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written consent of the Association and in the event of any violation
or attempt to violate this stipulation this mortgage and all sums
secured hereby shall immediately become due and collectible at the
option of the Association.
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- 12. It is specifically agreed that time is the essence of r
this contract and that no waiver of any obligation hereunder or of {
the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the instrument secured ~
hereby.
13. If foreclosure proceedings of any second mortgage or second - t
trust deed or any junior lien of any kind should be instituted, the
Association may at its option immediately or thereafter declare this
mortgage and the indebtedness secured hereby due and payable. ~
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14. To the extend of the indebtedness of the mortgagor to the #
Association described herein or secured hereby the Association is - i
hereby subrogated to .the lien or liens and to' the rights of the owners
- and holders thereof of each and every mortgage, lien or other encum-
brance on the land 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 1 iens of said mortgages , 1 iens
or other encumbrances shall be and the same and each of them hereby
is preserved and shall pass to and be held by the Association herein
as security for the indebtedness to the Association herein described
or hereby secured, to the same extent that it would-have been pre-
served 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 assignment, not-
withstanding that the same may be satisfied and cancelled of record, ~
it being the intention of the parties hereto that the same will be ~
satisfied and cancelled of record by the holders thereof at or about
the time of the recording of this mortgage.
- 15. To pay all and singular the costs,_charges and expenses, ~
including lawyer's fees, incurred-or paid at any time by the Associa- ~
tion because of the failure of the mortgagor to perform, comply with
and abide by each and every the stipulations, agreements, conditions
and covenants of said promissory note and this deed, or either, and
every such payment shall bear interest from date at the rate of fif-
teen per cent (15) per annum.
j 16. Upon the occurrence of the filing of an arrangement or pro-
ceeding in bankruptcy by or against any mortgagor, initiation of in-
{ solvency proceedings by or against any mortgagor, or assignment by
~ any mortgagor for benefit of a mortgagor's creditors, all of the sums =
secured by this mortgage shall be immediately due and payable at the r
' option of mortgagees without notice or demand.
17. To pay to mortgagee with each monthly payment an additional
sum estimated by.mortgagee to be equal to 1/12 of the annual cost of
the following:
a. All real property taxes levied or assessed against
the above described real estate.
~ b. Premiums on fire and windstorm insurance as herein
required to be carried on the improvements situate
on the above described premises.
g - Mortgagee shall from time to time-notify mortgagor in writ-
ing of the amount due and payable hereunder and such sum shall there-
~ upon be due and payable on the due date of the next monthly payment
and each successive month thereafter until mortgagee shall notify
' mortgagor of a change in such amount. Such sums shall be applied by
mortgagee toward the payment of real property taxes and insurance
premiums.
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