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Home My WebLink About0418 i 8. Until default in the pcrt'oema~~ce oE the coven~~nts una .i~rcrments of [his mortgag~, the m~~rigngors shall bcs entitled ; to cvllect the rents~ issues and pretits from the premises hereinbeforo dr,scribed, but in case uE u dc~a~ilt in nny cE tlze term~ of ; this mortgage, end the filin~ of a bill to forecloso thIs or nn~ other mortglge encumbering the ~+~ithin descr~bed propert}', ' ~1ssc~ciation Shnll immculiate.y ~nd Hi~hout notice Ue entitlecl to tlie nppou~tment of a Receivcr of the mortgaged pro~:rty, and ~ oE the ~n~s, :~snes :~nd p,oiits thcreof, with the us~~al po~ver of Rc~ceivers in such cases, and such Receiver may tx; continueci ~ in pos~ession +~f the saicl property until thcs time of the sale thereof u~der such foreclosure, and until the confirmntion of such ~ snlc 6~• thc Court, ` . _ ~ 9. If a convevanc~: should Ue mnde by the mortgagors of the premiscs herein describecl, or ;~iiy part thereoF, ~vithcut ~he ~~~ritten eonsent o~` tl~e Association, And ~~ithout assumption in regular form of la~v by the grantee of the obligations to th~ _ ~ .~ssc~ciation cre.~teci by said promissory note and this mortgage, then, and in thlt event, and at the option af the Associntion, i arnl ~~~ithout notice, all sums of moneY securecl hemby shall irr~mediately nnd cancurrenth• with such con~~cyance Uecome due nnd ; pa~•ab;e and in default. The Associntinn may detil with successors in interest ~vith reference to this morigage und the debt herebti~ ~ se.:i~r~d v~ the same mnnner es «~ith tEie mortg~gors, and muy forbear to sue or may extend time for 1~.1~nnent of the debt, securc-~- ~ ~ hereby, or othenvise act ~~~thoiit discha~ eng or in any way nffecting the liat~ility of the mort~agurs hereunder or uport the debt ~ hereby secured. The Assxiation may also deal ~vith the Mortgagors and/or ~~~th succes;ors in interest with reference to this mortg;?ge nnd tho debt hereby secured by Eorbearing to sue, extencling the time for payment af the deht,- providing for different ~ monthlv }~yments And/or a differc;n~~ interest r~te, And by other express madificltions of the contr.~ct, ~ti~ithout losing nny priorih• _ the Association has over other mort~agees or lienors or holclers of any juiiior int~.rests ~n the pmperty secured hereb~•. ~ 10. Th~t in the e~~ent the pmmises hereby martga~ed, or any ~~art thereof, shall be conclemned anei taken for p~blic usA ~ undc~r the po~ser of eminent damain, the Assaciation shall have the ri~ht to dem,uid that nll damages awarded for the taking of or ~ damages to said premises shall be paid to the Associntion, its successors or assigns, i~p to the amount unpaid on this mortgage and mav be npplied upon the payment or payments la~t payable thereon. ? 11. _ It is specifically agreed that time is the essence of this contract and that no ~vaiver o~ a:~y obligation hereunder or of - the obligation secured hereby shall at any time themaEter be held to be a~~~aiver of the terms or of the instrument secured hereby. ~ ' 12. If foreclosure proceeciings of any second mortgage or second tn~st d~eci or any jw~i~r lien of any kind should be insti- ' tuted, the Association may 1t its option, immediatzly or thereafter declare this mortgage ancl the indebtedness secured hereby due ~ and pa~•able. - . - ' ~ . 13._ To the ~xtent of the indebtedness of the Ttortgagors t~ the Association described herein or secure~i hereby, the Asso- i ciation is herebp subrogated to the lien or ;iens and to the rights of th~ o~ti~rers and holders thereof of each and every m~~tgage, ~ lien or other et~cumbrance or~ the land described.herein ~~~hich is paid and(or) satisfied, in ~~•hole or i~i part, out of the proceeds . ~ of the loan described herein ar sccur~ hereby, and the respectivc liens flf said ~nortgages, liens or other e~cumbrances,- shallpa ss p to ~nd be hcld by the Association herein as security for the indehtedness to the Ass~ciation herein described or hereby secured, to , the same ex!ent that it would have i~een preserved and ~could have been passecl to and been helcl by the Assoeiation had it been ~ duly and regularl}• assigned, transferrecl, set over and delivered unto the Association by separate deerl of assignment, nohvithstand- ~ ing th~ fa~~ that t~~e samz may be