The URL can be used to link to this page

Home My WebLink About0180 S. Until default in the ~C~(ormance of the covenunts and :~~;r~rwents uf tl?is mortgube, the nwrtgugors shall be entitlecl t~, collect the rents, issues and pm(its from the premises hereinbefore describeci, Eut in rase of a default in any of the terms of ' this mortgage, and the filing of A bill to foreclose this or any othcr mortgage encumbering the ~vithin described pmperty~ the ~ :\ssoeiation shaU immeclisteh• and without notice be entidecl to the ap~wintment of a Reeeiver of the mortgaged property, and ~ ~~f the mnts, issues and p~ofits thereof, ~ti~ith the usual power of Receivers in such c~ses, snd s~sch Rec~eiver may be continuecl t ~n ~s;cssion of thP said propert~~ until the time of the sale thereof und~r such foreclusure, and until the canfirmation oE sucl~ .alc• b~• thc Court. 9. lf a com~eyance should be made by the mortgagors oE the premiscs hercin described, or any part thereof, without ~ thr ~vritten crn?sent of t!!e Association~ and ~~•itho~~t assumption in m~ular Eorn~ of la~v by the grantee of th~ obligatio~u to the ~ ~.,~?ciation cmuted bv said pmrnissory note and this mort ~age~ ihen, and in that event, and at the option e?f tlu~ Assuciatiuu. ~ :~uil a•ithout notice, all sums of money secvrecl }~ereby sha~l immc~cliately and c~ncurrently ~i~th such rnm~eyance become due und ~ ~~ayublc and in deEault, 'fhe Association may deal with successurs in intemst ~~~th rcference to this mortgage and the debt herebv i ,ecured in the same manner as with tl~e inortgagors, and may forlxar Eo suc or may extend time for luyment uf the debt, secureit } hcreb~•, or othenvue act ~~•ithout disc:har~Guig or in any ~~•a~~ affecting the liability of the mortgagurs hereunc~er or aIwn the debt ~ hcmby secured. The Association may also deal with the Mortgagors and/or ~~~th sucresson in interest ~vith reference to this ~ ~nurtgage and tho deht imreh~~ sccured Uy [orbearing to sue, extending the time for payment of the debt, pmviding for different ~nu~~thly payments and/or 1 different interest rute, and by other express moclifications of ihe contract, ~~•ithout lasing nny priorih• s the Association has o~~er other mc,rig•rgees or lienon ur holdcrs of ~ny junior intej~ests in ihe propcrty secured hereb~•. ~ l0. That in the cvent tl~e pmmisc~s h~•reby mortRa~ecl, or an}' ~1rt thereof, shaU be condernned and takeu for public usc• ~ uudcr tLe ~x?~~•rr of emincnt domaiu, the Ass~xiatiun shatl havc the right to clemand that all damages awarded for the taking of or ~ clama~cs to said pmmises shall be paid to the Association, its succeca~rs or assigr~s, up to the amount unpaid on this mortgage nnd , ma.~ be applied vpon the pa~~ment or pati~ments last ~yable themon. ~ 11. It is slx~cifically agreed that time is the essence of this contract and that no ~vaiver of any obligatiun hereunder or of ~ tlie ublig~tion securecl hereby shall at any time themafter be held to be 1 waiver of the terms or of the instrument secured hereby. ; 12. If forerlosure proeec~ciings of an,y sernnd mocigage or seeond trust cleed or any junior lien of ~ny kind should be insti- tuted, the Association may at its option, immecliately or thereafter declare this mortga~e and the indebtedness secured hereby d~e ~ :ind pa~~able. ~ 13. To thc cxtcut nf the indcbtc~ciness of the ~lortga~ors to thc Associ:ition described hcrein or scrured hen;by, the Asso- ~ ci.~tion es hcreb~• subrogateci to the lien or liens and to the rights of the o~vners :u~d holders thereof of each and ev~ry mortgage, ~ li~•n or other eucumhrancc on the land describeci herein ~vhich is paid an~l(or) saticfiecl, in ~~•hole or in p~rt, out of the proceeds - ~~f thc la~n described herein or securect hereb~•, and the respecti~~c liens of said mortgages, liens or other encumbrances, shallpa~s ~ t~~ :~ud !