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HomeMy WebLinkAbout0295 8. U~~til Jefault in the ~rformance of the covenants and :+grcv:~nenls oE this mortgage, the murigagors shall be emtitkYl tu collect the rents, issues n~id pcofits fmm the premises hereinbefore describeci, but in case of a default in any oE the terma oE this mo~tgage~ nnd the filing of a bill to forerlose this or any other mortgage encumbering the withi~ describc~d property~ the .\ssociation shall immcdiateh• and without notice be entided to the appointment of a Receiver of the mortgaged p»perty, and of the rents, issucs and profits thereoE, with the ~uual power of Receivers in such cases, and such Receiver may be mntinuecl in pos~ession of the ~aid prc~perty until the time of the sale the~eof under such foreclosure, and until the confirmation of such ,alc b~• the G~urt. 9. If a cv~nvevance should be made by the mortgagors of the pre~mises herein described, or any part thereof, without the written conunt o~ the Association, and ~~~thout assumptiun in regular form of law by the grantee af th~ obligations to the 1.~~x~u?tion creuteci b~• s:?id pn>missory note and this mortgage, then, and in tlu~t event, and at the uption of d~e Association. :~ncl ~.~thout noticc, all sums of mone~~ secnred hereLy shal) immcdiately and concurmntlv with such rnm•eVancc become due and ~~a~-c~ble and in default. The Association may deal with successors in intemst ~vith reference to this mortgage and the debt hereb~• securcd in the s:ime mannrr as w•ith the mortga~ors, and may forl~ear to sue or may extend time for payment uf the debt, secureil hercbp, or othen~~ice act ~~•ithout dischargu~g or in any w~ay a(Eecting the liability of the mortgagors hereunder or upon the debt I~ereby securecl. The Assoeiation may uko dea) ~vith the Alortgagon and/or with succescors in interest ~vith referenee to this ~nortgagc and thc+ debt hereb~• securc~cl bv forbearing to suc, extending the time for ~rayment oE the debt, providing for different ~~*n!h1y ~?3~tnfs ~nd!nr a~ifEerent ~nt~mct rntP, and hv ~thPr ex~r~cc m~xlifieationc of the eontr.?et, without losin~ aov ~riorit~• the Association has over other mortgagees or lienors or hofders of any junior interests in the propertv secured here~~•. ~ l0. That in the c:vent the pmmises hrreby mortgaged, or anY p•~rt thereof, shall be rnndemned and taken for public iue uncler the ~w~~•er of eminent domain, the Asscxiation sl?all have the right to demand that aU damages a~varded for the taking of or damagc~s to said premises shall be paid to the Association, its successors or assigns, i~p to ihe amount unpaid on this mortgage and ma~• be applicd upon the payment or pa~~ments last pa~aUle thereon. 11. It is spe.~cifically agreecl that time is the essence of this contract and that no waiver of any obligation hereunder or of tt~e obligation securecl hereby shall at any time thereafter be held to be a waiver of the terms or of the instnunent secured hereby. 1?. lf foreclosure proceedings of any second mortRage or second tnist deed or any junior lien of any kind should be insti- tuted, the Association may at its option, immeciiately or thereafter declare this mortgage and the indebtedness sectaed hereby due :ind pa~•able. 13. To the extent of the indebteclness of the ~lortga~;ors to the Assaci~tion d•es1cribeci herein or secured here~by, the Asso- " "~'^r ~`~x-^~st• Z~S~ ~~f••: ~:f`••q ~f! ~{j° j~n~~F {{~n ~ll~nOr4 !inil lf/1~f~PT~ ~{tPrM~ n~ P7n~ 7t'f~ PVP}L i1'fAT~070P .:...s la s:v:~..~ .....s:vba:ca :'-.s oz ~ . . " i S 8'~ - lien or other er~cumbrance on the land dcscribed herein which is paid an~l(or) satisfiecl, in ~~~hole or in part, out of the prooeeds ~~f the la~n described herein or secureci hcreb~•, and the respecti~•c liens of said mortgafies, liens or other encumbrances, shallpa ~ t~~ and be held b~ the Association herein as securitv for the indebtedness to the Assxiation herein described or hereby secured, o the wme ex!ent that it ~~•ould have been preserved and ~~~euld have been passed to ~nd been held by the Association had it been ~lul~~ and regularl~• asssgnecl, tr.