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HomeMy WebLinkAbout1344 8. UnW default in the performance of the covena~ts and agree~nents of this mortgage~~~ the mortge?~ts sh~•~e entided to collect the rents~ issues and profits from the premises hereinbefora described, but in case a~ a d~fault in aay~~f the terma of this mortgage, and the filing of a bill to foceclose this or any other mortgage encumbering the within described property, the ~ssocia~ion sball immediately und without notice be entitled to the appointment of a Receiver of the rrwrtgaged pmperty. and of the rents. issues and profits theneof~ with the usual power of Receivers in such cases, sr?d such Receiver may be continued in pos.ces.UOn of the said property until the time of the sale thereof under such foreclosure, and until the rnnfirmation af surh ,ale b~~ the Cflurt. ' ~ 9. If a conveyance should be made by the mortgagors of the premiscs herein described, or any part thereof, ~vithout thc written consent of the Association, and H~thout assumption in regular form of law by the grantee of tTie obligations to the ~su~ciation created by said promissory note and this mortgage~ then, and in that event, and at the option of the Associati+?r~. :~nc1 ~vithaut notice, all sums of mcx~ey secarPd herrby shall immediately And eo~icurmntly H~th such rnnveyance bec~me due und l~yable and in default, The Association may deal witb successors in interest ~vith reference to this modgage and the debt herebv secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securei~ hereby, or otherwise act without dischar~u~g or in any way affecting the liability of the mortgagors hereunder or vpon the debt hereby secured. The Association may also deal with the Mottgagors and/or with successors in interest with reference to this mortgage and ihe debt herebv secored by forbearin~ to sue, euiending the time for payment of the debt, providing for di#ferent monthly payments and/or a c~ifferent interest rate, and by other eapress moclifications of the contract, without bsing any prioritr the Association has over other modgagees or lienors or holders of any junior interests in the property secvred hereby. 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken forpu blic use undcr the power of eminent domau~, the As.a,ciation 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 s~ucessors or assigres, up M the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. . 11. It is specifically agreed that time is the ~ssence of this contraM and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held ro be a waiver of the terms or of the instrument secured hereby. 22. If forec]osure proceedings of any second mortgage or second tn~st deed or any junior lien of any ldnd should be insti- tutcd, the Association may at its option, immediately or thereaker declare this modgage and the indebtedness secured hereby due and payable. 13. To the eatent of the indebtc~clness of the Mortgagors to the Associatioa d~scribed hemin or secared hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other encumbrance on the land described herein which is ~raid and(ar) satisfied, in ~hole or in part, out of the pmceeds ~~f the loan described herein or securc~ct hereby, and the resPectivc liens of said mortgages, liens or other encumbrances, shallpass t~ and be held by the Assoc;ation herein :ss s~curity for the indebtedness to the Assxiation hcrein described or hereby secured, to thc wme ex!ent that it would have been p~esen~ed abd Krould have becn passed to and been held by the Association had it beeii cluly and regularl,y assigned, transferred, set over and deliverEd unto the Association by separate deed of assignment, nohvit}utand- ing the fact that the same may be satisfied and cancelled uf record, it being the intention of the p~rties hereto that the same ~vi11 be sa5sfied and cancelted of record by the holders thereof at or about the time of the recording of this mortgage. 14. To ~ray a11 and singular the rnsts, charges, and expenses including lawyer's fees, reasonably ineurred or paid at any time by the Association, because of the failure of the I?lortgagors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and even such payment shall bear interest from date at the rate stated in the note secured hereby. 1~. That he will permit, commit, or suffer no waste, impairment, or deterioration of said prDperty or an}• p~ thereof; and in ihe cvent of the failure of the biort~agors to keep the buiidings on said premises and ihose to be erected on said premises, or impro~~ements thereon in good repair, ihe Association may make and pay for such repairs as in its disrretion it may deem necessary for the proper preservation thereof, and the full amount of such ~rayments shall be secured by the lien of this mortgage .~nd shall at the option of the Association bre immediately due and payable, or payable in such monthly installments as the Associa- t ion may determine, and every such payment shall bear interest from date at the rate stated in the note secured heteby. 16. That if the Association and the ~tortgagors a~ ee, the Morigagors ~vill carry a policy or policies of insurance upon their lives in an ar~sunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association may pay the premiu,-ns for sueh insurance (in the event the Mortgagors do not), and add each such pa}'ment to the unpaid balance of the loan, as of ths first day of the then ciurent.month, and it shall Uecome ac3ditional indebteciness secured by this mortgage payable upon demand, ' 17. That in the event that this mortgage be given to secure a construction loan, failure on the Irart of the ~tortgagors or ; their contncton to complete said bui[ding in accordance Krith Construction Loan Agreement, of even date here~vith, or !o build ~ said construction in accordance ivith plans and specifications filed ~eith the Association, shall rnnstitute a breach of this mortgage, ` and, at the option of the Association, immeciiately mature the entire amount of principal and interest hereby secured and the Asso- j ciation may immecliately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstrnMs of title co~ering the mortgaficci property shali 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 t the mortgaged property in extinguishment of lhe indebtedness secured hcreby, all ri~ht, tide, and interest of the Mortga~ors in ~ :ind to any such abstracis of titie shall pass to the purchaser or grantee. ~ - ~ 19. The Association shall have the right, in its discretion, to require that the Aiortg:~gors pay into the Association in addi- g tion to the monthly installments of principal and interest to be paid b_y the ~iortgagors under the note secured by this mortgage, s .~n :imount ecjual to one-twelfih of the ~nnual installments of any taxes on the mortgaged premises levied ar assessed by anv ~overnmental authority, and one-h~~elfth of the annual premiums for Fire and E_stended Coverage insurance on the mortgageci ' premises as hereinbefore reqiured b~~ the Association, and the \iortga~ors' failure to mai:e such pa~Tnents shall constitute a default ? iinder this mortgaoe. : IN WITNESS ~VNEREOF, the said Afortgagots hereu~to sct their hands and seals the day and year first above written. ; SignPd, sealed and delivered in the presence of: i ; ~ ' ~ ~ / ~ ~ % ,f ; % ~(~~..~C_. _ ;3Cst~' ~Z. ;C~'C.~ F~ ~ ~ __~C_ ,~.C~~G" 1 / . SEAL ' ~ ~~mil P~ebra ha ~ ~ ; ~ ' - . 1:~ ,-f:^ . . ~ ~~2~c~ r, ~?cG f~'~ r1 ~t2~" € - (SEAL} 3 Marie Priebracha , ~ _ ~ _ _ (SEAL) y - _ _ . - - (SEAL) : (WITNESSES] O A PArE~~~ (MORTGAGORS) ; 8t~0~ rr z . , . . ~ . ~ ~ , . ; a, ~v - • . .