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Home My WebLink About1585 ' _ 8. Uatd default ia the perforuwnoe of the oovenants and agrrrecments of this matgage, tbe mottgagors ahall be entitled to oollect the reats, issucs aadp~ ts froan tbe p~isea her~nbefore de~cribed, but in c~se oE • deEauh in any of tbe tern~s oE th~ mortgage, and the filia o~ a bIll to fa~aclose this ar anp other mortgage es?cumbecing the withia descrlbed prope~ty, the ~ and Asaociation shall Immedia~ and wit~wut notica be entitled to the appointment of a Reoetver of the mo~tgaged _be- - of the rents, iss~~es and pro ib tbereof, with tba tuualpo wa of Reoeivers in s~ch cases, snd such Recelver may oontinued in possessioa of the said prope:ty until tha time af the :ale tbereo~ under such forecloaure, and until the eonfinnatio~ of such sale by the Court. - . 9. lf a convayauce :houW be made by the ma~tgagors of the premisos herein dc~aribed, o~ any part thereof, witLout the writtea consent of the AssociaHon, and witlaut assumption in regulRr form of law by the grantee of tTie obli~aHons to tbe Associatioa crented by said promistory note aad ihis m~ct age, thea, and in that evcnt, and at the option of the Association, and ~vithout notice, all sums of ma~ey se~cared heneby ~ immedLtely and concurrentlv with such cmveyance become due and PaYable aad hi default. Tbe Associatian may deal with snooasors in interesi witL reference to tMs mcrtgage and the debt hereby se~c~~red in the same mancer as with the m~tgagors, and may fo~bear to sue or may extend time for payment of the debt, aocureci hercby, or otherwise act without d~g or in any way affecting the liability of the mortgagors hereuader or upoa~ tbe debt her~by secured. The Association may deal with the Mortgagors and/o~ with aiwoes~on in interest with reEereace to this mortgage und tbe debt secvrcd by fozbearing to sue, eutendtng the time for paymeat of the debt, ~xuvid'mg for different monthly P~Yments and/or~ e~t interest rate, aad by other ~press mocliHcations of tbe cantract, without loaa~g any priorih• - the Association has ovar other mortgagces or lienors a~ holders of any jimior interests iti the property secund hereby. 10. That in tha eveat the premices he~+eby m~rtgaged, or any pazt thereof, shall be oa~demned and take~ forpu blie use under t6e power of eminent domain, the Ass~ciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the A.s.soc.~iation, its successors or assigns~ up to the amount unpaid on tbis mo:tgage and ~ may be applied upoa the paymeat or paymenta lsst payable thes~eon. 11. It is specifically agreed that time is the euenee of thit oo~tract and that no waiver of any obligation he.n~mde~r or of the obligation sec~u~ed hereby shaA at any Hme the~eafter be held to be a waiver of the terms ar of tbe instrumeat secured l~reby. 12 lf foreclosure proceedings of any second mortgage ar seoond tnut deed or any junior lien of any ldnd should be inati- tuted, the Association may at its optioq immediately or thereaker declare this mortgage and the indebtedness secured hereby due and pctyable. 13. To the extent of tlie indebtedness of the Matgagors to the Associatio~ descn'bed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien a liens and to tLe rights of the owners and holdas then~of of each andevery mo~t$age, lien or other er~cumbrance on the land desc~ibed herein which is paid and(oc) satisfied, in whole or in pm~rt, out of thep~oeeds ~?f the loa~ described herein or secnred hereby, and the respective liens of said mortgages, liens or other encuanbtancas, llsha ro and be held by the Associatioa her~ein as secunty for the indebtedness to the Association herein descdbed or hereby seau+e~ o the same eu!ent that it would have been p~eserv•ed and ~v~ould have been Passed to and beet~ held by the Association had it ~ duly and regularly assigned, transferred, set over and delivered unto the Association by separate deod of aasignment, notwithstand- ing the fact that the same may be satisfied and cancelied of reco~d, it being the intenaon of the parties hereto that the same will be sa~fied and cancelled of reca~rid by the holders thereof at or about the time of the record'mg of this mortgage. 14. To pay all and singular the coats, charges, and ~ induding lawyer's fe~es, ressonab1y incurred ar pnid at any time by the Association, because of the failure of the 11lo~tgagors to perfoim, comply with and abide by each and every stipula- tions, agreements, conditions and mvenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secure~ her~by. _ 15. Tbat he willp~m~ t, eommit, or suffer no waste, impairment, or deterioration of said pmperty ot any p~t thes+eof; and in the event of the failure of the Mortgagors to keep the buildings on said and those M be erec.~ted on said p~emises, or improvements thereon in good repair, the Associatioan may make and pay o~repa~rs as in its disa~etion it may deem necessary? for the pr~oper preservation thereof, and tl~e fiill amount of such paymeats shall be seciu+ed by the liea of this matgage and shall at the option of the Association be immediately due and payable, or payabl~ in svch mont~ly instalimeats as tl~ Associa- tion may determine, and every such payment shaIl bear intere.st from date at t1~ rate statcd in the note secured hereby, 18. That if the Association and the 111ortgagors agree, the Mortgagors will carry a policy or policies of insura?nce Upon their lives in an a~eunt equal from time to time to the amoant of umdebtedness~ hereby secured, malong said Association beaefi- ciary ihere~u~der~ and that the said Association maypa y tLe premiums for svch insurance (in the event the Mortgagoss do not), and add each sudi payment to die unpaid balance of the loan, as of the first day of the then cavrent month, and it shall beco~me additional indebtedness secured by tbu martgage payable upon demand. ' 17. That in the event that tlris mortgage be given to secure a construction loan, fa~ure on the part of the Mortgagors or ~ their contractors to complete said building in accordanoe with Construction Loan Agreement, of even date herewith, or to build ~ said construction in aocordance with plans and specificatians filed with the Association, shall corstitute a breach of this mortgage, E and, at the oPtion of the Association, immediately mature the entire amount of principal aad interest hereby sec~ued and the Auo- ~ ciation may unmediately institute proceedings to foreclose thi4 mortgage. j 18. That the abstract or abstracts of title rnvering the mortgaged pmPerty shall at all times, during the life of this mort- { ~age, remain in the possession of the Association and in the event of tbe foreclosure of this mortgage or other tiansfer, of title to ~ the mortgaged property in estingnishment of ihe indebtedness secutrd hereby, all right, title, and interest of the Mortgagors in ~ and to any such abstracts of tide shall pass to the purchater or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pray into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secured by this moztgage, ~ an amoant equal•to one-twelhh of the annual 'u~stallments of any taxes on ihe mortgaged premises levied or assessed by any ~ gove~mental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged nremises as hereinbefore required by the Association, and the 11lortgagors failure to make such payments shall constitute a default , under thts mortgage. ~ IN WITNESS WHEREOF, the said Morigagors hereunto set their hancIs and seals the day and Year first above written. ~ Signsd, sealed and delivered in the presence of: a i ~ • • C ~ - - . - - ~JF.[~1.1~ ' ' ~ ~1C~laz'f~ OItZ , ~r , ; • . ~ - - - - - - - - - ` - - - - - - - - - - ---(SEAL) ~ Ma Eliza th Stoltz ~ - ~ _ - - - _ (sE~r..> ~ - - - - - _ _ - ~ - - - - -~SEAL) ~ (W ITNESSES) (MORtGAGORS) z § ~ ~ 800K 243 PACE15~5 - ~4 _ ,y ~