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HomeMy WebLinkAbout0062 4 J 8. Until default in the performance of the cove~iauts and ut;ra~ments uf this mortgage, the mortgagors s}uill be entitlec! ~ to collect the rents, issues and p~ofits fmm the premises hereinbeEore describecl, but in case of a default in any of the term, of this mortgage, and the filing of a bi11 to foteclose this or any other mortgage e~~cumbering the within described property, the .lssociation shaU immediatelv and without notice be entided to the appointment of a Receiver of the mortgaged p»perty, and of the re~ts, issues s?nd pm~its thereof, with the usual power of Receivers in such cases, snd such Receiver may be oontinued ~n pos~ession of the s:iid property until the time of the sale thereof under such fareclosure, and until the confirmation of sucl~ .~le b~~ the Court, '9. If a conveyance should be made by the mortgagors oE the premues hcrein described, or Any part thereof, without th~• written consent of the Association, and ~~~thout ~ssumption i~ re~nilar form of luw by the grantee of d~a obligations to the ' ~.~oriation created by said promissory note anct this mortgage~ then, and in ttkzi event, and at the o~tion of the Asu?cia~tion. :~ud ~~~t}wut notice, al! sums of money sec~~recl hereby shall immediately and coucurrentlv ~vith such rnnveyance ~me due and ~~y:~ble and in defstult. The Associs?tion may deal with successurs in interest ~vith reference to this mortgage and the debt herebv ~ ,ecured in the same munner sis ~vith the mortgagors, and may forbcar to sue or may exteud time for p~yrnent of the debt, secureil ~ hereb~•, or otherwise act ~vithout discha~gwg or in any way afEecting the liability of the mort~agurs hereunder or upon the debt }~ereby secured. The Association may alsO deal with the Mortgagors and/or with successors in interest with reference to this ~ roortgage a»d tha debt hereby secumd by forbcaring to suc, extending the time for payment of the debt, Providing for different ~ monthly payments and/or a different interest rate, and 6y other express modifications of the contr.ict, ~vithout )osing nny priorih• the ~ssoeiation has over other mottgagees or 2ienors or holders of any jmiior interests in the property securc~cl hereby. ` 10. Th~t in the event the pmmises hereby mortgaged, or any ~rt thereof, shall be condernnecl and taken for public use = uodcr the jw~ver of eminent domain~ the As.wciatiun ahaU have the right to demsnd that all damages awarded for the taking of or damages to s.~id premises shull be paid to the Association, its succ~s.u~rs or assiGns, up to the amount unpaid on ihu mortgage and ~ ma~• be np~lied upon the payment or payments Iast ~ayable thereon. 12. It is specific~lly agreed th~t time is the essence of this contract and that no waiver of any obligation hereunder or of t}~e ubligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instnunent secured hereby, 12. If foreclosure procFCClings of any second modgage or second ~rust deed or any junior lien of any Idnd should be insti- t~itcd, the Association may at its option, immediately or thereafter ciectare this mortgage and the indebtedness sec~ered hereby due ~~nd pa~-able. 23. To the exterzt of the iodebtc~lness of the ;lfortgagors to the Association described herrin or securecl l~enby, the Asso- c~i:~tion is hereby subrogated to the lien or liens and to the rights of the o~vners and holden thereof of each and every mortgage, lien or other eucumbrance on the land described herein which is paid anci(or) satisfied, in ~~•hole or in part, out of thep ~,f the la~n described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s}~ r~~ ancl be held by the Association herein as secarity for the indebtedness to the Assxiation herein described or hereby sec~t the wme es!ent that it would have been preserved :?nd ~~•ould have been passecl to and been held by the Association had it been ~luh~ and regularh~ assignecl, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- in~~the fact that the same may be satisfied and canc~elled of record, it bcing the intention of the parties hereto that the same ~vill l,e sa~sfied and r.