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HomeMy WebLinkAbout0370 8, L'ntil dcfault in the performauce of the a~vcn;a?ts an~l agntiments ~~f tf?is mortgage~, tl?e murtgagurs shall be entit2ed t~? collect the rents, issucs and profits from the premises hcreinbeforo desc•ri~aed, but i~t rase of a default in an} of the terms of this mortgaRe, and the filing of a bill to foreclose this or any other mortgage encumbering the ~vithin described property, the :\ssociatiun shall immediateh• nnd withcut notice be entid~d to the appointment oE a Recei~~er of the mortgaged property, and of the rents, issues and profits thermf, ~vith the usual po~ver of Receivers in such cases, ~nd s«ch Receiver may be conti~~uecl ~n ~essiun of the s:~id propertt• until the time of the sale thereof t~nder such foreclosure, and until the c~nfirmation of sucli .:i1c b~• the Court. 9. lf a cunve ~ance shuuld be made by the mottgagors of the premises herein described, or any part thereof, without th~• ~~~ritten consent a~ the Association, and ~~~thout assumption in n~ila~ forn~ c~f la~v Uy the grantee of~th~ obligations to thc ~>~~Kiation cre:ited b~• tiaici promissory note and this murtg.ibe, thcn, anc! in that eveni, and :~t the uption of tl~e Ass~Ki,~tiuu. nn~i «~ithc~ut notice, all sums of monev secumci hereby shall immiKliateh~ and a~ucurrentlv ~vith such rnm•evance Uc*cuine due and ~kryable anci in default. The Association may deal with successurs in interest ~vith mference to this mc?rtgage and the debt hereb~• sccured in the same mannrr as H~ith the mort~abors, :u~d may for~ar to suc or may extend time for ~~.lyment c~f the debt, securc~cl }?erc6~•, or ofhen~~ise act ~vithuut dischargirig or in any ~+~a~~ affectu~~ the liability of the mortgagurs 1?ereunder or upon the debt hereby secwc~l. The Association mav also deal with the ~iortgagors and/or ~irith successors in interest ~~•ith reference to this rnort~~gc and tho debt herebv sea~red by forbearing to suc, extending the time for pa~~r?ent of the debi, providing for different mont~dy ~ayments and/or a different interest rate, and 6y other express moclificationsof ihe contract, ~~•ithout losing any priorih• the Association has over other morigagees or licnors or holclen of any jw~ior interests in thc pro~ert.~ secured hereb~~, 10. That in the event the ~rcmiscs hi•reby mort~aRecl, or an~• part thereof, shall be condernned aud taken for public use uudcr the ~w~~•er of e~ninent domain, the Aswciatiun shall have the right to demund that all damages awarded for the talcing of or damages to said premises shall be paid to the Association, its successors or assigus, up to the amount unpaid on this modgage and ma~• he np~~lied upon the pa}-ment or pay-ments last payable thereoi~. 11. It is s~xcifically agreed thai time is the essence of ihis contr.ict anJ d~at no waiver of anr• obligation hereunder or of the ubligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secuted hereb}'. 12. If foreclosure proreedings of any sernnd mortfiage or second tn~st c~eed or any junior lien of any ldnd should be insti- tuted, the Association ma~ at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby dae and pa?•able. ~ 13. To the ecte~t of the indebteclness of the ~lortgagors to the Assoeiation desrribed herein or sec:urecl hereby, the Asso- ciation is hereby subrogated to the lien or lie~u and to the righ~~ of the o~vnen ;u~d holders thereof of each and every mortgage, licn or other ericumbrance on the land describecl hemin u~hich ie paid an~l(or) satisEiccl, in ~rhole or in part, out of the proceeds . ~~f the toan described hemin or secureci hereb~~, and ihe res~x~cti~•c liens of s.zid mortgages, liens or other encumbrances, shall pass n? :in<l t~e held b~~ the Association herein ~S secwitv for tLe indebteduess to the Assxiation herein describecl or hemby secured, to the same cx!ent that it ~vould ha~•e been preserved and ~~•ould ha~•c been passrd to .ind been helcl by the Association had it been cluly and mgularh~ assi~necl, transfermd, set orer and delivered unio thc Ass~i:dian by separate deed of assignment, nohvithstand- ing the fact that the same mav be satisfieci and cancelled of record, it bcing the intention of the p:~rties hereto that the same ~vill f~e s.