of this mort- ~,,~~e', remain in the possession of the Association and in the event of the foreclosure of this mortgage or other iransfer of title to thc mortgaged property in extinguishment of the indebtedness securecl hereby, all ri~ht, title, and interest of the rtortga~ors in .u~d to any such ahstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Atortgagors pa~~ into ihe Association in addi- ti~~n to the monthly installments of principal ar.d interest to be paid by the ~tortgagors under the note secured bv this mortgage, .~n atnount equal to one-t~velfth of ihe annual installments of anv ta~es on the mortRaged premises levied or assessed by an~~ ~ ~~o~•crnmental authority, and one-h~•elfth of the annual premiums Eor Fire and Extended Coverage insurance on the mortgaged _ ~~rcmises as hereinbefore rcrluired b~• the Association, and the \tortga~ors' failure to make such payments shall constitate a default ~ under this mortgaae. ~ I?~ ~t'IT\ESS ~1'IiEREnF, the saicl ~tortga~ors hereunto sct their hands and seals the dav and vear first above written. ~ ~ tiignrd, sealed and deli~•erecl in the presence of: ~ _ ~ ~ , ~ ~ ~ %L-."~~ ~ / j ' (SEAL) ~ ~ ' Jos(~ h S~heu Jr ~ ~ ~ P ~ G/ ~ ~ l ~ C,~,~ ~f ' ~ ~ SE~.~ ~ . - . _ ~ ~ ArTene 1~II, fic e~ (SEAL) ~ _ _ _ (SEAL) , (W ITNESSES) (MORTGAGORS) bflCKi+v~