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Home My WebLink About2356 8. Until default in the performance of the covenants and agrecments of this mottgage, the mortgagors shall be entided a, coAect the rents. issues and profits from the premisec hereinbefora described, but in case of a default in any of the term~ of this mortgage, and the filing oE a bill to foreclose this or any other mortgage encumbering the within described pmperty, the .~ssociation shaA immecliatelp a~d without notice be entitled to the appointment of a Receiver of the mortgaged pnperty, and uf the rents, issues and profits thereof, with the ucual power of Receivers in such cases, snd such Receiver may be continued ,n poa,essio~ of the said proped~~ until the time of the sale themof under such foreclasure, and until ihe c~onfirmation of such >:~le b~~ the Court. 9. If a conveyance shoulc! be made by the mortgagors of the premises herein descdbed, or any part thereof, without rh~• ~vritten eonsent of the Aswciation, a~d Nithout assumption in rewlar form of lnw by the grantee oi th~ obligatio~u to the ~..~~ciatiua created bv said promissory note and this mortgage, then, and in that event, and at the uption of the As.u,ciatiuu, ,~u~l ~~~thaut notice, all sums of money secnred hereby shall immecliately and co~icurrently with such rnnvevance bc~me due and ~xi~~able and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt liereb~• ,ecured in the same mannrr as w~ith ihe mortgagors, and may forbear to sue or may extend time for ~yment of the debt, securect 1~ercUy, or othenvise act ~~nthout discharg,ing or in any w~ay nffecting the liabitity of the mortgagurs hereander or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successon in interest w7th reference to this ~~u~rtg~gc ancl tho debi hereby secured by forbearing to suc, extending ihe time for payment of the debt, providing for different :nunthly p:tyments and/or a different interest rate, and by other express modifications of the contr,?ct, ~~•ithont losing nny priorih• the Association has over other mortgagees or lienors or holders of any junior interests in ihe propert~• secured hereby. l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use unctcr the po~ti•er of eminent domain, the Assuciatiun shall have the right to demand that all damages awarded for the taking of or clamages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on t6u mortgagc and mav be lpplied upon the payment or pay-ments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of t}~e obligation secured hereby sha11 at any Nme ihereafter be held to be a~vaiver of the terms or of the instrument secured hereby. i2. If foreclosure proc~edings of any second mortgage or second tnLCt deed or any junior lien of :.ny Idnd should be insti- ;utcd, ihe Association may at its option, immediately or thereaker declare this mortgage and the indebtedness sr.cured hereby d~e :ind pa~~able. 13. To the extent of the indebtedness of ihe :Nortga~ors to the Association described hercin or secured l~creby, the Asso- ~~i:~tion is hereby submgated to the lien or lieris and to ihe rights of the o~vners and holders thereof uf each and every mortgage, ]ie~n or other ei~cumbrance on the 1anc1 described herein which is paid and(or) satisfied, in .~•hole or in part, out of the pnceeds ~~f the loan described herein or secured herebv, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass t~~ .~nd be held by the Association herein as security for the indebteduess to ihe Assxiation herein describeci or hereby s~ecured, to tfu, wme extent that ic ~~•ould }uave been preserved :u~d .+•ould have been Pas.aed to and been held by the Association had it been ~3t~1~~ and mgularlv assi~ned, transferred, set over and delivered unto thc Associatian by separate deed of assignmeni, notwithstand- in~~the fact that the same may be satisfied and caneelled of record, it bcing the intention of the p:uties hereto that the same ~vil! l~e sa~s6ed and cancelled of record by the hoiders thereof at or about the time of the recording of this mortgage. 14. To pay all snd singular the costs, charges, and expenses including lawyer's fees, reasonablp incurred or paid at am• time by the Assoceation, Ix~cause of the failure of the !lfortgagors to perfotm, comply ~vith and abide by each and every stipula- tiuns, a~reements, conditions and rnvenants of said pmmissory note and this deecl, or eithcr, and everv such payment shall bear interest fmm date at the rate stated in the note secured herebv. ~ 15. Thrd he will ~ermit, commit, or suffer no tvaste, impairment, or deterioration of said property or an~~ part thereof; :~nd in the c~•ent of the f~ilure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises, ~,r impro~•ements thereon in gooci repair, the Association may make and pay for such repairs as in its discretion it may deem nccessary for ihe proper preservation thereof, 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 immediately due and payable, or payable in such monthly installments as the Associa- tir~n may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby. 16. That if ihe Association and the ~tortgagors agree, the 1liortgagots ~vill carry a policy or policies of insurarice upon ihrir lives in an arr3~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- : ir,n• thereunder, and that the said Assoeiation may pay the premiums for such insnrance (in ihe event the \fortgagors do not), incl add each such pa}~ment to the un~a id balance of ihe 1oan, as of ths first day of the then current month, anci it shall 1x.~come .ulditinnal indebtedness secured by this mortgage payable upon demand. 17. That in the e~~ent that this mortgage be given to secure a constn~ction loan, failure on the part of the ~fortga~;ors or the~ir contr.ictors to complete said building in accordance with Constniction Loan Agreement, of e~~en date herew-ith, or to build j .:iid construetion in aecordance ~vith plans and specific~tions filed i+~ith the Associarion, chall constitute a breach of this mortgage, ! ~ncl, at the option of ihc Association, immediately matnre the entire amoiu~t of prineipal and interest hereby seeured and the Asso- F ciation may immecliately institute proceedings to foreclose this mortgage. ~ { 13. That the abstract or abstracts of title covering ihe mortga~eci pmperty sh:~il at atl times, during the life of this mort- ~ ~~.~~~e, remain in the possession of the Assaciation and in the e~ent of the forcclosure of this mortgage or other transfer of title to ~ th~~ mortgaged property in extinguishment of the indebteciness securecl hereUy, all righk, tidc, and interest of the Mortgagors in ~ .,,~c1 to any such abstracts of title shall pass to the purchaser or grantee. ; 19. The Association shall have the right, in its discretion, to require that the :liortgagon pay into the Association in addi- ~ ±iun to the monthly insiallments of principal and interest to be paid by the ~iortgagors iuider the note secnred by this mortgage, ' ,~n amount equal to one-hvelfth of the annual installments of any taxes on the mortgaged premues levied or assesseci by am ; -<<~~•ernmental authority, and one-t~•elfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgageii ~ }~remises as herc~in~efore requirecl b~~ the Association, and the \iortgagors' failure to make such pa~Tnents shall constitute a default ~ ~ t;n~',cr ihis mort~aoe. ; I\ ~V1T\ESS ~~'HEREnF, thc said ~tortgaoors hereunto set their hands and seals the da~~ and ~•ear first above ~vritten. : Sign~d, seal ancl,8eli~•erExt in t presence of: ~ _ ~ ~ ` -~r(~If f ~ / ! ~ ~ ~ ~ ~ ~i~~CC-'-l-d ~ . t i~~ . - _ (SEAL) - ~ Ral ~Maiolo , C' ~G~ Pf <;cc~-C'c ~~_Z~:~- c` s q ) ` Laura Maiolo ~ ~ L _ ~ (SEAL) i } _ _ _ - - - . _ (SEAL) (W ITNESSFS) (MORTGAGORS) F i x 60QK ~O8 PACE , € ~ ~ ~ ~ ~ ' ~2 .,w.~ , ~ - ~ . ~