HomeMy WebLinkAbout1891 8. Unti) default in the ~xrformance of the coveuauts und a~;nrn~rats of this mortg~ge, tl~e u~ortgagors shall be entitlrc!
a? colicct the rcnts, issues ~nd profits from the premises hereinbefore descriUcd, but in case uf a def~iult in any af the terins uf
this mortgage, und the filing uf ~ bil) to forec;lose this or uny other mortgage encumbering the ~vithin described property, the
:issociation sha11 immeciiatelr and witheut notice be entidecl to the appoi~~tment of a Receiver of the mortgagecl ptoperty, and
+~f the mnts, issues and profits thereof, ~~~ith the usual power of Rc..,eivers in such cases, and such Recriver may be continued
~n ~essiun of the s:~id propert~• until the time uf the sale therrof uoder such foreclos~ue, and un!il ti?e confirmation c?f suci~
.ale b~• thr Court.
9. If a cunve~~ance siwuld lx~ made by the mortgagors of the pre~mius hcrein described, or any part thereof, without
th~• ~~•ritten crn~sent of d?e Associ:?tion, and ~~•ithout :wumption in regular forni of law by the grantee of th~ obligatia~s to the
~.uKiation createcl br caid ~romiasory note and this mortgage, thcn, and in that event, und at the uption oF the Assuci,~tiun.
.u~~l .~•ithout notire, all sums of monev secnrecl hereby shall immediately and rnneunently with sueh rc?m•eyance becwme due u~e<I
~~:~~~:~ble anci in default, The Assaciation may deal with successurs in interest ~+~th reference to this mortgage and the debt hereb~•
securccl in ihe s:?me mannr~ as ~vith the mortgagors, and ma~• forlxar to suc or may extend time h~r pay~nent c?f the debt, securecl
herebv, or othenvise act ~~zthout disc}?acging or in any ~~•a~• aifecting the li:ibility of the mortgagurs hemunde; or upon the debt
hcreby secured. The Association may ako deal with the 4tortgagors ancilor ~~~th succrssors in interest ~vith reference to this
~nort~:?ge and the~ c~cbt hereb~• securc~cl by lorbearing to su~•, extenciing the time fo~ payment of the debt, providing for different
~nonthly payments and/or a diffemnt intemst rate, and by other express modificatio~u of the contract, ~cithout losing any priorih~
the Association has over othe~ morigagees or lienors or holders of any junior i~terests in the propcrh• secured hereb~~.
l4_ That in the evcnt the pmmises hcrebv mort~ageci, or any part thereof, shall be condemned ancl taken for pvblec usc•
umicr the [x,~ver of eminent domai~i, the Assuc•iation shal) hu~~c the right to demand that all damages a~varded for the taking of or
~l,~magc~s to said pmmises shall be paicl to the Association, its succrssors or assiG~:s, up to the amo~mt unpaid on this mortgage and
m:?v be ap~lied upon the ~}•ment or pa~~ments last ~ayable thereon,
11. It is specifically agreed that time is the ecsencr of this coi?tract and that no waiver of any obligatiun here~mder ur of
the obligation secured hereby shal! at any time thereafter be held to be a~vaiver of the terms or of the instrument secured herebv.
12. 1f foreclosare procec~clings of am• second mortgage or second tnut deed or any junior lien of :.ny ldnd should be insti-
tutrd, the Association mai~ at its option, immediately or thereafter declare this mortgage and the indebteclness secured hereby due
.~nd pa~•able. _
13. To the estcut of the indebtcclness of the ~lortgagors to the A~.cociation ciescribed herci~i or securect 1ic~by, the Asso-
~~i.~tion is hereb~• sabtogateci to the tien or liens and to the rights of the u~+~nc•rs and holders thereof af each and every modgage,
licrt or other e~reumbr.mce on the land deseribecl herein ~~hieh ic paid an~l(orl satisfiecl, in ~vhole or in part, out of the proeeeds
~~f the loan described hcrcin or secured hembti~, and the res~xrctiv~ liens af said mortgages, liens or other encumbrances, shall ss
t~~ ancl l~e held by the Association herein as security for the inclebtedurss to the Assxiation herein describecl or hereby sec~to
th~• .ame ex!ent that it ~~~ou1d ha~•e been presen~ed and 1~•ould ha~•~ been passMl to and been he)d by the Association had it been
~I~~h~ arnl mgularh~ assigned, transferred, set over and delivered unto thc Association by separate deed of assignment, nohvithstand-
~n~ tLe fact that the same ma~• be satisfied and rancelled of record, it bcing the intention of the P.vties hereto that the same wzll
ln~ satisfied and cancelleci of~record b~ thc holders thereof at or about the time of the ~rcording of this mortgage,
14. To p:,y all and sin~utar the costs, char~es, and expenses including IaHyer's fees, re.asonably incurred or paid at am~
tirne bti~ the Association, because of the failure af ~the ~fortgagnrs to perfonn, comply ~vith and abide bv each and every stipula-
tiuns, a~reements, conditions and rn~~en:mts of s:~id promissory notc and this de~d, or Pithrr, and even~ such pavment shall bear
interest fmm date at the r:1lC S~:l~E'(I in the note seeurc~cl hereb~•.
