The URL can be used to link to this page

Home My WebLink About0359 S. Until dcEault in the performauce of the covenants uu~l agnrnurnls uE this mortbage, ti~e murigugon shall be entided t~~ collcct the rents, issues and pmfits from the premises hercinbeforo describecl, but in rase of a default in uny of the terms oE this mortgage, and the filing of a bill to foreclose this or ~ny other mortgage c~cumbering thc within described property, the :lssociation shaU immecliatei~• and without notice bc entidecl to the apEwu~tment of a Recciver of the mortgagecl property, and ~~f the rents, issues and pro~its thereof, w•ith the «.sual power of Receivers in such cases, and such Receiver may be continuec! ~n pos~ession of the suid propert~• until the time of the sale thereuf undcr such foreclosiar, and until the confirmation of such .:~lc b~• the Court. - ~ 9. lE a conveyance shuidd l~ made by the mortgagors of the premiscs herein descriUed, or an~~ part thereof, without th~• ~~•ritten co~uent of the Associ:ition, and ~~ithout assumption i~ n~ular form of la~v Ly the grantee of d~~ obligations to the ~.uKiation cre:tted b~• caid pmmissory note ancl this mortgage, then, and in that event, and at the uption of tLe Ass~K•iatiun. :~n<t ~~•ithout notim, all sums of mone~~ secnrecl hemby~ shall immcdiately and a~ncurrenNv with such rnn~•e~~ance become due and ~~:~~:~ble and in default. The Association may deal with successurs in interest ~~~ih refemnce to this mortgage and the debt herebv .ecured in the same manner as w~ith the mortga~urs, and may forbear to suc or may exteud time fur pa~-ment oE the debt, secureii hercby, or othen~•ise act ~~~thout dischar~uig or in anv ~~•av affecting the liability of tl?e mortgagors ii~te~Snder or upon the debt l~ereby secureci. The Association may also deal with the~Mortgagors anci/or with successon in interest ~vith reference to ~this nwrt~age and tho debt herebv securc~cl by forbcariug fo s~-~extending the time for payment of the debt, providing for different tnonthly pa)~rnents and/or a different interest rate, and by other express modificatioiu of the contract, ~~•ithout losing anY priorit~~ the ~lssocu~tion has over other morigagees or lienors or holclers of any junior interests in the ~ro~rh• secured hemby, ]0. That in the event lhe pmmises hemby mortgagrcl, or any part thereof, shall be eondernned aud taken for public usc' uu~lcr the ~~~~er of eminent domaiu, the Assuriatiun sl?all have thc right to demand that all damages awardecl for the taking of or ~lamagr~s to said prcmises shall be paicl to the Association, its succes~ors or a.~.~iGr.s, up to the amount unpaid on thu mortgage and ma.~ be applied upon the pa~Tnent or pa~~ments last payable thcreon. 11_ 1t is s~cifically agreed th~t time is the essence of this contruci and that no waiver of any obligation hereunder or of tl~~~ obligatiorrsecured hereby shall at any time themafter be helcl to be a~vaiver of the terms or of the instnunent secured herebv. 1?. if foreclosure pmceedings of any second mortgage or second tn~st deed or any junior lien oE any Idnd should be insti- tut~~, the ~ssociation may st its optiun, immediately or thereafter declare this mortgage and the indcbtedness secured hereby due :ind pa~•able. 13. To the ectent of the indebt~tilness of the \tottgaQors to the Association described heri in or seci~reci lien:by, the Asso- ri.~tion is hereb~~ subrogated to the lien or liens and to the rights of the o~~men and holders thereof of each and every mortgage, lic~n or othcr e~~cumbrance on the land described herein which is paid an~l(or) satisfied, in ~vhole or in part, out of the proceeds t~F the loan described herein or secored hereb~•, and the respecti~•c liens of said mortgagcs, liens or othcr encumbrances, shallpa ss tn anci be held bv the Assceiation herein as seeurity for the indehteclness to the Assxiation herein deseribecl or hereby seeured, to t6~~ same ex`.ent that it ~~•ould hare Ucen preserved and ~~~ould have been passe~d to and been held by the Association had it been ~ ~lul~~ and mgularh• assigned, transfermd, set over and delivered unto the Associatian by separate deed of assignment, nohvithstand- in~ the fact that the same mav be satisfied