~e held bv the Association herein 1s security for the indebtedness to the Assxiation herein described or hereby secured, to : thi• same es!ent that it ~~•ould have been preserveci and ~~•ould have been pas~cd to and bcen held by the Association had it been ~ ~lulti~ and regularl~~ assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ; in~ the fact thai the same may be satisfiecl and rancelled of record, it bcing the intention of the p.uties hereto t}w~t the same ~vill f l,c: satisfied and rancelled of record by the holders thereof at or about the time of the recording of'this mortgage. ~ 14. To pa,y all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or ~raid at an~• tirne bv the Association, beca~ise of the f:?ilure of the ~tortfiagors to perfonn, comply ~vith and abide by each and every stipula- ti~~us, ~i~reemc-nts, conditions and rn~~enants of s:iid promissory notc and this decd, or eithcr, and every =uch pavment shall be~ar interest from date at the r;?te stated in the note secwecl herebv. 15. Th;,t he wiU permit, commit, or suffcr no ~vaste, impairment, or eleterioration of said proixrt~• or an~• ,part thereoE; ~nd in the c~•ent of the failure of the !~tortgagors tu keep the buildings on said premises and those to be erected on ~.~id premises, ~~r impro~~ements thcmon in goocl repair, the Association may makc anct pay for such repairs as in its disrretion it may deem ,x~cessary for the pmper preservation thereof, and the full amount of such pavments sha11 be secured by the lien of this mortgage ~ ;~ncl shall at the option of the Associat:on be immediately due and payable, or payable in sach monthly installments as the Associa- t i~m may dctcrmine, and every such payment shall bear interest from date at the rate statecl in the note secured hercby. " 16. ?hat if the Association and the \iortg~gors agree, the ~tortaagors ~vill carry a policy or policies of insurance upon ; their )ives in an am~unt eq~~al from time to time to the amount of indebtcdness hereby seciued, making said Association henefi- - i ~ ic~r~~ ihereunder, and that tl?e said Association may pay the premiums for suc}~ insurance (in the event the !ltortgagors do not), ~ ,sncj acld each sueh p:?~Tnertit to the unpaid balanee of ihe loan, as of th~ fint day of the then ci?rrent month, and it shalt bec.~omc f .«Iclitional indebtedncss secured Uy this mortgage payable upon demand. = ~ 17. That in the evcnt that this mortgage be given to securc a ronstn~ction loan, failuce on the part of the \tortgagors or ~ ~ :hc~ir contr.ictors to complete said building in accordance ~cith Constniction I.oan Agreernent, of even date herewith, or to build ~ ~ ` >aid ~~nstr~ction in accordance ~~~th plans and specifications filecl ~~•ith the Association, shall constit~ite a breath of this mortgage, - ~ ,~r~d, at the option of thc Asso.ciation, imm:diately mature the entire arrenimt of principal and interest hercby secured and the Asso- ; ~ : i:ition may immediately instiiute proceeclings to foreclose this mortpage. ~ ~ ~ 13. That the abstract or abstr.?cts of title covering the mortgaheci propert~~ shall at all times, during the life of this mort- ~ ~.i~~e, remain in the possession af the Association and in the event of tlie foreclosure of this mortgage or other transfer of title to ~ th~• mortgaged property in extinguishment oE the indcbtedness securcYl }-.crebv, all ri~ht, tit~c, and intemst of the A~Iortgagors in and to an~~ such abstracts of tide shall pass to the purchaser or grantee_ ~ 19. The Association sha11 have the right, in its discretion, to rcyuire that the :~iortg:~gors pay into the Association in addi- ~ t iun to the monthly installments of principal and interest to be paid hy the ~iortgagors under the note secured by this mortgage, ~ :~n amounr c~ual to one-fivelfth of the annaal installments of any taxes on the mortgagecl premises levieci or assessed by am• : <~~~~-emmeut:il authority, and one-h~•elfth of the annual premiums for Fire and Extendeci Coverage insurance on the mortgagecl ~ ~ ~~remisrs as hereinbefore required b~• the Asscxiatiun, ~nd the ~fortga;ors' failnre to make such pa~~rnents sh~ll constitute a default ~ ur~dcr this mcrtsa~c_ ~ I~ ~~'IT\ESS ~~'HEREOF, t}ie said ~tortgahors hereunto set the•ir hands and seals the da~• and ~•ear first above wretten. ~ • r ` s tii n;rd, sealed and deli~•ercd in the prc~sencc of: ' ; ~ " , ~ / (N/tl,,~~.. ~ ,~Y ' (~S„ ~ i~-c..~ ~ ~ ~ haxles R S h z (SEAL) ~ r ; . c war , r : ~ ~ ~ ' ~ ; ~ ~ i- J; ~.r~-~- L s eL r~ SEAL) _ ~ oanne Y. S arz ~ ' ~ , : ~ (SEAL) ` ~ ~ ~ ~ r ~ ~wirNESSes) - ( SEAL) (MORTGAGORS) ~ ~ :7 ~~p . ~ . si~.~~. ~J~ Fnr,E 17~ ~ ~ _ ~ . ~ . . . . ~ - ~ . .