~ncelled of record by the holders thereof at or about the time of the recording of ihis mortgagc. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, bera~~se of the failure of the \tortgagors to perform, comply ~vith and abide by each and every stipula- tiuns, sgreements, conditions and mvenants of said promissory note and this deec~, or~either, and every such payment shall bear interest frnm date at the rate stated in the note secured herebti~. 15. That he ~~till permit, commit," or suffer no waste, imgairment, or deteri~ration of said pmperty or any pa~t thereof; y and in the c~~ent of the failure of the rlortgagors to keep the buildings on said premises and those to be erected on said premises, ' ~~r improvements thereon in good repair, the Association may make and pay for such repairs as in its discr+etio» it may deem necestary for the proper preservation thereaf, and ihe ftill amount of such pavments shall be secured by the lien of this mortgage ;?nd shaU at ths option of the Association be immediately due and payable, or payable in suc~t rnonthly~installments as the Assoria- tion may detcrmine, and every such payment shall bear interest from date at the. rate stated in the note secured hereby, 18. That if the Association and the ~tortgagors agree, the ':itortgagors witi carry a policy or poticies of insvrance upon their lives in an arrZeunt equat from time to time to the amount of indebtedness hereby secured, making said Association benefi- cian• ihereunder, and that the said Association may pay the premiums for such insurance (in the event the \iortgagors do not), :incl add earh such pa~~rnent to the un~aid balance of the loan, as of ths first day of the then ctureut month, and it shall become a~lditional indebtedness securecl by this mortgage payable upon demand. , 17. That in the event that this mortgage be given to secnre a constn~ction lo.zn, failure on the Part of the ~sortgagors or ;heir contr.zctors to complete said building in accordance ~ith Construction Loan Agreement, of e~~en date here~vith, or to build s:iid construction in accordance ~vith plans and specifiqtions filed ~vith ihe Association, shall constih~te a breach of this mortgage, .~nd, at the option of thc Association, immediately mature the entire amount of principal a~~d interest hereby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mortoage. ~ ~ ~ 18. That the abstract or abstr:icts of title covering the mortga~ca property shall at all times, during the life of this mort- ~~:i~e, remain in the possession of the Association and u? the event oi tiic ior~~ciu~ure; ~f t~us .,-R..~b.:~a o,- 4; ~f ~;~s thc mort~aged property in extinguishment of ihe indebtedness seeurecl };crcby, all ri~ht, title, and interest of the bfortgagors in .~nd to any such abstracts of title shail pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to rcquire that the ~iortgagors p:ry into ihe Association in addi- tion io ihe monthly installments of principal and interest to be paid bv ihe \tortgagors under the note secured by this mortgage, .~n amount equal to one-hvelfth of the :~nnual installments of anv taxes on the mortgagcci premises levied or assessed by anv ~~o~•crnmental authority, and. one-h~•elEth of the annual premiums for Fire and Estended Coverage insuranc*e on the mortgage~ I~remises as hcreinbefore re~Juirecl b~~ the Ass~x~iatior., and the ~lortga ;ors' failnre to makc such pa}Tr?ents sha11 constitute a default uT~dcr this rnortg~oe. I\ ~VITNESS i\'HEREnF, the said ~iortgaoors hcrci?nto sct their hauds ~~nd seals the day and }~ear first ubove ~vritten. ~ 5ign~d, sealed and dcli~•ercd in the presence of: ~ ~ ~ i r~_" , ti ' Q~~~ ,~-~~'J~~~~ ' L~ ~"~?-Li , C.--~•-~`Qt.~ r~.R i ; (SEAL) ~ ~A. ' o Lom di ~ ~u.~,,~.~- . ~ -i'-~ ( SEAL) o a Lom ardi - (SEAL) ~ cwirNessES~ ' - (SEAL) (MORTGAGORSI ti' .:r ,)44 ~n ~ iv., ~'r,r,E ~ _ - - F~. .