HomeMy WebLinkAbout2562 8. UnW default In the perfornwioe d tbe covenanb aad ag~rouments of this moctgsge, the mwtgagon ~hall be e~tttbd
to collect tbe renb, 4suea andpcofib fran the premi~a her~eJnbefure dexxibed. but in case of a default ia aAy oE tbe tenn~ of
thL mo~tgage, and the filing of ~ bW to foreclwe t6b ar ~n other mo~tgage encumbering tbe withtn clacdbed p~opaty, the
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,1s~ociation shall immedfately and wit}wut notice be entt to the appointme~t of a Reociver of the mortgagedp~operty, and
of the rent:, iu~s and profits theroof, with tbe usual poweq oE Receivers In auch casa, snd such Receivet may be oontlnued
~n pos~esabn of the sald ~roperty untD tha tlme oE the sak thereoE under ~ch forecloaure, a~d until the conflrmation of such
.s~le by the Court. ~
8. lf a eo~veyance should be made by the rrwitgagan of the premises herein de:cribed, ~ unyp~t thereof, without
thc written conse~t of the Asso~ciaNon, and without assumptia~ fn regular form oE law by the gnntee of tFie obltg,ations to tbe
~.wciation creuted bp said promissory note and th~ moitgage~ then~ end ia th?t event, and at the option of the Assc~ciatiuu.
,?nd ~vithout notice, all sums of mcx~ey sec~~red hereby shall ImmedIately and concurrendy wlth such rnnveyance beoome due and
payable anJ in defaWt. Tbe AssociaHon may deal wlth suooessors in interest wtth referer~ce to thi: mortgage and tLe debt hereL
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secured in the same mannrr ai wlth the moctgagors, and may forbear to suc or may extend time for payment oE the debt. secu
hereby, or otherwise act wlthout dLschargu?g or 1n any way affecting tl~e liubility of the mortgngiua hereunder or upon the debt
hereby secured. The Associatlon may also deal wjth the Mortgagon and/or with successors in intcrest wtth reference to thls
mortgage and tha debt hereby secured by Eorbearing to aue, extending the time for paym~mt of the debt, provtding for difEerent
monthly payments and/or a different interest rate~ and by other express modificationt ot the contraM. without losing uny Ix~iorih•
~he Aasociatlon has oves other moctgagees or lie~ors or holdera of any junior interesb in the property aecured bereby.
10. That in the event the pmmises hcreby mortgaged, or uny part thereof, shall be condernned and taken for public use
under the power of eminent domau~, the As.wciation shall have the rlght to demand that all damages awarded for the taking of or
damnges to suid premL~es shaU be paid to the Association, its succ~eswrs or assigoa, up to the amount unpaid on thia mortgage and
may be applted upon the paymgnt or payments last payeble thereon.
11. It is specificaUy agreed that time is the essence of this contract and that no waiver of any obUgution hereunder or of
the obligatlon secured hereby shall at any time thereafter be held to be a waiver of the term: or of the instrument secured hereby.
12. lf foreclosure procceclings of any second mortgage or second tnut deed or any junbr llen of uny kind should be insti-
tutcd, the Association may at its optlon, immediately or thereafter declare this mortgage and the indebtednesa sec~ved hereby due
and pnyable.
13. To the extent oE the indebtedness of the Mortgagors to the Aasaciatioa destribed hercin or secured l~ereby, the Asso-
c•iation is hcr~by subrogated to the lten or liens and to the rights of the owners and holdera thereof of each and every modgage~
licn or othc•r encumbrance on the land described herein which ic paid end(or) satisfied, in whole or in part, out of the rp
ooeeds
~~f the loan described hemin or secured hereby, and the respectivc lieres of said mortgages, liens or other encumbrancea, shallpass
tn and he held by the Association herein xs secun for the indebtedness to the Association herein described or hereby s~ecured. to
thc sume ex!ent that it would have been preserv~ and ~vould have been passecl to and been held by the Assoriation had it been
~uly and regularly assignecl, transferned, set over and delivered unto thc Association by sepnrate deed of assignment, notwithstand-
ing the faM that the aame may be satisfied and cancelled of record, it being the intention oE the parties hereto that the same wi11
l~e sa~afied and cancelled of recard by the holders thereof at or about the time of the recording of this mortgage.
