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HomeMy WebLinkAbout0675 ~ ; ; E 1 t ~ - 8. Until defuult in the performance of the covc~ants und agr~timenls of this mottgage, the mortgagors shall be entided to collcct the rents, issues and profits from the. premises hereinbefore describecl, but in case oE a default in any of the term~ of this mo~tgaga, und the filing of a biA 4o foreclose this or any other mortgage encumbering the within described property, the :\ssociation shall immediately and without notice be entitled to the appointment of a Receiver of the mortgaged property, and of the rents, issues und proFits thereof, with the usual power of Receivers in such cases, and such Receives may be continued ~n Jxu.;ession of the said propert~~ until the time of the sale thereof under such forectosure, and until the confirmation of such .aie b~• thc Court. 9. If a c~nveyance should be made by the mortgagors of the pmmis~~s herein described, or any part thereof, without thc ~~~itten consent oE the Association, and ~~ithout ussumption i~ rc~ular form of law by the grantee of tfie obligations to the ~.u~ciation created by saed promissory note and this mortgage, then, and in that event, and nt the uption of the Associ.~tion, :~n~l ~vithout notice, all sums of money sec~~red hemby shall immediately and concurrently with such rnnveyance becume due and ~~a~•able and in default. The Associution may deal with successon in interest with reference to this mortgage and ihe debt hereby secured in ~he same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securei~ }~ereby, or other~vise act without dischargmg or in any ~vay affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also dcal with the ~tortgagors and/or with succti~ssors in interest with reference to this mortgage and tho debt hereby secarrd by Eorbearuig tn sue, extending the time for payment of the debt, providing for differcnt ~nonthly payments and/or a differe~it interest rate, und by other express m«lifirations of ihe contrnct, ~vithout losing any prioritr ~he Association has over other morigagees or lienon or holders of any junior interests in the property securPd hereby, 10. Th~t in the cvent the pmmises hereby mortgaged, or any part thereof, shall be condernned a~id taken forpu blic use under the power of eminent domain, the Asscx~iation shaU havc the right to demand that aU damages awarded for the taking of or damages to s.~id premises shaU be paid to the Associatiau, its successors or assiQns, up to the amount unpaid on this mortgage and mav be applied upon the payment or pa~~ments last payable thereon. lI. It is specifically agreed that time is the essence of this contract and that no ~v:uver of any obligation hereunder or of ttze obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instn~ment secured hereby. 12, lf foreclosure proceedi~gs of any second mortgage or second tnist deed or any junior lien of uny kind should be insti- ti~tcd, ihe Association may at its option, immediately or thereafter declare this mortgaQe and the indebtedness secured hereby due and ~ayable. 13. To the extent of the indebtedness of the l~iortgagors to the Association described hercin or secured herc~by, the Asso- ~~i:~tion is hereby subrogated to ihe lien or liens and to the rights of the ownen and holders ihereof of each and every mortgage, ' lien or other eucumbrance on the land described herein which is paed and(or) satisfied, in ~vhole or in part, out of the ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~~ t~~ and he held b~- the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~acured, o thc same ex!ent that it would have been preserved ar?d ~~•ould have been passed to and been held by the Association had it beer? duly and regularly assigned, transfenrd, set over and delivered unio the Associetion by separate deed of assignment, nohvithstand- ing the faM that the same may be satisfied and canceUed of record, it being the intention of the µ~rt~es hereto that the same will t>e sa5sfied and cancelled of record by the holders thereof at or about the time of thc recording of this mortgage. 14. To ~ay all and singular the costs, charges, and expenses including ls?wyer's fees, reawnably incurred or paid at any time by the Association, bec-ause of the f~ilure of the ~lfortgagors to pedorm, comply with and abide by each and every stipula- t ions, ~areements, conditions and covenants of said promissory notc and this deecl, or eithcr, and every such payment shall bear interest from date at the rate stated in the note secured hereb~. 15. That he will permit, rnmmit, or suffer no wazte, impairment, or deterioration of saici property or any part thereof; :~nd in the e~~ent of the failure of the \iort~;agors to keep the buildings on said premises and those to be erected on said premises, ~~r improvements thereon in good repair, the Association may make and pay for such repairs as in its disrnetion it may deem necessary for the proper preservation thereof, and the full amount of such Irayments shall be secured by the lien of this matgage :~nd shall at the option of the Association be immediately due and payable. or payable in such mont}ily installments as the A.~socia- tion may determine, and every such payment shall bear interest from date at the rate stated in the n~te secured hereby. 16. That if the Associativn and the ~tortgagors agree, the 1ltortgagors will carry a policy or policies of insurance upon their lives in an a~unt equal from time to time to the amount oE indebtedness hereby secured, .making said Association benefi- ~ iary thereunder, and that d~e said Association may pay the premiums for such insurance (in the event the hiortgagors do not), . ' ,,nd add each such ~a~~nent to the unj~aid balance of the loan, as of ihs first day of the then civrent month, and it shall become i aclditional inde~teclness secured by th'u mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Atortgagors or their contnctors to complete said building in accordance with Construciiun Loan Agreement, of even date herewith, or to build czid construction in accordance with plans and specifications filed with the Association, shaU constitute a breach of this mortgage, ~ ` a~~d, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- E c iation may immecliately institute proceedings to foreclose t}~iis mortgage. ' ~ 18. That the abstract or abstracts of title covering the mortgahea property~ shall at all times, during the life of this mort- i ~`:~~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to € s the morigaged property in extinguishment of the indebtedness secured hereby, all right, title, and intemst of the Mortgagon in ~ ~ and to any such aostracts of tide shall Pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Afortgagors p:iy into ihe Association in addi- f E tion to ihe monthly ins[allments of ~rincipal and interest to be paid by the ~tortgagors under the note secured by this mortgage, # i :~n amount cqual to one-hvelfth of the annual installments of any t~es on the mortgaged premises le~7ed or assessed by any ~ ~ ~~overnmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on ihe rnortgaged ~ ~ nremises as hereinbefore required b~• the Assoc:iation, ~nd the \iortgagors' failure to make such pa~Tnents shall constitute a default under this mortgaoe. ~ I\' WIT'.1~ESS ~VHGREnF, the said :1lortgagors hereimto sM their hands and seals the day and year first above written. i ! Signec], sealed and delivered in the presence of: . 2 ~ ~ _ - ~ ; : f 7--~..~..J C~ Ls ?L_ ~ ~ ~ , ~`-~fl, s • ~ - ~AL) ' Rq~ert O. Joh n ~ . s ~~,1 ~ , ~ ~ : - ~ ~ _ . 9~c~~ _ - - - ~ E , ~ ( s - ~ ean A. Joh ~en a/k/a Jean B. ~ ,/Johansen - - - _ - _ s (SEAL) S i - i i ' - _ . (SEAL) (VVITNESSfS) - (MORiGAGORS~ ~ ,~,r,~ ~~O ! s t : - - ~c ~3 ~ . e~ ~~-.,~y~,~~ . s~"'~~+~ ' F~'e~.~.,~.~.+C-C ~ L ~y~_. .ti"~~9ze>.~"='~.~~ ~ _.ti3$.~ fr-_~_.K'r~~.r~-~~~~~~~.