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Home My WebLink About0049 _ ` . 8. UnW default in the perfora~adca af che oovcnants aad agreuments of this mat~ago, the nwrt~agon shall be ~titled to collect the re~its, issues and prafib fr~m the ~nises herdnbcfpre described, but in case of a default in ~ny uf ttw termY of thb mortgage. aad the filiag of a biU M fa~eclose th~a c~ any atl~er mortgage eucumbering t4e within deacsibad la+opaty, the _ Associatioa shall immediately and wlthout iwtice be entitled to the appoinbnent of. a Receiv~ of the matgagedpco~e , aad of tha reats, issues and profits thereof, with tbe us~uJ powec of Receivcars Ln auch cases, and such Receiv~ may eb oo~cinued :n poasession oE the said property until the time af tl~e sale theroof under such forecloaure, and until the confirn~ati~ of such sAle by the Court. - 9. If a oonve ce should be made by the mortgagas of the premix+s herein describod, a~ any part theroof, without the wrttten consent o~the Associatton, and witlwut assumption in regular form of law by the qnntee of tTia obligations to the Association c~reuted b}• sald p~omissory note aad this mottgage, then, and 'm that event. aad at ihe o~stion af thc Aswciatian, nnd .vithout notice, all sums of mcxiey sec~red hereby shall immediately and ooncurrentlt? with such conveyance bocort~e doe ac~d payable and 'm defa~t. The Associatior~ may oeal vvith suooessors in fnterest with reference to this mortgage aad tba debi ha~eb~ secured ia the same maur,er as with the mortgaoon, and msy forbear to nee or may e~cter?d time for payment of tbe debt, securea hereby; or otherwise act without discharg~ng ~.in any wuy affecting the liability a~f tho mo~+tgagars hereunder or upon tbe debt _ hereby secured. The Associatiai may also deal with tbe Martgagors andl~ with successors in intezcst witb refercmce to thls mott age und the debt hereby ssecured by forbe~uing to sue, extending tha time for payme.nt of the debt, rroviding f~ diffeeeat mant~ily payments and/or a different interest rate, and by otht~ ex}x~ss modifications o# thr oontract, withont losing any prioritr the ~ssociation has over other mortgagees or lienois or holders of any junwr interests in the property secvred hereby. - 10. That in the event the premises bereby mostgaged, or. any part thereof, shall be condemned and tatcen forp~ blic use ?uxler the power of eminent domaiu. the A~suciation shall have the right M decaand that all d3mages awanied for the taldng of ~ damages to said premises shall 6e p~id to the As~ociation, its successors or assigns. up to the amount unpaid as thi3 nw~tgage and _ may be applied upon the payment or pe~yments last paysb~ thereon. _ ll. It is specifically agrecd that time is the ~ssenrs oE this contrad and that no waiver of any obligution l~eund~r or of the ubligation secund hereby shall at any tlme thereafter be held to be a waiver oE the temu a~ of the instrumenCsec~u~ed hereby. 12. IE forecloaure proteedings of any sec:ond m~tgage a~ seo~nd tr~st deed or aay junior liea of any ktnd should ba insti- tnted, the Assacia° may at its opKon, immediately or the~eaRer declare t6is mortgage and the indebcedne,ss secured hereby due and payable. . _ ~ ~ 13. To the extent of tbe indebtedness of t6e Moitgagors to the Aswc~?tion de~5cribed hemin ar sec~ued hereby, the Asso- ciati~ is hereby subrogatecl to the lien or tiens and to the rIghts of the owners and hok~ers thereoE of each and every m~tgage, licn or other encumbmnce on the land d~cribed herein v~hich is paid a.~d ( or) satisfied, ~ whole or in part, out of the of die loan described herein or secured hereby, and the respoctive liens of said martgages, lieas or other e~xumbrances, ~bal~~ ta and be helc~•by the Associatioa hprein az urity foi the indebteduess to tbe Association haein described or hereby secured, o the same e~r.ent that it ~wuld have been pn~~cved and ~vouW have licen ~~s.ceci to and been held by the .lssoeiation had iit beea duly and regularly assigned, transferred, set over and delivered unto the Association by sep~arate deed of assignment, notwith4tand- ing ?he fact that the same may be satisfied and cancelled of reca~d, it being tl~e intmtion oE the parties hereto that .the same will be se~ and canoelled of reoard by the holders tliereof at or about the time of the reoording of this mortgage. 