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HomeMy WebLinkAbout2476 ~ • ,s ~ .f ..1 8. UntI! default in the perfora~wnee of tl~e covenants aad agmeoments of thta martgage, the aw~tgagors shall be eatitled to coUect the rents, issues aadp~ofits froaa the praais~s heceinbefore described, but in casa oE a default in any of the tecmn of thLs mortgage, aud the WI~ oE a bill to facecloae tbb a~ a~ay otLer matgage ec?cumbering tbe within dascxlbed property, tbe ~Rssociatioa shall immedtat and without notice be entitled to the appointmeat of a Reoetver of the moitgagedpcope~y, and of tbe rents, isa~~es and ~r ib thereof, with the usualpo wer of Receiver~ in such cases, sad such Receiver may ~e-ooatinued in pos~essioa of the said pcope~ty untIl the time oE the sale thereof under stx:h forecloaure, and until the oonfinnaHon of such ~uk by the Court. . ~ 9. If a oonveyauce should be made by the matgagas of the premises hemin deacribed, or nny put thezeof, without - the writtem m~sent of the AssocfaHon, and without assumption in regular form of 1aw by the grantee of tTie obligations to the Acsociation created by said promissory note aad this mutgage, then, and in t}~t event, and at the option of the Association. :?nd ~vithout notic~ All sums of mcx~ey sarlred hereby a~wu immediately and concurrently wit6 such rnnveyance become due and payable aad ia defauk. The Association may deal with ~oceswn in intrrest with reference to this maatgage aad tba debt he:eby secured in the same manner as witl~ the mortgagors~ and may fo~bear to sue or may eutend tune for paymcr~t of the debt~ axtueci hereby, oc otherwise act without divdwrging or in any way affecting the linbility of the mortgAgors hereunder or upan tLe debt hereby sec~red. The Assocaation may also deal with tbe Mortgagors and/or with snecessors in interest with reference to this mortgage anci the debt sec~red by forbearing to sue, extending the time far psyment of the debt, juoviding for different monthly paymenb and/or a iffene,~nt interest rate, and by otber espreu mocL'Besitlons of the contrnct, without loain any priorih• the Associatia? has over othex mortgagees or lienors or holders of aay iw~ior interesb in tbe ProPertY aecured ~re~y 10. That in the event the premices hereby mort~agecd, or any part then~, sball be oondemned and taken forpu blie use under the power of eminent domain, the As.wciation shail have the rigbt to demand that all damages awarded for the taking of or damages to said premises shall be paid ~o ihe Association, its successors or assigns, up M the amouat unpaid on thi~ ma~tgage and may be applied upon the paymeat or paya~eats last gayable thereo~. 11. It is specifically agreed tl~at time is ihe es~ce of this contract and that no waiver of any obligation here~mder or of the obligation secured hereby shall at any time the~eafter be held to be a waiver of ibe tams oar of the instrument aeaired hereby. 12. If foreclosure proceedings of aay seoqnd mo or second trust deed or any iunior lien of any kind should be insH- tuted, the Associatian may at its option, unmedisfiely ot~t~er declare this mortgage and the indebtedness secvred hereby d~e and payable, 13. To the extent of tl~e indebtedness of the Mortgagors to the A.ssocintan desa~'bed l~erein or secured hereby, the Asso- c;ation is hereby subcogaced to the lie~ ar liens aad to the rights of the owmcrs and holders thereof of each and moitgage~ lien or other er,cumbrance on the land described herein which is paid and(ar) satisfied, in whole or u~ pnrt, out of ~ooeeds of the loan described herein or secut~ed hereby,, and the respectivc liens of said mortgages, liens or other encumbrancGS, sball to ~n~i be held by the Association herein as for the indebtednets to the Aasociation here,in described o~ hereby s~~toE the same ex!ent that it would have been ~n~~ and ~vould have baen Passed to and been held by the Aasociation had it be~ duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assigament, notwitLatand- ing the fact that the same may be satisfied and cancelled of nc.~ord, it being the iatention of the pazties hereto that the same w!ll be sa~sfied and cancelled of recorii by the holders thereof at or about the time of the recording of this mo~tgage. ° 14. To pay all and singulaz the oosts, charges, and e:penses including lawyer's fe~s, reasunably inc~ured or paid at any time by the Association, because of the failure of tlie 1lfoitgagors to perform, comply with and abide by each aad every stipala- tions, agreements, conditions and covenants of said promissory note and ihis deed, or either, and cvcry such payment shall bear inter~st from date at the rate stated in the note secured hereby. 15. That he willperm~ t~ cammit, or saffer no waste, impairment, or deterioration of said groperly or any part thereof; and in the event of the failure of the Mo~t~agors to keep the buiid'mgs on saidpre and thase to be erected on said premises, or improvements thereon in good repair, the Association may make and pay of r~r~us as in its discretion it may deem necessary? for tbe pioperpreservation thereof, and the full amount of such payments s}~aII be secvred by the lien of thit matgage and sl~all at the option o~ the Association be immediately due and payable, or payabk in such monthly installments az the Assoda- tion may determine, and every such payment shall bear interest froa? date at the rate stated in the note secured hereby. 16. That if the Association and the 1ltortgagors agree, the Mortgagors will cazry a policy or policies of insuranoe upo~ their lives in an ar~eunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ciary iherennder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), and add each such pa~m~ent to the unpa~'d balance of the loan, as of the first day of the then cmrent m~th, and it shall become additional indebtedness secured by this mortgage payable upon demand. i 17. That in the event that this mortgage be given bo secure a construction loan, fa~ure on the pazt of the Mortgagors or ` their contracton to complete said building in accordance with Construction Loan Agreeflnent, of even date herevvith, or M build ~ said construction in aocordance with plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, and, at the option of thc Association, unmediately mature the entire amount of principal and interest hercby secured and the Asso- ~ ciation may immeciiately institute proceedings to foredose this mortgage. ~ ~ 18. That the abstract or abstracts of tide covering the mortgaged property shall at all times, during the life of this mort- i ~age, remain in the possession oF the Association and in the event of the fareclosure of this mortgage or other transfer of tide M ~ the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagots in ~ and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The As9ociation shall have the right, in its dixretion, 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 mortgage, ~ an amount equal'to one•twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any , govemmental authority, and one-twelfth of the annual premiums for Fire and Estended Coverage insurance on the mortgaged ~ premises as hereinbefore requited by the Association, and the 1ltortgagors failure to make such payments shall constitute a default under this mortgage. ~ IN WITNFSS WHEREOF, the said Mortgagors hereunto set their h~nds and seals ihe day and year first above written. t ~ Signed, sealed and delivered in the presence of: . ! : - . a - ; - ~ ~ - - - - --~(SEAL) ~ , ~'1 Bernarc~. G. Ca augh r. ~ ~ , . _ - - - ) - - - - - - - - - - - ~ _ q ep ne Cavanaugh ~ ~ ~ ~ ~ - - - - - - - - - - - _ - - - --~SEAI.) ~ ~ ~ ~ m - - - - - - . _ _ _ _ - - - - - - - - - -(SEAL) ~ (VI/IfNES5E5) (MORTGAGORS) 6~z~ P~z4~s - ,3~ _ I ~4_. ~ _ ~ .