~nsEermd, set o~~er and delivered unto the Associ:~tion by separate deed of assignm~n ~t ~nohvithstand- in~ thc fact that the same mav be satisfied and cancelled of record, it being the intention of the parties hereto that t}ie same w~ill l~e s~5sfied and cancelled of~record by the holders thereof at or about the time of the recording of this modgage. 14. To p:i} all and sin~ular the costs, charges, and expenses including lawyer's fees, reasonably inci~rrecl or paid at am• time bv the Association, i~ec•ause of the fail~~re of the \fort~a~ors to Perform~ comply ~~~th and abide by e:teh and every stipola- tions, a~eements, conditions and rn~~enants of s.~id promissory note and this dcrecl, or either, and every siich payment shall bear interest from date at the r:?te statecl in thc note secured herebv. li 15. Th.~t he .i711 perm;t, commit, or suffer no waste, impairment, or deteriuration of said property or any part thereof; :md in the e~~ent oE the failure of the \tortfiagors to keep the buildings on said premises and those to be ereMed on said premises, ' nr impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ! necescary for the proper presen~at;un thereof, and the full amount of sueh ~vments shall be seeured by the lien of this mortgage j :~nd shall at the option of the Association be immediately due and payable, or payable in such mont}ily installments as the Assoc.tia- I tion may dctermine, and everv such payment shall bear interest from date at the raic stated in the note secured hereby. E 16. That if the Assoc:iation and the ~torigagon agre~, t};e ?1fort~agors will carry a policy or ~licies of insurance upon j their lives in an arr~unt equa) from time to time to the amount of indebteclness hereb}' secured, mal:ing said Association benefi- I c~ian• thereuncier, and that d~e said Association may pay the premiums for such insurance (in the e~~ent the :ltortgagors do not), ~ ~dditional inclebthlnessnseci redhby thisdmortgage~~ yableaupon e emand~t day of the then curmnt month, and it shall bec.~ome ~ 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the \lortgagors or ~ their contractors to complete said bi~ilding in accordance ~•ith Constniction Loan Agreement, of even date here~vith, or to build said construction in accordance ~vith plans and specifications filecl ~~•ith the Association, shall constitute a breach of this mortgage, { :~nd, at the option of thc Associ:~tion, immediately mature the entire amo~u~t of principal and interest hercby secured and the Asso- c iation may immedilteh~ i~lstitute proceedings to foreclose this mort~age. ~ i 18. That the aUstract or abstracts of title covering the mortga~eci property shall at all times, during the life of this mort- 5 ~*a~~, remain in the possession of the Association anci in the event of the foreclosure of this mortgage or other transfer of tide to ~ thc mortgaged ~ropcrty in extinguishment of the indebtcdness securecl hereb,y, all right, tide, and interest of the Dlortgagors in and to an~• such abstraMs of tide shall pass to the purchaser or grantee. ~ 19. Thc Assoriation shal) have the rijht, in its discretion, to rcc~t~ire th:it the \tortgagors ~y into the Association in addi- t tion to th~ monthly installments of prinripal and interest to be paid b~~ the ~tortgagors under thc notc secured by this mortgage, ; an amount cqual to one-hvelfth of the annual installments of anv taxcs on the mortgaged premises levied or assessed by any ~u~~crnmental authority, and one-h~•clfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci - _~~rcmis~s :~s hcr~in}x~fore rcv~uir~rl hr the Ass~~ciation, and the \1oit~.t~or5 failure to make such pa~~ments shall constitute a defaalt ` uncler this tnortsa~e. ' I\ ~t'IT\F_SS ~~-1iEREnI~, thc said ~lort~a~nrs hemunto sct the~ir hands and seals the da~~ and vear first above ~vritten. a " ~ Signt~cl, seated :ind dc•li~•ere:l in the presence of: ; ~ / {~j ~ ~ wr ~ ~~~~/Gi~ _ ./~hGtc..~ , ~ ~ e ~SEAL) ° '1 Drago Petrina ~ ~ _ „ • ~~~.ti a .~c.~w~`~ _ • .f~-~„-~.-- i~~ csEtu,~ Anna Petrina G g " . _ (SEAL) ~ 5 - ( SEAL a ( W I TNE SSES) (MORTGAGORS) k : F~~rL/1~ i•~~: /Q~ .