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HomeMy WebLinkAbout2048 3 + 8. Until default in the performance of the covenants and agrci,~rnents of this mortgage, the mortgagors shall be entided ~ to rnlleM the rents. issues and profits from the premises hereinbefore described, but in case of a default in any of the terma of : this mortgage, and the filing af a biU to foreclose this or any other mottgage enc~mbering the within described property. the $ As.sociation shall immediately and without notice be entided to the appointment of a Receiver of the mortgaged pr~perty, and ~ of the rents, issues and profits thereof. with the ucual power of Reeeivers in sueh eases, and sueh Reeeiver may be oontinuecl ~ in possession of the sald pmperty until the time of the sale thereof under such foreclosvre, and until the confirmation of such ~ .ale b}• the Court. ~ 9. lf a conveyance should be made by the mortgagars of the premises herein described, or uny part thereof, without ~ thc written consent of the Association, and H~thout ussumption in regular form of law by the grantee of tFie obligations to the ~ -~ssociation created by said promissory note and this mortgage, then, and in that event, and at the option of the Assc,ciation, : and ~vithout notice, all sums of maneV hereby shall immeciiately and rnncurrendy with such conveyance become due und : payable and in default, The Association may deal with s~ccessors in interest with reFerence to this mortgage and the debt hereby { serured 'm the same munner as with the mortgagors, and may forbear to st~e or may extend time for payment of the debt, securcc~ a hereby, or otherwise act without dischargu~g or in any way affecting the liability of the mortgagurs hemunder or upon the debt hereby secured. The Association may also deal with the Moztgagors und/or with successors in interest with reference to this ; mortgage and the debt hereby secured by forbearing to su~, extending the time for payment of the debt, providing for different i monthly payments and/ar a cUfferent interest rate, and by other express modifications of the contr.ut, without lbsing any priorit~• the Associatioa has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the pmmises hereby mortgaged, or any part ihereof, shall be condemned aud taken for public use under the po~ver of eminent domain, the Assuciation shall have the right to demand that all dam.lges a~w3rded for the taking oE or damages to said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. ~ 11. It is specifically agreed that time is the essence of this contraM and that no 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 procr~ings of any second modgage or second trust deed or any junior lien of any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness sexured hereby due and payable, t 13. To the extent of the indebtedness of the blortgagors to the Association described hereui or secured hereby, the Asso- E ciation is hereb~ subrogated to ihe lien or liens and to the rights of the ownen and holders thereof of each and every modgage, { lien or other eucumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of thep ~~f the loan described herein or secnrecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, st~p~ t~ ~»d be held by the Associavon herein as security for the indebtedness to the Assnciation herein described or hereby secured, to the same extent that it ~vould have been preserved :uid ~vould have been passed to and been held by the Association had it been duly and regularly assigned, transferrec~ set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p~arties hereto that the same will be sa~sfied and cancelled of record by the holders th~eof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at an~• time by the Association, because of the failure of the ;liortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said pmmissory 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 will t, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; and in the event of the ailure of the Mort~;agors to keep the buildings on said premises and those to be erected on said premises, ur improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shaU be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may detcrmine, 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 Mortgagors will carry a policy or policies of insumnce upon their lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- c•iary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the Atortgagors do not), ~ and add each such payment to the unpaid balance of the loan, as of ths first day of the then cturent month, and it shall become aclditional indebtedness secured by t}us mortgage payable upon demand. ~ 17. That in the event that ihis mortgage be given to secure a construction loan, failure on the part of the '~tortgagors or ~ the'v contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~.1id construction in accordance ~vith plans and specifiptions filed with the Associ~tion, shall constitute a breach of this mortgage, ' and, at the option of thc Association, immediately matwe the entire amount of principal and interest herehy secured and the Asso- ~ ciation may immed"ultely institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstraMs of title covering the mortga;ea property shall at all times, during the life oE this mort- ~age, remairi in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to ~ the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in ~ and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to mquire that the riortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note securecl by this mortgage, an amount equal~to one-hvelfih of the annual installments of any taxes on the mortgageci premises levied or assessed by any govemmental authority, and one-twelfth of the annual premiums for Fire and Eztended Coverage insurance on the mortgaged ~ premises as hereinbefore required b~~ the Association, and the rlortgagors' failure to make such pa}'inents shall constitate a default ~ under this mortgage. ~ II~ WITNESS ~VHEREOF, the said ~iortgagors hcreunto set their hanJs and seals the day and year first above ~vritten. ~ Sign , sealed and deliv e the presence of: ~ ~ , . ~ • ~ . ~ - l''l~ _ . _ . ~l~-~""' _ - - I-) ' hard . L ches ~ , n . ~ r ) r . ~ _ I «i'7~. ~ J ~ ( SEAI..) ~ etra S. Luchesa ~ ~ ( SEAL) _ - ~ ~ ~ - - - (SEAL) - - (WITNESSES) (MORTGAGORS) br BOOK 238 PACE2045 ~ ~ - ? ~`~z?Y~. ~ . ~ ~ ~ . .