HomeMy WebLinkAbout0037 8. Unt11 default in the perfornnance of the oovenanb and agrecmeats of thls mortg,oge, tbe nwrtgagars shal! be entitbd
to oollect the renb, issues and~
ts frona the ~ hereinbefora described, but fa osse of a default iA any of the tenru~ of
th~ awrtg~gQ, and the~~ng oE • Wll to fa~ec3ase thi~ or a~ny other aiortgage eac~baring tbe within deacxibed P~'~P~Y. ~
Asaodstior? sball immedtateIy and wltlwut notioe be enbltkd to tbe appointment of a Reoeiver of the ~matgagalprop~ty, sad
of the reata, issues ~ad ~ofits thereof, with t}~e ~uual power of Reoeivets in such case~, snd auch Receiver may ~e-aaittnued
in pos~ssion of the said property until tbo time of ihe sale thereof nnder such forecbsure, and until the confiTmatton of stx~l~
snk by the Coort,
9. lf a oonveyu~ce should be made by tbe mo:tgagas of tha premises herein descxibed, a any part there~, wit}wut _
the writtea coYUent of the AssociaHon, and without assomption in regular fonn of Iaw by the grantee of tFie oblig~a~ to the
.axsociation created by said p~omissory note and this mo~rtgage, then. aad in that event, aad at the optio~ of the Associatbn.
:ind without aotiee, All sums of mrr~ey ser.ereil hereby shali immediately and concurrenth? with such canveyance beoome due w~d
PeYabk sad in default. Tbe As9ociaWn may deal witb suabssors in interest with reEereace to tbJs ma~tgage and tbe debt hareby
secured in the same manner as with the mortgagors. and may fo~rbear to sue or may eutend tima for payment of the debt, aearrecl
hercby, ar otherwise act wttlwut dischacgu~g or in any wap affecHng the liability of the mortgagars herewodes o~ upon the dabt
hereby secured. The Associatia~ may also deal witb tbe Mortgagors and/oa~ with s~ocessors in interat witb reEa~ce to tbi~
mo~tgage and tha debt hereby secured by forbearing to sue, exteading the time f~ payment of the debt, ~nroviding fo~ difhrent
montbly payn?enb aadlor a d~ffeteat interest rate~ and by other express arodifications of the contrnct, without loaiag any p~iorit~•
tEie Associst~ has over other mortgagees or ttenan ~ holders of any jwvar interests in the pmperty sec~u~ed he~eby,
20. That in tbe ev~ent the ptra~ises hereby m~rtgag~d, or any put ihereo~, ahall be ooodemned and takea forpu
Wie use
under tho power of eininent domain, the Ascuciation shall have the right to demand that aII damages awarded for the taiciag of or
damages to said pcemises shaU be paid to the Association, its sncces~rs or assigns, up ta~ the amovnt nnpaid as~ thia matg,~ge and
mav be applied upon the p~ynnent or payments last payable thereon,
I1. It is specifically agreed th3t time is the essence of this rnntrad and that no waiver of any obtigation hae~u~der or ~
the abligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrumeat sec~u~d hereby.
12 If for~eclosure proceedings of any seoond mortgage or seoond tr~st deed or any f uniar lien oE any ldnd should be f~ti-
tuted, the Association may at its option, in?mediately or thereafter declare dris mortgage and the indebtedness se~ured hereby due
and payable,
13. To the eatent of the indebtedness of the Mortgagors to the Associatian desar'bed hemin or secured hrreby, the Asso-
ciation is hereby subrogated to the }ien or liens and to the rights of the ownen and holders thefiof of each and every
lien or other er~cnmbrance on the land de.acribed herein whkh is paid and ( oc) satisfied, in whok or u~ parc, out af the~~~
oF the ban described herein or serured bcreby. and the respectivc tiens of said mort8a8es. heus or other cm.~umbrancas, s~
co and be heid by the Associati~ hereFn as secunty for the~indebtedness to tbe Assoriation herein described ~ hereby s~M
the xune ex!ent that it would have been pre,served and waukl have bee~ ~asscd to and been held by the Association bad it bee,+n
n~ythe fa~~ t sa~me
ma~b~e
~~tufied and cancelled of reca~d, it bein the inten~
of the ee~ of atsignnment, iwtwithstand-
g Y 8 parties Le~+eto that the same w~11
be satisfied and car~c+elled of reoord by the holdexs thex+~of at or about the mae of the recordiag of this mortgage.
