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HomeMy WebLinkAbout1591 8. Until default in the performanoe of the coveaanb aad agrec~nents of this matgs~g~ the nwrtgagors atull be eatitled to oollect the rarts, issues a.-sdpcofits h+om the premises hereinbefora descxibad, but in case oE a deEault in any oE tbs ternu~ oE thii mortgage, and the fjlin g• oE a bill to foreclo~e tLIs a: aay other matgage eacumberiug tlis wtthLn desaibed poparty, the Asaociatioa shall iuunediately and wlthout notice be entitled to the appoinhnent of a Roceiver of the aiatgagedp~ope~y, and of the renta, issues and pro f its thereof. vv~th the usual ~power of Reoeiven in sucb cases. snd such Raetver may b e_ o o atinued in possession af tbe satd property until the time of the sab thereoE under such forecloaure, and unKl the confirmation of such sale by the Court. ~ 8. lf a oonv~eyaace slwuld be made by tba mo~tgagas of the premises hemin desai~,o.:, oc any part tbereof, without the writtea mnsent of the AsmciaHon, and without assumption in regular foru~ of law by tbe gantee of tTie obNgations to tbe Association creuted by saId promissory note aad this mortgage, then, and in that event. and at tbe option of the Association, and ~vithout notice, aU sums of m~ey socnred hereby ahall immedi$tety und concurrentlv wlth such cmveyance beoome due aad PaYBble and in dehuh. ?'he ~ Association may deal with suocessors in interest with reference to this matgage and tbe debt hereby secured in the same manner as with the moctgagors, and may forbear to sue or may extead time for paya~ent of tbe debt, secured hereby, or otherwise acc without discl~ar~ng or in nny way affecting the liability of the mortgagors hrre~nder or upo~ the debt hereby secured. The Ass~atton may al'o deal with tbe Mortgagon and/or with s~ucessors in interest w3th reference to t}~ mort ge aaci tha debt hereby ~senired by forbearing to sue, extending the time for payment of the debt, pro~viding far diEferent PaY~b snd/~ a diEferent interest rate. and by other e:p:ess modi~icationa of the oa~tract, without losing anY I~h' tbe Aasoeiatioa Lsa ovec other moctgagces or lienors or holders of any fualor interestr in the property senn+ed hereby. 10. That in the event the pcemises hereby mortgagd, or any part therco~, s6all be oondemned and taken forpu blie use under the power of eminent domain, the Assuciation shall have the right to demnnd that alt damages awarded f~ the t~dng of or damages to said p~emi.ces shaD be paid to the Association, its s~ccessors or assigns, up to the amount unpaid oa this modgage and may ba applied upon the paymeat or paymenta last payabk theiea~. _ _ 11. It is specifically agreed that time is the essenoe of this cantract and that no waiver of aay obligation ha~ndar or of the obligatiou secured hereby shall at any time t}~ereafter be beld to be a waiver of the temns. or of the instrtm~t secured h~eby. 12. If foreclosure p~aceedings of any second mortgage or second trust deed or any ~anior lIea of any kind should be iaati- tuted, the Association may at its option, ianmediately or thereaker declare this mortgage and ihe indebtedness sec~u+ed hereby due and payable. 13. To the eztent of the indebtedness of the Mortgagors to the Association dearnbed hemin or secured liereby, the Asso- riation is hereby subrogated M tbe lien ~ lieas and to tbe rights of the ownen and holders thereaf of each and mortgage, lien or other er~cumbrance on the land described berein which ic paid and(o~) satisfied, in whole ar in pcirt, out of rt eed~ of the loan desaibed hereu? or secured l~ereby, aad the rapectivc lient of said mostgages, liens or other encumbianoes, co nnd be held by the Association herein as secun fo~r the indebtedness to the Association hetrrin described ~~+eby seau~M n the same extent that it would have bcen preserv~ and would have been Passcci to and bee~ held by the Association had it been duly and regWarly assigaed, transferted, set over and delivec+ed unto the Association by separate deed of assignment, notwithatand- ing the fact that the same may be satisfied and cancelled of reco:d, it being the intentian of the p~rties hereto that the ss~me will be s+~fied and cancelled of reoord by the holders thereof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and e:penses indading lawyer's fces, reasonably incurred or paid at any time by the Association, because of the failure of the 1?ioitgagors to perform, comply with and abide by each and every stigula- tions, agreements, conditions and covenanis 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 aec+ued hereby. 15. Tbat he willperm~ t. commik or suffer no waste, impairment, or deterioration of said property or any part thereo[; and in the event of the fail~u+e of the Mortgagors to keep the build'mgs a~ saidpremises and thase to be erected on said premises, - or improvements thereon in good repair, t}ie Association may make and pay for suchrepaus as in its dia~on it may deem nec~? for tbe proper preservation thereof, aad the full amount of such pa,vmeats shall be sec~ed by tbe liea of this moctgage :u~d shall at the optioa of the Associatioa be iaimediately due and payable, or payable in such r~ndily installa~ents as the As.socia- tion may determine, and every such gaymeat shall bear interest from date at the rate stated in the note seczued hereby. 18. T'hat if the Auociation and the Ilirntgagois agrce, the Mortgagors will carry a policy or policies of ins~uance upon their lives in an arrleunt equal from time to time to the amouat of indebtedness hereby secured, maldng said Association benefi- 'i ciary ihenronder, 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 cKarent month, and it shall become ; additional indebtedness secureci by t~s mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constniction loaq falure on the part of the Mortgagors or ~ their rnntractors to rnmplete said building in accoridance with Constniction Loan Agreement, of even date herewith, or M build said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ and, at the option of the Associatioq immediately mature the entire amount of principal and interest hereby ~ecvred and the Asso- ~ ciation may immediately iastitute proceedings to foreclose this mortgage. ~ 18. That the abstiact or abstracts of tide oovering the mortgaged property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosiue of this nwrtgage or other transfer of title to the mortgaged propetty in ertinguishment of ihe indebtedness secured hereby, all right, tide, and interat of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall bave the right, in its discretion, to require that the Mortgagors p~y into ihe Assoc3ation in addi- tion to the awnthly installmentr of principal and interest to be paid by the I1~a~tgagors under the note secured by this mo~tgage, an amount equal~to one-twelfth of the annual installments of any taaes on the mortgaged premises levied or assessed by~ any govemmental suthority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ' premises as hereinbefore required by the Association, and the 1liortgagors' failure to make such payments shall constitute a default ~ under this mortgage. ~ IN WITNESS ~'VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ Signed, sealed and delivered in the presence of: . ~ z ~ . . - : /I ~ 7 _ :_.?<--7-~ - - - - - ~~L _ - - -__(SEAL) Y ~ i.IAM . - - - N- ~ ~ , ; ~ _ _ 7 _r<_ _ _ - - - ~ - --(SEAI.) s ~ LILLIA . R,OCKMAN ~ ~ ~ ~ - - - - - - _ - - - -(SEAI.) ~ ~ ~ . - - - - - - - - - - - - - - -~SEAL) ~ (1NITNESSES) (MORTGAfiORS) ~ BOGK 243 PACE 1591 ~ ~ ~ - - ~ w- - _ - ~ ' ~ S ~~u`~ '