HomeMy WebLinkAbout0655 8. Until default u~ the performance of the covenants and agn~ements uf this mortgage, the mortgagors shall be entideci
t~~ collect the mnts, issues a~d pmfits fmm the premises hereinbefora described, but in cuse of a default in any of tbe ternu of
this mortgage, and the Eiling of a bill to foreclose this or any other rr~ortgage encumbering the within described 'opetty, the
:lssociation shal! immc*ciiatclv nnd without notice be entided to the appointment of a Receiver of the mortgaged l~,operty, and
uf iho mnts, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continuecl
~n pos;ession of ihe said propert~• until the time of tl~e sale thereof undrr c~~ch [oreclosure, And until ihe eonfirmation of surL
.:~lc b~• thc Cottrt. • .
9, tf a cc~nveyanee should be made by the mortgagors of ihe premiscs herein described, or any part thereof, without
~h~• written crn~cent of the Association, and ~.tithout asstimptiun in reaular form of law by the grantee of tli~ obligations to the
\..ociation createci b~• said promissory note and this mortgage, then, und in tiuzt event, and at the option oE the Ass~mi:?tiu~~.
,~u~l ~~rithout notice, all sums of monev sec~~reci heneby shall immediaiely and c~ncurrendy ~~~th such rnm•eyance become due und
~~:?}••~btc and in defsult. The Association may deal with successors in interest +~~th reference to thu morigage and the debt hereb~~
secured in the s.1me mannrr as with the mortgagors, and may forbelr to s~e or may extend time for pay~ne~t of the debt, securecl
l~creby, or otherK•ise act ~+~thout discha~;u?g or in any ~vay lffecting the liability of the motigagurs hereunder or upon the debt •
l~creby secureci. The Association may ulso deal with the Mortgagors and/or with succrssors in intcrest with reference to this
~nortGage and tho debt hemby srcureci by forbea?ring to sue, extending the time for payment of the debt~ providing for different
monthly ~yments andlor a different interest rate, and by other express moclifications of the conta~ct, ~~•ithout losing any priorit~•
the Association has over other morlgagees or lienors or holden of any jw?ior interests in the propertp serured hereb~~.
l0. Th~t in the event the pmmises herehy mortgaged, or any part thereof, shall be condernned and taken for public usc~
undcr the pn~vc+r of eminent domau~, ihe Assuciation shall have the right to demand ihat all damages a~varded for the taking of or
cl:imagcs to said ptemises shall be p.1id to the Association~ its successon or assiGns. up to the amount unpaid on this mortgage and
ma.~ be applied upon the pa~~ment or payments last pa~•able thereon.
11. It is specifically agreed that time is the essence of this co~tract and that no wliver of ~ny obligation hereunder or of
the obligation securecl hereby shal) at any time the7eafier be held to be a~vaiver of the terms or of the instrument secnred hereby.
1~. IE foreclosure procecYlings of any second mortgage or second trust deed or any junior lien of uny idnd should be insti-
t~,tcd, the Association may st its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due
:?nd payable.
13. To the extent of the indebtcclness of the itortgagors to the Associltion described herein or secured l~ereby, the Asso-
~ i:~tion is hereby subrogateci to ihe lien or lieas and to ihe rights of the owners and holders thereof of each and every modgage,
lic•n or other ei~ci~mbrance on the land described herein Hhich is paid and(or) satisfied, in ~vhole or ii+ part, out of the proceeds
~~f the loan described herein or secureci hereby, and the respectivc liens of said mortgages, liens or other encumbranc~es, shaIl
t~ :u~d Ue held by the Association herein as security for the indebtedness to the Ass•xiation herein described or hereby s~ecure~,ato
thc wme ex!ent tt~at it ~vould have been preserved and ~~~ould have been passed to and been held by the Association had it been
clul~~ and regularh~ assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- :
;n~ the faci that the same may be satisfied and cancelled of record, it being the intention of the ~rarties hereto that the same ~vil)
l~ sa5sfied and rancelled of record by the holders thereof at or about the time of the recording of this mortgage.
14. To paY ali and singular the costs, charges, and eacpenses including lawyer's fees, reasonably incurrecl or paid at an}-
time by the Association, because of the failure of the riortg:igors to perfonn, comply ~vith and stbide by each and every stipula-
t iuns, a~mements, conditions and covenants of ~id pmmissory note and this deeci, or either, and everv such payment shall bear
interest from date at the rate stated in the note secured herebv. ~
15. That he ~vill~e
rtnit, commit, or s~ffer no waste, impairmeni, or cleterioration of said property or any part thereof;
and in the e~~ent of the fsilare of the Mortgagors to keep the buildin~s on s.~?id premises and ihose to be erected on s:?id premises,
~~r impro~•ements ihereon in good repair, the Associatinn may make and pay for such repairs as in its discretion it may deem
nccessary 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-
tinn may determine, and e~ery such payment shall bear interest from date at the raie stated in the note secured hereby,
16. That if the Association and the ~tortgagors agree, the ~fortgagors ~vill carry a policy or policies of insorance upon
their lives in an arri~iint equa! from time to time to the amount of indebtedness hereby secwed, mai:ing said Associatioa Uenefi-
c~ian~ ihereunder, and that tl~e said Association may pay the premiums for such insurance (in the event the ~tortgagors do not),
.~nd~ add each sueh pa}~ment to the anpaid balance of the loan, as of ths first day of the then eiumnt month, and it shall become
adclitional indebtedness secured by this modgage payable upon demand.
17. That in the event that this mortgage be given to secure a constn~ction Ioan, failure on the ~art of the ~tortgagors or
their contr.ictors to complete said building in accorciance ~vith Construction Loan Agreement, of even date here~~•ith, or to build
saicl construction in accordance ~vith plans and specifications filed u~ith the Association, shall constitute a breach of ihis mortgage,
:~ncl, at the option of ihc Association, immediately mature the entim amount of principal and interest hereby secured and the Asso-
.:a?,e~~ *r?y ;~m~l;ately institute oroceedin~s to foreclose this mortgage. ~
13. That the abstract or abstracts of title covering the mortga~eci property shall at all times, daring ti~e l~ie o[ t~is mori- -
~,a~e, remain in the possession of the Association and in the event of the forecloswe of this mortgage or other transfer of tide to
ttic mortgaged property in eatinguishment of the indebtedness secureci hereby, all ri~ht, title, and interest of the I~tortga~ors in
:ind to any such abstracts of tide shall pass to the purchaser or grantee.
19. ?he Associa±ion shall have the right, in its discretion, to require that the :liortgagors ~y into the Association in addi-
tion to the monthly installments of princi~ral and interest to be paid by the ~tortgagors under the note secured by ihis mortgage,
.~n amount equal-to one-hvelfth of the ~nnual installments of any taxcs on the mortgaged premises levied or assc~ssed by an~
~oven~mental authority, and one-ri~elfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgagecl
; ~~remises as hereinbeEore reqiured b~~ the Association, and the Tiortga~ors' failure to make such pa}'ments shall constitute a default
undcr this mortgaae. _
Il~' «'IT~ESS it'HEREnF, the said ~iortgagors hereunto sct ~their hands anSL~e:t1s ihe cj~ly'and year first above ~vritten.
/
Signed, sealed and delivered in the presence of: J ,
~
.
.~.J~ _ `~jr;~. ~ (SEAL) =
ard Fla aum
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~ ren~`lanzbaum
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(W IiNESSES) (MORiGAGORS)
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