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Home My WebLink About2007 8. U~~W default in the performance of the covenants and agrt~ements of t}us mortgage, the mortgagors $hall bo entitled to collect the rents. issues and. profits from the premises hereinbefore described, but in case of a default in any of the terma of this mortgage, and the filing oE a bill to f~eclose this ~ any other mur~gage eacumbering tho within described property, tbe ~1s~ociation shall immedi~tely and wlchout noace be eatided to the appointment of a ReceIves~ of the mortgagedproperty~ and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be oontinued ~n pos,~ession of the said property until the time ~ the sale thereof under such foreclosure, and until the confirmation of such ,nle b~ the Court. 9. lf a conveyance should be made by the mortgagacs of the premises herein des~ibed or any part thereof, without the ~vritten crnueat of the Association~ and without assumption in regular form of law by the grantee of tFie obligations to the A.sociation crented by said promissory note and this mortgage, then, and in that event, and at the option of the Association, :u~d ~~~thout notice, all sums of mcme~ secared hereby shall immediately and concurrendy with such rnm•eyance become due and payable and in default, Tha Association may deal with successors in interest with reference to thit mortgage and the debt~ secwed in the same manner as with the mortgagors, and may forbear to n~e or may extend time for payment of the debt, hemby, ar otherwise act without discha~gu~g or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Modgagors und/or with succes~rs in interest with reference to this ~nortgage and the debt hereby secured by forbearing to sue, extending the time for payment oE the debt, providing for diEferent monthly payments and/or a different interest rate, and by other espn~ss malifications of the contract~ without losing any priorit~• the Association has over other mortgagees or lienors or holders of any junior interests in the pmpecty secured hereby. l0. Th.1t in the event the pmmises hcreby mortgaged, or any part thereof, shall be condemned and taken forpu blic use under the power oE eminent domain, the Assuciation shall have the right to dem:uid that all daraages awazded for the taking of or damages to said premises shaU be pair2 ta the Association, its successon or assigns, up to the amount unpaid on this mrntgage and mav be applied upon the payment or payments last µ~yable thereon. 11.• It is specifically agreed ihst time is ihe ~ce of this contmet and that no waiver of any obligation hereunder or of the obUgation sec~red hereby shall ~t any time theieafter be held to be a waiver of the terms or of the inshvment secured hereby. 12 If foreclosure pmceeclings of any second modgage or seoond tnut deed or any junior lien of any ]rind shouki be insti- tuted, the Assoeiation may at its opteon, immediately or thereaker declare this morigage and the indebtecir?ess secuirct hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association described herrin or secured hereby, the Asso- ciation is hereb~~ subrogated to the lien or lieris and to. the rights of the ovmen and holders thereof of each and every mortgage, licn or other et~cumbrance on the land described herein which is rraid and(or) satisfied, in whole or u~ pad, out of the ~?f the loan described herein or securECl hereby~ and the respectivc liens of said mortgages, liens or-other encumbrances, s ~a to and be held by the As;~sa~:~ ~:crein as security for the indebtedness to the Association herein described or hereby secured, o thc s;ime ex!ent that it ~voidd have been preserved and ~vould have been rassed to and been held by the Association had it been duly and regularly assigned, trsnsferred, set over and delivered unto the Association by separate deed of assignmeni, notwithttand- - ing the faM that the same may be satisfied and cancelled of record, it bcing the intention of the p~arties hereto that the same will Ue sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. ~ 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, beca~ue of the failure of the :~forigagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said pmmissory note and this deed, or either~ and every such payment shall bear interest from date at the rate stated in ihe note secured hereby. ' 15. That he will permit, commit, or sufEer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of ths Mortgagors to keep the buildings on saidprem ises and those to be erected on said premices, or impro~ ements ihereon in good repair~ the Association may make and pay of r such repaus as in its discretion it may deem necessary for the proper preservation thezeof, and the full amount of such payments shall be secured by the lien of this mortgage xnd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ 18. That if the Association and tLe rtortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association may pay the premiums for such insuiance (in the event the riortgagors do not), I~~ and add each such payTnent to the unpaid balance oF the loan, as of the first day of the then c~~rrent month, and it shall become ; additional indebteclness seeurecl by this mortgage payable .upon demand. ~i 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or ; their contnMors to complete said building in accordance with Construction Loan Agteement, of even date herewith, or to build ; said construction in accordance with plans and specifications filed ~vith 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- ciaNon may immediately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstracis of tide covering the mortgageti property shall at all times, during the life of this mort- ~ ~age, remain in the possession of the Ass~i ::icn znd in f}1P P.VP.ilt Af the fareclosure of this mortgage or other transfer of tide to the mortgaged property in eatingoishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in ~ and to any such abstracts of tide shall pass to the pumhaser or grantee. ' 19. The Associatior, s~.atl have ihe right, in its discretion, to requ'ue that the Mortgagors iray into ihe Association in addi- e tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured by this mortgage, ~ an amount equal-to one-twelfth of the annual installments of any taxes on the modgaged premises levied or assesseci by any e governmental authority, 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 111ortgagors' faih~re to make such payments shall constitute a default ~ under this mortgaoe. ; Il~ V1'ITNESS \VHEREOF, the said Mortgagors here~nto set their hands and seals the day and year first above written. a , ! SignECl, sealed and delivered in the presence of: _ . ~ ~ ` - - - - 0~.. . - ~ - - - - - - SEAL) 3 ~ ; • F. . RUFO, a/ /a Ferdinand E. Rufo ! - - - - ' - - - I ~~~C~ _ ~sEni.) ' ( E ) ~ - . - - - - - . _ . . _ _ S AI.. S ~ ~ ~ ~ - - - - - - - - - - - - - - - - - - ~SEAL) ~ (WiTNE55fS) (MORiGAGORS) i ~ 6~~Kz4~ ~~~zoo7 f F ~ " _ - y - .+_Y.'~.-,tr.n..r.~ _.v ~ _ _ " ~l