The URL can be used to link to this page

Home My WebLink About2464 ~ ~ S • . r. 8. UnW default ia the perEocaunee aE the covcnants and ag~nents oE this mo~rtgage, the mortgagors ahall be entitkd to coUect the rents, issues andgm fits fran the pcemises hereinbefora described, but in caae of a default tn any of the tcrmx oE thia mortgage, and the filing of s biD to faceclose this o~ any othcr matgage enc~mberlag the wlthin descsibed pe+operty, tbe A.aociatioA sLall immediately and without notice be eatided to the appojntment oF a Ae~~' ~~S~S~ ~Y. and of tbe rents, issues and profits thereof, witt~ tbe usualpo wa of Receivers in s~ cases, 3nd such Rec~eivar awy o~tinuad ;n pos~ession of the satd propecty until the hme af the ~7e thereof unda s:ich forecloaure, and until the confirrnatim~ of snch sale by the Court. 9. If a oo~?veyanc~ should be a?ade by tha mortgagas of the premises harejn described, a~ anypatt theieof, without the written consent of the Assaciat~ori, and without assumption in regular form of Iaw by tlw grantee of tTic oblig,ations to tLe Association creatod by said promis~y note and this mortgage, then, and in that ~vent, and at the option of the Association. und .vithout notice. all sums of mcu~e,w secured hereby shaD immediately aad rnncurrently with such cmveyac?ce beoome due ~nd I~Yabk aad in defad~ The Association may deal wIth snoce~ors in interest with reference to this mortgage snd the debt Ixreby secured in tha same manner as with the modgagors. and may forbear to sue or roay extend time for payment of the debt, se~red hereby, a atherwise act ~?tt~ut mg ~ in any way affectiag the liubility af the mo~agors herew~dec or upan the debt hereby secured. The Associatioa mad~ deal with tbe Mortgagon aad/or with su«.~essors ,n interest with raference to this mortgage and the debt hereby ~secured by forbearing to sue, extending the time for payment oE the debt, pmviding for differeat ,nonthly paymcnts and/or a differeat interest rate, and by other ~ezpress modifications of the contrnM, without losu~g any priorih• the Association has over other mo~tgagees or lienots or holders of any junior interests in the property sec~red hereby. reo 10. That in the eveut the pmmises hereby mortgag~d, or any p~ut thereo~f, shall be oaademned and takec? for blic use under tbe power of emiaent do~ain, the Association shall have the right to demand that all damagea awarded fa the g of or damages to said ps~emises shall be paid to tbe Associatiou, its successors or assigns, up to the amount unpaid oa this matgage and may be appiied upace the p~?ynnent or payme+nts last p'ryable the~eon. 11. It is spec~fically agreed t}~t time is the ~ af ttus oontruct az?d that no waiver of any ob$gation hese+u~der or of the obligation secured h~eby shall at any tlme the~eaftei' be held to be a waiver of the tenns or of the instruinent secund hesrby. 12 If foreclos~re proceedings of any second ma~tgage or seoond tiuct deed or any j~mior lien of any Idnd should ba iasti- tuted, the Association may ac its option, immediately or thereafter declare this mortgage and the indebtcdness secured hereby due and payable. 13. To the ertent of the indebtedness of the Mortgagors to the Association desrn'bed herein oc sacured l~erebY, the Asso- ciation is hereby subrogated to the lien or liens and to the righb of the owners and holders thereo# of each and every mortgage, lien or other encumbrance on the land described herein which is paid and satisfied, in `+ho1e or i~' Part+ out of the ~mo~oeecis ~,f the loan de~ribed hecein oc sec~recl hereby, and the res~eetive liens of said mortgages, lieas or other eneumbranees, p~ to and be held by the Association herein as ~~ty for the indebtedness to the Association herein described or Lereby seeured, to the rame e~c!ent that it would have been pr~sc~ved and would have been passed to and beet? held by the As~ociation had it been duly and regulariy assigned, transEerred. set over and deliverod unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of reoozd, it being the intention of the pa:iies hereto that the same will be sa~sfied and cancelled of record by the holders the:eof at or about the turie of the recording of this mortgage. 14. To pay all and singular the aosts, charges, and eacpenses induding lawyer's fees, re~onably incurred or paid at any time by the Association, because of the failure of the I?iortgagors to perform. comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promi.ssory note and this deed, or either, and every such _payment shall bear interat from date at the rate stated in #he note secured hereby. 15. That he wiU ~t, commit, or suffer no waste, impairment, or deterioration of said prnPerty or any part thereof; and in the event of the ailure of the Mortgagors to kee~s the buildings on saidprem ises and those to be erected on said pre~nises, e~ or impmvements t}~ereon in good repair, the Association may malce and pay for suchrepaus as in its disc~~etion it may deem necessary for the proper greservation thereof, and the f~ll amount of such payments shall be secured by the liea of this mortgage .md shall at the option of the As9ociatian be immediately due and payable, or payable in such monthly instaUments as the Assocria- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 18. That if ihe Ac9ociation and the 1?tortgagors agree, the Mortgagors will catry a policy or policies of insurance upon their lives in an arrleunt eqaal from time M time to the amount of indeMedness hereby sec~ued, making said Association benefi- ciary therennder, and that the said Association maypa y ihe premiums for snch insurance (in the er?ent the Moctgagors do noR). and add each such payment to the unpe u'd balance of the loan, as of ths first day of the then corrent month, and it shall become additeonal indebtedness secureci by this mortgage payable upon demand. ; 17. That in the event that this mortgage be given to secure a construMion loan, failure on the part of the Mortgagors or their contractors to complete said building in acoordanee with Construction Loan Agreement, 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 the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately institute pmceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortgaged property sha11 at all times, during 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 title to ~ the mortgaged property in eztinguishment of the indebtedaes,t secured hereby, all right, tide, and interest of the Mortgagors in ~ and to any such abstracts of tide shall pass tR the purchaser or gtantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagon pny into the Associatio» in addi- ~ tion to the monthly installmentr of principal and interest to be paid by the ?ltortgagors imder the note secured by this mortgage, i ~ an amount equal'to one-iwelfth of the annual installments of any tases on the mortgaged premises levied or assessed by any ' ~ govenunental aut}writy, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ premises as hereinbefore requimd by the Association, and the 1liortgagors' faihve to make such payments shaA constitute a default ~ under this mortgage. F I1~' WITI~ESS WHEREOF; the said :~iortgagors hereunto set their hands and seals the day and year first above writfien. ~ ' Signed, sealed and delivered in the ~presence of: ~ ' ~ - - -~O~'~-- a , ~ C~?C~.. - - - ~ _ _ (SEAL) , , ~ ~ - i ael P. Voil~n ~ _ , - - _ _ _ S AL } ~ _ ~lJ, _:.~L-~`-~'Li / vs~~~~o1 cLtc E ) ~ L sssv _ _ . _ ~ ~ M. vo~ana ~ g . . ' . . . . . K - _ - - - - ---~(5EAL) _ . . _ ' ' " . ' _ ' " $ ~ ~ _ - - _ - _(SEAI.) ~ - ~ - - - - - - (MORTGAGOQS) ~ (VIIITNESSfS) ~ ~ ~ do~ 243 0~2464 ~ ~ - - s - ~ ~ ~y , ` ;.`~3 rk:.'4 'i 'c~._~~~;; _ . . . . :_i'~`