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Home My WebLink About2858 • ~ ~ • • . • : ,w ~ ~ . 8. Until default in the performance of the covenants and agrecments of this mortgage, the mottgagors shall be entided ~ to coUect the rcnts. issues andpcofits from the premiscs hereu?befora described. but.in case oE a default in eny of tbe tenn, of , this mortgage, and the filing of a bill to foreclose this or any other mortgage cQCUmberiag the within described pmopeity. the . As,oociation shall imrnediatel_v and without notice be entided to the appointment oF a Receiver of the mortgagedproperty. and ~ of the rents, issues and profits thereof. with the usual power of Roceiven in such cases, and such Receiver m~y be aontiuucxi : ;n pas~ession of the said property until the time of the sale thereof unde~~ such forecloaure~ and until the confirmation of such s sale by the Court. ; 9. if a conveyance should be made by the mortgagors of the premises herein described, or any part thereof, without , thc written consent oE the Association, and without asstemption in regulgr form of law by the grantee of tTie obligaHons to the ; ~.sociation created by said promissory note and this modgage~ then, and in that event, and at the option of the Association. ; .~n~l ~vithout notice. all sums oE money soc~u~ed hereby shaU immediately und concurrently with such rnnveyance become due and ~ payable and in defau]t. The Association may deal wlth succeuors in inten~st with reference to thit mortgage and the debt hcrebv ~ secwed in the same manner as with the mortgagors. and may forbear to sue or may extend time for payment af the debt, securec~ ~ hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortgugon hereunder or upon the debt hereby secured. The Association may also deal with the Modgagors and/or with successors in interest with refereace to this ' mortgage and the debt hereby secured by forbearing to sue, extending the time f~ payment of the debt, providing for different t monthly payments and/or a different interest rate, and by other e:press m«lifications of the contrnct, without losing any priorih• ~ the Acsociation has over other mortgagees or Uenors or holders of any junior interests in the propedy secured hereby. ; _ _ _ _ -----10. 1'hat in ihe_event the_premises hercby mortgag-ed,,or uny part ihereof, shaU be condemned and taken for public use ~ under tbe power of eminent domain, the Assuciation shall have the right to demund that all clamnges awarded for the ta]oug oE or damages to saia premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that dme is the essence of this contrnct and that ao waiver of any obligation hereunder or of ~ the obligation sectued hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. ~ 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of sny Irind should be insti- ?,~~t~, the Assor~atien rnay at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ~ and papable. ~ 13. To the extent of the indebtedness of the Mortgagors to the Association descxibed herein or secured hereby, the Asso- ~ ciatioa is hereby subrogated to the lien or liens and to the rights of the owners and halders thereof of each andevery moitgage, lien or other encumbrance on the land described herein which ic Iraid and(or) satisfied, in whole or u~ part, out of the ~ nf the loan described herein or securecl hereby, and ihe res[~ectivc liens of said modgages, liens or other encumbrances, s~~a to and be held by the Association herein as se~urity for the indebtedness to the Association herein described or hereby secured, o- thc ssme extent that it would have been praerved and ~vould have been passed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwit}utand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill be sa5sfied 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, chazges, and expenses inciuding lawyer's fees, reasonably incurred or paid at any time by the Association, because of the failure of the Iliortgagors 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 bear ~ interest from date at the rate stated in the note secured 1lereby ' 15. That he ~villp~m~ t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ~ and in the event of the af ilure of the Mortgagors to keep the buildings on said premises and ihose to be erected on said premises, ~ ur improvements thereon in good repair, the Association may make and pay for such repairs as in its diux~etion it may deem necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of thit matgage :+nd shall at the option of the Association be immediately due and payable, or payable in svch montlily installments as the As9ocia- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ 16. That if ihe Association and ihe riortgagors agree, the Mortgagors will carry a policy or policies of ~nn~T=~*~CC UPOiI ~ their lives in an anleunt 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), f and add each such payment to the unp~ d balance of the loan, as of the first day of the then current month, and it shall beeome ; additional indebteciness securecl by this mortgage payable npon demand. i 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the Part of the Mortgagors or ~ their contractors 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 constitute 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- ~ ciaNon may immediately institute proceedings to foreelose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortgaged 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 fareclosure of this mortgage or other transfer of tide to ~ the mortgaged property in eztinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the \fortgagors under the note secured by this mortgage, € ~ ,,n amount equal-to one-twelfth of ihe annual installments of any ta.Kes on the mortgaged premises levied or assessecl by any ~ ~ ~oven~mental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ ~remises as hereinbefore reqiured by the Association, and the ~ltortgagors failure to make such payments shall constitute a default ~ »nder this morigage. ' IN V~'ITNESS WHEREOF, the said Liortgagors hereunto set their hancis and seals the day and year first above written. ~ ~ , ~ ~ ~3g , ~Ps ; r; ~ . _ i ~ ~ ~ _ ~ - . . - -(SEAL) ~ - - - ' - ~ , - - . Martin MostY . i ~ ~ - . ~ . ~ l: ; . , ' ti~ - ~ ~usan~M " y i~- (sE~.) ~ _ _r-~-- _ - os~ n ~ ' ~i - - - - - - _ (SEAL) ~ ~ : - ~ ~ - - _ (SEAL) - - ~ (W I TNESSES) (MORTGAGORS) ~ ~ ~ z~ ~ ~ s ~ ' ~ : , ~ . ~ ~ - ' , ~ t ~`~ro -,~r~s~ ~ ' . ~.a