HomeMy WebLinkAbout2302 8. Until deEault in the perfomiance of the covenants and ugrecments of this mqrtgage~ the mortgagors shall be entided
to collect the rents. issues and profits from the premises hereinbefore desecibed.• but in case of a default in any of the terma of
this mortgage~ and the filing of a biU to foreclose this or any other mortgage encumbering the within described property, the
:lssociution shall immediatelv nnd without notice be entitled to the nppointment of a Receiver of the mortgAged property, and
of the rents, issues and pmfits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued
in poasession of the said property u~til the time of the sule thereof under such foreclosure, and until the eonfirmation of suci?
.ale by the Court.
9. lf a conveyance should be made by the mottgagors of the premiscs herein describe~l, or any part thereof~ ~vithout
the ~vritten consent of the Association, and without :usumption in re~ular Eorn? of la~v by the grantee of ihe obligations to the
~s.u,ciation created bv said pmmissorJr note and this mortgage, theu, and in that event, and at the option of the Assuciatic»
:u~d ~~~thout notice, all a-ums of m~ney sec~~red hereby shaU immediatety and concurrently with such rnnveyance become due und
payable and in default, The Association may deal with successors in interest ~vith reference to this mortgage and the debt hereb~~
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for ~~.lyment of the debt, securc~
iiereby, or otherwise act ~vithout discharging or in any way aEfecting the liability of the mortgagurs hereunder or upon the debt
hereby secured. The Association may aLso deal with the Mortgagors and/or with succesxors in interest with reference to this
mortgage and the debt hereby secured by forbearing tu sue, extending the time for payment oE the debt, providing for different
monthly payments and/or a d~fferent interest rate, and by other express moclifcations of the contr.ict, a•ithout losing any priorit~- ~
the Association has ovet other mortgagees or lienors or holders of any junior interests in che property secured hereb~~. ;
l0. That in the event the pmmises hcreby mortgaged, or any part thereof, shall be condemned aud taken for public use
under the power of eminent domain, the Assuciatioa sha~! have tl~e right to demand that aA damages awarded for ihe taking of or
damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on thic mortgage and
mav be 1p~lied upon the payment or payments last payable thereon.
11. It is specifically agreed that time is the essence of this contmct and that no wuver of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms o: of ihe instrument secured hereby.
12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of sny kind should be insti-
tatcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ~
.~nd pa~~able. _
13. To the extent of the indebtedness of the Liortgagors to the Associ.ltion described herrin or sec~ved lienby, the Asso- '
c•iation is hereby subrogated to the lien or tiens and to the rights of~the owners and holders thereof of each and every mortgage.
lic~n or other er~cumbrance on the land described herein which is paid and(or) satisfied, in ~~•hole or in pa?t, out of the proceeds
~,F the loan deseribed herein or secureci hereby, and the reccpecti~•e liens of said mortgages, liens or other encumbrances, shallpass
tc, :ind l~e held by the Association herein :u security for the indebtedness to the Assxiation herein described or heneby secured, to
thc s:ime ex!ent that it ~vould have been preserved and would have beea ~assrd !o and been held by the Association had it been
cluly ane~ regularlti• assigned, transferred, set over and delivered unto the Associatian by separate dced of assignment, notwithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~uties hereto that the same ~vi11
i~e sa5sfied and cancelled of record by the hotders therEOf at or about the time of the recording of this mortgage. s
14. To pay all and singular the costs, charges, and eapenses including laKyer's fees, rFasonably incurred or paid at am~
time by the Association, beca~ue of~lhe failute of the \fortgagors to perfonn, comply ~vith and abide by each and every stipula-
tions, agreements, conditions and coven;u~ts of said promissory note and this deeci, or either, and every such payment shall bear
interest from date at the rate stateci in the note seeurecl hereb~~.
15. That he ~vill petmit, commit, or suffer no waste, impairment, or deterioration of said properh• or an~• part thereof; ;
and in the e~•ent of the failure of the I?lortgagors to keep the buildings on said premises and those to be erected on said premises, '
~~r impro~ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem '
necessary for the proper preservation thereof, and the full amount of such payments shall Ge secured by the lien of this mortgage
:~nd shall st the option of the Association be immediately due and payable, or payable in such monthly installments az the Associa-
tion may determine, and every surh 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 1liortgagors ~vill carry a policy or poiicies of insurance upon
their lives in an ar?~unt equal from time to time to the amount of n~debtedness hereby secured, ma}:ing said Association benefi-
ciary thereunc~er, and that the said Association may pay the premiums for such insurance (in {he event the ~fortgagors do not), ~
.ind add each such ply~ment to the un~aid balanee of the loan, as of the first day of the then curmnt month, and it shall become
~dditional indebtedness secured by this mortgage payable upon demand,
17. That in the event that this mortgage be given to secure a constniction loan, failure on ihe part of the ~tortgagors or
their contr,ictors to tomplete said building in accordance ~tith Constn~ction Loan Agreement, of even date here~vith, or to build
said construction in accordance with plans and s~ecifications filecl ~~•ith the Association, shal! constitute a breach of ihis mortgage,
ar~d, at the option of the Association, immediately matwe the entire amoiint of principal and interest hereby secured and the Asso-
c•iation may immediately institute proceedings to foreclose this mor!~age. ' ~
18. That the aUstraM or abstracts of title rn~•ering the mortgahcci 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 propcrty in extinguishmeni of !he indebtedness secured L-creby, all ri~ht, title, and interest of the l~iortgagors in
and to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to teqt~ire that the ~iortgagors pay into the Association in addi-
tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortga~e,
:~n amount equal to one-hvelfth of the ~nnual installments of anv taxcs on ihe mortgaged premises levied or assessed by am
~ovemmental authority, and one-h~•elfth of the annual premiums for Fire and Extendecl Coverage insurance on the morigagcii
~~remises as hereinbefore required b~~ the Association, and the \tortga~ors' failure to make such pa~Tnents shall constitute a default
imder this mort~aoe,
I:~` ~t'IT\ESS \t'NEREnF, the said \lortga7ors hereunto set their hands a~id seals the da~• and ~•car first above ~vritten.
Sign~cl, sealed and deli~~ered in the prc~sence of: :
a~ _ y ~ .
.t c <.C~ - ~ /~iC'~'.f~~ i ' (SEAL?
R.a~y/mond F, Meeker
/ . ~ .
_ ~:l) - L t-%~i2 ~r- L~~ ~ ~~(,-f,C::/~`-F~, ~ SEAL)
. ~atnryn n. ivieexer
(SEAL)
. (WITNESSES) - ~SEAL~
(MORTGAGORS)
u ~ar,-
~ti~:t 215 - 22~6 ~
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