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HomeMy WebLinkAbout0837 8. Until default in the performance of the cove~~ants and ag~~rments oE this mortgage, the mortgagors shal! be entitled to coUect the rents, issues and pc+ofits fmm the premises hereinbefore described, but in case of a default in any of the terma of this morigage~ and the filing of a bill to foreclose this or any other mortgnge encumbering the within described property, the .~ssociation shall immediatelv und without notice be entideci to the appointment of a Receiver of the mortgagedp~pe rty~ aad ~>f the rents, issues a~d pmfits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued ;n jws,ession of the said property unW the teme of the sale thereof ur?der such foreclosure, and until t6e confirmation of such >alc bti• the Court. 9. lf a conveyance should be made by the~ mortgagors of the premises herein described, or any part thereof, without ~ t he ~vritten consent oE the Association, and ~~~thout assumption in regular form of law by the grantee of the obligations to the r l~~ociation created by said pramissory note and this mortgage~ then, and in that event, and at the option of the Assi,ciatiuu. < ,~~~d ~~~thout notice, a11 sums of mcx~ey sec~ired hereby shall immediately and concurmntly ~rith such rnnveyance bec,~me due and ° pay:~ble and in default, The Association may deal wlth successors in interest ~vith reference to this mortgage 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, secureii ~ hereLy, or otherwise act K~thovt djscha~gmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt ~ hereby secwec~, The Association inay a2so deal with the Mortgagon and/or with successors in interest ~vith reference to this ~ mortgage and tho debt hereby sec~urd by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express mocliEicutions of the contr:~ct, without losing any priorih• the rlssociation has over other morigagees or lienors or holders of any junior interests in the properiy secured hereby, 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use undcr the power of eminent domau~, the Aswciation shall have the right to demand ihat all damages a~varded for the taktng of or clamages to said premises shall be paid to the Association, its succe~ors or assiGns, up to the amount .unp~id on this mortgage and mar be applied upon the payment or payments last payable thereon. 11. It is specifically agrecd that time is the essence oE this conlract and that no waiver of any obligation hereunder or of the obligation secured hereby shall a~ any~i 'me thereafter be held to be a~vaiver of the tern?s or of the instrume~t secured hereby. 12. ]f foreclosure proceedings of any second mortgage or second trust deed or any jnnior lien of any ldnd should be insti- t~~ted, the Association may at its option, immediately or thereafter declar~e this mortgage and the indebiedness secured hereby due and pa~~able. - 13. To the extent of the indebteciness of the ~lortgagors to the A.cwei.ltion d~scxibed hereui or seeured hereby, the Asso- ~i ~•~:?tion is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, - licn or other er~cumbrance on the land des,.^ribed herein which is paid anci(or) satisfied, in whole or in part, oat of thep ~~f the loan described herein or secarecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s1~~p r~~ :~nd be held bs the Association herein as security for the indebtedness io the Assxiation herein dexribed or hereby secured, to the s;~me ex!ent that it ~vouid have been preserved and ~~ould have been passecl to and been held by the Association had it been ~iuly and regularly assigned, transferred, set over and delivered unto thc Associatian by separate detd of assignment, nohvithstand- ~ ;ng the faM that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill a 1>e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. - ~ 14. To pay a1l and singular the costs, charges, and expenses including lawyer s fees, reasonably incurred or paid at any ' ti~ne bv the Association, bec:i~~se of the failure of the Rlortgagors to perform, comply with and abide by each and every stipala- t ions, agreemcnts, conditions ancl rnvenants of said promissory note and this deed, or either, and every such ~rayment shall bear interest from date at the rate stated in the note secured hereb~-. 15. That he ~vill permit, commit, or suffer no waste, impainnent, or deteriuration of said property or any part thereof; :ind in the event of the failure of the I~4ortgagors to keep the buildin~s on said premises and those to be erected on said premises, ur impro~•ements thereon in good repair, the Association may make and pay for such repairs .as in its discretion it may deem nccrssary for the proper preservation thereof, and the fult amount of such payments shall be secured by the lien of this mortgage :~nd shall at the option oE the Association be immediately due and payable, or payable in such monthly installments as the Assoc.tia- ti~n may det~rmine, and every such payment shall beaz interest from dafe at the rate siated in the note secured herebv. 16, That if the Association and the iiortgagors agree, the l~fort~agors will carry a poliey or policies of insurance upon their lives in an ari~eu?t equal from time to time to the amount of indebtedness hereby secured, mal;ing said Association benefi- ~iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the \iortgagors do not), :~nd add each such pa}m?ent to the unpaid balance of the loan, as of th~ first day of the then ctvrent month, and it shall become aclditionat indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failute on the part of the Mortgagors or - the'v contrictors to complete said building in accordance v~ith Construction Loan Agreement, of even date here~vith, or to build - ~aid construction in aecordance ~vith plans and specifications filed ~+•ith the Association, shall constihite a breach of this mortgage, _ .~nd, at the option of thc Association, immediately mature the entire amount of principal and interest hereby seceired and ihe Asso- c iation may imtnediately institate ~roceedings to foreclose this morgage. ~ 13. Thai the abstract or abstracts of title covering the mortgafieci property shall at all times, during the life of this mort- ~.*a~e, remain in the possession of the Association and in the event of tlie foreclosure of this mortgage or other transfer of title to the mortgaged propetty in eminguishment of the indebtedness securecl hereb~~, all right, titlc, and interest of the ;iortgagors in :ind to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have ihe right, in its discretion, to require that ihe \tortgagon pay into the Association in adcii- tinn to the monthlv installments of principal and interest to be paid by the \tortgagors under the note secured by this mortgage, .~n ,unount equal to one-hveUth of the annual installments af any taxcs on the mort~aged premises tevied or assessed by am~ ~ <~u~~emmental authority, and one-hrelfth of the annaal gremiums for Fire and ~:tended Coverage insurance un the mortgagec~ E t~remises as hereinbefore re~~ured b~• the Association, ~nd the ~loctgagors' failnre to ma1:e such pa~~nents shall constitute a default ~ under this mortga~e. I\ WIT\ESS ~1'HEREnF, the said ~tortgagors hereuMo sct their hands and seals the da~~ a~d ~•ear first above ~~ritten. Sign~d, sealed and dcIivered in the presencc of: : ' ~'1 . ~ ~ L~'.~-d wL ~f` ~y, ~ ~ . I Y ~ a~y~ ( SEAL) ~ ' ~ ~ Daniel DiL eto ~ - -t'~C_ ~i • Gc.~~ (SEAI.) - Rose iLoreto - - (SEAL) . - (WITNESSES) ~ ~SEAL~ . (MORTGAGORS) ~ r-- f ti/iv~ 1 A~:L V V~/ ~ y ~ _ '%L - . ~ . . - . ' _ ~ fs._ ~..s .....F..