Loading...
HomeMy WebLinkAbout0858 ~ 8. UnW default in tha performance of the covenants and agrocments of this mwtgage~ the mortgagors shall be entitled ~ to collect the rents. issuea and~rofiu from the premises hereinbefora described~ but in case of s default in any of tbe tern~.? oE this mortgage, and tAe fi~Ing of a bill to foreclose this or any other mortgage encumbering the within descxibed property, the ~1s.~ociation shall immccliately and without notice be eatided to the apFointmcnt of ~ Receiver of the mortgagedproperty, and of th~ rents, issues and profits thereof, with tbe usual power of Receivera Li such cases, snd such Receiver may be continued in pos~ession of the raid property until the time oE the sale thereof under such foreclosure, and until the confirmation oE such ~le by the Court. 9. lf a c~nveyanee should be made by the mortgagors of the premisc~s herein described, or Any part tbereof, without the written crnuent oE the Association, and w~thout assumption in regular form of Iaw by the grantee oE tFi~ obligations to the .~ssociatio~ crented by said promi~ry note and this mortgage, then, and ia that event, and at the option of the Asu~ciati~n, ;~nci ~~~tM~ut notic6~ all _sums of money secvred hereby shaU immediately und rnncurrendy with such rnnveyance becorine due and payable and in default, The Association may deal with successors in interest wIth refercnce to this mortgage and the debt herei~~~ se~cured in ihe same manner as with the mortgAgocs, and anay forbeur to sue or may extend time for p~yment of the debt, sei.vrec~ - hereby, o: otherwise act without discharging or in any way affecting the linbility of the mortgugius hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagots a~d/or with suecessois in interest with reference to this ' mortgage und tho debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments aad/or a different interest rate, and by other express moclifications of the contr:~ct, without lo~ing any priorit}• the Association has over other mortgagees or lienors or hoklers of any junior interests in thc property sen~r~d hereby. 10. That in the event the ~~remises hereby modgag~d, or any part thereof, shall be condemned and taken forpu blic use under the pow•er of eminent domain, the Association shall have the right to demand that all damages awarded for tbe taking of or damages to said premis~s sha}1 be paid to the Association, its successon or assigns, up to the amount unpaid oa this mortgage and . mnv be Applied npon the payment or payments last payable thereon. 11. It is sPecific~lly agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of ' the obligation secured hereby shall at any time there~fter be held to be a waiver of the terms ~ of the uutrume~t secured hereby. - l2. If foreclos~u~e proceedings of any second modgage or second tnut deed or any junior liea of any bnd should be insti- - tuted, the Association may at its ogtion~ immediately or thereafter declare this mortgage and the indebt~ secured hereby due and pnyable. 13. To the extent of the indebtedness of the Modgagors to the Association described hercin or secured hereby, the Asso- riation is hereby subrogated to the lien or liens and to the rights of t}ie ownen and holders thereof of each and every motigage, lien or ather et~cumbrance on the land described herein which is ~raid and(or) satisfied, in whole or 6~ part, out of thep . nf the loan d~ccribed herein or sec~reri hereby, and the resj~ectivc liens of raid mortgages, liens or other enrumbrances, sF~ to and be held by the Assoc;ation herein as secun~y for the indebtedness to the Assxiation herein described or hereby securec~ o the same .ex!e~t that it would have been preserved and ~vould have been pas.sed to and been held by the As9ociation had it be+en • duiy and regularly assigned, transferrEd, set over and 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 being the intention of the parties heieto that the same will be sa5isfied and cancelled of reoord by the holders thereoE at or about the time of the recording of this mortgage. _ 14. To pay a11 and singular the costs. charges, and expenses inclnding lawyer s fees, reasonably iacumed or paid at any time by the Association, because of the failure of the 1liortgagors to perform, rnmply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this-deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he will permit, commit, or sufEer no waste, impairment, or deterioration of said property ar nny part thereof; and in the event.of the failure of the I?1ort~;agors to keep the buildings on said premises and those to be erected on said premises, - or improtiements therean in good repair, the Aswciation may make and pay for suchrepa us as in its disrnetion it may deem necessary for ihe proper preservation thereof, aad the fuU amount of such payments shaU be secured by the lien of this mocigage :+nd shall at the optian of the Association be immediately due and payable, or payable in such monthly uutallments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate statecl in the note see~+ed hereby. • ! 18. That if the Association and the Atortgagors agree, the Mortgagors will carry a palicy or policies of insurance upon ~ their lives in an a~eunt equal from time to time to the amount of indebtedness hereby secured, making said Assaciation benefi- c•iary thereunder, and that d~e said Association maypa y the premiums for such inswance (in the event ihe Mortgagors do not), and add each such payment to the unpa~d balance of the loan, as of thp first day of the then c~ur~nt month, and it shall become j additional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure u construciion loan, failure on the Part of the Mortgagors or ~ their contractors to rnmplete said boilding in accoidance with Constnsction Loan Agreement, of even date herewith, or to build said construction in aocordance with plans and specifications filed k~ith the Association, shall constitute a breach of this mortgage, [ and, at the option of thr Association, immediatcly mature the entire amount of principal and interest hereby secvred and the Asso- ciaNon may immecliately institute proceedings to foreclose this mortgage. ~ 18. T}?at the :+bstraM or abstracis of title covering the morigaged property shall at all times, during the life of this mort- ~age, reraain in_ the possession of the Association and in the event of the foreclosure of this mortgage or other transfer cf iitle to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Modgagors in and to any such absh~acts of title shall pass to the purchaser or grantee. 19. Tl~e Association shall have the right, in its discretion, to require that the Mortgagors ~y into ihe Association in addi- tion to the monthty installments of principal and interest to be paid by the :1lortgagors under the note secwed by this mortgage, an amount equal~to one-iwelfth of the annual installmentr of any taxes on the mortgaged premises levied or assessed by any governmental auth~rity, and one-twelfth of the annual pr~emiums for Fire and E.ttended Coverage insurance on the mortgaged premises as herein~Eore required bv the Association, and the \~ortgagors' failure to mal:e such payments shall constitute a default under this mortga~e. Il~' WITNESS \VHEREOF, the said Nortgagors hereunto set their hands and seals the day and year first above written. Signeci, sealed and del»ered in the presence of: ~ . : ^ n . . • ` ~ • . . _ • l__ _ ~ _ _ _ _ _ _ Ri~ard J. L son " - • . ~ S~_ ~ f~ . CL~~Sr~ . - _ _ _ _ _ - - - -(SEAI..) - - rothy . Larsan v , . _ - ---(SEAL) ~ - - - ~ - - - - . _ . _ - -~SEAL) (W ITNESSES) (AAORTGAGORS) F.., 249 Pac~ 857 ~ ~ ~ ~ _ - - - - . _ ~ .