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Home My WebLink About2714 8. Until default in tbe performu~ce oE the covepanes and agttc.m~ oE this matgage, the mortgagots :hall be eot~tled i to oallect the raits, issucs andp~ofib f~oca the p~+emises he~abefore d~, but in case of a default in any oE tbe ternu of thb mortgage, snd tbe fiUng of a blU to foreclose thb vr a~ay other matgage cncumberiag the within descr~bed P~'~P~Y. ~ ~ As.~ociation shall immediately and without rwtice be entitkd to the appolntment of a Receiver of the mottgaged~xoperty, and oE the t~?ts, issues and proEits thereof, with the usual power of Receiven in such cases, and such Receiver may be cantinued in postession of the said pnoperty until the time of tl~e sale thereof under sucb foreclosure, and until the confirmation of such snle by the Court. y os .9. If a ronve ance should be made b the mortgagors of the premises herein d~cribed, or anypatt thereof, without the writtea ca~nsent o the Association. and wiihout assumption in regular fonr~ of taw by the grantee of tl~e obligations to the :lssociation creuted by said ptnmissory note and this modgage, then, and in tbat event, and at the option oE the Associatiun, :~nd ~vithout notice. all sums of money ser.ued hereby shall immediately and concur~rntly with such rnnveyance become due and payable and in default, The Association may deal with suocessors in interest with reference to thit mortgage and the debt herebv secured in the same manner as with the mortgagors, and may forbear to sue or may eartend time for paymeat oE the debt, secure~ hereby, or otherwise acc without dischargmg or in any way affecting the ]iability of the mortgagcus hereunder qt upon the debt hereby secured. The Association may also deal with the Modgagors and/or with successo~s in .ittereu w~h refer~ce to this mortgage und the debt hereby secured by forbearing to sue. extending the time for payment bf the debt~ providing for different ~ monthly payments and/or a different interect rnte, and by other express mocL'fications of the contr:act, without bsing any priorih• the Association has over other mortgage~c or lienors or holders of any junior interests in the property secured hereby, 10. That in the event the premises hereby mortgaged~ or any part thereof, shall be conderaned and taken for public use under the power of eminent domain, the Assuciation shall have the right to demand that aU damages awauled for the takit~g of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amoant unpaid on this mortgage and may be applied upon the payment or payments last gayable thereon, 11. It is specificx~lly agreed that time is the essence of this contruM and that ao waiver of any obligation here~inder or of the obligation secured hereby shall at a~ny time. thereafter be held to be a waiver of the terms or of the instrument secured hereby. t 12. If foreclosure proceedings oE any second mortgage or second trust deed or any junior liea of any Idnd should be insti- tuted, the Association may at its option, immediatety or thereafter declare this modgage and the indebteaness seceucd hereby due and payable. ~ 13. To the eztent of the indebtedneu of the Mortgagors to the Association described herein or secwed hereby, the Asso- ciation £s hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage~ lien or other er~cumbrance on the land deseribed herein which is Yraid and(or) satisfied, in whole or in part, out of the prooeeds of the loan described herein or secur~erl hereby~ and the r~spectivc liens of said mortgages~ liens or other encumbranc~es, sha pa tn and be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~~cured, o the same extent that it would have been pieserved and ~vould have been passecl to and been held by the Association had it bee:i duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satis6ed and canc~elled of :~ecord, it being the intention of the p~rties hereto that the same will ~ be sa~sfied 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 induding lawyer s fees, reasonably incurred or paid at any time by the Association, because of the failure of the 1?iortgagors to perform, 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 bexr . interest fmm date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said properiy or any part thereof; 1 and in the event of the failure of the MortRagors to keep the buildings on said premises and those to be erected on ~?id premises, , s or improvements thereon in good repair, the Association may make and pay for. such repairs as in its discretion it may deem i necessary for the proper preservation ihe~eof, and the full amount of such payments shall be secured by the lien of this mottgage :u~d shall st the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa_ 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 Association and the ~tortgagors agree, the Mortgagors wilt carry a policy or policies of insurance upon their lives in ar~ arrTeunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), j and add each such ps~~nent to the unpaid balance of the loan, as of the first day of the then cturent month, and it shall become : additional indebtedness secureci by this mortgage payabte upon demand. s 17. That in the event that this mortgage be given to secure a construction loan, failure on the part ,of the A4origagors or ~ their contraMors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build : said construction_in accordance with plans and specifications filed with the Association, shall rnnstitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immediately institute pra~eeedings to foreclose this morigage. ' ± 28. That the abstr.~ct or abstracts of title covcring the mortgageci property shall at all times, during the life of this mort- , ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in t and to any such abstracts of title sha11 pass to the purchaser or grantee, a 19. The Association shall have ihe right, in its discretion, to require that ihe 11~ortgagors p~y into the Association in addi- - tion to the monthly insiallmentr of principal and interest to be paid by the :ltortgagors under the note secured by this mortgage, i an amount equal-to one-twelkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any ' govemmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Assoeiation, and the lliortgagors' failure to make such paynnents shall constitute a default under this mortgage. II~ WITI~ESS ~VHEREOF, the said Mortgabors hereunto set their hancls and seals the day and year fint above written. ' 1 Signecl. sealed and delivered in the presence of: - R , . c . ~ _ _ ' L._~ N1 _ l~ ` ~ ~`I• ~ SEAL _ ',e Farin ~ ~ ~ . - _ _ . , ` • ~ L~ --.r . (SEAL) erta Farin = _ - - (SEAI,) - ( SEAL) nv~iNESSESr (MORiGAGOfi~ ~2~C~ ~2715 -s ~ _ . ~ d I~ " ~ ~ . _ T ' . 't~.'.M~~ _ ' _