14. To pay all and iingular the costs~ charges. and expenses includIng lawyera fees. reasonabiy incurre~ or paid at any
time by the Association, because of the failure of the I?tortgagors to perform, comply with and abide by each and every stipula-
tions, ngreements, conditions and rnvennnts of said promissory note and this deed, or either, ~nd every such payment shall brar
;nterest from date ut the rate stated in thc note secured hereby.
15. Th1t he will rmIt~ commit. or suffer no waste~ impairment. or deterioration of said property or any part thereof;
ancl in the cvcnt of the ailure of the Mort~agors to keep the buildings on saidpr
emises and those to be erected on said premises,
~~r impcovements thereon in good repair, the Association may make and pay for such repairs us in its discretion it may deem
necescary for the proper preservation thereof. and the fuU amount of such payments shaU be secured by the lien of thLs mortgage
:~nd shaU at the option oE the Association be Immediately due and payable, or irayable in such monthly installments as the Associa-
tirni may detcrmine, and every such payment shall bear interest from date at the rate stated in the note secured hereby.
18. Tl~at ff the Association and the ~tortgagors agree,. the Mortga ors will carry a policy or ~licies af insurance upon
I thcir lives in an arTaunt ec~ual from time to time to the amount of indebt ess hereby secured, making said Association benefi-
~ c~iary thereundcr, and that tt~e said Association maypa y the premiums for such insurance (in the event the Mortgagors do not),
~ :~nd ndd each such p:?yment to the unpaid balance of the loan~ as of the first day of the then civrent month~ and it sha11 becomc
~ ;~ciditi~~nal indebteclness seeureci by thfs 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 1liortgagors or
their contractors to complete safd building in accordance with Constn~Mion Loan Agreement, of even date herewith, or to build
z.1id construction in accordnnce with plans and specifications filed with the Association, shall constitute a breach of ihis mortgage,
:~nci, at the o~tion of thc Associntion, immediately mature the entire amount of prineipal and interest hereby secured und the Asso-
riation may immeciiately iiutitute procecdings to foreclose this mortgage.
18. That thc :~bstract or abstracts of title covering the mortgagecl property shall at all times, dur~ng the liEe of this mort-
~:~g~, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to
thc mortgaged propcrty in extinguishment of the indebtcdness serureci hcreby, all right, title, and interest of the Mortgagors in
and to any such obstracts of tide shall pass to the purchaser or grantee.
19. The Association shall have the rfght, in its discretion, to require th~t the Modgagors ~ay into the AssocIation in addi•
t ion to the monthly installments of principal and interest to be paid by the :ltortgagors under the note secured by this mortgage, j
:~n :~mom~t equal to one-twelfth of the annual Instullments oE any taxcs on the mortgagecl premises Icvied or acsessed by any ~
~;ovcrnmental authority, and one-twelfth of the anraial premiums for Fire and Extended Coverage insurance on the mortgageci _
~~rcmises :is hcreinbefore rc~Juired by the Asscxiation, and the~111ortgagors' failure to make such payments shall constitute a default
under this mortgs?ge.
I1 WITNESS ~YHEREn~, the said ~iortgagors hcre~into set their hlnds und seals the day and year first above written. -
~ Signeci, sealecl anJ dcli~~crcd in the presence of:
n; ,
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_ ~ -~~.,.:~+2- ~ ~ ~~J,K,L~s~`~ ~SEAL1
~ ~
Francis G. Glennan
l, . . . Z. , l ! ~ f i~ ~ I\~. ~,i•L-~. v,1/ ~SEAL)
; ,
an K. Glennan
( Sk:AI.)
_ (S~AL)
~ W I iNI SSE f) UMOR TGACsOR5)
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a~aK ~12 YAI;f ~~6J
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