HomeMy WebLinkAbout2775 8. UnW default in the performance of the rnve~ants and agrcements of tt~is mortgage, the murtgagors shall be entided
to collect the rents, issues and profits from the premites hereinbefore d~ccribed, but in case of a default in any of the terms of
this mortgage~ and the filing of a bill to foreclose this or a~y other mortgage encumbering the within described propezty~ the
~1s.9ociation shall immediately and without notice be entided to the appointment of a Receiver of the mortgaged property, and
of the rents, issues and profits thereof, with the usuul power of Receivers in such cases, snd such Receiver may be continued
in pos~ession of the said propert~~ until the time of the sule thereof under such foreclosure, and until the confirmation of such ;
sa)c bv the Court. ;
9. If a conveyance should be made by the mortgagors of the premises herein described, or ~ny part thereof, without ~
thc ~vritten consent of the Association, and ~~~thout assumption in re~ilar form of law by the grantee of the obligations to the ~
.~~.~ociation created by said promissory note and this mortgage, then, und in t}u3t event, and at the option of the Assaciation,
;~nd ~vithout notice, all sums of monev, sec~~red hereby shaU immecliately and concurrently with such conveyance become due and
payable and in default. The Association may deal witl~ successors in interest with reference to this mortgage and the debt herebv
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secureii
hereby, or otherwise act without discha~gu~g or in any wny affecting the liability of the mortgagurs hereunder or upon the debt
hereby secured. The Association may also deal with the• Mortgagors and/or with successors in interest with reference to this
~nortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
monthly Irayments and/or a different interest rate, and by other eapress moclifications of ihe contrnet, without losing any priorih•
the Association haz over other morigagees or lienors or holders of any junior inter~cts in the property secured hereby.
l0. That in the event the premises hcreby mortgaged, or any part thereof, shall be condemned and tuken for public use
undcr the power of eminent domau~, the Assuciation shall have the right to demund that all damages awarded for the taking of or
damages to said premises shaU be paid to t}~e Association, its successors or assiQns, up to the amount unpaid on this mortgage and
mav be ap~lied upon the payment or payments last payable thereon,
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 shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby.
12. If forec]osur+e proceedings of any second mortgage or second trust deed or any junior lien of any kind should be insti-
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secwed hereby due
and pa}'able_
13. To the extent of the indebtedness of the Mortgagors to the Association described hercin or sec~med hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage,
licn or other ericumbrance on ihe land described herein which is paid and(or) satisfied, in whole or in part, out of the proceeds
~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass
to and {~e held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to
the same extent that it would have been preserved and would have been passed to and been held by the Association had it been
~luly and regularly assigned, transferred, set over and delivered unto the Associati~n by separate deed of assignment, nohvithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~vties hereto that the same will
be sa~sfied and cancellecl of record by the holders the~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 am•
time by the Association, beraiue oE the failure of ihe 1lfortgagors 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 stated in the note secured hereby.
15. That he will permit, commit, or sufEer no waste, impairment, or deterioration of said gmperty or any part thereoE;
and in the cvent of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises,
or impro~•ements thereon in good repair, the Association may make and pay for sach repairs as in its discretion it may deem
necessary for the proper preservation thereof, and the full umount of such pa}Tnents 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 determine, 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 4lortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
their iives in an anitaunt equal from time to time to the amount of indebtedness hereby secured, mal:ang said Association benefi-
<•iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Atortgagors do not),
:~nd add each such ps~~nent to the unpaid balance of the loan~ as of the first day of the then ciurent month, and it shall become
additional indebteciness secureci by this mortgage payable apon demand.
17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~iortgagors or
their contnctors to complete said building in accordance with Construction Loan Agreement, of even date here~~~th, or to build
said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of ihis mortgage,
c?nd, at the option of the Assoeiation, immediately mature the entire amount of prineipal and interest hereby sec~ured and the Asso-
ciation may immediately institute proceedings to foreclose this mortoage. ~
18. That the aUstract or abstracts of tide covering the mortganeci property shall at all times, during the life of this mort-
; ,age, remain in the possession of the Association and in the event of tlie foreclosure of this mortgage or other transfer of title to
il~e mortgaged property in extinguishment of ihe indebtedness secured hereby, all ri~ht, title, and interest of the btortgagors 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 require that the 1liortjagers pay into the Association in addi-
tion to the monthly installments of principal and interest to be paid Uy the \tortgagors under the note secured by this mortgage.
~ :~n amount equal-to one-hvelfih of the annua! installments of any taxes on the mortgagecl premises levied or assessed by an~~
~ governmental authority, and one-hvelEth of the annual premiums for Fire and Eatended Coverage insurance on the mortgageci
' prcmises as hereinbefore req~ored by the Association, and the ~tortgaoors' failnre to make such pa~Tnents shall constitute a default
` under this mortgaoe.
! I\T ~~'1TNESS ~VHEREnF, the said \fortgagors here~mto set their hands and seals the da~~ and year first above ~vritten.
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S' , sea nd dclivered in the presence o:
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, ~ ohn F. Obuchon ,
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Marg et Obuchon
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f . - _ - ~wiTNessesl _ (SEAL}
(MORTGAGORS)
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