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HomeMy WebLinkAbout2604 8. Until default in the performance of the rnvenants ~ad agre~.~rncut~ of tlus mortgage, the mortgugors sl~all be entitled tu collect the rents, issues und profits fmm the premises hereinbeEore dc~scribed, but in case of a default in any of the term~ of this mortgage, and the filing of a biU to faeclose this or any othcr mortgage encumbering the within described property, the ce ~ro~ :lssociation shull immeciiatelv 1nd without notice be entided to the Appointn~ent of a Rrceiver of the mottgaged rty, and of the mr?ts, issues und profits thercof~ with the usual power of Receivers in such cases, snd such Receiver may be continued ~n ~ion of the said propert~~ until tho time of the sale thereof under such foreclosure, and until the confirmation of such i .ale b~• thc Court. 9. lf a conveyance should be made by the mortgagors of the premises hercin described, or any part thereof, without rh~ ~~Titten consent of the Association, and ~~ithout assumption in regular form of law by the grantee of th~ obligations b the 1.wciation created by said promissory note and this mortgage, then, und in that event, :u~d at the option of tl~e !?su?ciatiuu. :u?d ~~~t}wut notiee, all ~ums of mnney see~~recl hereby shall immediately a~d eoneurrrndv ~vith sueh crm•eya~xe bec~me due und ~~:i~•uble ~nd in default. The Association may deal with successors in interest with reference to t}?is mortgage and the debt hereb~• ~ecured in the same mannrr as with the mortgagon, and may forbesr to sue or may rxte~d time [or p.lyment of tfie debt, secun~ l~erc6y, or otherwise aM wnthout discharguig or in any ~vny affecting the li:?bility of the mortgag~xs hereunder or upon the debt hcreby secured. The Association mav a]so deal with the 1liortgagors and/or with successors in interest ~vith reEerence to this . ~nortgage and the debt herebv secured bv Eorbearing to sue, extending the time for pa}Tnent oE the debt, providing for different ~nonthly payments and/or a clifferent interest rate, and by other express moclifiratioas of the contr,ict, ~vithout losing any prioritr the Association has over other morlgagees or lienors or hoklers of any jw~ior interests :n the property secured hereb~~. i 10. That in the event the pmmises hemby mortgaged, or any part thereof, shaU be conder:~ned and taken for public use ~ under the po~ver of eminent domain~ the Aswciation shall have the right to cZemar.:: ukit all damages a~vardecl for the tal~ng of or i <lumages to said pmmises shaD be paid to the Association, its successors or assigns, up to the amount unpaid_on this mortgage and mav be ap~lied upon the payment or payments L1st payable thereon. 11. It is specifically agreed that time is the essence of this contrac~t and that no ~vaiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. 12. If foreclosure procceclings of any second mortgage or second trust deed or any junior lien of sny ]rind should be insti- ; t~~tcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due :~nd pa~•able, s 13. To the extent of the indebtedness of ihe ~tortgagors to the Association described hemui or seaued hereby, the Asso- ri:~tion is hereb~ subrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage, _ lic•n or other eucumbrance on the land desctibed hemin which ic paid an~l(or) satisfied, in ~rhole or in part, out of the proceeds ~~f the la~n desrribed herein or secured hereby, and the respecti~~c liens of said mortgages, liens or other encumbrances, shallpass i r~~ :ind t~e held b~• the Association herein as security for the indebtedness to the Assxiation herein described or hereby securecl, to the sume ex!ent that it ~~~ould have been preserved :u~d ~~rould have been passccl to and been held by the Association had it been ~luly and regulad~~ assigned, transferred, set over and delivered unto the Associ~tion by separatc deed of assignment, nohvithstand- in~ the fact that the same may be satisfied and cancelled of record, it bcing the intention of the ~Sarties hereto that the same ~vill l~e s.