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Home My WebLink About2879 8. Uatil default in the perfOI111811CC OE ~!B COVCI1811~5 8~1d agrecments of thls mortgage~ the mortgagors shall ba entided to collect the rents~ issues and pmfits fmm the premises hereinbefora described. but in cas~ oE a default in auy of the term.. of this mortgage, and the filing of a bill to f~cclose this ~ any other mortgage encumbering the within described property, the Association shall immediately nnd without notice be ec?tided to the appointment of a Receiver of the mortgagedproperty~ and of the renis, issues and grofits thereof, v~~ith th~ usual powet of Rcceivers in such case.t, snd such Aeceiver may be oontinued ;n pos~ession of the said pmperty until the time of the sale thereof under such foreclaaure, and antil the confumation of such ,ale bv the Cowt. ~ 9. lE a co~veyance should be made by the mortgagors of the premises herein d~cribed, or unypart thereoE, without the written consent of the Association, and without assumption in i~egular form of law by the grantee of tFie obUgations to the .~1.sociation crented by said promissory note and this awrtgage~ then, and in that event, and at the option of the Association, and ~vithout notice, all sums of mcmey secnred hereby shall immediately~und concurrendy with such conveyance bec~ome due and payable and in defaul~ Tbe Association may deal with sucoessors in interest with reference to this mortgage and the debt hereby secured in the same manner as with the mortgagois~ and may forbear to si~e or may extend time for ~xiyment of the debt, secured hereby, or otherwise act without discharg~ng or in any way affecting the liability of the mortgugon hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with suecesson in interest with reference to this ,nortgage and the debt hezeby xcured by forbearing to sue, extending the time for payment of the debt, pmviding for different monthly payments and/or a drffc~ent interest rate, and by other express modifications of the contrnct, without losing any priorih• the Association has over other morlgagees or lienors or holders of any junior interests in the property secured hereby. 10. T'hat in the event the premises hereby mortgaged, or any patt thereof, shall be condernned and taken for public use under the power of eminent domain, the Aswciation shall have the right to demand that all damages awarded for the taldng of or damages ta said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this m~Mgage and may be applied upon tbe payment or payments ~ast payable thereon. 11. It is specificaUy agreed that time is the essence of this contruct and that no waiver of any obligution hereunder or of the obligation secured hereby shall at any time the:eafter be held to be a waiver of the ter,ms or of the instr~unent secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of sny ldnd should be insti- tated. the Association may at its option, immediately or thereafter declare this modgage and the indebtedness secured hereby due and payable. - 13. To the extent of the indebtedness of the Mortgagors to the Associ~tion described hemin or secured hereby, the Asso- ciation is hereb~ subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mottgage, licn or other ei~cumbraace on ihe land desccibed herein which is paid and(or) satisfied, in whole or u~ part, out of the ~~r~ooeeds ' ~~f the loan described herein or secureci hereby, and the res~eCtive liens of said mortgages, liens or other encumbrar~ees, s ~~as to and be held by the Association herein ~s secarity for the indebtedness to the Association herein d~scribed or hereby s~ecured, to thc same es±ent that it would have been preserved and ~vould have been passeci to and bcen held by ihe Association had it been duly and regularly assigned, trunsferred, set over aad delivered unto the Association by separate deed of assignment, notwit~utand- ing the fact that the same may be satisfied and cancelled of record, it bcing the intention of the ~arties hereto that the same will be 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 incuaed or paid at any time by the Association, because of the failure of the I?tortgagors to perform, comply with and abide by each and every stiputa- tions, agrpements, conditions and covenants of said promissory note and this deed, or either, and every such payment shaII bear interest from date at ihe rate stated in the note secured herebv. ' 15. That he will permit, commit, or suffer no waste, impairment, or deteriaration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on saidpremises and those to be erected on said premises, , or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary fos the proper preservation t~hereof, and the full amount of such payments shall be secured by the lien of this mortgage and 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. 16. That iE the Association and the I?tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon i their lives in an arribunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ' ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), and add each such ~yment to the unpaid balance of the loan, as of the first day of the then cturent month, and it shall become ~ additi~nal indebtedness secureci by tlus mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secwe a construction loan, failure on the part of the ~fortgagors or ~ their contractors to rnmplete said building in accordance with Construction La~?n Agreement, of even date herewith, or to 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 Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. ~ 1$. That the abstract or abstraMs of tiile rnvering 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 f~reclosure of this mortgage or other transfer of tide to the morigaged propedy in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in i and to any such abstraMs of tide shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Assoriation in addi- tion to the mont}ily installments of principal and interest to be paid by the :ltortgagors under the note secured by this mortgage, an amount equal~to one-hvelfth of the ~nnual installments of any taxes on the mortgageci premises levied or assessed by any govenunental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci ~~remises as hereinbefore required by the Association, and the 1liortgagors' failure to make such payments shall constitute a default under this mortgage. II~ WITNESS ~VHEREOF, the said 1lforigagors hereunto set their hands and seals the day and year first above written. Signed, sealed and delivered in ihe presence of: ~ ~ ~ ~ _ ~ • y,.u-,~. ' ~ i ~ - C-~-~ ~~v-ti. - . - - -(SEAL) : . - - - - - - 1 ~ ~ C 's E. Je ~ ~ C~'~-' , ~ - - - - - ' ' ' > ~ udith Jessen ~ - - - - - - - - - - _ - -~SEAL) ~ - - - - - _ . _ - _ - - - - - - -~SEAL) (YVITNESSES) (MORTGAf;OitS) ~ ~ s~~244_ ~?cf~879 ~ _ _ _ _ s~ _ . . . - _ _ ~ ~