HomeMy WebLinkAbout0991 8. UnW default in the performance of the coven:uits and agrecments of tliis mortga~e~ the murtgagors shall be entided ,
t<~ collect the rents, issues and profits from the premises hereinbefore described, but in case of a default in ar?y of the term~ of
this mortgage, and the filing of a bill to foreclose this or any otber mortgage eacvmbering the within described property, the
:~ssociation shall immediately nnd without notice be entitled to the Appointment of a Receiver of the mortgaged pr~perty, and
of the rents, issues nnd profits thereof, ~vith the usual power of Receivers in such cases, snd such Receiver may be continued
;n ~ession of ihe said property until the time of the sule thereof uneier such foreclosure~ and until the confirmation of sucl~
,ale bv the Court.
9. lf a conveyance should be made by the mortgagors of the premis~ herein described, or any part thereof, without
thc• ~~~ritten consent of the Assocuition, and K~thout assumption in regular form of la~v by the grantee of th~ obligaNons to the
1..csciation createci bv said promissary nate and ihis martgage, then, and in that er-ent, and ?~i ihe option of the Assori.?ti+yu.
:~ud ~~~thout notice, al) sums of money secured hereby shall immeciiately and concurrently with such cnm•eyance becume due and
~~ayable and in default, The Association may deal with successors in intemst ~vith reference to this mortgage and the debt herebv
secured in ihe same mannrr as N~ith the mortgagors, and may forbear to sue or may ertend time for payment of the debt, secureci
liereby, or otherwise act ~vithout discharguig or in any w•ay Affecting the liability of the mortgagurs here~nder or upon the debt
}~ereby secured. The Association may aLso deal with the Mortgagors and/or with successors in interest ~vith reference to this
~nortgage and the debt hereby secured by forbearing to sue, extending the time for ~rayment of the debt, providing for different
~nonthly payments and/or a different interest rate, and by other express modifications of the contr.?ct, ~vithout losing nny priorit~•
the Association has over other morlgagees or lienors or holders of any jwiior interests in the property secured hereby.
l0. Th~t in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken for public use
undcr the po~ver oE eminent domavi, the As.wciation shall-have the right to demand that all damages awarded for the taking of or
damages to said premises shall be paid to the Assoriation, its successors or assigns, up to the amount unpaid on this mortgage and
ma~~ be appL'ed upon the payTnent or payments last payable thcreon. ~
11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of
the obligation secured hereby shal) at nny time thereafter be held to be a waiver of the terms or of the instrtunent secured hereby.
1?. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti-
t~itcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
<ind pa~~able.
13. To ihe extent of the indebteciness of the Mortgagors to the Association described hercui or secured herc~by, the Asso-
c;:ition is hereb~• subroga:ed to the lien or liens and to the righis of the owmers and holders thereof of each and every modgage,
lien or other encumbrance on the land described herein which is paid and(or) satisfied, in ~~~ho1e or i~? part, out of the proceeds
~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or othcr encumbrances, shallpass
t~~ :ind be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to
thc sa~ne extent that it would have been preserved and ~~~ould have been passed to and been held by the Association had it beeii
~lul~~ ~nd regularl?• assi~ned, transferred, set over and delivered unto the Associ~tion by separate dced of assignment, nohvithstand-
in~ t}~e fact that the same may be satisfied and cancelled of record, it bcing the intention of the Erarties hereto that the same ~vill
1~ sa~sfied and cancelled of reconl by the holders thereof at or about the time of the recording of this mortgage.
14. To pay ~ll and singular the.costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at an}•
ti~ne Uv the Association, bec~use of the failure of the \iortgagors to perfonn, comply «~th and abide by each and every stipula-
t ions, agreements, conditions and mvenants of said promissory note and this dced; or either, and every such pavment shall bear
interest from date at the rate stated in the note secured herebv.
15. That he ~vill permit, commit, or suffer no waste, impair?nent, or deterioration of said property or any part thereof;
' :~nd in the e~•ent of the failure of-the Aiortgagors to kee~ the buildings nn s:iid premises and those to be erected on said premises,
~ ~,r impro~•ements thereon in good repair, the Association may make anci pay for such repairs as in its discretion it may deem
i t~ccessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage -
< i~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa-
~ t ion may detcrr.»ne, and every such payment shall bear interest from date at the rate stated in the note secured hereby.
! 16. That if the Association and the \tortgagors agree, the ~iortgagors ~vill carry a policy or policies of insurznce upon
E their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
' ~~i:~ry ihereunder, and that the said Association may pay the premiums for such insurance (in the event the ~tortgagors do not),
E and add each such pz~Tnent to the unpa id balance of the loan, as of the first day of the then curmnt month, and it shall become
? :~dclitional indebtedness secured by this mortgage payable upon demand.
' 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part nf the ~fortgagors or
3 their contr.ictors to complete said building in accordance with Constn~ction Loan Agreement, of even date here~vith, or to build
~ taid construction in accordance ~vith plans and specifications filed ~~~ith the Associltion, shall constih~te a breach of this mortgage,
; :u~d, at the option oF thc Association, immecliately mature the entire amoi?nt of prineipal and interest hereby seeurcd and the Asso-
? ~ iation may immediatel~~ institute proceedings to foreclose this mortoage. ~
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~ 13. That the aUstract or abstracts of title covering the mortga ;eci property shall at all times, during the life of this mort-
~ ~,.~g~, remain in the possession of the Association and in the e~~ent of the foreclosure of this mortgage or other transfer of title to
~ ±he mortgaged property in extingoishment of ihe indebtedness secured };ereby, all right, tide, and interest of the Mortgagors in
_ and to an~~ such abstracts of title shall pass to the purchaser or grantee.
~ 19. The Association shall have the right, in its discretion, to require that the \iortgagors pay into the Association in addi-
~ tion to the monthl_y installments of principal and interest to be paid b~~ the ~fortgagors under the note secured by ihis mortgage,
~ :~n amowit equal to one-hvelfth of the annaal installments of an~~ taxes on the mort~agecl premises levied or assessed by anv
~~overnmental authorit}~, and one-hrelfth of the annual premiums for Fire and Eztended Coverage insurance on the mortgageii
~ ~~remis~s as hereinbefore rec~i~irecl b~• the Association, and the \iortga~ors' failnre to make such pa~Tnents shall constitute a default
~ under this mortga~e. . -
I\' ~VIT\ESS ~~'HEREnF, the saicl ~lortga~ors hereunto set thc•ir hands and seals the da~• and ~•ear first abeve ~~•ritten.
J •
Sign.^d, sealed and deli~•ered in the presence of: . /
~ ~ ` ( ~ I ' .
~C ~ti..~-~ ~C~1?iu~-G~~ ~ ~ ~
~ (SEAL)
. . `~onrad R. S~yn.
- , , , . ~ • t ~ C--C~-~ _~lC~~-'`t-~--Y- ''~G~/~ ~SEAL)
~ ; Roserrarie A. Se~nek G~
= ~
_ (SEAL)
~wiTNessES) ( SEAL)
(MORTGAGORS)
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aooK ~7 PAC~ 9~
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