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Home My WebLink About2386 8. Unti) default in the performance of the covenants and agrecments of this mortgage, the mortgagors shall be entided to collect the rents, issues and pcofits from the premises hereinbefora descrilx~d. but in case of a default in any of the tenna of • this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within d~scribed praperty, the ~ ~ssociation shall immediately and without notice be entided to the appointment of a Receiver of the mottgagedpropetty, and ; of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver. may be continued in possession of the said property until the time of the sule thereof under such foreclosure, a~d until the eonfirmation of such ( ~ale by the Court. ! 9. lf a conveyance should bc made by tbe mortgagors of the premises herein described, or a~y part thereof, without the written consent of the Association, And without assumption in regular form of law by the grantee of tha obligations to the A.soci:~tion created by said promissory note and this mortgage, then, and in that event, and at ihe option of the Association. : inci ~~~thout notice, alt sums of money secnred hereby shaU immediately und concurrently with such rnnveyance 6eeome due and payable and in default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv securcrl in the same manner as with ihe mortgagors, and may forbear to s~~e or may extend time for payment of the debt, secureii hereby, or otherwise act without discharg~ng or in any w1y affecting the liab~ity of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest wzth reference to this ~nortgage and tha debt herebv secured by forbearing to sue, extending the time for paymeat of the debt, providing for different ~nonthly payments and/or a different interest rate, and by other express modifications of the contract, without losing any priorit~• the Association has over other mortgagees or lienors or holders of any junior interestt in the property secured hereby. 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the po~ver of eminent domau~, ihe As.wciation shall have the right to demand that aD damages awarded for the taking of or clamages to said premises shall be paid to the Association, its successon or assigns, up to the amount unpaid on ihic mortgage and mav be applied upon the pay~nnent or payments last payable ihereon. ~ 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 proceeciings of any second modgage or second trust deed or any junior lien of r.ny ldnd should be insti- !uted, the Association may at its option~ immediately or thereafter declare this mortgage and the indebtedness secured hereby due"`' and pa~•able. 13. To the extent of the indebtedness of the btortgagors to ihe Association described her~ in or sec~~reci liereby, the Asso- ci:ition 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 eiicumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of thep ~~f the loan described herein or securecl hereby, and the resjx~ctivc liens of said mortgages, liens or other encumbrances, sl~~pass m:?nd be held by the Association herein as security for ihe indebtedness to the Assxiation herein described or hereby secured, to thc same ex!ent that it ~vould have been preserved and ~~~ould have been passed to and been held by the Associatic?n had it been ciulv and regularly assigned, transferred, set over and delivered unto the Associati~n by separate deed of assignment, nohvithstand- in~ the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will }>e sa~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, }x~ra~~se of the failure of the ;1lortgagors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this ~ieed, or either, and every such pa,yment shall bear interest fmm date at the rate stated in the note secured herebv. 15. That he will permit, commit, or suffer no waste, impairment, or cleterioration of said property or an}' part thereof; and in ihe e~ent of the failure of the riortgagors to keep the buildings on said 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 discrc~tion it may deem - riecessary for the proper preservation thereof, and the full amount of such payments shall be secared by the lien of ihis mortgage :~nd shall at the option of the Association be immediately due and payable~ or payable in such monthly installments as the As~ocia- ' tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby, ~ 16. That if ihe Association and the \fortgagors agree, the 1lfortgagors will carry a policy or policies of insur.urce upon ~ ~ their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, mai:ing said Association benefi- c~ian~ thereunder, and that the said Association may pay the premiums for such insurance (in the event the 1ltortgagors do not), ~ :,ncl add each such p~~~rnent to the unpaid balance of the loan, as of the first day of the then civrent month, and it shall become ; additional indebtedness secured by th'~.s mortgage payable upon demancl. 17. That in the event that this morig~ge be given to secure a construction loan, failure on the part of the Atortgagors or ~ their contiactors to complete said building in accordance with Construction I.oan Agreement, of even date hereK~ith, or to build said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute~a breach of ihis mortgage, ~ .~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- c~iation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract ur abstracts of title covering the mortga~eci property shal) at all times, during the life of this mort- ~,a~e, 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 proPerty in extinguishment of ihe indebtedness secured hereby, all ri~ht, tide, and interest of the 11Tortgagois in ? ,ind to any such abstracts of title shall pass to 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- ' t ion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ~ an amount equal~to one-hvelfth of the annual installme~ts of any taxes on the mortgaged premises levied or assessed by any ~ ~u~~ernmental authority, and one-twelfth of the annual premiums for Fire and E~tended Coverage insurance on the mortgageci ; }~remises as hereinbefore reqiured b~- the Association, and the 111ortgagors' failure to make such pa~~nents shall constitute a default t:ndcr this mort~aoe. ~ I1~T WITNESS ~VHEREOF, the said ~tortgagors hereunto set their hlnds and seals the day and vear first above written. ; SignQd, sealed and delivered in the presence of: ~ ~ ~ ~ ~ / ` . ~ ~ _ C~ r ~J ' EA ) : _ ~ - • - _ _ L ~ ~ . ~ E e E rgmax~ _ : C- / . . ~ ~ ~t/ _ . ~ E ~ . ~ - - _ - - - - - - - S AL : . Lois Bergman ~ ~ ~ - (SEAI.) , - - - - - _ _ _ - - - - - - ) ` ~ (WITNESSES) cµoarc~~oas~ ( SEAL i ' GUUK ~ V ~ . ~ ~ a , Y.~ : :