Loading...
HomeMy WebLinkAbout1690 8. UnW deEault in the ~rformance of the covenants and agrcements of dus mortgpge. the mortgagors shall be entitled to collect the rents, issuea and pmfits from the premises hereinbefore described~ but in case of a default ia any of the term.s oE this mortgage, and the filinng of a biU M foreclose thii or any other uart~pge encumbering the within described property, the Association shall immediately and without notice be . entided M the eppointment of a Receives of the mortgaged property, and of the tents. issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in pos3ession of the said property until the time oE the sale thereof under svch foreclosure~ and until the confirmation of such .nle by the Court. 9. If a conveyance should be made by the moitgagors of the premises herein described, or uny~a~c thereof, without thc written consent of the Association, and without assumption in regular form of law by ihe grantee of tTi~ obUgaaons to the Association creuted by said promissory note and this mortgage. then, and in that event, and at the option of the Association. and ~vithout notice, all sums of maney secared hereby shall immediately und concurrendy with such rnnveyance become due and payable and 'm default. The Association may deal with sucoessors in interest with reference to thit mortgage and the debt hereb secured in ihe same manner as with the mortgagors, and may forbear to sue or may extend time for p:?yment of the debt, secure 1 hereby, or otherwise act without dischargu~g or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Modgagors and/or with successors in interest with reference to tlus mortgage and the debt hereby secured by forbearing to sue, exiending the time for payment of the debt~ providing for different monthly payments and/or a different interest rate. and by other express moclifications of the contr.~M~ without losing uny priorih• the Assoctation has over other mortgagees or lienors or holders of any j~mior interests in the propertv secured hereby, 10. Thnt in the event the pmmises hereby mortgaged, or uny purt thereof, shall be condemned and taken for public use under the power of etninent domain, the Association shall have the right to dem:u~d that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payuble thereon. 11. It is specifically agreed th~t time is the essence of this contruct and that ao waiver of any obligation hereunder or 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 foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd shonld be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa}~ble. 13. To the extent of the indebtedness of the tiiortgagors to the Association d~scxibed hemin or secured hereby, the Asso- riation is hereby subrogated to ihe lien or liens and to the rights of -the owners and holders thereof of each and every mortgage, lien or other er~cumbrance on the land desrtibed herein which ic paid and(or) satisfied, in whole or ui part, out of the pr~ceeds ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages~ liens or other encumbrances, shallp~ ro and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to the same ez!ent that it ~vould have been preserved and ~vould have been passeci to and been held by the Association had it beet~ duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment~ notwit}utand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the record'u~g of this mortgage. ' 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incumed or paid at any time by the Association, because of the failwe of the Mortgagors to perform, oomply with and abide by each and every 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 herebv. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; and in the event of the failure of the hiortRagors to keep the build'mgs on said premises and those to be erected on said premises, or improvements thereon in good repair, the Aswciation may make and pay for such repairs ns in its discretion it may deem necessary for the proper preservation thereof~ and the full amount of such payments shall be secnred by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in svch monthly inst:illments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association und ihe \tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ~ and add each such payment to the unpaid balance of the loan, as of the first day of the then ciurent month, and it shall become `t, additional indebteciness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secwe a construction loan, failure on the part of the ~ltortgagors ar ~ = their contractors to complete said bnilding in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in accordance with plans and specifications filed ~~~th the Association, shall constitute a breach of ihis mortgage, ~ ~ and, at the option of the Association, immediately mature the entire amoun~ of principal and interest hereby seciaed and the Asso- : ciation may immediatelp institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract' or abstracts of title rnvering the mortgageci property shall at all times, during the life of this mort- ~,age, remain in the possession of ihe Assaciation and in the event of the foreclosure of this mortgage or other transfer of tide to ' the mortgaged proPerty in extinguishment of the indebtedness secured hereby, all ri~ht, title, 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, irz its discretion, to require that the 114ortgagon ~y into the Association in addi- ~ tion to the monthly installments of principal and interest to bG paid by the Atortgagors under the note securecl.hy this mortgage. :~n amount equal~to one-hvelfth of the annual installments of any taxcs on the mortgaged premises levied..br assessed by~ any ~ ;;oven~mental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insarance on . the ~mortgaaed 5 i>remises as hereinbefore required b~~ the Association, and the ?1lortgagors' failure to make such payments,~alL~o ~ . ~ , . ~ under this mortgaee. , ~ ~ ~ - r . • C~ : I~T WITNESS ~VHEREOF, the said ~iorigagors hereunto set their hands and seals the day and yea~~' ~ovs v~ttebs = ~ _ v r, r_z i : N~` •p'.;'~ . ~ Signed, sealed and deli~•ered in the presence of: S P S COM CIAL CE C. a.'~.: ~ ~ ~i ~ _ . i ~ ~ _ L~~-z-~? ~ B - J - - - _ ~ ~ - ~ ~G , . ~ - 2 - ~i ~ Lawrenc~eaT: ~i ori, j~ r~' i` ~ ` ` ~ 4.,~y~? H~ ~ ~s7rt-~., ~~!i7' _ Q~'.~.'.l'~yL~ _ _ _ _ _ . ` ($El~.) { ~ ~ ~x (SEAL) : ~ _ _ - - - -~SEAL) 3 ~ (WITNESSES) _ - _ _ ; (MORTGAGORS) } . j 600K 238 PAGE1688 ~ ~ ~ ) _ _ . - - - . ,~a ~ _ ~..m~~ ~ ~ ~ ~ - _ ~