HomeMy WebLinkAbout0354 8. Until default u~ the pe~formance oE the an•euauts anil u~;r~+~~nra~s uE d~is mortgage, tlic u~origaburs s~iall be entided
r~~ collect the rents, issues and ~rofits from ihe premises hereu~beforo descritx~cl, Lut in rase of a default in ~ny af the terms uf
this mortgage, und the filing of a bil! to foreclose this or any other mortgage encumbe~ing the ~~~ithin describecl property, the
.~ssociation shall immecliatelv and witheut notice be entidec! to the nppointment of a Receiver of the mortgaged propNCti•, and
~~f the rents, issucs a~d proiits thereof, with the «sua) po~i~er of Receivers in such cases, snd surh Receiver may be conti~ueci
~n pos,;ession of the said prupert~• unti) the time of the sale therrof under such foreclosurc, and until the confirmation of such
..~lc b~• thc Court.
y. lE u cv~nveyance should lx~ made by the mortgagors of the premises f~ercin described, or a~y part thereof, without
ti~~• ~~~ritten consent of the Assori:stion, and ~~ithout assumption in n~~ular forn~ of la~~~ by the grantee of tb~ nbligations to the
e..~~ciution createcl b}~ said pmmissory note and this uwrtgage, thrn, and in that event, and at the option of tLe ~sux•iatiu~~.
uul ~~~thuut notice, all sums of mone~~ sec~ired hereby shall immcdiately and rnncurrently ~vith such rnn~•eyance become due unct
,~a~:~ble and in default. The Associarion may deal ~ti~th successors in interest ~~~th referent~e to this murtgage and the debt herebv
~ecu~ed in ihe x?me mannrr as with the mortgagors, :utd ma~~ forix:iT ~O SIlP or mav e~tend time for +~a~~meut of the debt, secureil
hereb~•, or othen~•ue act H~thout dischar~ ing or in any ~~•a~~ affecting the liability of the mortga~ors hereunder or upon the debt
hereby secured, The Association may nlso deal ~vith the Mortgagors andior with successors in interest with reference to this
~nortgage and tho debt hereb~• securc~cl by Eorbearing to suc, extending the time for payment of the debt, providing for different
fnonthiy pa~~ments and/or a different interest rate, anti vv other cxpress muJificatio~is oE the contr,ict, H•ithout losing any priorit~•
the rlssociation has over other morigagees or lienors or hofdcrs of any j~niior interests in the pro~x~ri~~ secured hereb~•.
.]0. That in the event the pmmiscs h~rebv martga~ed, or any part thereof, shall be condernned and taken for public iue•
un~lcr the ~w~~~er of eminent domain, the Ass~xiatiun shall ~ave the right to demand ihat all damages a~varded for the tal:ing of'or •
~i;iinages to said premises shail be paid to the Association, I~S SUCCYSSOTS O[ ~SSl~i2S, up to the amount unpaid on this mortgage and
ma~~ be ap~lied upon the pa~-ment or payments last pa}•able thcreon.
11. It is specifically agreed that time is the essence of this contract and that no waiver of an~~ obligation l~emunder or of
tl~e obligation secured hereb~• shall at an~~ time thereafter be held to be a~vaiver of the terms or of the instrument secured hereb~•.
12. If foreclosure proccedings of any second mort~;age or second tnut deed or any junior lien of any lond should be insti-
t~~trd, the Association may at i~ option, immecliately or thereafter declare this mortgage and the indebtedness secured hereby due
.~nc! pat•able.
13. To the extent of the indebtedness of the ~fortgagors to the Association described herein or seci~red liereby, the Asso-
~ i.~tion is hereb~~ subrogated to the lien or liens and to the rights of the o~~~ners and holders thereof of each and every modgage,
i.ie~n or other ~r~cumbnnce on the land dcscribeci herein ~vhich is ~zid an~l{or) satisfiecl, in N•hole or in part, out of the proceecis
~~f the loan described herein or securecl herebv, and the respectii•c liens of said mortgages, liens or other encumbrances, shallpasc
;~nd be held bv the Assoeiation herein as security for tl~e inclebtc~ciuessso the Assxiation herein deseribeci or hemby seeured, to
th~• same ex!ent that it ~~~ould ha~~e lx~en presen~ed and ~~•ould ha~~e been liassc•ct to and been held by the Association had it been
:luh~ and regularh• assigneci, iransferrecl, set over and delivered unto the Assex~i.dion by se~arate deed of assignment, noheithstand-
in`~the fact that the same ma~~ be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill
l~c~ satisfied and c:incelled of~record by the holders thereoE at or about the time of the recording of this mortgage.
