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Home My WebLink About0174 S. Uutil dcf:wlt i~~ the perfora~aure uf the coveuants and :~~~~Ymcnls of this mortgage, the mongugors sl~all bc entided to cotlcrt the rents~ issues 1nd profits (rom the premises hereinbeforo described, but in r.ue uf a default in any of the terms uf ~ this mortgage, And the filing of a bill to forecluse this or uny other mortgage encumbering the within described property, the ~ .lssociation shaq immecliately a~d withaut ~otice Ue entitled to the appointment of a Recc~iver of the mortgageci property, and ~ of the rents, issues ancl prufits thereof~ ~vith the usual power uf Receivers in such cases, and such Receiver may be continued in ~wsscssiun of the suid prupert~~ until the time of the sale ihe~cof under such foreclosure, and unti) the confirmation of such ~ >:~lc b~~ the Court. - 9. lf a conve~~ance shuuld lx~ inadc by the mortgagors of the prE~miscs hercin descritx.~ci, or any part d~ereof, without i th~• ~~7ittcn co~is~•~d a the~ Association, and ~~•ithout assumptiun in m~ular form of la~v by the grantee of thA obligations to the ~.,~K•iation cmatcYi b~• said ~xomissory note and this mortgage, then, and in that event, und at the option c~f d~e Assuciatiou. t ,u?~1 ~vithuut iwtice, all ,ums of mone~• secnrc~i hereby shall immcdiatcly and cc~ncur~ently ~~7th such cc~n~-cyance becume due and ~~a~~r~hle aud in default. The Association may deal with successors in interest ~vith mFerence to this mortgage and the debt herebv secured in the s.1me mannrr as H•ith the mortgabors, and may for{xar to sue or may extend time for ~aymer~t of the debt, secun~cl hercby, or other~~•ise aM ~~'ithout discbargin~ or in anv ~~•av affecting the liaUility of the mortgagurs hercunder or upon the debt ~ hereby secured. The Association may aLso deal ~rith the Mortgagors and/or ~a~th sucti~c~sson in intcrest ~~~ith reference to this rourtg:?ge and tho debt herebv securc~l bv forbeariug to suc, extending the time for payment of the debt, providing for different ' monthly payments and~or a different interest rate, and by other express modifications of the contr.~ct, ~~•ithaut losing nny priorih• ~ ~he Association has over other mortgagees or lienors or holclers of any junior interests in tl~e property secured hereby. ~ 10. Th:~t in the cvcnt the premiscs hereby n~ortRapecl, or .u~y part thereof, shall be condernned and taken for public use ~ uu~ler t6e ~~~~er of crriinent domaii?, t6e Assuciatiun shaU have the right to demand that all damages a~.~arded fur the taking af or ~ dama~cs to said premises shall be paid to ihe Association, its succecsors or assigns, up to the amount unpaid an this mortgage and ~ mav be ap~ G~~cl upon the pay~ment or payments last pa~~able thereon. ~ 11. It is spe.~cificall}' agreed th~t time is the essence of this rnntract and that no waiver of any obligation hereunder or of ~ ti~e oUligation securecl hereby shall at anv.time themafter be held to be a~vaiver of the terms or of the instrument secured hereb}•. 12. If foreclosure proceeclings of any second mortgage or second trust dc~ed or any junior lien of :.ny kind should be insti- ~ tutcd,.the Association may ~t its option; immediatcly or thereafter declare this mortgage and the indebtedness secured hereby due :~ncl pa~~ablc. _ 13. To the extent of d~e indebteclness of the \fortgagors to the Association describecl hemin or secured hen~by, the Asso- ~ ci~tion is hereb~• subiogated to the lien or liens and to the rightc of the o~~•ners and holders thereof of each and every mortgage, ~ li~•n or other eueumbranee on the land deseribed herein whieh i~ paid and(or) satisfiecl, in ~chote or in part, out of the proeeecis ~ ~~f the loan descnbed hercin or securcd hcrcb~•, and the respectivc liens of said mortgages, liens or other encumbrances, shallp~s ~ tu and 1?c• beld by~ the Association herein as security for the indebteclness to the Assxiation herein described or hereby secured, to ~ the s.imc cr!ent that i? ~+•ould ha~•e l~cen presen~eci and ~~~ould have~ heen passcd to and been held by the Association had it Ueen ~ clul~~ ani! rc~ularl~• assi~ned, transferred, set over and delivered i~nto thc Assrxiation by separate deed of assignment, nohvithstanJ- ~ in~ the fact that the same mav be satisfied