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Home My WebLink About0485 c t i 8. Until default in the performance aE the covcnants and agrecments of this mortgage, the moKgagors shall be entided to collect the renb, issues and prafits from the premises hezeinbcfore described, but in case of a default in any of the ternu of ; this mortgage, and the filing of a bill to f~eclose thls or any other moatgaga encwnbering the within desrribed property, the ~ ~lssociation shalt immediately and without notice be entided to the appointment of a Receiver of the mortgagedpro~erty~ and ~ of the rents, issues and profits thereof, with the ususlpo wer of Receiveis in such cases, snd such Receiver may be continued i in poasessioa of the said pmperty until the time o£ t}?c sale thereof under such foreclosure~ and untii, the confumatio~ oE such ? snle by the Court. ~ 9. lf a oonveyance should be mada by the mortgagors of the premises herein described. or anypazt tbereof, without • the writien consent of the Association, and without assumption in regular form of law by the ~rantee of tfie obligations to the ~ .issociation creuted by said promissory note and this modgage, then, and in that event, and at the option of the Ass~~ciation. { :~nd .vithout notice, all sums of mane,y secvred her~by shall immediatety und concurrendy with such rnnveyance become due and : payabte and in defaul~ The Association may deal with sucoessors in interest with reference to this mortgage and the debt hereby secured in ihe same manner as with the mortgagors, and may forbear to sue or may eatend time for payment of the debt, secured ~ hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortg~gors hereunder or upon the debt ~ hereby secured. 'l~e Association may also deal with the Mortgagors and/or with successors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a diEferent uiterest rate, and by other eupress moclif'cations of the contr,?ct, without losing 1ny priorit~• the Association has over other morlgagees or lienors or holders of any junior intere.sts in the propedy secured hereby, 10. Th1t in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken forpu blic use under the po~er of eminent domain, the As~uciatioa shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its snccessors or assigns, up to the amount unpaid on this mortgage and may be ap~nlied upon the payment or payments last payable thereon. -11. it is specifically agreed that time is ihe essence of this contmct and that no waiver of any obligation hereunder or of the obligation secured here6y shall at any time theiraEter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings oE any second mortgage or second tnut deed or any junior lien oE any ldnd should be insti- tuted, ihe Association may ~t its option, immediately or thereafter declare this mortgage and the indebtedness sr.cured heteby due and ~yable. 13. To the extent of the indebtedness of the Mortgagors to the Association desaibed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or tiens and to the rights oE the ownen and holders thereof of each and every mortgage, lien or other er~cumbrance on ihe land described herein which is paid and(or) satisfied, in whole or in part, out of the p~r~oceeds ~~f the loan described her~in or secureci hereby, and the respectivc li~s of said mortgages, liens or other encumbrances, sfi ~x to and be~held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to the same extent that it ~vould have been preserved and would have b~eea passed to and been field by the Association had it beei? duly and regularly assigned, transferrrd, set over aad delivered unto thc Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record~ it being ihe intention of the parties hereto that the rame will be sa~sfied and cancelled of record by the holders t6ereof _at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including Iawyer's fe~s, reasonably incumsd or paid at any time by the Association, because of the failure of the 1lfortgagors to perform, comply with and abide by each and every stipula- tions, agreements, rnnditions and covenants of said promissory note and this deed, or either, and everv s~ch payment shall bear interest from date at the rate statecl in the note secured hereby. " 15. That he will ~ermit, commit, or suffer no waste, impairment, or deterioration of said pnoperty or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erecied on x~id premises, or improvements thereon in good repair, the Association may make and pay for such repairs sis in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and e~ery such payment shall bear interest from date at the rate stated in the note secured hereby, ~ 16. That if the Association and the Tiortgagors agree, the Mortgagors will carry a policy or policies of insurar?ce upon ~ F their lives in an a~'eunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ ciary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the 11~ortgagors do not), and add each such p:?~~nent to the unp~?id balance of ihe loan, as of ths first day of the then ciutent month, and it shall become y additional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, faihme on the part of the Mortgagors or their contraMors to complete said building in accordance with Conshvetion Loan Agreement, of even date h~ewith, or to build said construction in accordance with plans and specifications filed ~i~ith the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mortgage, - ` 18. That the abstract or abstracts of title covering the mortga~ed properiy 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 trar~sfer of title to ~ the mortgaged property in extinguishment of ihe indebtedness secured hereby, all ri~ht, tide, and interest of the Mortgagors in ~ and to any such abstracts of tide shall pass to the purchaser or grantee. > ~ 19. The Assoeiation shall-have ihe right, in its discretion, to require that the Mortgagors psy into the Association in addi- } ; tion to the monthly installments of principal and interest to be paid by the liortgagors under the note secured by this mortgage, ; an amount equal~to one-hvetfth of the annual installments of any taaces on the mortgaged premises levied or assessed by any i ~ ~oven~mental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ' % I~remises as hereinbeEore required by the Association, and the Aiortgagors' failnre to make such payTnents shal! constitute a defauit ~ j under this mortgage. ~ ~ II~T WITNESS «'HEREOF, the said ~fortgagors hereunto set their hands and seals the day and year first above written. ~ ~ . i Signed, seated a. '•ered in the presence of: ; ~ , ' - - •-,_t~ J%~'~ - - _ ` , - -~~L ~v~'~_. _(SEAL) ~ ; M'c ae],~T. Guarino, Sr. ~ I • - - - --~-`--e~ . . • ~ ~J C,~~ -.Z q-- ' _ (SEAL) : • - b ~ - e G-u~'rin~` / ~ ; =.?k~i1~+r ; o~ ~r ~ --li~_Cqnm~ssio~l.E~res L~ae ll.19~3_ } - - . _ (SEAL) ~ ` ~ , ~e~/Z~ _ ~ ~ _ , - - ~ ` (SEAL) 4 - _ - I 11NIINESSES) - - - - - - - - (MORTGAGORS) i S d ' ~~r,.~~7 f:~~~: 4$~ ~i S S t 3 ~ ' . . . , ; ~ ; , • ~ ~ . ~ ' - f M...~~.-~~_ : - . .S . . ~ . _ Y G.~.=