HomeMy WebLinkAbout1153 ~ ~
-a-
_ -evidencing payment of all liens for public improvements within ninety
(90) days after the same shall become due and payable,-and to pay-or
discharge within ninety (90) days after due date, any and all gover~i- - 4
- - mental levies that may be made on the mortgaged property,. an-this
- - mortgage or note, or in arty other way resulting from the mortgage in- -
- debtedness secured by this mort~?:-8. -
7. Until default-in the performance of the covenants and asree-
ments of this mortgage, the mortgagor shall be entitled to collect the E
rents, issues and profits from the premises hereinbefore described, i
but in case of a default 'in any of the-terms of this mortgage,. or the
filing of a complaint to foreclose this or any other mortgage encum- ~
baring the within described property, the Association shall immediately. - ~
- and without notice be entitled to the appointatient of a Receiver of the- ~
. mortgaged property,- and- of the rents , issues and profits thereof , with ~
the usual power of Receivers in such cases, and such Receiver may be
continued in possess;on of the said property until-the-time of the sale
- hereof under such foreclosure and until the confirmation of such sale
by the_ Court. .
8. If a conveyance should be made by the mow;`.gagor of the premises
herein described, or any part thereof, without the written consent of
the Association, or without assumption in regular form of law by the - .
grantee of .the obligation to the Association created by said promissory
- note and this mortgage, then, and in that event, and at the option of
the Association, and without notice, all sums of money become due and
payable and in default. Such consent shall not be unreasonably withheld.
9. In the event the premises hereby mortgaged, or aay part thereof;
_ shall be condemned and taken for public use under the power of eminent
domain, the Association shall have the right to-demand that all damages _
awarded for the taking of, or damages t~, said premises shall be paid to
- the Association, its successors or assigns, up to the amount then unpaid -
on this mortgage and may be applied upon the payment or payments last
- payable thereon. -
_ -
- 10. It is specifically agreed that time is the essence of this con-
tract and-that no waiver .of any obligation hereunder or of the obliga-
` tion secured-hereby shall at any time thereafter be held to be a waiver {
of the terms hereof or of the instrument secured hereby.
E - -
11. If foreclosure proceedings of any second mortgage or trust deed
or any junior iien-of any kind should be instituted, the Association may
at its option immediately or thereafter declarE this mortgage and the F
- indebtedness secured hereby due and payable.
i
_ 12. To=the extent of the indebtedness_of the mortgagor to the Associa-
tion described herein or secured hereby the Association is hereby subro- ~
- gated to the lien or liens and to the rights of the owners .and holders
thereof of each and every mortgage, lien or other encumbran~:e on the land
r described herein which is paid and/or satisfied, in whole or in part, out
of the proceeds of the loan described herein or secured hereby, and the
respective liens of said mortgages, liens or other encumbrances shall-be
- held by the Association herein as security for the indebtedness to the ~
Association herein descri-bed or hereby secured, to the same extent that =
it would have been preserved and would have been passed to and been held ~
by the Association had it been duly and regularly assigned, transferred-,-
- set over and delivered unto the Association by separate-deed or assign-
- n~ent, notwithstanding that-.the same may be satisfied and cancelled of _
record, it being the intention of the parties hereto that the samz gill
_ be satisfied ana-cancelled of record by the holders thereof at or about
- the time of the recording of this mortgage. -
-
-
_ r
-
~ ~
i
-