~5sfied and r.?ncelled of record by the holders thereof at or aboat the time of the recording of this mortgage. ~ 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurrecl or paid at anv ' tirne bv the Association, because of thc failure of the ~tortgagors to perfonn, comply ~vith and abide by each and every stipula- tiuns, agreements, conditions and rnvenants of said promissory notc and this deed, or either, and even~ such payment shall br.+r interest from date at the rate stated in the note securecl hemb~•. ~ 15. That he ~~till permit, commit, or suffer no «aste, impairment, or deteriuration of said propertv or an~• ~rt thereof; :md in the c~~ent of the failure of the \tort~agors to keep the buildings on ~.1id premises and those to be erected on said premises, „r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its disczetion it may ueem nccessarv for the pmper preservation thereof, and the full amount of such parments shall Ue secured by the lien of this mortgage ; .~ncl shall at the option of the Associatioa be immediately due and payable, or pay~able in suc:~ monthly installments ~s the Associa- li ti~n may detcrmine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ' ~ 16. Tl~at if the Associaiion and the ~tortgagors agree, the ?lfortbagors w7ll carry a policy or policies of insurance upon _ ~ th~•ir lia~es in an ar~unt equal from time to time to the amount of u~debtedness hereby secured, making said Assaciation benefi- ~ . i:it~• thereunder, and that the ~id Association may pay the premiums for suc}~ insurance (in the event the \Iortgagors do not), ~nd~ add each such pa~~nent to the un~aid balance of the loan, as of th~ first day of the then civmnt month, and it shall betomc :ulclitiona) inclebtcYlness seeured by this mortgage payable upon demand. 1; .'I'hat in the event that this mortgage be given to secure a co~stniction lazn, failure on the Part of the \fortgagors or :h~ i: contr.~ctors to complete said building in accordance with Consin~ction Loan Agreement, of e~~en date here~a~th, or to build ~aid c~nstruction in acc~rdance «~th plans and specifications filed ~~~ith the Associa!ion, shall constitute a breach of this mortgage, ~ncl. :d the option of thc Association, immeJiatelv matare the entire amoimt of principal and interest hercby secured and the Asso- < i.~tion may immeciiateb instiiute proceedings to~foreclose this mor!aage. ~ ' 18. That the abstract or abstracts of title co~-ering the mortganca property shall at all times, during the life of this mort- ~.~~,e, remain in the possession of the Association ~nd in the e~•ent of the foreclosure of this mortgage or other transfer of titl_e to ?!i~• mortgaged property in extinguishment of ihe inc;ebtedness secured f.crebv, all ri~ht, tidc, and interest of the ~tortgagon in u~d to an~~ such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to rcquire tl~at the \iort~:~gon pay into the Assocyation in addi- !i~~n to the monthly installments of principal and interest to be paid bv the ~fort~abors under the note secured bv this mortgage, .~n amount equal to one-hvelfih of the annual installments of anv taxcs on thc mort~a~ccl premices le~•ied or assessed by am ~o.•crnmental authority, and one-hcelfth of the annual premiums for Fire and Extended Coverage ins~rance on the mortgaged 1~~~~mis~s as hereinbefore re~uired b~• thc Association, and th~ ~tortga~ors' fa~li~re to make such p.z~Tnents shall rnnstitute a default - ~~ndcr this mortga~e. I\ ~~'IT\ESS \1'~1EREnF, the said ~tort~a~on here~mto set the•ir h~nds and seals the da~• and ~~ear first above ~vritten. ~ - ~ Si~n;,~cl, sealed and deli~•ered in the presence o(: _ ~ , ~ ' ' y{'~ f , ..~c._ ~ r . / ~ ?*J~ z-~'c-~-' - ']I(.t/-~,G~~A~ ' ~ (SEAL) ' ' Dale E. Ritschard ~ • . . ~ G~~ ~ ~ g- t hard SEAL) ~ / Marg et . R tsc ( SEAL) - . _ (SEAL) (W I iNESSFS) (MOR TGAGORS) BOCK~~~ PACE2604 . - ~ ~ 4 : _ . . ~ a~ ~ ~ ; M~--`~~~ .~~~~.~~t~ . ~ ~s; .