The URL can be used to link to this page

Home My WebLink About0062 , . 8. UuW,default in the perforn~a~x~ oE the covenants u~d ugr~~tinents uf d?is murtbagc, the nwrtgagors s1?all be entidrel to collect the rents~, issues and profits from the premises he,~einbcfore described, but in case of s dcfault in any of the ternu of this :nortgage, and the filing of a bill to forecMs~ this or ruiv other mortgage er~cumberuig the wi~hin described propeity, the :lssociatien shall immecliatel~• nnd without notice be entide~ to the appo:ntmrnt of u Receivrr oE the mortgagedprope rty, and of th~ mnts, iss~es and pro~its thereof, with the ucua! power of Receivers in such cases, snd such Receiver may be oontinu~d :n pos.cession of the said pcopert~• until the !ime oE d~e sak thereot w~der such foreclosure, and until the confirmaiiun of such .alc by thc Court. • 9. If a con•~~e ~ance should br. made by the mo~gagors of the premisrs hcmin dc~ribed, or any• part thereof, without th~• ~~Titten crnuent o~ the Auoci:itian, an:i Kith~ut assumpiiun in rc~~r form of law by the grantee of the obligaticns to the ~.u~ciation cre:?ted by said prumissory note and this mortgage~ then, und in that evc:: , and at the optia~ af the Asu?cu~teon. ,u?d ~vithout notice, all ~~t~ms of mcx~ev sec~~red hereby shall immediatcly and c~ncurrently with such rnm~eyance become clue :u~d ~~:i~~able and in default, The Association may deal with successors in interest ~vith refere.~ce to this mortgage and the debt herebv .ecured in the same mannrr us with the mortgagors, and may forbear to sue or may rxtend time for ~ayment of the del~t. securecl hercby, or othenvise aM without discha uig ar in any ~~~ay afCecting the liability of the mortgagurs hemunder or upc?n the debt hereby secured. The Association may ~ deal with the Modgagors and/or with successors in interest ~vith reference to this uiort~sge and tho debt herebv secureci by forbearing to suc, racienciing tLe tuue fur paymei~t of the debt, praviding for diffesent monthly payments and/or a differenl interest rate. und by other express moclifications of the contr.?ct~ •~ithout bsing any priorih• the Association has over other mortgage~s or licnors or holdcrs of anv jwiior interests ir? the propcrty secured hereby. 10. That in the event the pmmises hcreby n~ortgaged, or any part thereof, shall be condernned and taken for public use undrr the po~ti•er of emi~en! domain, the Assuriation shall have the right to demund that all damages awarded for the taking of or damages to s:iid premi~s shaU be ~aid to the A~sociation, its sucres.uin or assiGns, up to the amount unpaid on this modgage and rna.• be applied upon the payment or payments last pay~able thereon. ~ 11. It is specificaUy agreed t~t'time is the e~ce of thu contruM and that no ~vaivcr of any obligation hereunder ur of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foredosure proceeclings of any second mortgage or second tnut deed or any junior lien of ~ny kind should be insti- h~tccl, the Association may at its option, immediately or thereaEter declare this mortgage and the indebtedness secured hereby due and pa}~abie. 13. To the extent of the indebtc~clness of the ~1ortgagors to tl~e Assoei.ltion desrribed herrin or seeureci hereby, the Asso- ~~i:~tion is hereb~• subrogated to the lien or liens and to the rights of the a~vners and bolders thereof of each and every mortgage. lic» or other e~~c~imbrance on the land described herein which ic paid and(or) satisfied, in ~vhole or in ~rt, out of the prooceds ~~f the loan described herein or secured hereby, and the res[xct~vr liens o[ said mortgages, liens or other encumbrances, shallp t~~ :uul i~e held by the Association herein as security for the in:iebtedness to the Assxiation herein described or hereby secured. to ' th~ same ex!en? that it ~voi~d have bcen preserved and ~~ould have been [~ssrcl to rnd been held by the AssocYation had it been ~lidy and mgulari~• assigncd, transferrcci, set over and delivered untu thc Association by separate deed of assignment, nohvithstand- in~ the EaM that the same ma~ be satisEied and cancelled af record, it bcing the intention of the p:vties hereto that t:?e saine ~vill l,e sa~sfied and cancelleci of~record by the holders thereof at or about the time of thc recording of ihis mortgage. 