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Home My WebLink About2114 } . , ~ V . ~ i 8. Untii default in the perfonnance of the coveaants aad agre~ements of this mortgage, the rnoctgagocs shall be entided to callect the renb, issues andprofits fmin tbe premises hereinbefora described, but in case of a default ia any of tbe ternu of this mottgage, and the filing of a biA to faecbse this ar any oth~ mortgage encumbering the withia desaibed p~roperty, the ~lssociation shall immediately nnd without notice be entided to the appointment of a Receiver of the mottgagedpr~e rty, and of the rents, iuues and profib thereof, with the usu~l power of Receivers in such cases, and such Receiver may be continued ;n pas,ession of the said property until the time oE the saJe thereof under svch foreclosure, and until the confirmation of such ' sale bv the Court, ± ~ 9. If a conveyance should be mAde by tbe inoztgagors of the premises herein d~cribed, or any part thereof, without rh~ written consent of the Association, and without assumption in regular form of law by the grantee of the obligations to tlie ~swciation creuted by said pmmissory note and this mortgage, tt~en, and m ttwt eveni, anu ai i~?~ upe~u~~ u€ ~K ;'~u:A.:,,.:::.., :u?d without notice, all sums of mrney secared hereby shall immediately und concwmntly with such rnnveyance become due and ~ ~~ayable aad in default. Tlie Association may deal with ~ors in interest with reference to this mortgage and the debt herebv ~ secured in the rame manner as with the mortgagois, and may forbear to n~e or raay extend time for payment of the debt, securei~ hereby, or otherwise aci without d' rg m~g or in any way affecting the liubility of the mortgugots hereunder or upon the debt hereby secured. The Association ma~y also deal with tbe Mortgagors and/or with successors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for gayment oE the debt, providing for different monthly payments and/or a different interest rate, and by other express malifications of the contrnct, without losing uny priorih• ~ the Association has ove~r other mortgagees or lienors or holders of any junior interests sn the property secured hereby, ~ 10. That in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken forpu blic use under the power of eminent domain, the Assuciation shall have the right to demand that alt damages awarded far tbe taking of or damages to said premises shatl be paid to the Association, its successon or assigris, up b the amount unpaid on thit martgage and mav be ap~lied upon the payment or payments last payable thereon. 11. It is specifically agrecd ihat time is the essence of this contmct and that no waiver of any obligution hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tenns ar of the instrument secured hereby. 12. If foreclosure pmceedings of any second modgage or second trust deed or any junior lien oE any ldnd should be insti- tuted, the Association may st its option, immediately or thereaker declare this morigage and ihe indebtedness secured hereby due and gayable, 13. To the extent of the indebtedness of the Mortgagors to the Association described hemui or seaued hereby, the Asso- s ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every moitgage, + lien or other encumbtance on the land described herein which is paid and(or) sa'fie~d, in whole or in part, out of the I ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~~x t m and be held by ihe Assoc;ation herein as security for the indebtedness to the A.xwxiation herein described or hereby s~ecured, to ° the s:ime extent ihat it ~vould have been preserved and ~~~ould have been ~SSed to ~nd been held by the Association had it bcen ~ auly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of aaignmeni, notwitbstand- ~ ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same will be ra~isfied and cancelled of iecord by the holdets thereof at or about the time oE tbe recording of this modgage, 14. To pay all and singular ihe costs, charges, and expenses includ'wg lawyer s fees, reasonably incuried or paid at any time by the Association, becaiue of the failure of the 1ltortgagors to perform, comply ~vith and abide by each and every stipula- t ions, agreemenis, conditions and eos~enants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stateci in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, ur deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on ~id premises, ur improvements thereon in good repair, the Association may make and pay for sveh repairs s~s in its discretion it may deem necessary for the proper presenration thereof, and the full amount of such payments shall be secureci by the lien of ihis mcxtgage :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly uutallments as the Associa- ~ t ion may determine, and every such payment shaII bear interest from date at the rate stated in the note secured hereby, ~ 16. That if the Association and the lliortgagors agree, the Mortgagocs wiD carry a policy or policies of insurance npon ~ their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- E ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the 11~ortgagors do not), :ind add each such payment to the unp~id balance of the loan, as of the first day of the then civrent month, and shalt become ;<<iditional indebtedness secureci by this mortgage gayable upon demand. 17. That in the event that this mortgage be given to secure a construction ]oan, failure on the pazt of the ~fortgagors or their contracton to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build t taid construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, ; <<nd, at the option of thc Association, immecliately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immeciiately institute proceedings to foreelose this mortgage. ~ 18. ?hat the abstract or abstracts of-title covering ihe mortgageci ~roperty shall at all times, during the life of this mort- <,age, 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 the indebtedness secureci hereby, all rig6t, title, and interest of'the bfortgagors in :~nd to any such abstracts of title shall ~ss M the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Aiortgagors ~y into ihe Association in addi- ~ t~on to the monthly installments of principal and interest to be paid by the !lfortgagors under the note secured by this mortgage, F :~n amom~t equal to one-tw~elfth of the annual installments of any taxes on the mortgaged premises levied or asses,sed by any i ~u~~emmental authoritv, and one-hveifth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ' r~remises as hereiRbefore required bti~ the Association, and ihe :lfortgagors' failure to make such pa~~ments shall constitute a default under this mortgage. II\ ~~'1Ti~ESS WHEREOF, the said \iortgagors hereunto set their hancls and seals the day and year first above written. ~ ; Signed, sealed and deli~•ered in the presence of: ~ ~ ~ i ~ ~ ' . _ ~ _ _ --(SEAL) s . . ~ Ant ony iz _ _ ~ • _ ~lG,~. cv ~ . ~ - !J- (SEAI.) ~L~~iana Rizzo , _ _ _ . _ (SEAI.) . - (SEAL) (WITNESSES) - - - --(N{pRTGACaORS) i Y a~~210 ~2122 ~ . ; ~ b _ ~ ~ _ , _ .~b s Y~: