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HomeMy WebLinkAbout0354 S. Unti! dciault iu ihc ~formance Qf the cove::unts and a~nr~nents of thes moribu~e, ihe :~wrigagozs shaU be entitled u~ eollect the rents, issues ui~d prnfits from the are;nises hereinbe[oro described~ but in case oE a default in any of the tern?a uf this mortga~e, and the filing of a biU to forerlase this or any other mortga~e esicnmbering the ~vit}:in describeJ pmper!y, the .~ssociation shaA immecliatelv and ~i•ithcut notic~ be entidec~ to the appointment of u Receiver of the mortgagecl property, and ~~f the rents, issaes and prufits thereof, H•ith the iuual pr~~•er af Receivers in such cases, sr?d such Receiver nwy be coretinuecl :r, pos:ession of the said ~~ropech• until the time of the rale thereuf ~nder such [oreclosure, and until the confirmatian of such .alc b~• thc Court. 9. lf a conveyance should he made by the mortgagars of the pmmises herein describcti, or any part thereof, ~vithout rh,. ~~Titten conxnt of the A~ociation, and ~~ithout ;usumptiun in regular form of law by the grantee of th~ obligations to the i..ucu?tion cceatcd bv said pmmissory note u~d this murt gage~ then, and in ll~at event, anci at the aptia? of the ~sv~ciatiun, .~nil ~.•ithaut ~wtice, all smns ~f mo~ev sec~~md hcreby sha11 immcdiately and concurrently wlth such cc?m•evance becv~ine due :+:ec! ~~a~:~~lc and in default. The Association may deal with suc~essors in interest ~vith refe~nce to th+s mortgage u~d thc debt herebv " :ecurcd in lhe same mannrr as ~~•ith the mortgagu:s, and may forbear to sue or may extend time for J~~~nent of the <lebt, se..,ureil }•ereb~•, or othc~vise act ~~~thuut discharguig or in any ~~•a~• affecting the liability of the_mo:tgagurs hereunder or upon the debt hereby secured. The Association may ako de:il ~vith the~ \tortgagun andlor w~th successors in interest with refemnce to this ,nurtg:~ge and the ctebt hemb~• secured by forbearing ta suc•, extcnding the timr for pay~nent of the debt, pru~•iding for different ~nonthly payments and/or a diffemnt interest rate, and by other express malifications af the contr.ict, ~~•ithout losing am~ nrioritv the ~~ssociation hac over other morigagees or lienots or holclers of any jw~ior interests in the prnpert~ sec~~~l hereb~-. 10. That in the e~ent the pmmisec hrreby mortgaged, or any part thereof, shall be ronc3ernned and taken Eor public usc• undrr the po~vrr of eminent domaui, t~ie Asuxiatiun shall hsve the right to demand that a11 damages a~varded for the t:il•;ng of or ~i.magrs to sud premises shall be paid to the Association, its succes.~rs or assiGns, up to the amount unpaid on this mortgage and ma~• be 1p, lied upon the payment or }x?yments 1:-st ~zi~~ab;e thereou. ll. lt is specifically agreeci that time is the essenc~ of this contraM ancl that no ~vaiver of any obligation here:~nder ur of the obligation secured hereby shall at any time thereafter be held to be a waive~ of the ternu or af the instn~ment secured.hereb~•. 1~. If foreclosure praceeclings of an,y second mortgage or second trust deed or any junior lien of sny kind shou]d be insti- tntrd, the Association may at its option, immecliately or thereafter cleelare ti?u mortgage and the indebtedness seeured hereby due :uid pa~•able. 13. To the extent of the indebtecL~ess of the ~lorigaQors to the Assaciltion dtscribed her~•u~ or sec«reci hemby, the Asso- ~ i.~tion is hcreb~ subrogated ta the licn or liens and to the rights of the a~~•nc•n and holders thereof of each and every mortgage, li~~n or other eueumbrance on the land des~riL~ed herein ~+~hich is paid ~n~l(or) satisfied, in ~rhole or in part, out of the proceecis ~~f the lc>an described hemin or secureci hereb~•, and the resprcti~•c lichs of saici mortgages, liens or other encumbrances, shallpasc t~~ :u~d be held bv the Association hercin as se^urity for ihe indebtedness io the Assxiation herein described or hemby secured, to th~• wme e~c!ent d~at it ~~•ould ha~•e lxen preser~ed and ~~•ould have been ~cecl to and been held by the Assoeiation had it been ~iuh• and reg~darh• :~:~necl, transEenrci, set o~•er and delivered unto the Assoc•iation by separate deec3 of assignment, noh~~thstand- in~ the fact that the same mav be satisFied and cancelled of record, it being the intention of the p.uties hereto that the same ~vill l~e~ sa~sfied an~l cancrllec~ of~record by th~~ holden thereof at or about the time of the recording of this mortgage. 