HomeMy WebLinkAbout1472 8. UnW default in the perforn~ance of the covenants and agrecmenta of this mo~tgage, the morigagon shall ba entided
ta collect the rents, issues andp~o fits from the premises hercinbefore described, but in case of a default in any of the term.s of
this mortgage, and the filin of a bill to foreclosa this a an othes mortgage eacumbering the vv~thin desctibed prope~ty, the
y pe
As.cociaHon s1~all immeciiatey and without notice be eritided to the appointment of a Raceiver of the mortgagedproperty, and
of the rents. issues and profits thereof, with the usual power of Aeceiveca in si~ and sucb Receiver m,1y be oontinued
in pos~ssion of the said property until the time of the sale thereof under such foreclosure~ and until the co~firmation of such
sale by the Court.
9. If a canveyance should be made by tbe moitgagars of the premises herein described, or Any pazt thereof. without
thc written consent of the Association, and without assumption in regular form of lew by the grantee of tbe obligations b the
.4ssociatio~ creuted by said ~u~omissory note and this moiigage~ then, and in that event, and at the option of the Association,
and ~vithaut notice, all sums of mc+ney secured hereby shaU immediately und concurrently with such rnnveyance become due and
payable and in default, The Association may deal with auocessors in interest with reference to this mortgage and tbe debt herebv
secured in ihe same mannrr as with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, securecl
hereby, or otherwise act without discharging or in any way affecting the liability of the mortgagurs hereunder or upon the debt
hereby secured. The Ass~ciatioa may alto deal with the Mozigagors and/or with successots in interest with rtfezence to this
mortgage and the debt hereby securecl by forbearing to sue, extending the time for payment of the debt, pruviding for different
montbly payments and/or a ddEerent interest rate, and by other express modifieations of the contr.~ct, without losing any }xiorit.•
the Associetion has ovez other mortgage~s or lienors or holders of any junior interests in the property secured hereby.
10. That in the event the premises hereby mortgaged, or any pazt thereof, shall be condernned and taken forpu
blic use
undcr the power of eminent domain, the Assuciation shall have the right to demand that alI damages awarded for tbe taking of or
damages to said premises shall be paid to the Association, its succ~essors or assigns, vp to the amount unpeid on ihis martgage and
may be applied upon the payment or payments last payable thereon.
11. It is specific~lly agreed that dme is ihe essence of this contract and that no waiver of any obligation heteunder or of
the obligation secured hereby shall at any time thereafier be held to be a waiver of the tenns or of the instrument sec~red hereby.
I2. If foreclosure proceedings oE any second mortgage or second tnut deed or any junior lien of any ldnd should be insti-
tuted, the Association may at its option, immediately or the~+eaker derlare this morigage and the indebtedness seciu+ed hereby due
and payabk.
13. To the extent of the indebtedness of the Mortgagors to the Associ.ltion- described herc ui or secured hereby, the Asso-
riation is hereb~ subrogated to the lien or liens and to the rights of the uwners and holders thereof of each and every modgage,
lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in whole ar in part, out of ihe
nf the loan described herein or securcYi hereb~•, and the respectivc liens of said mortgages, liens or other encumbrances, s~ia~~xs
to and be held by the Association herein as setvnty for the indebtedi~ess to the Assxiation herein described or hereby s~ecured, o
the s:ime ex!ent that it would have been preservecl and would have been passed b and been held by the Association had it beeit
duly and regularly assigned, iransferred, set over and detivered unto the Association by separate deed of assi~mment, r~otwithstand-
ing the faM that the same may be satisfied and cancelled of record, it being the intention of ihe ~rarties hereto that the same will
be sa~isfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay a11 and singular the costs, charges, and expenses including lawyer
s fees, reasonably incurred or paid at anv
time by the Association, bera~ue of the failure of the 1ltortgagors to pedorm, comply with and abide by each and every stipula-
tions, agreements, conditions and covenants of said g~missory note and this dec~ci, or either, and every such payment shall bear
interest from date at the rate stated in the note secured herebv.
15. That he will permit, cammit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in ihe event of the failure of the Mortgagors to keep the buildings on said premises and ihose to be erected on s.zid premises,
or impro~ements thereon in good repair, the Association may make and pay for such repairs as in its disczetion it may deem
necessary for the proper preservation thereof, and the full amount of surh 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 installmeats as the Assaaa-
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 agtee, the Mortgagors will rarry a poliey or polieies of insurance upon
their tives in an arrlsunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
c•iary thereunder, and that the said Association may pay the premiums for suc}, insurance (in the event the Iliortgagors do not),
and add each such ~rayment to the un~aid balance of the loan, as of the first day of the then cturent month, and it shall become
additfonal indebtedness secured by this mortgage payable upon aemand.
I7. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~tortgagors or
their rnnhactors to complete said building in accordance with Consiruction Loan Agreement, of even date here~~~th, or to build
said construction in accordance wiih plans and specifications filed ~ti~th the Association, shalt constitute a breach of this mortgage,
and, at the option of the Association, immediately mature the entire amaunt of prineipal and interest hereby secured and the Asso- ~
' ciation may immecliately institute proceedings to foreclose this mortgage. ~
f ~8. That the abstract or abstracis af tide covering the mortgabed 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 tide to
~ the mortgaged property in extinguishment of the indebtedness secured hereby, alt ri~ht, titte, and interest of the Mortgagors in
and to any such abstracts of tide sha11 pass to the purchaser or grantee,
~ 19. The Association shal) have the right, in its discretion, to require that the riortgagors pay into the Association in addi-
~ tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured by this mortgage,
; an amount equal to one-twelfth of the annual installments of any tlaces on the mortgaged premises le~tied or assessed by any
govemmental authority, and one-hvetfth of the anm~al premiums Eor Fire and Eatended Coverage insurance on the mortgageci
; rremises as hereinbefore requirccl b~~ the Association, and the ~tortgagors' failure to make such payments shall constitute a default
; under this mortgaoe.
s I\ ~YITNESS ~VHEREnF, the said ~tortgagors hereunto set their hands and seals the day and ti•ear ~irst above written.
Signed, sealed and dcli~•ered in the presencc of:
; ~
r ~
: . ~ ~
, G~~~: ~rt'it~-c.-a. - - C~~C' _ __(SEAL)
` / ~ ' :2~
F ~ eter rt ow
` w Y V *~.o--_.._ .!//i ~C1 `1 c_ ~~l C~: ( sEAL l
~ Mary- Bartkow
x ~
: - - - - (SEAL)
Y
>
' - - - - - - - - _ ~SEAL)
; (W ITNESSES) (MORTGAGORS)
~ gQOx 216 ~~f 14?3
3
;
~
4
~ m
_ .~Y _..x ~