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Home My WebLink About0853 i i • ~ Until default in the perfo~mance ~f the cavenants und agr~~ments uf t}?is mortgage, the ~nurtgagon shall be entitled j to collett the rents, iuues and proEIts from the premis~ herEinbefora described, but in rase oE a default in any of tho terma oE ~ this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within d~scribed property, the Association shall immediately and without notice be entitled to the appointment of a Receiver of the mortgaged property, and ~ of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in ~essiun of the said propert~~ until the time of the sale thereof undec such foreclaeure, und until the confirmation of surh aale b~• thc Court. 9. lf a conveyance should be made by the mortgagors of the premises herein described, or nny part thereof, without the written consent of the Association, and w~thout assumption in rc~ular form of law by the grantee of tFie obligadons to the .~..ociation created by s:~id promissory note and this mudgage, then, and in that event, and at the option of the Ass~xiation. uu~l ~~~thout notice, all sums of money secareci hereby shaU immecliately und concurrendy with such rnnveyance become due ancl ~>a~:~ble and in default. The Association may deal with successurs in interest with reference to this mortgage and the debt herebv secured in ihe same manner as with the mortgagon, und may furbcar to sue or may extend time for payment af the debt, securect lierct~y, or otherwise act without dischargu~g or in any way aEfecting ihe liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ~nortg~~ge and tho debt hereby secureci by forbearing to sue, exiending the time for payment of the debt, ix~oviding for different monthly payments and/or a d~fferent interest rate and by other exprc~ss moJifications of the contr.ict without losing uny prioritr the Association has over other morlgagees or lienon or holders of any jwuor interests in the property secured hereby. 10. Thnt in the event the prcmises hereby mortgaged, or any part thereof, shaU be condemned and taken for public usc undcr the po~ver of eminent domsin, the Assuciation shall have the right to demund that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and mav be np~ lied upon the payment or payments last payable thereon. 11. It is speeifieally agrec~cl that time is the essence of this eontrart and diat no wai~er of any obligation hereunder or of the obligation secured hcreby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. lf foreclosure proceeciings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tuted, the Associateon may at its option, immediately or thereafter declare this morigage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association described hercin or secured hereby, the Asso- ciation is hcreby subrogated to the lien or liens and to the rights of the ownen and holders_thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which is paid an~l(or) satisfied, in whole or in part, out of the pr~eeds of the ban described herein or secured hereby, and the respoctivc liens of said mortgages, liens or other encumbrances, shal p~ ~ ro:~nd be held by the Association herein as secun for the indebtedness to the Association herein described or hereby secured. to - thc same exient that it would have been preserv~ ar?d «~ould have been passeci to and been held b y the Association had it been duly and regularly assigned, hansferred, set over and deliverecl unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be s~5sfied and canceUed of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, berause of the failare of the ~lfartgagors to perfonn, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of ~id promissory note and this dc~ed, or either, and every such payment shall bear interest from date at the rate stateci in the note secured hereby 15. That he will rmit, commit, or suffer no waste, impairment, or cleterioration of said proPerty or any part thereoE; and in the event of the ailure of the Aiortgagors to keep the buildin~s on said premises and those to be erected on said premises, ~ or imgrovements thereon in good repair, the ~1SSOCiation may make and pay for such repairs as in its discretion it may deem ' necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this matgage ~ i and shall at the option of the Assochation be immediately due and payable~ or payable in such monthly installmeats as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the ?1lortgagors agree, the Mortgagors will cazry a policy or policies of u~surance upon I~ their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby sectued, making said Association benefi- I ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the !~iortgagors do not), ~ and add each such ~nyment to the unpaid balance of the loan, as of the first day of the then ciurent month, and it shall become ~ addit;onal indebtedness secureci by th'is mortgage payable upon demand. 17. That in the event that this mortgage be given .to secure a construction 1oan, failure on the part of the rtortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specificatians filed ~vith the Association, shall constih~te a breach of this mortgage, and, at the option of thc Association, immecliately mature the entire amount of principal and interest hercby secured and the Asso- ri:ition may immediately instiiute procecdings to foreclose this mortgage. ~ ~ 18. That the abstract or abstracts of title covering the mortga~eti property shal~ at all'limes, during the life of this mort- Lage, remain in the possession of the Association and in the event of the foreclosurc of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebteclness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title shall r,ass to the purchaser or grantee. 19. The Association shall have the *ight, in its discreUon, to rccluire that the ?liortgagors Jray into the Association in addi- tion to the monthly installments of principal and interest to be paid by the \lortgagors under the nute secured by this mortgage, an amount equal~to one-hvelfth of the ~nnual installments of any tazes on the mortgagecl premises levied or azsessed by any governmental authority, and one-hvelfth of ihe annual premiums for Fire and Extcndecl Coverage insurance on the mortgaged premises as hereinbefore rec~uirecl by the Asscxiation, and the !1lortgaGors' failure to make sueh payments shall rnnstitute a default undcr this mortgage. IK WITtiESS ~VHEREnF, the said ~tort~Gab~rs hereimto SM thcir hands and seals the day and ,year first above written. / Signecl, s~aled and dejivered in the-presence of: . ~ ; ' : , ~ , . ~ ~ ~~r-~r y' ' _ _ " - . - - - - ~SEAL) ~ J n ~Curtin ~ / ~ - ~ ' , i-__- / ~ ~ ~ / ~ / • ~ ~<'.'l/~.~ - ~i ~ _ - ' f-d~' ~ `"`L - ~SEAL) - ~ - : ~dra E. Curtin > _f , ~~u~.~ (SEAL) , . _ _ _ _ . (SEAL) (W I TNE SSESI (MORTGAGORS) _ r ~ - ~ ~ ~ - ~ ~ p ~ ~:;4~ ~ r~ ~ ~~~~`~~u- .v ,~;~,.2_.._, , ~