24. To pay afl and singular the coats, charges, and eupeases iaduding lawyer's fces, reasonab1y i~rcd o~ paid at any
time by the Association, beca~~se of the failur~ of the 1?iortgagors to pesform, comply with and abide by each and every stiputa-
tions, agreements, conditions and covenants of said pmmissory note and this deeci, or either, and every such payitient shaD be,ar
interest from date at tbe rate state~l ir~ the note seruted }~ereby.
15. That he wellpetnut, commi~ or suffer no waste, impaa~ment, ar deterioration of said pmpetiy or any part thereof;
and in ihe. event of the failure ,of the Mort};agors to keep the b~ildings or~ saidp~mues and those to be erected on said premices,
or improrements t~iereon in good repair, the Association may make and pay for such repairs as in its discnetion it may deem
nece~sary? for the proper preservation thereof, aad the full arrwunt of such peyments shall be secured by the lien of this mortgage
and shall at the option of the Aswciation be immediately due and payable, or payable in such monthly uutallmeats as the Assoda-
tion may determine, and every such payme~nt shall bear intere.ct from date at the rate stated in the note seaued 3'~ereby,
16. That if the Association and the rtortgagors agree, the Mortgagors will carry a policy or policies of ins~rance upan
their lives in ap a~eunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association be~efi-
ciary thereunder, and that ihe said Assoeiation maypa
y the premiums for svch insaranee (in the event the Mortgagars do not),
and add eacb ruch payment to the unp~d balance of the loan, as of the first day of the then c~vrent month. and it shall become
additional indebtedness secured by this mortgage payable upon demand.
17. That in the event that this mortgage be given to sec~ue a construction 1oan, fa~ure on the part of the Mortgagors ar
their contractors to camplete said building in accordauce with Constniction Loan Agseement, of even date herewith, or to build
said construction in aocordance with plans and specificatioru filed with the Associution, shall oonstitute a bseach of this mortgage,
and, at the option of thc: Association, immediately mature the entire amount of principal and interest hereby sec~u~ed and the Asso-
ciation may immediately institute procc~ings to foreclose this mottgage.
18. That the abstract or abstracts of tide covering the mortgaged property shal! at all times, during the life of this mort-
~age, remain in ihe possession of ihe Association and in the event of the foreclos~ue of this mortgage or other transfer of tide bo
the mortgaged property in eriin~uishment~f the indebte~ness serured hereby, all right, tide. and interest of the Modgagors in
and to any such ahstracts of title~sh~ to the purchaser or grantee.
19. The Association ahall have the dght, in its discretion, to require that the Martgagors ~y into the A.4sociation in addi-
tion to the monthly installments of principel and interest to be paid by the :liodgagors under the note secure~ by this mortgage,
an amount equal'to one-twelfth of the annual• installments of any taxes on the mortgaged prnu»ses levied os assessed by any
governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged
premises as hereinbefore required by the Associ.ltion, and the Mortgagors' failure to ma1:e sach paymer~ts shall constitute a default
under this mortgage.
Il\ WITNESS ~'YHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. •
Signed~ sealed and delivered in the presence of: '
~ ~
- ~~-t~~ . . G~.c,~'ca:._.,~..,- ~ - ----~SEAL)
' ~Nilliam E. Ja~i '
- - - ` - _///u-~t~.t~ t
_ _ . _ . ' _ . - - SEAI.)
-
Macieleine Jakaci ~
~
- _ _---(SEAI,)
- - - - - - - - - - - - . - - - --~SEAL)
(WITNESSES) U R eaCE ~8 ~RTGAGORS)
RonY
i' ~ ~~i~ a ~ F~ ".K . -
I~~