and cancelled of record, it bcing the intention of the parties hereto that the same ~vill ? l~e satisfied and cancelled of reconl by the holders thenof at or about the time of the recording of this mortgage. ` 14. To pa~• all and singular the costs, charges, and eapenses including lawyer's fees, reasonably incurrecl or paid at am• ~ time hv the Assnciation, I~eca~~se oE the failure of the ~tortga~ors to ~erEonn, comply µ~th and abide by each and every stipula- tiuns, aomements, conditions :md rnvenants of said promissory note and this deed, nr eithcr, and c~•erv such payment shall bear ~ interest~from date at the rate stated in the note securecl hereb~~. ~ " 13. Thc~t he ~eill permit, commit, or suffer no waste, impairment, or cleterioration of said pro~ert~• or any l~rt thereof; :ind in the e~•ent of the failure of the ~fort~agors to keep the boildings on ~aid premises and those to ix: erectecl on said premises, _ ~~r impro~rments thcreon in goocl repair, the Association ma} make and p:?y for such repain as in its disrretion it may deem ~ necessary for tLe proper preservation thereof, and the full amount of such pa~•ments shall be secured by the lien of this mortgage :~nd sl~all at the option of the Associatio~ be immediately due and pa~~able, or payable in surh monthlv installments as the Associa- ti~n mav determine, and every such payment shall bear interest from date at the rate stateci in th~ note secured hereby. 16. 71~at if the Asscxiation and the ~tortgagors agree, the ~1ort~agors will carry a policy or ~licies of insurance upon their lives in ar~ am~unt equal from time to time to the amount oE indebtedness hereby secured, making said Associaiion benefi- cian• ihereundcr, und tha[ t}?e said Association may pay the premi~ms for suc}, insurance (in the e~~ent the ~iortgagors do not), ~ :incl~ add each such p_i~~me~it to the unpaid balance oF the loan, as of th~ first day of the then ct~rrent month, and it st?all bec.~ome ` additi~Tnal indebtcdness scrumd by this mortgage payable upon demand. - ! 17. That in the e~~ent that this morigage be given to securc a constn~ction loan, failurc on the part of the ~lortgagors or ~ their cYrotractors to complete said buildin~ in acrurdance with Constntction Loan Agrecment, of e~•en date here~~•ith, or to build E said construction in accordance lvith plans and specificatio~s fileci «~ith the Association, shall ..vnstitute a brcach of this mortgage, .~nd, at thc option of thc Asscxiation, immecliatel~• mahire the entire amount of principal and interest hercby secured and the Asso- ci.ition ma}' immecliatel~• instiiute proceedings to~foreelose this mor!oage. ~ 18. That thc abstract or ab.tracts of title co~•ering the mortga~c~ci proExrty shal! at all times, doring the life oE this mori- ~,a~~~. remain in the possession of thc Asscxiation and in the evcnt af thc forcclosiue of this mortfiage or other transfer of titlc tn . ~ the mort~a~ed property in extinguishment of the indebteclness sec:urecl };erel>~•, all ri~ht, title, and interest of the \fortga~ors in ! and to an~- such abstracts of tide shall p:iss to the purchaser or grantce. { 19. The As~sociation shall have the rioht, in its discretion, to rcc~uire that the ~tortgagors p:~y into the Association in addi- : ~ tion ta the montl~lv installments of principal and interest to be paid b~~ the ~tortgagors undcr ihe note secured b~~ this mortgage, ~ .~n amount erjual to one-twelfth of the annual installmeMs of an~• taxes on lhe mort~aged premises levieci or assessed by am• ~overnmental authorit}', and one-h~~elfth of the anm~al premiums for Fire and Ertended Coverage insuranee on the moriga~eci ~ ~~remis~s as Iu~rcinbcEorc rc~~uired F»• thc Ass~rc•iatiun, and the ~tort~a~ors' failnre to make such pay-meirts sh~l! rnnstiti~te a default ~ undcr this ntr,rtsa~c. r I\ \~'IT\ESS ~~'HEREC)F, tf~c said ~i~rtga~ors licrcunto set tlieir hands and seals the da~• and ~•ear first abo~~e ~~-ritten. 5 ~ ~ ; Si ncd, ~~Iccl :?nd dcli~•ered ir~ the pr~~sence oF: ~ ~ ~ ; ; ~ ~ ~ _ ` ~ ( r i,' ! - ~ ~ ^ . ! _ ~ G~.- ~ . ~ , SEAI. - ~ J~' ~ ~ L harles R. Sc warz, r) ~ ~ ' "Z • . ~ . C c-~ ti .,.,.c ~ ~ G "A-`- SEAL1 ~ • oanne Y. S arz , ; r ~ ~ - (SEAL) gy 5 ~ iWITNESSES} ' ~SEAL~ (MORTGAGORS) - ~ ~ ~ 17~ 9 ~~+-t~ a~ F~S~t f a ~ ~ ~ ~ 1 _ - . . . - ~