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8. Until defaWt in the performance aE the cove~ants and agreements of this mortgage, the mortgagora shall ba entitled
to collect the reats, issues andprofits fran the premises herebabefore described, but in case of a default in any of tbe terma of
thia moztgage, a~d the filtng of a bill to fos~ecloso this a any other moitgage encumbering the within describod pmoperty, t6e
Association s6all immediately and without notice be entided to the ~ppoiaur~et~t af a Receiver of the mortgagedp~operty, and
of the renta. issues and profits thereof, wlth the usual power of Receivers in such cases. aad such Receiver may ~e continued
;n poa~ssion of the said pmperty untu the time oE the sak thereof under such foreclosure, and until the confirmution of such
s:?le by the Court. °
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9. if a oonveyance should be made by the mortgagas of the premises herein described, w an ~ut thereof, without
the written consent of the Association, and without assumptwn in reguiar form of taw by tt~ graui~ uf t~.e ah~igations to the
.~ssociatio~ created by said promissvey note and this mortgage, then, and ia that event, and at the option of the Association.
and ~vithout notice, aU sums of mcmep secnred hereby shall immediately and concurn~r?tly with such ccmveyance beoome due and
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~ayable and in defaah. The Association may deal with suc~ors in iutrrest with refer«~ce to this mortgage and tbe debt hereb
~ecured in the same a~anner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt,
hereby, or otherwise act without dischargiag or in any way affecting the linbility of the morigagors hereunder or up~n the debt
hereby secured. The Association may dso deal with the Moitgagors and/or with suocessors in interest with reference to this
mortgage und the debt hereby secvred by forbearing to sue, extending the time for payment oE the debt, pmvid'mg for different
monthly payments and/or a different interest rate, and by other express modifications of ihe contraM, without losing any priorih•
the Association has over other mortgsgees or lienors or holders of any junior interats in the propedy secured bereby ~
10. That in the event the premises hereby mortgagcd, or any part thereof, shall be condemned and takw for public use
under the power of e~aiaent domain, the Assc?ciation shall have the right to demund that all damages awarded for the tal~ing of or
damages to said premises shall be paid to the Association, its suceessors or assigns, up to the amount unpaid on this matgage and
mav be applied upon the payment or payments last payable thereon.
11. It is specifically agn~ed that time is the ~s.sence of this contract and that no waiver of any obligatiot? hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the ternu ar of the iRCtrument secured hereby.
12. If foreclosure proceedings of any second moiigage or s-e~.-,3 trust .a,~ ~~y 3:°~ ~c 1_+e ;^-`t'_
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
and payabk. -
13. To the extent of the indebtedness of the Modgagors to the Associution desaibed herein or secured hereby, ihe Asso-
ciation is hereby subrogated to the lien or liens and to ihe rights of the owners and holders thercof of each and every mortgage,
lien or other encumbrance on the land described herein which is paid and(or) satisfied, in whole or ui part, out of tbep~e~s
~~f the loan described herein or sec~red hereby, and the respect~vc liens of said mortgages, liens or other encwnbtancGS, s
llah ~x
tn ~nd be held by the Association herein as security for the indebtedness to the Association herein de,tcribed o~r hereby secured, to
the same ex!ent that it would have been preserved and ~~rould have beea passecl to and been held by the Association had it beea ,
duly and regulazly assigned, transferrcd, set over and delivered unto the Association by separate deed of assignmer?t, notwithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the inten~on of the parties hereto that the same will
be sa~isfied and cancelled of record by the holders thereof at or about the time of the recording of ihis mortgage.
14. To pay all and singu]az ihe c~ts, charges, and expenses including lawyer's fees, reasonably inciured or paid at anv
,::::i .L,y K. :,:,:~:;,:u~~ ti.~~~o v.c fail~.r.. nf tlw 1?lrnwaoers to netform, comvly with and abide by each and evety stipula- _
tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear
interest from date at the rate statecl in the note secured hereby. ~
15. That he willp~rnut, commit, or suffer no waste, impairment, or deterioration of raid property or any pa~t thereof; ?
and in the event of the af ilure of the Mortgagors to keep tbe buildings on saidpremises and those to be erec.ted on said premises,
or improvements thereon in good repair, the Association may make and pay for such rep~s s?s in its discretion it may dcem
i nec~a~+ for the proper preservation thereof, and the full amount of such paymentt shall be secured by the lien of this modgage
; and shall at the option of the Associatioa be immediately due and payable, or payable in such monthly in~meats as the As~a-
4 tion may determine, and every such payment shall bear inter~ct from date at the rate stated in the note secured hereby.
16. That if the Asso~iation and the 1liortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
~ their lives in an a~aunt equal from time to time to ihe amount of indebtedness hereby secured, making said Association benefi- ,
~ c•iary thereunder, and that the said Association waypa
y the premiums for such insurance (in the event the Mortgagors do not),
and add each ruch pciiyment to the un ' balance of the loan, as of the fiist day of ihe then current month, and it shall become
additional indebtedness secured by ' mortgage payable upon demand.
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17. That in the event that this mortgage be given to sec~re a construction loan, failure on the part of the Mortgagors or
their contractors to complete said building in accordance with Constniction Loan Agreement, of even date hezewith, or to build
said consiruction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage,
and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso-
ciation may immediately institute proceedings to foreclose this mortoage. `
18. That the abstract or abstraMs of title covering the mortgafied property shall at all times, during the life of this mort-
~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to
the mortgaged property in e:tinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in
and to any such abstracts of tide shall pass to the purchaser"or grantee. .
19. The Association shall have the right, in its discretion, to require that the Mortgagors ~y into the AssocYation in addi-
tion to the monihly installments of principal and interest to be paid by the ~iortgagors under the note seciued by this mortgage,
an amount equal'to one-twelfth of the ~nnual installments of any taxes on the mortgaged premises levied or assesseci by any
governmental authority, and one-hvelfth of the annual premiums for Fire and E.;tended Coverage insurance on the mortgaged
prcmises as hereinbefore required by the Association, and the I1lortgagors' failore to mal:e such payments shall constitute a default
imder this mortgage.
I:~ WITNESS ~VHEREOF, the said viortgagors hereunto set their hancls and seals the day and year first above written.
Signed, sealed and dclivered in the presence of:
_ i
• • ~ • ~ i
_ "_r_~-..' - - - - _ _ - - - . ~ ~SEAL)
. Anthony M. Santiano ~
i ' ~
~tt,1 - - - - - - - - - - -C~~ -~SEAL)
- Sigri~. Santiano
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_ . _ _ _ (SEAL) .
~
- - - .(SEAL)
- - - - - - - - - - -
(W ITNESSES) (MORTGAGORS)
600K~~~ PAGE 6U~
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