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• 8. Until dofault in tha performance of the covena~its and agrecments of this mortgage, the mortgagora shalt be entided }
; to collect tho rents, lssues snd profits fmm the premtses herelnbeforo descri}~ed~ but in casa of a default In uny of tha tenn~ af ~
thLs mortgAge, nnd tha flltng of a bill ta foreclose this or any other mortgaga encucnbering tha within described property, the i
i Associntlon slwll immedtntel}• nnd without notiee3 be entItlecl to ihe appointment of a Recelver af the ~mortgugecl property, and •
; of the rents, issues and profits there~f, wtth the usunl power of Receivers in such cases, and such Receiver mAy bo continued ~
. in possessIon of tho saId property untl] tho time of die snle thereof uncier such foreclasi~re, and until the conFicmntton of such '
sn1Q Uy the Court. '
9, If a conveyanco should be mnde by the mortgagors of the premises hereln described~ or any part diereof, without
thu written consent of the Assoclatton, nnd without nssumption in regular form of IAw by the grnntee of ihe oblignttons to tha
Associntion crented by said promissory n~te und this mortg1ge~ then, und in that event, and nt the option of the Association,
nnd ~vethout notice, all sums of money sscured hereby shall immecliately nnd co~icurrently with such cc?nvoyanc~e be~ome due and '
payaUle and in defnult. The Association may deal with successors in interest with refe?~ence to this mortgnge and the debt hereby ;
seeureci in the s~me mannrr t~s wid~ the mortgagors, atid ntay forU~:ir to sue or mAy extend time for 1~.lyment of thc debt, seeurecl ;
} hereLy, or otherwise uct without d~schnrging ~r in any wny nffecting the linbility of the mortgagors hereunder or upon the debt
' ` hereby secured, The Association may also deal with the Mortgngors und/or with successon in interest with reference to this
mortg:ige and the debt hereby sccurecl by forbelring to sue, exicnding the time for payment of the debt, providing for dJfferent y
? ; mnnthly payments and/or n d?fferent intere~. rnte, nnd Uy oth~r express modlfications of th~ contract, without Insin ? nny priority ;
the Associatlon has over other morigagees or lienors or holclers of any junior interests in the property secured here~y,
€ ; 10, That in tho event the E~rrmises h~~reUy mortgaged, or any pArt thereof, shul! be candcmned nnd taken for pubIic use
under the power of eminent domain, the Assc~ciati~n shall }iave the right to dema~id thnt nlI damages uwarded for the takir?g of or
~ damages to snr~ premises slinll be paid to the Associatton, its successors or assfgns, up to the amount unpaid on thls mortgnge s?nd
~ + ~ mny be nppliecl upon the payment or payments last payable thereon, ~
~ } 11. It is specifically ngreed that time is ihe essence of this contraet and that no wniver of any oblig~tion hereunder or of ~
; ; the obllgatIon se~curecl hercby shnll at uny time thereafter be held to be a waiver of ihe terms or of the instrument secured hereby,
} ~ 22. IE forerlosure proceedings of any second mortg:~ge or second trust deed or any f unior lien of any ktnd should be insti- j
tuted, the Associution may st its option, imi~2dIately or thereafter declare this mortgnge and the indebtedness secuted hereby due i
~ and gayable. . ~ i
• t 13, To the extent of the indebteciness of the Mortgugors to the Associntion described herc Li or securecl herE;by, the Asso- i
~ i ~ ciatton is hereby subrogatecl fo the lien or liens send to the rJghts of the cwners and holders thereof of each and every modgage, '
; i llen or other er~cumbrnnce on the land described herein which is paid ancl(or) satisfiecl, in whole or iii part, out oE the proceeds i
of tha loan described herein or securecl hereby~ und the respective licns of saId mortgnges,'Iiens or ather encumbrances, shallpa ss
to nnd be held by the Association herein t+s security for the indebtedness io the Associ~tion hereln described or hereby secured, to ?
