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HomeMy WebLinkAbout1436 ~ a a ~ 8. Uati! default in the perEorn~aAO4 af the co~+gnants and agrecments of t}~qs matgage, the mortgagon shaU be entided ~ to collect the reats, issues andpro fits han tbe premi~s hercinbefore described, but in aue of -a default in any of the teinu af this mortgage, and the filing of a bill to foceclose thLs a any other moKgage encumbering the within dexribed propecty, the Association sball immediately and without notice b~ entided to the appointment of a Receiver of the mortgagedproperty, and of the rents, issucs and profits thereof, with the utiual power of Receivers in such cases. snd such Aeceiver may be oontinued in pos~ssioa of the said property until the time of tbe sale thereof uader such foreclosure. and until the confirmation of such ~ .ale by the Court. 9. If a conveyaace should be made by the mortgaga~s of the piemises herein described, or nny part thereof, without ~ t he written consent of the Association, and without asstunption in regular form af law by the grantee of tTie obligationt M the A.sociatan creuted by said promissory note and this mortgage~ then, aad in ihat event, and at the option of the Associxtion, ~ :uid .vithout notice. all sums of mcmey sec~.uec1 hereby shall immediately and concnrmndy with such cc+nveyance beoomc due and I~ayable and in defaul~ Tha Association may deal with su~ors in intes+est with refereace to this mortgage and the debt herebv secured in the same mannrr as witb the mortgugors. and may forbear to s~~e or may extend time for payment of the debt, securec~ hereby, or otherwise act without discharging or in any way affecting the Uability of the uwrtgugors hereunder or upon the debt hereby secured. 'I'he As9octiatioa may also deal with the Mortgagors and/or with successors in interest with referr.nce to thic mortgage and the debt hereby secvred by forbearing to sue, e:iending the time f~ payment of the debt, providing for different : monthly payments and/or a different interest rate, and by other express malifications of ihe contract, without losing any priorih• ; the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the premises hereby mortgagd, or any part thereof, shall be condemned and taken for public use under the power of eminent domain~ the Association shall have the right to demand that all damages awarded for the taking of or . damages to said ~emises shall be paid to the Association, its successors or assigns, up b the amount unpaid on this mortgage and mav be applied upon the payment or paymenis L~st payable thereon. 11. It is specifically agreed that time is ihe essence of this contract and that no waiver oE any obligation ~ hereunder or of the ohligation secured heieby shall at any tim~ thereafter be held to be a waiver of the tenns or of the instrument secured hereby. i2. If foreclosure proceedings of any second mortgage or seoond tnut deed or any junior liea of any ldnd should be insti- tuted, the Association may at ih option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtednes's of the Mortgagors to the Association d~scribed herein or secured hereby, the Asso- ciation is Lereby submgated M the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage. ; lien or~other encumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the p~~ooeeds i ~~f the loan described herein or 9ecured hereby, and the respectivc liens of said mortgages, liens or other enmm~brances, st p~ ; m and be held by the Association herein as security for the indebtedness to the Ascociation herein described or hereby s~ecured, to the same ex:ent that it would have been praerved and ~vould have been passed to and been held by the Association had it beea duly and regularly assigned, transferrcd. set over and delivered unto the Associatic?n by separate deed of assignment, notwithstand- ing the fact that the same may be saticfied and cancelled of record, it being the intentian of the parties hereto that the same will he ra5sfied and cancelled of reoord by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singnlaz the costs, charges, and expenses including lawyer s fees, reasonably incuired or paid at any time by the Association, berause of the failure of the 1lfortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every nich payment shall bear interest from date at the rate statecl in the note secured hereby. 15. That he willperm~ t, commit, or suffer no wazte, impairment, or deterioration of said property or any part thereof; ~ and in the event of the failure of the Mortgagors to keep the buildings an saidpremises and those to be erected on said premites, or improvements thereon in good repair, the Association may make and pay for such repaits as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :~nd shall at the option of the Associution be immediately due and payable, or gayable 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 rlortgagors agree, the Mortgagors will carcy a policy or policies of insurance upon _ their lives in an a~~3eunt equal from time to time to the amount of indebtedn~ss hereby secured, maldng said Association benefi- ~ <~iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not), ~ and udd each such payment to the unpa~d balance of the loan, as of the first day of the then c~urent month; and it shall become additional indebtedness secured by this mortgage payable upon demand. ~ ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of ihe Mortgagors or ~ their contraMors to complete said building in accordance with Construction Loan Agree~ment, of even date herewith, or to build said construction in aocordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ and, at the option of thc Association, immediately mature the enNre amount of principal and interest hereby secured and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstraM or abstracts of title covering the mortgaged property shall at all times, dnring the life of this mort- _ ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to ~ the mortgaged property in eutinguishment of the indebtedness secured hereby, all right, tide, and interest of the Modgagors in ~ .?nd to any such abstracts of tide shall pass to the purchaser or grantee. $ 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Association in ad'di- F tion to the monthly installments of principal and interest to be paid by the Atortgagors under the note secured by this ~nortgage, an amount equal~to one-twelfth of the 3nnual installments of any ta~xes on the mortgaged premises levied or assessed by any ! - governmental authority, and one-twelfth of the annual premiums for Fire and Extended Cover.~ge insurance on the mortgaged ~remises as hereinbefore required by the Association, and the 111ortgagors' failure to make such payments shall constitute a default un3er this mortgage. II~ WITI~TESS WHEREOF, the said tiortgagors hereunto set their hands and seals the day and year first above ~vritten. ~ Signed~sealed and delivered in the presence of: ' ~ ~ ~ ~ , . / ~ . '`_-7~-"~.•~ - - - -r~ ~-~-s-~-/~ . ! - _ i ~SEAL) ` ' Ruth Schreier . ~ ! ` - - e~~ . _ - - - - _ - (SEAL) . - ~ G; ` - - - - - - - - - (SEAL) 5 r - - - - - - - - - (SEAL) (YVITNESSES) (MORTGAGORS) . ~ BooK~9 Pac~1432 F_ F: ~ _ _ . ~3 . ~ _ _ _ ; w w ~ .