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Home My WebLink About2709 . ~ ~ 8. Until defauh in tbe perfornw~oe af tbe oova~anb aud ~+greea~eols af tl~it ~ort~je, dwe muct~p~s f~M 1?e a+~titl~d to callect the raits, Lsues and pi+ofits fran tbe pcemires 6erebbe~as da~cr~ed, but in c~e d s defa~lt ~f~as~r a~f 1La te~. ~f tF?~ matgage, and tbe filiag of a bill to foreclots thi~ o~ aa otf?er mat~s eoarmlk+rio6 tbe witbiA de~crib~ed pnopertr, tic As~ociatioa sl~all Ima~ediatdy and wfthaut notioe be ~ to die ~ af a~eo~ af t~e mo~t~edp~p~~ , srd of tbe rents, issues and profiU tbereof, v?~th tbe usual power of R~eoeivas fu ~ncb case~+s, ~ud sucb Reoeiw,+s rap~be-i+diwred - ;n poa~ssfot~ of tha said property ontil the time of d~e ak tbereof uodtt axb foreclowce, wd uotA tbe coofhmstfoA d sac~ i ~ale by the Court. ~ 9. If a conveyauce abould be made by tLe aw~t~gors of the preu~i~et hereh deraibie~ araa~p~~t tbaeoE, witbait ( t he writtea consent of the Association, and without ata~mption in regular farm of law b~? t5e g~ntee d tbe ~ b t6e ~ .~s.u~ciation created by said promissary note and thi: mortg~ge, tben. and iu thst e+~eAt, and at tbe uption uf tbe Aw?c~ti~N~. ; :~nd ~vithout notice. all sum: of mcx~ey ~ecvred he~+eby ~all Lnmedistdr and aonaurentl,v with aicb c~orrvryar~e 6~aw?me dne ~aod E~Yable and ia defaalt. Tbe Asaociation may dal wkh suooenon in fatenst witb refe+urnoe to tbit ~oetss~is aod tbe dd~t ber+~by secured in the sazne mannrr as with the matgagas, and msy fusl~eu to sue or may euteod tiaae [us pay,upei~t d t1~e debt, secasad ' hereby, or otherwise act wlthout g or in any way affecting tbe UaLtlKp t~e n~Mt~,aics bebeaa~der or upow dws debt ~ hereby secured. The Assoeiatioa mad~ deal whb tbe Mat~gas and/or ~ s~weri+onc fn idrr~t wyb refe+rmc+e to tbis ,nortgage and the debt hereby secured by forbeasing to sue, esttnd~ng tbe time far payment d die debt, 1~rovidi~nb fos d~ff~at u~ rnontblY PaY~nb and/or s different interert rate, and otber enpress a~ af tbe codnd, witi~w~t su~' P'foritr the Aasociatlon haa ovar othe~ morigagees or lienora or !a of any ~unior interat: ia tbe pcoperty sec~ned 10. That in the event the premises hereby moctg~g~d. or any tbueof, s6aU be ooiudtrianed and tzl~ce~a for pu~ie tre unJer t6e power of emiaent domain~ the As.wciatiou shall have the ri~ dem~nd tMt sl! dsiooa~s swuded for tbe taldna of or damages to said premises shall be paid to t6e AssoclaCwn, its mooesson or a~igns, up to tbe aawunt wipaid on tb3~ ma~tp~ye aad mav be applied upon the payment or paymenu la:t payabk tbcreon. 11. It is specifically agreed that time is the easence of dus oontract and that rw wsiver of ar~y obliditk~ ba+euader ur af the obligati~ secured hereby shall at any time t6arafter 1se bdd to be a wsfver of tbe ttia~ cr of d~e i~oerat s~anea be+rdry, 12. If fot+eclosure proceedings of any seoond matg,sge at seoond trurt derd or aq? fiwior lisn d s~y 1~nnd ~o~dd be instl- tutcd, the Association may 3t its option, immediately or tliereafter declan tbis mottgag~e snd t6e kdebtedne~ t~auued }iadry dae and payabk. 13. To the extent of the indebtedness of t6e Mortgagon to the Asiociation d~branbed ber~iu or ser~red hrabr, tbe Awo. ciation is hereby submgated to the lien or lie~ and to tbe rig~rts of tbe owner~s snd h~oideis t~treDf of e~eb aad~+!ery ~~e, lien or other encumbranc~e on the land described herein whkh is ~wid and(or) ~sti~fied, fu whoie ot in pset, Ant of tbe prooeed~ ~~f the loan d~cribed herein or socured hereby, and tbe res~eetive lie~u d saW a4octg,sg~es,li~s or QU~er encumb~noe~y dealp~ to :?nd be held by the Association herein as~ty fvt the indebtedr~ea [o tbe Associstion besefn descY~bed oir ~ tec~wed, to the same ex!ent that it would have bcen preservet~ and would have been ~assed to tind been beld_ b~r tbe A~oc3atioo Lsd it beee duly and regulady assigned~ transEerred, set over and delivered unto tbe Ass~ociutioa b~? separ~te deed of mi~oa~nt, Aotwid~t~md- ing the fact that