the sume ex;ent that it woutd have been preserved nnd would have been passaci to und been held by ihe Association had it been ,
~ ~ du2y and regullrly assigned, transferred, set over nnd delivered unto the Association by Separata deed of assignment, notwithstund- ~
_ : ing tho fnct that the snme may be satisfied and cuncelled of record, it bcIng the intentlon 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 r~ecording of thts mortgage, j
14. To pay nl! and singular the costs, chnrges, and expenses including lawyer
s fees~ reasonably incurred or paid nt any ~
~ time by the Association, t~ecause of the fnilure of the ~ltortgagors to perform, comply with arid ubide by each and every stiputa- ~
~ ` tions, agrcements, conditions ancl covenants of szid promissory note nnd this deeci, or either, nnd every such payment shall bear ~
interest from date ut the rs~ie stated in the note secured hereby. ~
15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said ptoperty or any part thereof; !
~ , nnd in the event of the failure of the Mort~ugors to keep the buitdings on stitd premiscs und those to bs erected on snid pr~mises, !
< or irmprovements thereon in gaad rep~ir, the Association may m~ke and p~y for such repairs as in its dtscretion it may deem ~ ~
; necessary for ihe proper preservation thereof, und the full amount of such pavments shall be seeured by the lien of this mortgage j
and shall at the option of the Assc,ciution be immediately due and payable~ or payable in such monthly instaltments as the Assocls- ~
j tion may determine and every such payment shall bear interest from date at the rate statecl Jn thR note secured hereby, ~
~ s 18. Tl~at if the Association and the I~iortgagors ugree, the Mortgagors wlll carry a poliey or policies of insurance upon i~l
4 ~ their lives in an str~unt equal from time to time to the amount of indebtedness hereby secured, making sAid Associntion benefi-
' ; ~ ciury thereunder, and that ihe saicl Associ~tion maypa
y the premiums for such insurnnce (in the event the Mortgagors do not)~ ~
~ ' and add each such payment to the unpaid balance of the loan, us of ths first day of the then cture~~t month, and it shalt become
- additional indebtedness secured by this mortgage payable upon demand. C . .
= 1 7. T h a t i n t
h e e v e n t t h a t t
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4 o r
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their contracEors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ,
- s
a i d c
o n s t r u c t i
o n i n a e
c o r d a n c e w i t
h p l a n s a n d s
p e c i f
i c
a t i o n s f i
l e d w i t h t h e A s s o c i a t i o
n, s h a ll c
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a g
e,
nnd, at the option oE thc Associntion, immediately mature the entire amount of principal and interest here6y secured and the Assa .
' ciation may immeciiately institute proceedings to forecIose this mortgage.
18. That the abstraM or abstracts of title covering the mortgaged property sht~ll at all times, daring the life of this mort- i
` ~ gage, remain in the passession of the Association znd in the event of the fareclosure o~'this mortgage or other transfer af title to
the mortgaged property in extinguishment of ihe indebtedness secured hereby~ all right, title, s?nd interest of the Mortgagors in ~
and to any such abstracts of title sha11 pass to the pwchaser or grantee. .
. 29. The Association shall have the right, in its discretion, to recjuire that the Mo~tgagors pay into the Assoclatton in addi-
tion to the monthly installments of principal and interest to be plid by the bTottgagars under the note sec~ +h~a mortgages ~
_ nn amount equal•to one-twel[th of the aruiual ir?stallments of any t~.res on the mort~aged premises levied or assessed by any
governmental authority, nnd one-twelfth of the annual premiums for Fire and Extended Covernge insur~nce on the mortgaged ~
? ~ ~ p~emises ns hecehi~efore req~ured by the Association, and the Mortgagors' failure to mal:e such payments shaII constitute a default
~ ~ under this mortgage. ~
a, i ~~`-IN• WITNESS ~VHEREOF, the said Morigagors hereunto set their hands and seals the day aad year first above written.
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~ • Signed~ sealed`arid deiivered in the presence of:
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; f ~ . • ~C ( E~IL) -
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; i ~ . . adke . S .
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_ ' . ..(SE~L)
. ~ Doris M. Radke . -
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~ s . . ~ .r_ . (S~:A.I,j :
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_ { - ---__.____....:.r.-- _ _ ....~..__....,(Sgl1L)
' E l1MITtiESSES~ ~(AAORTGAGORS)
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