~tisfied ancl cancelled of~record by the hold~rs thereof at or about the time of the recording of this mortgage. 14. To pay all and singalar the costs, chuges, and expenses including lawyer's fees, reasonably incutred or paid at an~• time bv the Association, bc~cause af the failure of the ~lortgagors to perfonn, comply ~vith and abide by each and every stipula- tions, agreements, conditions and co~~enants of s:tid pmmissory note and this deecl, or either, an<I every such ~zvment shall bexr interest from date at the rate statec! in the note securc~l heiebr. ~ 1~. That he will permit, commit, or suffer no waste, impairment, or dcterior.ition of said property ~r an~• part thereof; ;ind in the e~•cnt of ~the failure of the ~fortgagors to keep the buiidings on ~.~id premises and those to be erected on said premises, F ~~r impro~~ements thereon in goocl repair, the Association may make and pay for such repairs as in its discretion it rnay deem ; nccessary (or the proper presen~ation thereof, and the full amount of snch pal~ments sha11 be secured by the lien of this mortgage s :ind shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ tion mav detcrmine, and even~ sUCh pavment shall bear interest from date at the rate statecl in the note secured herebv. I 16. That if the Association and the ~tortgagors agree, the Jtort~agors will carry a policy or ~licies of insurance upon ~ thcir li~•es in an am~unt equal from time to time to the amount of indebtedness hereby securec], making said Association benefi- ' ~~ian• iherenn~ler, and that the said Associ~tion may pay the premiums for such insurance (in the event the \Iorigagors do not), and add each such p~yment to the unpaid balance of the loan, as of tfi~ first day of the then current month, and it shall become .~dditiunal indebtedness secured by this mortgage payable upon demand. 17. ?hat in the e~~cnt that this mortgage i~e given to secure a constn~ction loan, failure on the part of the liortgagors or their rontr,cctors to complete said bnilding in accorclance w•ith Constnictiun L~an Ai;reemcnt, of even date here~~•ith, or to build ~ said construction in accordance ~vith plans and specifications filetl ~~•ith the Association, shall constihite a breach of this mortgage, i :~nd. .~t the uption of thc Association, immediately mature the entire amoimt of principal and interest hcrcb~~ secured and the Asso- ~ ciation may immecliateh• i~istin~te proceedings to foreclose this mort~age. ' ~ ~ 13. That the abstr.jct or abstr.icts of title co~-erin~ the mort~z~cci p•o~~crty shall at all times, clurin~ the ]ife oE this mort- ~,a~r, remain in the possession of the Associafion and in the e~•ent of the foreclnsnre of this mortga~e or otl~er transfer of tide to 3 the rnortgaged Propert,y in cxtinguishmer~t of the indebtedness secure~cl }~ereb~•, all ri~ht, tide, and interest of the \fortga~ors in and to am- such abstracts of title shall pass to the purchaser or grantee. k 19. The Association shait have the rioht, in its discretion, to rerjaire t}i:?t the \tortga~ors p:et~ inro the Association in addi- ? tir~n io the monthly installments of ~rincipal and intemst to be paid b~• thc \tort~agors imder the note securecl bv this mortgage, ' :~n amount cciual to one-h~~elfth of the annual inst:illments of am• t.i~es on the n:ortga~ed premises le~~ieci or assesseel by am~ ' ~o~-emmental authorih-, and one-h~•elfth of the annual premiums for Fire and Estended Covera~e insurance on the mortgageci ~~remisns as hereinlx~fore required h~• the Ass~K•iati~m, ancl the \1ort7a~ors' f:+~1~~rF to makc such pa~~ments shall constitute a default under this in~rtga!~e. ~ I~ ~t'iT~ESS ~~'IIERE(~F, thc said \tort~a~~~rs hi~rei~nto sct th~•ir h,~nds and scals the da~• and ~•car first abo~•e tvritten. ; Sign~d, sealcd and deli~•ered irz the presencc of: 1 ~ 'y~~ ^ ~ 2~~~ /J~~.:.~ ~~1-~,. ~~~rr ~ ~ Her an L. 'Ti lman ~`-`-"""~SFAI.1 . ~ ~ ' ' ` . F , ~~`.~.~t~ ~ ' _ ~ % , _ ' ~ . : ( SEAL ) ' - usan S. lillman c sLAL> ; . - ( SEAI. ) tWITNESSES) ;MORTGAGORS) ' r . : ~ - ( ~~r i t ~ < <l ~LI r~(;~ ~ ~ r±' -f"~--, - . . . .v.- , , .