and rancelled of record, it bcing the intention of the parties hereto that the same ~viA ;~t~ satisfied and cancelleci of~record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all :tnd singular the costs, charges, and expenses including la~~yer's fecs, reasonablv incurred or paid at am- ti~n~ U~• the Association, becausr o~ the failure of the \iortgagors to pcrfonn, comply ~~~th and abide bv each~and everY stipula- ` ti~~ns, a~mements, conditions and rnvenants of s:eid pmmissory notc and this deed, or eithcr, and everv such pavment shall bear ; ;nterest from date at the r.ite stated in the note secnrecl hereb~•. ~ 15. Th.~t he ~vill permit, commit, or suffer no ~vaste, impainnent, or eleteriuration of said prolxrtv or an~• part thereof; ~ ~nd in the cvent of the failure of the ~tortgagors to keep the buildings on said premises and those~ to be erected on ~:~id premises, s ;~r impro~•ements thereon in goocl repair, the Association may make and ix~y for such repairs as in its discretion it mav deem : n~~cessary for the proper preservation thereof, and ihe full amount of such pa~-ments shall be secured by the lien of this mortgage s .~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ` ti~~n mav determine, .md everv such payment shall bear interest from date at ihe rate stated in the note secured herebv. ~ 16. Tl~at if the Association and the \tortgagors agree, the '~tort~agors ~~~ill carry a policy or pc~licies of insurance upon ' +heir lives in an am~unt equal from time to time .o the amuunt of indeUtednes~s herebv secured, making cz~d Association benefi- , ~:in• theremzder, and that the said Association may pay the premiums for such insurance (in the event the ~Iortgagors do not), md add each such p:i~•ment to the unpaid balance of the loan, as of th~ first day of the then current month, and it shall lxcome ~ .l(j(j1It003~ indebtedness securecl by this mortgage payable upon demand. ~ I That in !he e~•ent that tLis mortgage be given to securc a constnution loan, failurc on the part of the ~tortgagors or ~ their contr.tetors to complete said building in accordance «•ith Constn~ction Loan Agreement, of even date here~~~th, or to build ~ t~id con~truction in accordance ~vith pians and specifications filecl ~eith the Association, shall constitute a brrach of this mort~age, _ ,ncl, at the option of thc Association, immediately mahire the entire amount of principal and interest hereby secured and the Asso- ~ i;ition mav immediatel~~ instiiute procecc]ings to foreclose this mor!~age. ~ ~ 1g. .That the aUstract or abstracts of title covering the mortga~eYi l~rol~crh~ shall at all times, during the life of this mort- Y: ~,:i~~e, remain in the posscssion of thc Association and in the e~'ent of the forcclosure of this mortgage or other transfer of tide to ?h~• mortgaged proPerty in extinguishment of the indebtedness secure~l hcrch~•, all ri~ht, title, and interest of the ~tort~a~ors in ~ ~ and to an~• such abstr:icts of tide shall pass to the purchaser or grantce. ~ 19. The Assot~iation shall have the rijht, in its disrretion, to mc~uire that the \tortgagors into the Association in addi- ~ tum to thr m<~nthl~~ installments of principal and interest to be p~id b~' the \tortg:i~ors ~mder d~e note secured bv this mortga~e, ~ ~ .~n .+mount ec~ual to one-h~~elfth of the annual installments of an~• taxes on the mortgaged premises leviecl or assessed by am• •,u~~crnmental authoritv, and one-h~-elfth of the annual premiums for Fire and Estendeci Coverage insurance on the mortga~eci ~ ~~rc~nis~"s as hcreinbefr~m rcv~uirccl b~• the ~lssrx~iatiuu, and the \forth~~ors' fvlnre to make such pa~Tnents sh:ill rnnstitute a defatdt ~indcr this m~>rt~a~e. i I\ ~~'IT\ESS ~~'IIGRE(lF, the s:iid \tortG.i~~rs he~rcunto sct thi~ir liancls and seals the da~• and ~•ear fi~st above ~vritten. = tii~n:•d, seaicc dcli~e ed in he presencc 1 / _ _ ` . ' ~ J - . - ' - ~ ~i , _ ` (SEAL) Frank Durgolo, Jr.:" 3 / ~ 1 ~ % 'z~i t7-~~~ _ - C-~) L_ t- .L.._. ~C~~~!' _ (SEtU..~ - , _ T~ resa Durgdlo ~ , • ' ' ~ ~ ~'•-~1~- iSEALI - = ~~~a~ • ~ ~ - _ _ ~ 'Harold M: ; Jensen ~ ~'7r~~~~'"T~-N~ ~ i~il~--._.~r.<~ (SEAL) ' lw~rvESSES7 Steila ~ense~~Rr~A~oRS~ : , -~r~ ; ~ ~ ~ . ~ r.:w4 f~,:,E ~ ~