satis(ied and carc~lled of r~rd~ it being the intention of tl:e p:iriies hFreto that iha same ~viii ~ be sa~sfied and cancelled of record by.the holders thereof at or about the time of the.recurding of this mortgage. ~ - 14. To pay :ill and singular the costs, charges, and eYpenses including la~vyer's fees, reasonabl~~ incurred or. paid at any ~ time by the Association, because of the faili~re of the \fortgagors to ~rFonn, comply ~~7th and abide by each and ever~ stipula- _ ~ tions, agreements, conditions 1nd covena~ts of said promissory note and this deed, or ei!her, anc~ every such ~a; ment shall Uear ~ interest ~'rom date at the rite state:i in the n~te sec~ued hereby. ~ 15: That he ~vill germit, commit, or suffer r_~ waste, impairment, or deteriorafion of said proPerh~ or any l,art thereo€; 4 ancl in the c~~e:it of the failure oi the Aiortgagors to keep the buildings on said prQmeses and those to be erected on slid premises,- ~ or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in i?s discretion it may d~**z - nec~ssary for the proper preservation thereof, and the full amount of such payments s6a11 Us secwed by the lien of this mortgage ~ and shall at the opt~on of the'Associatioa be immecliately due and payable, or payable in such monthly installments as the "ssocia- ~ tion may determine, and every such payment shall bear interest frum date at the rate stated in the note secured hereby. _ ~ 16. That if tl~e Association and the ~tortgagors agree, the Mortgagors ~vill carry a policy or policies of insurance upc~n their li~es in an aml9unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said lissociation benefi ~ ciar~•.il~ereunder, and that the said Associati~n may rav the premiums for such insurance (in the event the \fortgagors do not), ~ and add each such p~~-ment to the un~a id balance ~f the loan, as of the first day of the then currEnt month, and it shall Uecome i addi:ional indebtedness secured by this mortgage pay¢ble upon demand. - ~ 17. That in th~ event that this mortgage be given to secure a constniction loan, faiture on the part of the ~iortgagors or ~ their contractors to complete said building in accordance ivith ~,onstruction Loan Agreement, of even date here~vith, or to build ~ said construction in accordance ~vith plans and specifications filed t~~ith the Association, s}iall constitute a breach of this mortgage, - ~ and, at tha option oE the Association, immediatel,y mature the entire amount of pri~cipal and interest he~eby secured and the Asso- ~ _ ciation may imme~iately institute proceedings to foreclose this mortgage. - ~ 13. That the aUstract or abstracts of title co~~ering the ,~orlga~;eci property shall at a11 times, during the life of this mort- ~ ~age, remain in the possession of the Association ancl in the event of tlie foreclosure of this mortgage o: other transfer of tide tn th~ mortgaged propcrty in extinguishment ~f !he indehtedness secureci },creby,, all right, title, and inter:st of the 111ortgabors in = and to an~ such abstracts of title shall pass to the purchaser or grantee. 19. The Assciciation shall have the right, in its discretion, to rcquire th:it the \fort~<~gors p:?y into the Association in addi- ~ i tion to the monthly installmentr of principal and interest to be paid by the ~iortgagors under the note secured by this mortgage, ~ _ an amount equal-to one-hvelfth of the annual installments of any tases on the mortgagecl premises levied or assesseci by any - governme~ztal authority_ and one-hselfth oE the annual premiums for Fire and E?ctenued Coverage insurance on the murtgaged ~remises as hereinUefore reqiured b~~ the Association, and the \tortg.~gors' failure to make such pay~nents shall constitute a default = under this mort~ ae. ~ ~ - - ~ ~ IN ~t~IT\ESS ~VHEREOF, the said ~fortgagors hereunto set t}~eir hands anil seals the day and year first above tvritten. ~ Signe.l, sealed and deli~•ered in the presence of: - ~ ~ . ~ ~ _ _ : ' - - - -c~'~._--~_+~,~--~----~!~-_-~-~, - - - - - --~SEAL) ~ - - o . - ~ C d.. E. Rat eb r ~ ~ ~ ~ ~ ~ - i.-~z~.2~c.~.-- - ~J~--- E~_~~ti~l`-~~. - ~'~C,- - - -(SCAL) ~ _ . . - _ - _ : o Ann Rathgeb r . £ ~ - - - - " - - ~ - - - _ . - - -~SEAL) - ~ . ~ - - - - - - - - - - - - - - - - - - EA ) (WII4ESSES) - ~ ik,ORiGAGORS) S L ~ - _ ~ - a ~ ~ = s~~x 239 p~~f 43.8 _ ~ ~ ~ : ~ - ~