HomeMy WebLinkAbout2552 8. UnW default in the perform:uue of the covenants and agrccments of this mortgage~ the mortgagors shall be entided
to collect the rents, issues and profits fiom the premises hereinbefore described, but in casc of a default in any af the terma of
chis mortgage, and the filing of a bill to foreclose this or am/ other mortgage encumbering the within described property~ the
.-lssociation shaA immediately and without notice be entided to the appointment of a Receiver of the mortgaged property, and
~~f the rents, issues and profits there+of, with the usual power of Receivers in such cases, snd such Receiver may be rnnti~uecl
~n possession of the said property until the time oE the sale thereof under such foreclosure, and unti) •the confirmation of such
.ale b~• the Court.
9. If a conveyance should be made by the mortgagors of ihe premises herein described, or any part thereof, without
th~• written consent oE the Association, and Kithout assumption in regular form of Iaw by the grantee of th~ obligations to the
~.suciation created bv said promissory note ar?d this modgage, then, und in that event, and at the option of the Assuciadon,
:~u~t ti~~thout notice, all sums of mc?ney sec~ired hereby shaU immediately and concurrentlv with such conveyance become clue and
~~a~•able and in default. The Association may deal with successors in interest with reference to this mortgage and the debt hercb~•
,ecured in the same manner as with the mortgagozs~ and may forbear to si~e or may extend time for payment of the debt, secuneii
hereby, or otherwise act without discharging or in any way affecting the liability of the mortgagurs hereunder or upon the debt
}+ereby secured, The Association may also deal with the Modgagors andi
or w~th successors in interest with reference to this
murtgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
~nonthly payments and/or a different interest rate, and by other express modifications of the contr,?ct, ~vithout losing an}~ priorit~•
the Association has over other morlg:~gees or lienors or holders of any junior interests in the property secured hereb~•,
10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use
~~udcr the power of eminent domau~, the Ass~ciatii~n shall have the right to demand ihat all damages awardecl for the taking of or
damages to said premises shall be paid to the Asso~iation, its s~ccessors or assigns, up to the amount unpaid on this mortgage and
;~a.~ be applied upon the payment or payments last payable thereon.
lI. It is specifically agre~eci that time is ihe ~ssence of this contract and that no wtiver of any obligation hereunder.or of
the obligation secured hereby shall at any time ihereafter be held to be a waiver of the temns or of the inctcument secured herebv.
12. If foreclosure proceedings of any second modgage or second trust deed or any junior lien of any ]dnd should be insti-
t«tcd, the Association may at its option, immediately or thereafter declare this mortgage and the n~debtedness secund hereby due
and pa~~able,
13. To the extent of the indebtedness of ihe hiortgagors to the Association d~cribed herc•i,~ or secured hereby, the Asso-
c~;:~t;on is hereby subrogated to the lien or liens and to the rights of the o~vners and holders thereof of each and every mortgage,
licn or other er~cumbrance on the land described herein which is paid ancl(or) satisEied, in ~~•hole or in part, out of the~
~~f the loan described herein. or secumci hereby, and the respectivc liens of said mortgages, liens or other encumbraixes, shallp ~Sc
r~~ ,md be held by the Assoc;ation herein as securety for the indebtedness to the Assxiation herein describeci or hereby secured, to
thc• wme ex!ent that it would have been preserved and ~~•ould have been passed to and been held by the Association had it been
~~uly and regalarly assigned, transfenrd, set over and delivered unto the Associatian by separate deed oF assignment, nohvithstand-
in~ the fact that the same may be satisfied and cancelkd of record, it being the intention of the p~rties hereto that the same ~vi11
~~e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay all and sin~gulaz the costs, charges, and eacpenses including lawyer
s fees, reazonably incurred or paid at an~•
time by the Association, beca~ue oE the failure of the ~tort~;agors to perfonn, comply w~th atxl abide by each and every stipula-
tions, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such paymeM shall bear
interest from date at the rate statecl in the note secured hereb~•.
15. Thr~t he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof;
~ncl in the cvent of the f~ilure of the Mortgagors to keep ihe buildings on said premises and those to be erected on xiid premises,
~~r impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its disrretion it may deem
necessary for the groper preservation thereof, and the fuU amount oE such payments shall be secarerl by the lien of this mortgage
;;ncl shall at the option of the Assoeiation be immediately due and payable, or payable in such monthly instaliments as the Associa-
ti~~n may determine, and every such payment shall bear interest from date at the rate statecl in the note secured herebv.
16. That ~f fhe Association and the ~tortgagors agree, the hiortgagors will carry a policy or policies of insurance upon
th~•ir lives in an arrieunt equal from time to time tu the amount of indebtedness hereby sec~u~ed, mal:ing said Association beneFi-
~ ian• thereander, and that the said Association may pay the premiums for such insurance (in the event the \[ortgagors do not),
~ncl add each such p~~Tnent to the unj~aid balance of the toan, as of the first day of the then cturent month, and it shall becomc
;~clditional indebtedness secured by this mortgage payable upon demand.
1 i. That in the event that this mortgagc be gi~•en to secure a construction Ioan, failure on the part of ihe ~tortgagors or
cheir contr.utors to complete said building in accordance with Constnection Loan Agreement, of even date here~ti~th, or to build
~aid construction in accordance ~vith plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage,
~ncl, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso-
~ iation may immeciiately institute proceedings to foreclose ihis mor!~age. '
13. That the abstract or abstracts of title covering the mortga~eci property shall at aU times, during the life of this mort-
_.~~,c~, remain in the possession of the Assnciation and in the event of the fareclosure of this mortgage or other transfer of tide to
! h~~ mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, tide, and interest of the 1ltortga~ors in
incl to any such absiracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the '.1lortgagors pay into the Association in addi-
t i~~n to the monthly installmcnts of princijlal and interest to be paid b~~ the ~tortgagors under the note secureci by this mortgage,
.~n amount equal to one-h~~elfih of the annual installments of anv t:L~es on the mort~aged premises levied or assessed b)' an~•
~~u~~enimenta) authority, and one-h~•elfth of the anm~al premiums for Fire and Ectended Coverage insurance on the mortgageci
~~rcmisc~ as hereinbefore rerl~ured b~• the Asse~ciation, and the !lfortga~ors' faihue to make sueh pati-ments shall constitute a defaolt
' nnder this mortsa~e. ~
I:\ ~VIT~ESS R'HEREnF, the said Jforigagors hereunto sct their hands and seals the dav and ~•ear first above ~vritten.
Si~n~d, sealed and dcli~~ered in the presence of:
-7 9 ` ' ~
~ _l~-7 / ~~~i.~~ ~
(SEAL)
Bob~.D/! Pic~ford~ -
, , - /~1- _ s'`'•--~ L~ Ll~~~Yv ~ (SEAL}
Charlene Pickford
(SEAL)
- - - (SEAL)
{W IiN ESSES) (MOR TGAGpRS)
BOOK~~O PACE~,~J49
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