14! To pay all and singular the costs, charges, and e~ses including lawyer's fees, reasonab}y incotred ar paid at any time by the Association, hecause of the failure of the 1liortgagors to perfoim, comply with and abide bY each and every stip~ila- tions, ~greements, conditions and covenants of said promiasory note atid this deed, or either, and every such payment st~nll bear interat from date at the rate stated in tbe note secured hereby. 1~. Thaf he avillp~au t, ca~nmit, or suffer ~o waste, impairnoent, or deterioration of said property or any part thereof; :utd in the cvenc of the failure of the Mortgagors to.keep the buildings on said premises and those to be eaected on said premises, . or improvements thereon in good repair, tbe Association may make and pay for such as in its discretion it may deem necessary for the P~P~ Preservatan tl~ereof, and the full amount of such payments shall~secured by the lien of this mortgage . and~ shal! at the option of the Associatioa be immediately" due and payable, or payabk in such monthly installments as tbe Associa- tion may deternnine, and every such payment shall bear interest hom date at the rate stated in the note se~red hereby. ~ 16. That if the Association and the riortgagors agrae, the Mortgagors will carry a policy or policies of insuiance upon ' their lives in an a~eunt equal from tune to time to the amount of indebiedness hereby secured, malcing said Association ber?efi- ciary thereunder, and that the said Association maypa y the premiums for such insurance (in Ehe event the Mortgag~s do not), and add each such payment to the unpaui balance of tbe loau, as of the first day of the then ciirrent month, and it shall becomt. additional indebtedness secured by this mortgage payaWe upon demand. I7. That in tl~e event that thi.i mortgage be given to secure a constniction loan, fa~ure oa the part of the Mortgagors or 'i their contractors to cocnplete said building in accordance with Construction Loan Agreement, of even date he:~ewith, or to build said construction in aocordance ~vith plans and speci.~~r~ filed ~vith the Association, shall constitute a breach of this raatgage, ~ and, at the opiirn~ of the Association, irnme~iiately mature the entire amount of principal aad interest hereby secured and the Asso- ~ ciaNon may immediately institute proceedings to foreelose this mortgage. . ` E 18. That the abstract or abstracts of title cavering t}ie mortgaged property shall at all times, d~uing the life of this mort- ~ ~age, remain in the possession of the Association and in the event of the foreclosure of ihis modgage or other transfer of title t~ f the mortgaged progrlty, in estin~ishmeat of_ihe indebtedness secured hereby, all right, lide; and interest of the Modgagors in ~ and to any such abstracts of tide shall pass to the purchaser or grantee. ~ 19. The Associat;on sh~l have the right, in its discretion, to require that the Mortgagors pay inio the Association in addi- tion to the monthly irut~llments of principal and interest to be paid by the l~iortgagors under tbe notc secured by thit mortgage, ~ an amount equal•to one-twelfth of the annual installments of any tzuces on the mortgaged premites levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ premises ns herein~ieE-ore ~usi~y ~he Association, and the 1liortgagors failwe to make such payments shall constit~te a default under this mortgage. ; II` WITNESS WHEREOF;-the said ~iodgagors hereunto set their }~.~nds a~d seals the day aad year first above written. ~ ~ignec~, sealed and delivered in the presence of: ~ ~ ~ A. ; ~ ~ - -------~.4~'---~~ - . - - ~ --!sE ) E . arles f~: Schwarz r ~ _ _ ~ _ _ _~5~.~ Sc arz f - - - oauiiie~ Y. 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