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Home My WebLink About1293 ;.w - _ . • ~ , ~ ~ , , ~ , - . ; • ; ~ 8. Unttl default iu ihe performu~oe of tI?e covenants and agreements of thW martgage, the~ modgagora al~aU be entidec~ ; to oolk~ct ths rents. ~ audproitts fram the premt~s herotnbafore described, but in case o~ a default in any of tbe ternw of ~ tht~ mortgAga, ~nd tbe fiitrag oE a btll to focecZose thls or any other mortgage encun~bering the within descxibed propeity, thc h Associattoa shall immedtntely and without notice be entided to the appointment of u Rxeiver of tha 'mortgagedproperiy~ and oE the rents, Issues and pcofits thereof, with the usunl power of Receivers in such cases~ and such Recelver may be oontinued ~ in pcusessIon of the said property until the time of the sale thereof under such foreclosure, and until the confirmAtlon of such : { snle by the Court. ; j 9. If a oonveyance should be mada by the mortgagors of the premisos hercin described, or any part thereof, without ~ the written consent of ihe Association, and without ussumption in regular form of law by the grantee of tFie obltgations to the ' ~ Assoclation crented by said prc?missory noto and ihis mortgage, then, snd in that event, and nt•the option of the Association, = nnd wtthout notice~ all sums of money srcw~ed hereby shall Immedtately and concurrentlv with such rnnveyance become due nnd payeble and in default. Tbe Associadon may deal with suocessors in interest wich reference to thts morigage and the debt hereby ; secured in ihe same manner as with the mortgugors, and may forbear to siie or muy extend t~me for payment of the debt~ securecl ; ~ hereby, or otherwise act without dIscharg~ng or in nny wny affecting the liability of the mortgugcus hereunder or upon the debt ; hereby secureci, The Association may also deal wIth the Mortgngors and/or with successors in interest with referenca to this ~ mortg3ge und tha debt hereby secured by forbearing to sue, extending the tlme for payment of the debt, providing #or different : ~ monthly payments und/or a d~fferent interest rato, and by other express mocltfications of tha contrnet~ without losing any priority ` ~ the Association has over other mortgagees or lienors or holders of any jaiior interests in the properry secured hereby. ; ; 10. Thnt in the event the pmmises hereby mortgaged, or Any part thereof, shal! be condemned and taken for publie use ' ~ ~ under the power of eminent domau~, the Assuciation shall huve the right to demand that all damages awarded for ihe taking of or damages to said premises shall be paid to the Assoeiation, its successors or assigns; up to the amount unpaid on this mortgage and y~ f muv !~e applted upon the payment or payments last p:?yable thereon. ; ' f 11. It is specifically ugreed that time ts the essence of this contract and that no wniver oE any oblig~tion hereunder or of ; ~ the obligaHon secured hereby shall at any tlme thereafter ~e held to be a waiver o# the terms or af the instrument secured hereby.. ~ 12. If foreclosure proceedIngs oE any second mortgAge or second tnist deed or any Junior liea of any ]dnd should ba insti- ~ tuted, the AssocIation may At its option, Lnmediately or there~fter declare this mortgage and the indebtedness scxured hereby due _ ~ and payable. ; 13. To the extent of the indebtedness of tha Mortgagor~ tQ the Association described herein or se~:ured hereby, the Aua ciation is hereby subrogated to the lien or liens an~ to the rtghts of the owners and holders thereof of each and every mortgage~ ; ~ lien or other er~cumbrance on the land descrIbed hereln which is paid end(or) satisfied, in whole os Li part, out of the proceeds ~ ~ of the loan described herein or securecl hereby~ and the re~; ectivc liens of saId mortgages~ 7lens or other cncumbrances, shaApass to nnd be hcld by the Association heretn as security for the indebtedness to the Association herein described or hereby sccured~ to the same e:tent that it would have been preserv~ and would have been paasecl to and been held by tho Association had it been ` ~ . duly and regularly assigned, transferre~d, set over and delIvered unto the Association by separate deed of assignment~ notwithstand- ; Ing the fact thAt the same may be satisEied and canaelled of record~ it betng the intentIon of the parties hereto that the same will t ~ be satisfied and cancelled of re,cord by the holders thereof at or about the ttma of tha recording af this mortgage. i 14. To pay all and singular the costs~ charges, and expenses including lawyer's fees~ reasonably incumed ot paId at any time by the Association, becuuse of the failure oE the I~iortgagors to perfarm, eomply with and abide by each and every stipula- Y • tions, agrcements, conditions and covenunts of said promissory note nnd this deed, or either, and everg? such payment shall bear t interest from date at the rnte stated in ths note secured hereby. . ' 15. That he willpe rn~it, commit, or suffer no waste, impairment~ or deterioration of said property or uny part thereof; ~ and in the event of the failure of the Mortgagors to keep the buIldings on saidpremises and those to be erected on snid premises, ~ or improvements thereon in good repair, the Association may mAk~ and pay for such repatrs as In its discretlon it may deem necessary for the proper preservation thereof, and the full amount of such psiyments shall be secured by the lien of thi4 moctgaga ~ and shall at the option of the Association be immedIately c~ue and payable, or payable in such monthly installments as the Associa- . tion may determine, nnd every such payment shaA bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the I~tortgagors agree, the Mortgagors will cairy a policy or policies of insurance upon ' their lives in un arrl~unt equal from time to time to the amount of indebtedness hereby secured, making suid Association benefi- ; ~ ciary therew~der, and that the said Association maypay the premiums for such insurance (In trie event the Martgagors do not). ~ ~ and add each such p.lyment to the unpaid balance of the loan, as of the first day of the then current month, and it shall become t Additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or ; their contractors to complete said building in accordance with Construction Loan Agreement, of even clate herewith~ or to build ' said construction in accordance with plans and specifications filed with the Association, shaU oonstitute a breach of t}~s mortgage, i und, nt the option of fihe Associution, immediateIy mature the entire amount of princigal and interest hereby secured and tbe Asso- ~ ~ ckltion may immediately institute proceedings to foreclose this mortgage, 18. That the abstraM or abstraMs of title covering the mortgaged property shnll at all times, during the life of this mort- gage, remain in the possession of the Association and in the event of the foreclosure of this mortgoge or other transfer of title to _ the mortgaged property in eactinguishment of the indebtedness secured hereby, all right, title,. and interest of thQ Mortgagon in ~ fi and io aay such abstracts of title shall pas3 to the purchaser or grantee. ' 19. The Association shall have tha right, in its discretion, to require that the Morigagors pay into tbe Assodatton in addt- tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secured by this mortgage, un nmount equal'to one-twelfth of the annua] installments of any tnxes on the mortgaged prEmises levied or assessed by any governm~ntal authority, and one-twelfth of the annuat premiums for Fire and Extended Coverage insurance on the mortgaged - j premises as hereinbefore required by the Assaciation, and the Mortgagors' faihae to mako such payments shall constitute a default ~ ; . under thIs mort~ge. i IN ~'V~TNESS ~'VHEREOF, the said Mortgagors hereunto set their hnnds and seals the day anc~ year first above written. ~ . : Signed, sealed arid delivered in the presenoe of; , . ~ . ` , . ~ ; =~''L _.~..y.Z--~-------- - ~:..~:s~_.~~__.._(SEAL) i dmund M. Ra e ~ - j " - - ~ - ~r '-~~i.~!L!_I_'"+~.8.,.~~SEAL) , ` ; ~ - ~I3or-3.s~i. 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