the rame may be satisfied and canoeUed of i~erord, ft being tlie inta~tjoa oE tbe portjes baeb t~at tbe rr~ne w~ be ra~sfied and canceUed of record by the hoWers tl?es~eof at or about tbe time of die nenord~ of thk aaott~ 14. To pay all and singular the oosts, charges, and espenses induding lsrvya's fea, ~nprnod or po~d at swv time by the Association, because of the failure of th+e Atortgagors to perform, oomplp witb ~nd~~ t.xfi and evap ~tiPul~' t;ons, agreements, rnnditions and covenants of said promissory rx~te and tbis deed, nr e~er. ud ~every s+rclr payn~e+r~t ~?a11 beyr interest from date at the rate stated in the note secured hereby. 15. That he willpetmtt, commit, or suffer no waste, fmpaim~eM, or deteraration ~of said pr+opertr .x u~ Qaut t~es~s,f; and in the event of the af ilure of the Mort~agors to k~ep the buildings an saidprerruies snd tt~e to bC eietted an s~Sd prru~es, or improvements thereon in good repair, the Association may malce and pay for wcb rep~i~s 9s in its di~c~+etk~ it tas~ d~rr» necessary for tbe proper preservation theseof, and the full amount of suct? paymeMs sbs![ be secured by tbe liien of tbis ~urt~ .~nd shall at the option of the Associatiori be immediately due and payable, or paysWe in w~cfi r~ indalla~tots as t~?e As~ocdrs- tion may determine, and every such payment shall bear interest from date at tbe ratt stated In tbe aotP se~red ber~eby, 18. That if the Assoeiation and the I?iortgagors agree, the Mortg,agoec w~l eury a poliey Qr polic~s Qf ir?~lnc~e tiprxr their lives in an ar~eunt equal from time to time to the amount of indebbednHS hereby ~ecuced, mak'aig said Aswciatjnn b~ar~(L ciary thereunder, and that the said Association may~xy the premiums !or wch insurarwe (ia tbe everrt tbe ~l~otii~yors dD ~ut), and add each such payment to the unpaid balance of the laan, as of d~e fjrst day of tbe tben c~rrent mor~tb, zsd it s~ bec~ additeonal indebtedness secured by th3s mortgage payabk upon demapd, 17. That in the event that this martgage be given W secure a constn~ction ban, faiuu~e ~on tb~e ~rt uf the M+ort~,a~;prs ~r their contractors to complete said building in aocordanoe wit}i C•onstru~ction I.oan A~reearf.~nt, of ev~er? d~Ge b~+ewitb, Ar t~ said construction in aocordance with plans and s~Cifications filed witb the Association, s}~1! c~onqitru~e a breu.~b of t}~ muit~g,e, and, at the option of the Association, immediately mature the entirc anwunt of jxinci~xii and "udrreK b~erebp sert~red 9sd t}ie As~o- ciation may immediately institute proceedinga to forecbse th~s mortgage, 18. That the abstract or abstracts of title rnvering the mortga ca ~x~oix~rty sbaU at a!1 tirnes, dtafns dae life af tbis mr~ri. ~age, remain in the posseuion of the Association and in tbe event ~ the foreebcure of t}us mortgrag,e or ~ottier tr~r ivf tft~e tn thc mortgaged prpperty in extinguishmeni of the indebtedness setured bereby, all ri~t, title, 9nd interc~st ~of d~e y{rxt~irs b~ and to any such abstracts of tide shaU pass to the purchaser or g~rantee. 19. The Association shall have the right, in its discretion, to reyu'ue that tl~e Mortgagors p~r ir?Go t~e AsyocbtiAa ir? ~ddi- tion to the monthly installments of principal and interest to be paid by the !ltorigagon ur?c~er d?e nr~e s~ured by thk m?xt~~e, an amount equal to one-twelfth of the 3nnual installments of any taxe~ on tbe rriottgaged jxemi~ kwied ~or ;rsskssed by airw governmental authority, and one-twelfth of the annual premiums for Fire and Qztend~d Coverag~e ir?wr~nQe ion tt~s ~~i1 premises as hereinbefore rec;uired b~• the Association, and the I?iortgagors failure to malce wcb paymer~ts ~i~11 oa~u4e s delYUk under this mortgage. Il~ WITNESS ~VHEREOF', the said Mortgagors hereunto set tt~eit ha?~~ and c the day u?d ye-u fir~t 3Fi4ve wrKtrr~. - _ I Signed, sealed and delivered in the presence of: / " ~ ~ , C..w) . ~ ~ Vl~~ - ISI:AI.) M r ~ arin - , . _ ~ _ . tS~ALi B rta Farfn . ~ s~:'AI.,? ! ~KAI.,) (WIiNESbfi) ' IMORIGAGORi) " ~i_ . -