' 14. To p:ry a11 and singular the costs, charges, and e~penses including law~}•er's fees, reasonably incurrecl or paid at a~~~•
tirn~ bv the Association, hecause of the f;?ilure of the \tortgagors to perfonn, comply ~s~ith and abide by each anc~ everv stipula-
i t,uns, agreements, c~nditions and cos~enants of said pmmissory~ note and this deed, or either, and everv such p.l~ment shall bear
I ;nterest from date at the rate stated in thc note secured herebr. ~
1~. That he ~vill ~ermit, commit, or suffer no ~vaste, impairn~ent, or deterioration ~f said propertv or any part thereof;
~ncl in ihe c~•cnt oF the failure of the ~tortgagors to keep the buildings nn saici premises and those to tre erected on ~:~id premises,
; ,,r i~nprorements thereon in goocl repair, the Association may mal.e ancl pay for such repairs :is in its discretion it mav deem
~ ncccscarv for the proper preservation themof, and the full amount of such pa~•ments shall be secured by the lien of this mortgage
~ .~r~d shall at the option of the Association be immediately due and payable, or payab!e in siirh monthly installments as the Associa-
E ti+»i mav determine, and ever~ such payment shall bear interest from date at the raic stated in the note secured herebv.
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; 16. That if the Association and the ~tortgagors agree, the itort~agors ~vill carry a policy or policies of insurance upor~
th~•ir lives in an ari~vi+nt eqiial from time t~ time to the amount of indebtedness hereby seciued, making said Association benefi-
i.ii~• thereimder, and that the said Association may~ pay the premiums for suc}~ iusurancc (in the event the ~(ortgagors do not),
~ncl add each such-pa~Tnent to the unpaid balance of the loan, as of th~ first day of the then currnnt month, ancl it shall become
:i~fditi~~nal indebtcdness seeureci by this mortgage payable upon clemanc3.
i . 17. Thai in ihe event that this mortgage be given to securc a constrodion loan, failure on the ~-ut of the ~fortgagors nr
j !}~eir rnntr.ictors to complete s~~id builciing in accordance ~~•ith Crn~stniction Loan Agreeme•nt, of e~•en clate here~ti~ith, or to build
:.iid construction in accordance ~vith plans and specifications filecl ~~•ith the Association, shall constitute a breach of this mortgage,
.~t~cl, at the uption of thc Association, immeciiatelv mahire the entire amo~utt of principal and interest hercby secured and the Assn-
` < i:ition ma~~ immediateh• instiiute proc~cedengs to foreclose this rnor?~age. ~
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~ 18. That t]:~ abstract or abstr:~cts of t;Ne co.~ering the mort~a~cci pro}>cm~ shall at all times, tluring the liEe of this mort-
~ ~_:«,c, remain in the possession of the Association and in the e~°ent of thc~ forcclosiire of this mortgage or other transfer oE title to
t}u• mort~aged propcrty in extinguishment of the indebtedness s~cure~cl hcrcbv, ati ri~ht, titlc, and intemst of the ilortga~ors in
.ind to an~• such abstr.zcts oi title shall pass to the purchaser or grantce.
19. The Association shall have ihe right, in its discretion, to ra~uire th:~t the \tortR.igors pa~• into the Association in addi-
~ !~~m to the monthlv installmcnts of principal and interest to be paid b~• the ~Scrrtgabors under the note secured bv this mort~age,
{ .u~ :?mount equal to one-h~•elfd~ of the ~nnual installments of am• taxes en the n:ort~a~ecl premises le~•iccl or assessed br am~
; ,~~~•crnmentat authorih•, and one-hvelfth of the annual premiams for Fire and Extended Coverage insiuance on the mortgageci
rTremis~s :is her~inl~efore rcr;iiired br t}ie Assrx•i:iti~m. :?nd the \1ort~a~ors' f:~ilnre tn makc such pat•men!s shall constitute a default
unclcr this inort~a~e. ,
I\ ~l'IT~ESS ~~"HERE(~F, the said ~iort~agors h~•r~unto set tl~e•ir hands :~nd seals the d:i~• ancl ~•car first abo~~e ~~~ritten.
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Si~n^d, sealed and dcli~•emcl in the prc~encc of;
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i --1~ , • , L' U~ ~ L . f ~ ~ _ , G~i~C
~ ~ 1,i (SEAL)
il ~ ~Eu ne D. alenti
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C~ -t-~,c.__ _ J t= (~~,~v~~t. ~-1'C'~:`~ ~t~AL)
~ / Jackic ~anna Valenti
(sE~L)
(SEAL)
fWITNE5SE5) ;MORiGAGORS;
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- ~::y
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