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HomeMy WebLinkAbout2659 8. Until default in the performance of the covenants and agreements oE this morigage, the mortgagors shall be entitled to coL'est the rents~ issues and profits from the premises hereinbefore described, but in case of u default in any of the terma of this mortgage. and the filing of a bill ta foreclose this or any other mortgage encumbering the within described property, the .~luociation shaA immediatelv nnd wztl?out notice be entided to the appointment of a Receiver of the mortgaged pnperty, and of the rents, issues and pro~its thereof, with the ucual power of RecPivers in such cases, and such Receiver may be continued in ~ession of ihe said propert~• until the time of the sale thereof under such foreclosure, ancl until the confirmatio~ of such ,ale bv thc Court. ~ 9. lf a conveyance should be made by the modgagors of the premises herein des~ribed, or uny part thereof, withoui thr ~vritten consent of the Assuciation, and Htithout assumption in negular form of la~v by ihe grantee of the obligations to the • ~~u~ciatio~ created by said promissory note and this mortgage, then, and in that event, and at the option of ihe Association, :~ud ~+~thout notice, all sums of money sec~ireci hereby shall immediately and concurrendy with such rnn~•eyance 6ecome due and j~yable and in default. The Association may deal with suctessors in interest with reference to this mortgage and the debt herebv secured in the same munnrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securec~ hereby, or othenvise act without discharging or in any w~y nEfecting the liability of ihe mortgagurs hereunder or upon the debt hereby secured. The Association may also de:il with the Modgagors and/or with successors in interest with reference to this mortgage and tho debt herebv secured by forbearing to sue, exiending fhe time for payment of the debt, pmviding for different ~nonthly payments and/or a ciiffere~t interest rate, and by other express modifications of the contr.ut, w•ithout losing any prioritr the Association has over other morlgagees or lienors or holders of any jw~ior interests in the property securecl hereby. l0. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use undcr the power of emincni domait~, ihe Assc,ciation chall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on thu mortgage and mav bc 1pplied upon the payment or payments last payable thereon. 21. It is sp~ecifically agreed that time is the essence of this cantract and that no wziver of aiiv obligation hereunder or of che obligation secureci hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceeclings of any second mortgage or second tn~st deed or any jar?ior lien of any kind should be insti- h~ted, the Association may at its option, immeciiately or thereafter declare ihis mortgage and the indebtedness secured hereby due znd pa~•able. 13. To the exteut of the indebtedness of the ~sortgagors to the Association desczibed her~ in or secured l~ereby, the Asso- riatiun is hereb~• sabmgated to the lien or liens and to ihe rights of the owners and holders thereof of each and every modgage, lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, irt ~~•hole or in part, out of the pmceeds nE the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shall e t~~ and be held by the Association herein :u security for the indebtedness to the Auxiation herein described or hereby sec , to tt~e same ex!ent that it ~vould have been preserved and ~vould have been passed to and been held by the Association had it tieeri cluly and regularly assigned, transferred, set over and detivered unto thc Associatian by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p:uties hereto that the same ~vi11 l~e sa5sfied and cancelled of record by the holden thereof at or about the time of the recording of this mortgage. 14. To pay all and singular ihe costs, charges, and ezpenses including lawyer s fees, reasonably incurred or paid at anv time by the Association, i~eca?~se of the failure of the Atortgagors to perfonn, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory notc and this deec), or eithcr, and every such payment shall be~ar interest from date at ihe rate stated in thc note secured hereb~•. I5. Th.d he ~vill permit, commit, or suffer no waste, impairrr?ent, or deterioration of c~iid propert~~ or any p:?rt thereof; :ind in the ~vent of the fsilure of the ~tortgagors to keep the buildin~s on said premises and those to be erected on said premises, ~~r iinpro~•ements thereon in good repair, the Association may make ant! ~y for such repairs as in its disrretion 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 :~nd shall at the option of the Association be immediately due and pa,yabfe, or payable in such monthly installments as the Associa- tion may determine, and e~~ery such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That iE the Association and the ~tortgagors agree, the !itortgagors ~vill carty a poliey or policies of insurance upon their lives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- cian~ lherennder, and that the said Association may pay the premiums for such insurance (in the event the Tfortgagors do not), ;~nd add each such pa~nnent to the unpaid balance of the loan, as of th~ first day of the then ci~rrent month, and it shall become additional indebteclness secured by this mortgage payabte upon demand. 17. That in the evcnt that this mortgage be giren to secure a construction loan, failute on the part of the ~lortga~ors or their contrictors to complete said building in accordance with Construction Loan Agreement, of even date here~~~th, or to build caid construction in accordance ~vith plans and specifieations filed ~~~ith the Association, shall constitute a breach of this mortgage, ;tnd, at the option of thc Association, immediately mature the entire amount of prineipal and interest hercby secured and the Asso- c•iation may immecliateh~ institute proceedings to foreclose ihu mor!~age. 13. That the abstraM ~r absiracts of title covering ihe mortga~eci property shall at all times, during the life of this mori- ~,age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transEer of title to the mortgaged properiy in extinguishment of ihe indebtedness secured hereby, all right, title, and inierest of the Mortgagors in .~nd to any such abstracts of tide shall pass to the purchaser or grzntee. 19. The Association shatl have the right, in its discretion, to require that the 114ortgagon pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors tmder the note secured by this mortgage, an amount equal to one-hvelfth of the snnual installments of any taxes on the mortgaged premises levied or assessed by am~ :;overnmenta?I authority, and one-hrelfth of the annual premiums for Fire and Extended Coverage inst~rance on the mortgagecl ~~remises as hereinbefore required b~• the Asscxiation, and ihe \tortgaaors' failure to make such pa~~rnents shall constitute a default undcr this tnorigaae. I\ WITNESS \t'~IEREnF, the said ~loriganors hereunto set their hands and seals the day and year first above ~~~ritten. i Si d, sealed and dcli~•er in prescnce of: . ~ . - - ~ - (SEAL) Salvatore V. Lentine • - _ _ _ _ (SEAL) ' _ (SEAL) i ~ ~ _ _ _ . _ _ (SFAL) (W ITNESSE 5) (MORiGAGORS) i ! i ~OCK~~ PACf~,V~ 1 ; i ! . 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