13. ?h.d he ~~•ill permit, commit, or suffer no waste, impairnient, or deteriuration of said properts~ ~t am• part thereof;
.~nc1 in the et•c•nt of the f:iilure of the ~tortgagors to keep the buil~lin~s on said premises and those to lx> erectecl on said premises,
~~r impro~•einents thereon in gaxl repair, the Association ma~• m:~ke and pay for such repairs as in its discTetion it tna} deem
nc~c•estarv for the proper Prescn~ation thereof, and the full amount of such pa~•ments shail be secured by the lien of this mortgage
,~nd sl~all at the option of the Associatioh be immeciiately due and payable, or ~yable in sach monthlV installments as the Associa-
ti~~n mav cletc~rmine, .end c~~en~ sueh ~y~nent shall bear interest from date at the rate statecl in the note seeured herebv,
, 16. Tl~at if the Association and the ~tortgagors agree, the '.11ort;agors ~~•ill carry a policy or ~licics of insurance upon
thrir li~~es in ai~ am1~~u?t equal from time t~ time to the amount of indebtedness hereby secwed, making said Association benefi-
iar~• ihereunder, and that the saicl Association may pay the premiums for sucl, insurancr (in the e~•ent the ~(ortgagors do no!),
+nd acld each such p:~~-ment to the unJaaid balance of the loan, as of th~ first day of the then curmnt month, and it shall becomc
,~lditi~?na] in~lebtedness seeureci bv this mort~;age payable upon clemancl.
j l r. That in the event that this mortgagc be gi~•en to secure a rn~stn~ction loan, failure on the part of the ~iortgagors or
; !li~~ir cY~ntr.ictors to complete said builclin~ Sn accordance ~~•ith Constn~ction Loan rlgreemcnt, of even date here~~~ith, or to build
; ~.~id cun~truc[ion in accordance ~~7th plans and specifir.~tions filcd ~~•ith the Assnciation, slzal! constitute a breach of this morigage,
~r«3, ,!t the option of thc Association, immediateh~ mahue the entire amoimt of principal and interest hereby secured and the Asso-
~ i:ition may immedi:itek instiiute procecdings ro foreclose this mor!hage. ~
i 13. That thc abstr:ut or ab:tr:mts of title co~•crin~ the mort~a~~~Yi l~ro~~erty shall at all times, durin~ the Iife of this mort-
: ;a~~e, remain in the possession of the :lssociation and in the c~ent of th~ f~rcclnsure of this mortgage or othcr transfet of tide to
( t1i~• mortga~ed property in extinguishmcnt of ihe indebtedness st~curcYl I;creb~~, all ri~ht, title, and interest of the ~tortg.~~ors in
' ~ind to am• si~ch abstracts of tide shall pass to the purchaser or grantee. '
~ 19. Thc Association shall hav~ thc ri~ht, in its discretion, to rc~~uirc that ihe \tortgarors p.i~• into thc Association in addi-
~ !iun lo th.^ monthlv installm~nts of principal and interest to be paid b~• t6e ~tort~agors under the note secureci bv this mortgage,
~ .:ii :unount c•qual to or.e-t«~elfth of ttie :+nnual installmer~ts of anv taxes on the inort~agcd premises levieci or :usc~ssed bv am•
~ ~*u~•crnmental authorih~, and one-t~~-elfth of the anmial premiams for Fire :?nd Eztendeci Coverage insurance on the mortgagc~ci
: ~~rc~mis~s as hercinl~fore rc~~uirc~<1 h~• thc AsscK•i:itiun, antl the ~1ort~:i~ors' fail~~re to make such pa~Tnents sh111 rnnstitute a defa~dt
~ ut~dcr tliis ~nort~aJe.
~
~ I~ ~t'IT~ESS ~l'EiLIi[:OF, tLe saicl \Iort~a~,~rs h~~reuntu sc•t thr•ir hancls :end uals the da~• and ~~ear first a~ve ~vritten.
I •
! Sign 1 seakd and dc)i~~erecl in the pmsence of: ~ '
' - ,
,
~
: !~c ~~t-J ~,f~2~s -t~. ~ (SEAL)
~ ~
` ~ John T~idinger
. i ~ _ ~
~ ~ , C-'_. ' ~f r'. • ~ _ ~ ~ f,,
. Joan r: ~~ail ~ • ~~'~"".~"~(SEAL)
. e son
' ( SEAL)
IS~AL)
~ W I TNESSES; iMOR iG:~GORS)
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