14. To pay al) and singular the costa, char~es, and expenses including law7er's fees, reasonably incurrecl or paid at am- tim~ by ihe As~wciation, imrause o[ thc failure at the \fortRa~ors to perfonn, comply ~~~th and abide by each and every stipula- tiun:, aareements, conditiuns :?nd rn~•enanis of said pmmissorv note and this deed, or either, ancl e~•erv such pavment shall lx:ir interest fmm date at the rate stated in the nate securecl heieb~-. 1S. That he ~~•ill permit, commit, or suffer no ~v;~ste, impairment, or cleterioration of ~.~id propert.• or an~• ~art thereo[; :mcl in the e~•cnt of the failure of the Atorigagors to i:eep the buildings ~n said premises and those to be erectcd on ~:?id pmmiscs. ~+r impro~•cments thereor, in good repair, the Association may make and pay for such regairs as in its discTetion it may deem nccessary for the pmper preservation thereof, and the full amount of such pa~~ments shall bc secured by the lien of this mortgage :~nd shall at the option of the Associatioa be immecliately due and pa~•able, or payable in such monthlv i~utallmen:s as the Associa- t ic,n mav detcrmine, and erer~• such ~z~Tnent shall bear interest from date at the rate stated in the note secured hereb~•. ~ ' 16. TLat if the Associati+~n an3 the ~tartgagors agree, the \iort~agc~rs ~vill carry a poLcy or ~licies of uisurance upon ~ thrir li~~cs in an arr~sunt equal from t:me t~ time to the amount of inlebtedness hereby sccured, msking said Association benefi- j ~~i:~r~• ihereunder, ar~d that tlae saicl ~~cociation may pay the premiums for sac}. insurance (in the e~•ent t}.e ~tart~agors do not), ~ncl ac~d each such plrment to the i~aid balance of ihe loan, as of th~ first d~y of the then r~rrrnt month, and it shall lxcome j :~~iclitional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the e~•ent th:it this mort~aQe be gi~~cn to secure a construction lalq failure on the part of the ~tort~a~ors or ; t}~eir cuntr.:ctors to rumplete said builc~;n~ in acc~~rdance ~~itb Constn~ction La~n Agteement, of even date here~~~th, or t~~ build ~ ~aicl c~~nctruction in acc~rdance ~~ith plans and specifications filed ~~•ith thc Association, shall constitnte a breach of this mortgage, t :.~~1_ at the uption of thc ~ssoc;ation, immediatelv mature the entire amoiu?t of principal and interest hercb~ sectired and the As~e ~ ri.ition r.~ay immediateh• i~utiiute prcxecdings to~foreclose this mort~age. ~ IS. That the abstract or abstracts of tiNe co~•ering the mortga~cci propert}• shall at all times, during the life nf this mort- remain in ihe possession of ihe Association ancl in the event of the foreclosure of this mort~age or other transEer of title to thr mort~a~ed ~rorertv in extinguishment of the :ndebteciness seeurecl ~~ereb;, all ri~ht, title, and interest of the Atortga~on in ~:~d to anti• such ahstracts of title shall pass to the purc}e.zser or graMee. ~ 19. 'The Aswciation shall have the right, in its discretion, to *e~~uire that the \lort~a~on p.iv :nto the Association in addi- ~ ' i, ~n to th, monthh• installments of principal and interest to be paid b~• the ~iart~agers ~mder thc note secured bv this ~nc~rtga~e, ~ :t~ :~mount equ~l to one-hvelfth of the ~nnual instaliments of am• t:L~es on the mortvaged premises le~•ied or :issessecl b~• ane ~ ,~,~-rn~met~tal a~thorih~, and one-h~~el(th of the .~nnual ~remiums for Fire and Extendecl Coverage insurance on ihe mortga~;rci ~ ~~r~ mis~s as hereinbefcrrc required b~• the Assuciation, and the \tortg:~~c,rs failure to make such pa~Tnents shall constitute a defa~dt rnclcr t~~is mort~a~e. ~ I\ ~~'IT~ESS \~`~IEIiEnF, the said ~tortga~nrs hereunto set the~ir hands and seals the da~• and ~•c:ir first aboti•e «ritten. ~ ti~~n~d, : alecl :md deln•emci in the ~,r~euce oF: ~ , . . 3 I . . _ . . _ . ~ fi Edwin B.- ~I a mberg, r ~ ~ ~t.. 17f/~id~ • ~ ~ • ( SEAL 1 ~ Norma L. Malmberg ~ s (SEr1L1 ~ ' . _ _ - ~SEAL) ' (W ITHESSES) ;MORTGAGORS) w ~ .9 ' FCRK~~.~, ~flGf ~ ~ ~ ~ ~ - - - - - - ~ ~ _ ~ - . .