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HomeMy WebLinkAbout0205 ~ ~ 8. Until defauh in tbe peiforounoe oE tha covec~ants and agr~eements of this. mortgage, the moitgagort ahall be entided to callect tbe rents, Lssues andp~ofits fro~n the premilas herelnbeEora described, but in case of s default ia sny of tl~e temn~ of thia mortgage, and the filiwg of a biU to faeclose this oc any otber mortgage encumbering tbe within described P~E~Y. ~ Association sl~all immediately and without notice be entided to the appointment of a Roceiver of the mortgagedp~o~ riy, and of tha rents, issues and profits thereof~ with the usualpo wer of Receivers in sucb cases, and such Receiver may be continued ;n pas~essioa of the said property until the.time of t}?e sale thereof under such forecloaure, and until the rnnfirmation of such sale by the Court. 9. If a oonveyance should be made by the mortgagas aE the prcmises herein described, or uny part thereof, without the written consent of the Associatio~, and without assumption in regular form of law by the grantee of tFie obligations to the Association creuted by said pmmissory note and this mortgage~ then. and in that event, and nt the option of the Associatiuu, .ind ~vithout notice. all sums of mcmey sec+ired hereby shall immediately und concurre~dy with such cc~nveyance become duc and payable and in default. The Association may deal with succ~8~ors in interest with reference to this mortgage sAd the debt heraLy secured in the same manner as with the mottgagors, and may forbear to si~e or may extend time for payment of the debt, securecl hereby, or otherwise act without discharguig or i~ any way affecting the Uability of the mortgagurs hereunder or upon the debt hereby secured, The Association may also deal with the Mortgagors and/or with successors in interest with reference to this mortgage ~d the debt hereby secured by forbearing to sue, extending the time for payme~t of the debt, providing for different monthly payments and/or a different interest rate, and by other expras moclificatioas of the contrnct, without losing any priorit~• i the Asso~ciation has over other morigagees or lienors oi holders of any.junior interests in the property secured hereby. ~ 10. That in the event the premises hereby mortgaged, or any put thereof, shall be condernned and taken for public use under tbe p~wer of eminent domain, ihe Asa~ciation shall have the right to demand that all damages awarded for ihe taking of or damages to said premises shaU be paid to the Associatio~r, its sucoessors or assigris, up to the amount unpaid on this mcxtgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that iime is the essence of this contract and that no waiver of any obligation hereunder or of the obUgation secured hereby shall at any time thereafter be held to be a waiver of the tenns or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien oE any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter derlare this mortgage and the indebtedness secured hereby due and paj~able. _ 13. To the extent of the ~indebtedness of the Mortgagors to the Association descxibed herein or secured hereby, the Asso- ciation u hereby subrogated to the lien or liens and to the rights oE the owners and holders thereof of each and every mortgage, lien or other ei~cumbrance on the Iand described herein which is paid and(or) satisfied, ir~ whole or u~ part, out of thep ~~f the ban described,herein or securec~ hereby, and the respeativc liens of said mortgages,.liens or other encumbrances, s}~~p~ r~ and be held by ihe Assoc;ation herein as security for the indebtedness to the Association herein described or hereby secured, to thc same ex!ent that it ~vould have been preserved and ~vould have been passeci to and been hetd by the Assoeiation had it becn duly and regularly assigned, transferred, set over and delivered unto the Association hy separate dced of assignment~ notwithstand- ing the #act that the same may be satisfied and cancelled of reeord, it being the intention of the jrarties hereto that the same ~vill be sa5sfie~ and cancelled of record by the holders thereof at or about the time of the recording of this mortgage, 14. To pay all and singular the costs, charges, and expenses including lawyer s fees, reasonably incurred or paid at any time by the Association, because of the failure of the 1lfodgagors to perfonn. comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he will pennit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the eve~t of the failure of the Mortgagors to keep the buildings on said premises and those to be erectecl on s.~id premises, ~ or impro~~ements _thereon in good repair, the A.aociation may make and pay for such repairs as in its discYetion it may deem neressary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the As.socia- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the AssociaGon_ and the Alortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- c•iary ihereunder, and that the said Association may,pa y the premiums for such insurance (in the event the Mortgagors do not), and add each such payment to the unp~ d balance of the loan, as of the fitst day of the then eturent month, and it shall become additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Morigagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build , said rnnstruction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of princi~ and interest hercby secured and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of.title rnvering the mortga~ed property shall at all times, during the 1 fe of this mort- I ~age, remain in ihe possession of ihe Association and in the event of the foreclosvre of this mortgage or other transfer of titie to the mortgaged proPerty in eatinguishment of the indebtedness secured hereby, alt ri~ht, title, and inter~st of the Morigagors in and to any such abstracts of tit~e shall pass to the purchaser or graniee. ' 19. The Association shall have the right~ in its discretion, to require that the 1liortgagon pay into the Association in addi- - r tion to the monthly installments of prineipal and interest to be paid by the 1liortgagors under the note secured by this mortgage, F an amount equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ! governmentaI authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ' ~tremises as hereinbefore required bV the Association, and the 1liortgagors' failure to mal:e such pa~Tnents shall constitute a default j under this mortgaae. I1~T WITNESS ~VHEREOF, the said I~tortgagors hereunto set their hands and seals the day and year first above written. ~ ~ Signed, sealed and delivered in the presence of: ` ' , ' - - - . _ ~~taJQ "_L~:/~!~l L~Fr,~~C_ _ --(SEAL) ~ Martin Alexander f ~ - - - ~ - . ~ - ~ - - ? - - L ' ~.t~(SEA1..) rjorie Ale ander ; - - - - - - - - - (SEAI.) - _ _ - - - - - w { _ S L ' - - - - - - - - - - - - - ~ EA ) ~ (VVITNES5E5) (AAOkiGAGORS) l ; o R ~12 ~E 205 . 60QK PA i_ ~adtlu~m'a`Ya~CYi+fT.~r ~n -~~~~crr~ ~ ~ " ' - ~ ~ '.'Ly°~ L: "