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8. Until dct:,vh ia t~ performa~ice of the covenau?ts and agraments of tl?is ma*g~gc, the mortgs~ars sbaH be e~ntitled ~
?o colltct the re~ts, issues and profits from the pr~emiws hereinbeEore Jescribed, bui in case of a deEa~slt in uiy ~of tt.e tern~s of
this mottgage, and the filing of a bill M foreclose thit or any other mactgaga eacumberinR the within described propeity, tbe
:lssociatioa shall immediately and without notice be entitkd to the appoir,iment uf a Aeceiver of the mattgagedpropert~r, and ;
of the rents, issnes and grofits t:.creof. .~ith the uSUal power of Receivers in such ceses, and such Recei~~r may be continued i
in pos~sion of the said ~uoperty until the time of the sale thereof under sush forecloaure~ and until the confinnation of such
,ale by the Court.
9. If s canveyance should be made by the mQrtgagas oE the premises herein described, o~ a~y part thereof, without ~
the written eo~uent of the Association. and without assumption ia regular form of 1aw by the grantee of tFie obligations tc the ;
\ssociation created by said promisstxy note and this mod gage~ then, and in that event, and at the option of the Associatiun,
:~nd ~~ithout notice, all sums of mc~ney serued hercby shall immediately nnd cc~ncurrendv vrith such rnnveyance beeome due and ' -
~r.?ys~ble ancl in default, The Association may deal with successors in interest with refe~rence to this mortgage and the debt her:b~•
secured in the same manner as with the mortgagois, and may forbear to sue or may extend time for ~yment of tt~e debt, secu~eci
hereby, or otherwise xct without ditchargu~g or in any way affecting t}?e Uability of the mottgagors hereunder or upon the debt
hereby secured. ,The Association may also deal with the Modgagors and/or ~vith successors in interest with reference to this
lnortgage and the debt hereby secured by forbearing to sue, extending ths time for gayment of the debt, luoviding for different ~
monthly payments and/or a drffesent interest rate, and by• other express modifications of the contr.~ct, K•ithout bsing any priorit~• ~
the Association has over other mortgage~s or lienon or hoklers of any jwuar inte~;ts in the pmperty secured hereby, f
10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned a~xi taken forpu
blic use :
undes the Ewwer of eminent domaui, the As.wciation shall have the right to demand that all damages awarded for the talong of or '
oamages to said premises shall be paid to the Association, its successora or assigns, up to the amount unpaid on this mortgage and
mav be applied upon the payment or payments last payable thereon.
11. It is specifically agrced that time is the essence of this contmM 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 tern?s or of the instrument secured hereby.
12. lf foreclosure praceedings of any second mortgage or seoond trust deed or any junior liea of any ]dnd should be insti-
tuted, the Assariation may at its option, immediately or therea$er declare this modgage and the indebtedness secured hereby due
and pay~abk.
13. To the extent of the indebtedness of the Mort¢agors to the Association d~,scribed hemui or secured hc.:,~sy, the Asso-
ci:?tion u hereby subrogated to the lien or lie~s and to t,~e rightc of the uwnen and holders thereof of each and every modgage,
licn or oiher eiicumbrance on the land described herein which ic paid and(orl satisfied, in ~hole or in part, out of the~n~.eeds
:~f the loan described herein or securetl hereb~~, and the mspecti~c liens o[ said mortgages, liens or other encumbrances, shaIlp~
t~ and be held by the Association her~in ~u sec~vity for the indebtedness to the Asaxiation herein de~uribed or hereby securecl, o
thc s:ime ex!ent that it ~vould have been preserved and ~vould have been tussecl to and bcen held by the Ass~ciation had it beeti
~luly and regularly assigned, traasferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- <
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p-arties hereto that the rame wili '
l~e sa~sfied and cai~celled of record by ihe holders thereof at or about the time of the recording of this mortgage.
14. To pay all and singular the eosts, charges, and expenses incluciing lawyer's fees~ reasonably incurred or paid at an~• '
time by the Association, beca~~se of the failure of the ~lortRagors to perfotm, comply with and abide by each and every stip~~la- ~
tiuns, agreements, cor~ditio~u and cover~ants of said pmmissory note and this deeti, or either, and every such payment shall bear =
interest from date at the rate stateci in the note secured hereb~~. ;
15. That he wiU pernut, commit, or suffer no waste, impainnent, or deteriuration of said property or am~ part thereof; `
~nd in ihe event of the failu~e of the biortgagors to keep the buildings on said premises and those to be erected oR said pmmises,
~:r :n;pro~•ements thereon in good repair, the Association may make and pay for su~h repairs as in its disca~etion it ~nay deem
necessary for the pmper preservation thereof, and the full amount of such pa~~ments shall be shcured by the lien of this mortgage i
:~nd shall at the option of the Association be immediately due and payable, or payable in such mrnYthly instsllments as the Associa- #
tion may deterrnine, and every such payment shall bear interest from date at the rate stated in the note se~cured hereby. ~
1B. That if the Association and !he Atortgagors agree, the riortgagors will carry a policy or policies of insurance upon
i their lives in an a~unt equal from time to time to the amount of indehtedness hereby serured, mal:ing said AsSOCiation benefi-
j c~.:.: ihereunder, and that the said Association may pay the premiums for such insurance (in the event the 1ltortgagors du not), _
~ ,ncl add eact~ such ~1~Tnent to the unpaid balance of the 1oan, as of ~hs first day of the then ciurent month, and it shall become i
~ :~ciclitional indebieclness secured by th'~s martgage payabk upon demand. -
17. That in the event that this mortgage be given to secure a constructior ]c+an, failure on tbe part of the ;~tortgagors or ~
~ their contractc:s to complete said building in accrordance with Constructeon Loan Agreement, of even date here~~~ith, or to buiId
kaid c~nstruction ir, accorrianee ~s~th plans and specifications fileci ~4zth the Association, shall constitute a breach of this mor:gage,
~nd, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asm- i
~ iation may immecliately irutitute proceedings to foreclose this mortaagc. ~ -
13. That the abst:act or abstr.?cts of tiHe covering thc morigaben properiy shall at all times, during the life of this mort- ;
~*.~~e, remain in the possession of ihe Association and in ihe event of t~:e f~reclosure of this mortgage or other transfer of title to `
~ t~~c mortgaged property in extinguishment af the indebtedness secured hereby, a11 ri~ht, title, and interest of the 1liortga~urs in
.~nd 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 \iortgagon ~y into the Associati~n in addi- ;
~ t i~n to the monthly installments of principal and interest tc be paid by the 1lortgagors under the note securecl by this mortgage, i
~ an amount equal-to one-tw•elfth of the annuat installments of any ta~res on the mortgaged premis~s Ievied or azsessed by an}~ ~
~;o~~enunen!al authority, and one-twelfth of the annual premiums for Fire and E.~icnded Coverage insurance on the morigageci
~ >>:c~ses as hers.-~inbefore required b~• the Association, and the ~tortgagors' iailure to make such payments shall constitute a default _
~ imder this mortgaoe.
~ Il~ WIT~tESS ~VHEREOF, the said tilortgagors hereunto ut their h<_nds and seals the day an3 year first above written.
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~ Si~ncd, eale~-~td~c!al' • sence of:~~
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~ ntoinette Gulli -
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(SEAL)
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(MYtTNESSES} (IiF.ORTGAGORS)
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