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Home My WebLink About0092 '1 Fi. Until default in thc performance of the covenants and agr~timents oE tl~is mortgage,'the mortgagors shall be entitled to collect the rents, issues ~nd profits foom the premises hereinbeforo describecl, but in pse oE a default in any of the term~ of this mortgage, und the filiag of a biU to foreclose this or any other mortgage ericumbering the within described property, the ~lssociation shall immecliatelv 1nd without notice be entitled to the appointment of a Receiver of the mortgaged pmperty, und of the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, ~nd such Receiver may be rnntinuecl in pos~ession of the said propert~~ until the time of the sale thereof under such fureclosure, and until the confirmation of such .alc b~• thc Court. . 9. lf a conveyance should be made by the mortgagors of the premises herein dr~scribed, or any part thereof, without the written co~ucnt of the Association, and ~~ithout assumptiun in rc~ular form of !1w by the grantee of tha obligations to the -~.sociation creeatecl bv said promissory note and ihis mortgage, then, and in tlult event, and at the option of the As~ociati~a~, :unl ~~~ithcnit notice, all sums of monev sec~ireci hereby shal) immediately and cu~icurrendy with such rnm~eyance become due ancl ~~ay~able aud in default, The Association may deul with successors in interest with refemnce to this mortgage and the debt herebv secured in ihe same munner as with the mortgagors, and may forbear to soe or may extend time for p:?yment of the clebt, securecl hereby, or othenvise act w'ithout dischargu~g or in any .,~.~i aEfcrting the ]iability of the mortgagurs hereunder or upon the debt t?ereby secured. The Association may also deal ~vith the Mortgagots and/or ~vith succi,~ssors in interest ~vith reference to this inortgage and the debt herebv secared by forbearing to suc, extending the time for payment of the debt, providing for different monthly payments and/or a diffetent interest rate, and by other express moclifications of the contr.sct, .vithout losing an~~ priorit~• the Association has over other morigagees or lienors or holders of any jw~ior interests in the pmperty secured hereb~•. l0. That in the event the pmmises hcreby mortgaged, or any p,vt thereof, shall be condrrnned aud taken for public use undcr the po~+•er of eminent domain, the Assuciation shall have the right to demand thzt all damages a~varded for the taking of or damages to said pmmisM shal) be paid to the Association, its successors or assiGns, up to the amount unpaid on thu mortgage and mav be apnlied upon the payment or payments last payable thereon. 11. It is sperifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured herebp shaU at any time thereafter be held to be a waiver of the terms or of the instrument secured Dereby. 12. lf foreclasure procecxlings of any second modgage or second tnut deed or any junior lien of any lcind should be insti- tirtcd, the Association may at its option, immec~iately or thereafter declare this mortgase and the indebtedness sr.cured hereby due and pa~•able. 13. To the extent of the indebtedness of the Motigagors to the Association described herrin or secured her+~by, the Asso- ciation is hereb~~ subrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage, lien or other eucumbrance on the land described herein which is paid and(or) satisfied, in ~~hole or i~i part, out of the proceeds ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shall pass to and be held by the Association herein as security far the indebteduess to the Assxiation herein described or hereby secured, to the wme ex±ent that it ~r•oidd have been preserved :u~d ~vould have been passc~l to and been held by the AssociaTion had it been duly and regularh• assigned, transferred, set over and delivered unto the Associatian by separate deed of assignmen,, nohvithstand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the ~rties hereio that ihe same ~vill l~e sa~ssfied and cancelled 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 bv the Association, }xcause of the f:?ilure of the I?tortgagors to perform, comply with and abide by ~ch and every stipula- tivns, agreements, conditions and rnvenants of said promissory notc and this deed, or either, and everv such payment shall brar intemst from ciaze :;i i,'~e rate stateci in the note seeured herebv. ~ 15. Thut he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in ihe e~•ent of the fsilure of the rsortgagors to keep the buildin~s on said premises and those to be erecied on said nrnmises, ; or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it rnay deem I necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage ~ :+nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ tion may determine, and every such payment shall bear interest from date at the raie statcd in the note secured hereby. j 16. Tliat if the Association and ihe ~tortgagors agree, the rZortgagors ~vill carry a policy or policies of insursnce upon ~ their iives in an a~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that tl?e said Association may pay the premiums for such insurance (in the event the ?1lortgagors do not), :~nd add each such jnyment to the un~aid balance of the loan, as of th~ first day of the then ciumnt month, and it shall become additional indebtedness secured by th'LS mortgage payable u~wn demand. 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the \tortgagors or their contnctors to complete said building in accordance with Construction Loan Agreements 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, and, at the option of the Association, immediately mature the entire amoiu~t of principal and interest hercby secured and the Asso- c•iation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstrncts of title covering the moriga;ea property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all ri~ht, title, and interest of the hiortgagors in :?nd to any such abstracts of title shall ~1ss to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 11iot,~p`agors pay into the Association in addi- tion io the monthly installments of principal and interest to be paid by the ~tortgagors under the rlflte secured by this mortgage, an amount equal to one-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by an~~ ~overnmental authority, and one-hvelfth of the annual premiums for Fire and Estended Coverage insurance on the mortgaged rremises as hcreinbefore required b~• the Asscxiation, and the \fortgagors' failure to make such pay~ments shall constitute a defauit iinder this mortgaae. ~ Ii~ ~VIT!~ESS ~~'HEREnF, the said \tortgaoors hereunto set th~ir hands and seals the da~- and year first above ~vritten. ~ ~ ~ Sign~cl, sealed and delivered in the presencc of: ~ ~ ~ - - , ~t,~~ ~ k.r""v~" ` `~i+.n.v~1.. t.~ LQtG'_ GG_~~ - Z_ SEAL - ~ ) Maurice Phelan ~ c ~ ~ • `~'1~ _ ~/1~2~G~~ ~ M ary ~hel / ( SEAI. ) ~ ~ - - (SEAL) _ - (SEAL) . (W I TNESSES) (MORTGAGORS) ~ : . ~ ~60 , _