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Home My WebLink About0437 •pply at any tin~~~ ~~•ithuut nut~ce, p.•ndinK such fure.•I..~ure s~ut, to the cuurt ha~inK ~urisdiction thereof tor th~ appointment ut a rcccivcr o[ al! and s~nKular the murt~;aRc~d property, and of all the rents~ in- comes, prufits, i:.~;~•c and re~•rnues there~~t, fn~m what:oea•er tiuurce drrived; and thereupun il ~s he~eby eapm,~l~• cnnvenantrd un~1 :+~n•~~d thnt thr cuurt sh:~ll tu~th~~~ith appu~nt a rec~•i~•~~r said mort~aKed prop- erty, 811 an~! sin~ular, an~! ~f such n•ut., inrnmes, profits, is:urs and m~•~ nu~•~ there~•t, fr~tn ~vhat~r,P~~er sourc~ drrived, ~vith thr u,ual p~~wers nnd duti~•. of rc~cei~~~•r. in likr case:; ar,d su~h appointme~t ;haU be mnde by siich cuurt as a maUer uf strict riKht tu th~• :~,:ociatiun, and without reterencr to the adequacy or inadequacy of the ~•alue of the property he~rb~• mortKa~,~rd, or to the sol~•ency ~~r in~ol~•ency oI the ~I~rt- {LeRor, and that such r~•nts, protits, incom~s, i,sues, arn1 re~enues shall be appli~~d by such recei~er to the pa~•ment of the mortRaRe indebtedness, co.ts and char~;~~., acron~in~; to the order of such court. 10. That in the e~cnt lhe o~~•nenhip of the mott~a~;cd premises, or :?ny part thereof, brcomes ~ested in a per- son other than the \tortRa~or, the Association may. w•ithout nutirv ta the \1ortQaRor, deal with such sue- ce~~or or succe~sorc in interest with refe~enre to thi~ moKRaKe an~f the debt hereby secured, in the same manner as Nith the 1ltortRaRor, without in any way ~itiatin~ or discAarKing Lhe 1lortgagor's liability here- under or upon the debt hereby secured. No sale of the premisE~ herehy mortRaRed and no forbearance on the pfrt of the As.~ociation, and n~ ext~•nsion of the time for the paytnPnt of the debt hereby secured qiven by the Association, shall operate to release, discharRe. modif~. chsnge or aftect the original liability of the ~lortgagor herein, either in wholP or in part. 11. That in the event the premises hernby mortga~ed, or any part thereof, ahall be condemned and taken nnder the flower of eminent domaia, the Association shalt ha~e the riQht to demand that all damagcs avearded for the talunR oi or iejuryr to isaid prrmises shall be paid to the Association, 1L5 9BCCl330?S OT llSSl}~IIS. up W tt~e - " amount then unpaid on this mortgage. and may t~e applied to any sums Iast paysble hereunder. 12. That time is ot the essence ot thie contract and that no waive~ oi any obligation hereunder, or of the ob- liRation secnred hereby. shall at any time thereafter be held to be a a~aiver ot the terms hereot or of the promissory note secured hereby. 13. 7F.~,t if toreclosure proceedin~ of any seco~d mortRage or second trust deed or any junior lien of any kind thouid .be instituted. the Associalion may at its option, immediatelq o~ thernafter, declare this mortgsge and the indebtedness secured herebp due and paqable. 1~. 1`hit to tte extent of the indebtedness of the Siortgagor to the Association described herein or secured here- bq, the Association is herebq sabrogated to the lien or liens and to the rights of the owner and holder thereof ef eath and every mortgage, lien or other eneumbrance on the land described herein, vshich is paid and sat- isfied, in whole or in part, out of tAe proceeds of the loan deseribed herein or secured hereby, and the res- ~ec:ive liens of said mortgages. liens or other encumbrances, shaU be, and the same and each of them hereby is-preserved and ~hell pass to and be he}d bp the Association hernin as security for the indeLtedness to the Associat~on hernin described or hereby secured, to the same eztent that it vrould ha~e been preserved and would have been passed to and been held by the Association had it been duly and.regularly assigned. trans- ferred, set over, and delivered unto the Assceiation by separste deed of assignment. notwithstandiog the fact that the same may be aatisfied and caneetled of record. it being the intention of the parties hereto that the ~ame wil! be satisfied and cancelled of record bp the holders thereQf at or about the time ot the recording of this mortgage_ - 16. That if any of the. sums of money herein rete~red to be not ptomptly and fully paid aithin thirty (30) daqs next after the same severally become due and payable, or if each and e~err the stipulstions, agreementa. con• ditions and coveaants of said promissory note and