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HomeMy WebLinkAbout2588If Mortflaflee exercises such option to accelerate. Mortgagee shall mail Mohga~or notice of acceleration by depoaitin~ said letter in the United States Mail, postage prepaid, to the followinp address: Such notice shall provide a period of not less than thihy (30) days f~om the date the notice is mailed, within which Mortqapo~ may pay ihe sum declared due. If Mortgagor tails to pay such sums prior to the expfratfon of such pe-iod~ the loan ahall be in detault and Mortgagee may. without funher notice or demand on Mongagor. invoke any ~emedies as provided iar herein upon the event of default. Any wafver ot any payment unde~ the Note or Mongage at any time shali not, at any other time. be taken to be a waiver of the terms of the Note or Mortgage, and !he acceptance oi payments upon said indebtedness shall not co~stitute a waiver of the option of the Mortgagee to accelerate the indebtedness as provided for herein. 12. If a conveyancc should be made by the Mongagor of the premises herein described, or any part thereof. and should the grantee or any subsequent grantee under said conveyance, who has assumed !he mongage and indebtedness~ be in detault by virtue of a breach ot any of the p~ovisions of this Mortgage or the provisions of any assumption agreement with the Mortgagee. whether or not said assumption agreement modified the terms oi the mortgage and indebtedness. then and therefore, the Mortgagor hereby consents to assumption and the provisions of any assumption agreement with the MoRgagee, and to any modifications ot !he terms or provisions of the mortgags and indebtedness occasioned by said assumption a~ree- ment and does further hereby g~ant the Mortgagee the right to grant extensions of time to said grantee without notification of. without the consent of, and withoui affecting the liability of the original Mortgagor, or any subsequent Mortgagor. 13. Whe~ any amount of money to be paid by the Mortgagor to the Mortgagee under the terms he~eof shall be in defauit. or should the Mongagor detault in any o( the other terms, provisions or conditions of this Mortgage, then in that case the Mort- gagee shall have the right. without notice to the Mortgagor, to collect and receive from any tenant or lessee of said mongaged premises the rents. issues and protits of the real estate hereby mortgaged and the improvement thereon, and to give proper receipts and acquittances therefor, after paying all commissions of any rental agent collecting the same. and any reasonable attorneys' fees and other necessary expenses incu~red in collecting same, to apply the proceeds of such collection upon any indebtedness, obligation or liability, of the Mortgagor hereunder. The right granted the Mortgagee under this paragraph shali be in addition to, and shall not limit or restrict, any other right or rights granted the Mortgagee in this Morigage. 14. That in the event ihe premises he~eby mo~tgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Mortgagee shall have the right to demand that all damages awa~ded for the taking of or damages to said premises shall be paid to the Mortgagee up to the amount then unpaid on this Mongage and at the option of the Mortgagee may be applied upon the payments last payable thereon. 15. The Mortgagor binds himselt not to erect or permit to be erected any new buildings on the premises herein mortgaged or to add to or permit to be added to any of the existing improvements thereon or make any changes or alterations in said im- provements which materiatly change the same or the use thereof, without the written consent of the Mortgagee, and in the event oi any violation or attempt to violate this stipulation this Morigage and all sums secured hereby shall immediately become due and collectible at the option of ihe Mortgagee. 16. It is specifically agreed that time is of the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time be held to be a waiver of the terms hereof or of the instrument secured hereby. 17. If (oreclosure proceedings of any second mortgage or second trust deed or any junior lien of any kind should be insti- tuted, the Mortgagee may, at its option, immediately or thereaiter declare this Mortgage and the indebtedness secured hereby due and payable forthwith, and may at its option proceed to foreclose ihis Mortgage. 18. To the extent of the indebtedness of the Mortgagor to ihe Mortgagee described herein or secured hereby the Mort- gagee is hereby subrogated to the lien or liens and to the rights of ihe owners and holders thereof of each and every mortgage lien or other encumbrance on the land described herein which is paid andlor satistied in whole or in part out of the proceeds of the loan described he~ein or secured hereby, and the respective liens ot said mortgages, liens or oiher encumbrances shall be and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee herein as security for the in- debtedness to the Mortgagee herein described or hereby secured, to the same extent that it would have been preserved and would have been passed to and been held by the Mortgagee had it been duly and regularly assigned, transferred, set over and delive~ed unto ihe Mortgagee by separate deed of assignment notwithstanding the fact ihat 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 ~ecording of this Mortgage. 19. To pay all and singular the costs, charges and expenses, including lawyer's fees, reasonably incurred or paid at any time by the Mortgagee, because oi the failure of the Mortgagor to perform, comply wfth and abide by each and every the stipulations, agreements, conditions, and covenants of the Note and this deed, or either, and every such payments shall bear interest trom date at the same rate as the mortgage note. IN WITNESS WHEREOF, the said Mortgagor hereunto sets his hand and seal this the day and year first above written. Signed, sealed, and delivered in the presence of: / ~ ~ ~~~.GL'!.~ .~ ~~ il7 ~~G~L'~~~~ ~ (SEAL) ~ Paul R. Bargei'-- _ ,. ~ ,~ ~. ; ~ _ l : .'c !c /; L Norma M. Bargar • ' .li~f~ 1.1t~ `t~ (SEAL) (SEAL) (SEAL) '~ - t~~~1K~~V ~'~Uf~,~t~l1V __ " A ,~ _ ~ ~ s ^H" T.'~F._'.~'. ... ~. _~ - - ~ X~ _.