14. To pay all and singular the costs, charges, and eapenses including la~vyer's fees, reasonably incurred or paid at any !irne bv the Association, berause of the failure of the \tort~;agors to pedonn, compty with and abide by each •nd every stipula- _ ;iueis, .i~recinents, conditiuns and rn~•enar?ts of said promissory note and this deed, or eithrr, and every such p:?~.nent shali bear - lnterest Emm date at the rate stated in thc note secured hereb~•. 1~. That he ~vill permit, commit, or suffer no ~vaste, impairment, or deterioration of said propert~• ar any part thereof; :~nd in the cvent of thc fsilure of the ~iortgagors to ke~ep the buildir~Qs on said premises and those to ba erected on s~id premises, ~~r ;mprQ~•ements thereon in good repair, the Association may make and pay for such mpairs :u in its discretion it may deem ~ ~~ccessary for the proper preservation thereof, and the full amount of such pa~~ments shall Ue secured by the lien of this mortgage ' :~nrl chall at the option of the Association be immediately dae and payable, or payable in such monthly uutallments as the As9ocia- ~ t ion may detcrmine, and every such payment shall bear interest from date at the ratc stateci in the note s..~cured hemby. i 16. That if the Auociation and the \tortgagors agree, dte ~fort~agors ~viU r?rry a policy or policies ot insurance ufwn ~ ~l~cir lives in ar~ a,rr~e?~mt cqual itom time to cime to che amo~mt of indetitcdness hereby secured, makin~ said ?Issoceation benefi- ~ , iatv thereunder, and that tlie said rl~sociation may pay the pnem~ums for such ii~sunncr (in the event the ~fortgagors do not), ~ :ln~l add each sueh in;-ment to the wt~aid baianre ~f the Inan, as of the first day of the then c:~rmnt mootb, and it shall becomc ~ a<iclitional indebtedness secured by th'u mortgage payable apon demand. ~ 17. That in the event that this mortgage be given to secure a constn~clion lc..n, [ailure on the part of the ~tartgagors or thcir contr.ictors to complete said building in accordance w•ith Construction L~k?n Agreemcnt, of e~~en date here~~-ith, or to build ~ taid construction in accordance ~vith plans and specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, :~n:l. at the option oE thc Association, i-nmediately mahue the entire amoimt of principal and interest hercby secured and the Asso- ~~i:ition may immecliately institute procecc~ings to foreclose this mor!oagc. ~ 13. That thc abstraM or abstraMs of tide covering the mortga~eci propcrt~• shall at all times, during the lif~ oE this mort- ~_:«,e•, remain in the possession af the Association ancl in the event of the (~reclosure of this mortfiage or other transfer of title to ?h~~ mort~aged property in extinguishmcnt of the indebtedness secumd }-.erel,~•, al! ri~ht, tide, and intemst of the ~iortgagors in .tncl to an~~ such abstracts of title shall pass to the pumhaser or grantee_ i9. The Assoriation shall have the right, in its discretion, to m~uire thlt the ~tortgagors pay into the ~lssociation in addi- ci~~n to the mnnthly installments oE pr'ncipal and interest to be paid bv the ~fortgagors under the no~e secureci bv this mortgage, ,~n :unom~t eclual to one-hvelfth of ihe annual installments of am• ta~es on the mortgaged premises levied or asses.ucl bf anv ~~~~~crnmental authority, and onc-h~elfth of ihe annual premiums (or Fire and Extended Coverage insurance on the mortgagec~ ~~rrmises as hereinbefore re~uired b}~ the Asuxiateun. arzd the !lfortga~ors' failure to make such pa~Tnents shall constitute a default tinclcr this inortgage. ~ I\ ~YIT\ESS ~VHEREnF, the said ~fortga~ors hcreimto set th~~ir hands and scals tl~e da~• anci ~•ear :irst above ~vritten. ~ ti~~c1, sealccl and delivered in the prc~cnce of: ' ~ / ~ . ~ 6-- f c ~r~_ . • : . . _ ~ ~ , ` ` ` (SEAL) ~ %j , Marjo~rie Paris ~ ~ • . R i!' -;~f' - j ~r.(~• L _ _ ~SEI,i.~ - ~ . ~ ` . ' ~J ;aEAL) ~F _ . - . . , _ (SF.AL) - (WITNESSfS) iMORiGAGORSI ~ BDOK~ !'~Gf ~ r~ N - " ~~~.a ~a~ ~ ,~~,~~'r'~ a,. 'l n- "`'s-~--~'= ~ ~ ~ ,,f, "i r r~ >QC~~'~"-=~~~zi.~ ~ ~ ~ ~