this mortgage. or either, are not duly performed. com- plied with and abided by. the sggregate sum unpaid under said promi~soryr note snd this mortgage shall become due and payable forthwith or thernafter at the option of the Assceistion, as fully and completely as if said aggregate sum of money were originally stipulated to be paid on such dap. anything in aaid ~ prnmissory note or herein to the eontrary notwithstaading. ; 16. Thst in order to accelerate the maturity ot the indebtedness hereby secured because of the failure ot the ( ~iortgagor to pay any tax assessment, li:ibilitp, obligstion or encumbnnce upon said pmperty as herein pro- - ~ vided, it siull not be necessary nor requisite that _the Association shall first pay the same. ! 1T. Ii a eonveyat?ce should be made bp the Nortgaqor of the prnmises herein described, or anp part hereof. and 4 the grantee named in such com•eyance fails or tef~ces to as~ume the parment of the obligation e~idenced ~ by said prom~ssory nots and secured by this mortgage, and in accordance with their respectiee terms, and ~ abide the tulr~ and regulations of the Association, including payment of a reasonable transfer fee. Lhen ~ and in that event, at the option and upon the demand of the Association all sums of money secnted hereby ~ shall immediately become forthv?ith-aue and pa~able. ~ 18. That the abstract or abstracts of title covering the mortgagrd property ~haU at a11 times. during the life ~ of this mortgage. remain in the possession of the Association and in event of the foreclosure of thia mort- ~ Aage or other transfer of title to the mortgaged property in eztinquishment of the indebtedness secur'ed ~ hereby, all right, title snd interest of the ~iortgagor in and to any such abstracts of title shall pass to the purchaser or grantee. 19. Should the validity or first lien of this mortgage or the note secured therebs be contested bq litiRation or ~ otherwise, the :HortRagor sgrees to pay to the Association the cost of defending the same including a rea- sonable attorneq's fee. ~ 20. To pay all and sinQular the costs, charges and expenses, including ~ttorney's fees.reasonabl} incurred or paid ~ at any time by the Associetion, because ot the failure of the ~tortgaRor to perform, comply with and abide ~ by each and every the ~tipulations, agreements, conditions and co~•enants of said promissory note and thi~ ~ mortRage, or either, and evPr3 such sum shatl bear interest from date at the rate of eight per cent (S<<) per ~ annum until fully paid. ~ 21_ The Association shall have the riRht at any time and from time to time and v?ithout notice to or consent of - any person to: (a) release sny portion ot the premises from the lien of this murtgage; (b) release sny per- son liable for payment of any indebtednes9 secured hereby; Ic) extend the time of payment or alter the - terms of payment of all or any part of the indebtedness. without affecting or rnleasing the personal lia- bility of any person liable (other than any person rel~aaed pursuant hereto) for the psyment of wnq sum or ~ ~ interest secured hereby and without in any wi~e altering. rarying. or dimine~hing the forces, eftecta. or lien _ of this mortgaRe on all the premises not apecifically released [rom the lien of this mortgaRe by_ the Asso- " ciation. 22. An aRreement hereaiter made b Mort a p gage shall be superior ~ Y Y R Ror and Association urouant to thi~ mort ~ to thc rights of ttie ho)der of any intervening Iien or encumbrance. 23. Upon request ot blortgagor, the Association maq, at its sole option. from time to time betore full p~yment ~ ot all indebtednes~ secured hereby, mRke further sdvances to Mort~tagor; prnvided. however. that the totat a~ principal secured hereby and remaining unpaid, including any such ~dv~ncea, shall not ~t any time exeeed the oriRin~l principal sum secured hereby. MortRagor shall par all such turther ad~ancee with interest. •nd the ~ ~ame shtlt be secured herebr. All provisions of this mort~age ~hall apply to each turther ~d~ance as well u to ~ ~p other Indebtedness secnred hereby. Nothin~ herein eontained, hoaever. shall limit the ~mount secured bp thi~ mort y ~ P ~ Rage it such amount is ir.creaaed b adv~nce~ made b the Association, as herein el~ewhere mvided for to protect the +ecurity. ~ i' ~ ~G~K218 ~~GE 437 ~ . ~ . . . ~ ; i - :a~ z : ~ - . ~ . ~a` . - . ' . . . ' .~"*~a~~'"*~'.~u,_....~._v~. &_,w_._..-.-~~ . _ _~z.-_