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Home My WebLink About1435 ~ ~ ` _ i , - a ~ 3 i - ~ ~ 8. Until default in the performanca of the co~~enants i~nd agrecments of ~lus mortgage, the morigagors shall be entitlecl . to collect the rents, issues nnd profits from the premises licmeinbefor~ descrilfeci, but iii case of a default in any of the terms of this mortgage, and ihe filing of a bill to foreclose this or any other mortgagQ eTicumbering tho ~vithin descriUed property, the Association shall immecliately nnd ~eithout notice lx~ entitleci to thv nppointment of n Receiver of the mortgaged property, und of tha rents, issues and profits thereof, ~vith the ur:ual ~~o~ver of Receivers In such cases, and such Recei~•er may be continued ~ in possession of tha said property until the time of the sAle thereof unciet such foreclosure, nnd until the confirmation af such ~ sale b~~ the Court. : 9. lf a conveyance should be mnde by the mortgugors of the premiscs herein described, or nny part thereof, without the «zitten c~nsent. af th!~ AssociaHon, nnd ~vithout lssumption in regular form of 11~v by the grantee of the obligatfons to the ~ Association created by said pmmissory note and this rnortgnge, then, und in that event, and at the option of tLe Assuciatio», :~ncl ~~~thout notice, all sums of money secured hereby shall immediately nnd concurren~y ~~~th such conveyance become due and ~ payable und in defuult. The Associution may deal with successors in interest ~vith reference to this mortgage and the debt herebv ~ seeurec~ in ihe s~~me munnrr us with the mortgagors, nnd may forUear to si~e or may extend time for pa}~ent of the debt, seeurec~i ~ hereby, or otherwise act without discharging or in any ~v:iy affecting the liability of the mortgngors hereunder or upon the debt ~ hereb}' secured. The Association may also deal with the hiortgAgon and/or with successors in interest with .reference to diis ~ mortg.~ige and tho debt hereby securecl Uy ~orbearing to suc, extending the time for payment of the debt, providing for different monthly payments and/or a d~fferent interest rate~ und by other expnss rnodifications of the contr:~ct, ~vithout losing nny prioait~• # the Association has over other mortgagees oi )ienors or holders af any jwiio: interests in the property secured hereby, ~ ~ 1Q. That in the event the premises hcreb~~ mortgaged, or any-part thereof, shall be condernneci and taken for public i~se ~ undcr the power of eminent domain, the Association shall hlve the rifiht ta demand that nll damages awarded for the ta}ang of or ~ ~damages to said premises sh~ll be Paid to the Association, its successors or ~ssigns, up to the amount unpaid on this mortgage and ~ _ mav be npplied upon the payment or payments last paynble thcreon. _ ~ ~ ~ 11. It is specifically ~greed that time is the essence of this contract and that r.o waiver of any obligation~hereunder or of the oblig:?tion seciued hereby shall at nny tim~ thereafter be held to be u~vaiver of the terms or of the instrument secured hereby. . 12. If foreclosure proceedings of any second mortgage or second trust cleed or any junior lien of any ldnd should be insti- ~ tuted, thQ Association may at its option, imrnediately or thereafter declare this mortgage and the indebtedness sec~ued hereby due and payable. - - . " ~ ~ 13. To the extent of the indebtednes's of the ~iortgagors to the Association described hereui or secuied hereby, the Asso- " ~ ciation is hereby subrogated to the lien or liens and to the rights of the o~vners flnc~ h~Iders thereof of each and every mortgage, lien or-other er,cumbrance on the land described herein ~vhich is paid and(or) satisfied; in ~vhole or in part, out of the proceeds - ~ of th~ loan described herein ar secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, ~shallpa ss f tn and be held by tfie Association herein as security. for the irldebteclness to the Association herein described or hereby secured. to ~ the same ex!ent that it ~vould have been preserved and .rould have been passe.~cl to and been held by the Association had it been ~ - dul~~ and regularly assigned, transferred, set over and delivered unto the Associati~n by separate deed of assignment, nohvit}:stand- - ing the flct that the same may be satisfied and cancelled of record; it being the intention of the parties hereto that the same ~vill . be sa~sfied and cancelled of record by the_ holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonabl)~ incurred or paid at any ~ time b_y~ the Association, Uecai~se .of the f:~ilure of the hiartgagors to gerfonn, comply ~vith and abide by each and every stipula- tions, eements, conditions and ro~~enants of said promissory note and this cleed, or either, and every s~~ch payment shall bear _ interest from datP ?t the r:ite st?ted in the note secured hereby. . ~ " 15. That h~ will perrnit, commit, or suffer no ~~~aste, impairment, or cleterioration of said property or any part thereof; _ i 1nd in th~ event of the failure of the 11iort~;agors to keep the buildings on s~1id premises and those to be erected on s.~id premises, ~ or impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its d'ueretion it may de~m necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage ~ and shall at the option oE the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. - 16. 'That if the Association and the Aiortgagors agree, the Aiortgagors will carry_ a policy or policies oE insurance up~n iheir lives in an am''siuit equal from time to time to the amount of indebtedness he~ebp secured, maldng said Associaticn benefi- ciary-ihereunder, and that the said Association may pay the premiums for such insurance (in the event the Tiortgagors do not), anc7 add each such plyinent to the unpaid balance of the loan, as of the first day oE the then cuirent month; and it shall become - additional indebteciness secured by this mortgage payable upon demand. _ 1?. That in the event tha: this mortgage be g~ven to secure z construction loan, failure on the part of the ~iartgagors or . their contr.ictors !o complete said building in aeeordanee ~vith Construction Loan Agreement, of even date here~vith, or to build s~1id construction in accordance ~vith plans and specifications filed with the Association,,shall eonstitute a breach of this mortgage,. and, at the option of the Assaciation, immediatety mature the entire amount of prineipal and interest hereby secured and the Asso- - ciati~~ may immediately institute proceedings to foreclose this mortgage. - ~ - 13. That the abstract or abstracts of title covering the mortga~ed property shalt at all times, during the life of this mo*t- ~ fiage, remain in the possession of the Association and in the event of tlie foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of ihe indebtedness sacurecl hereUy, all righ., title, ~nd interest of the 1lfortga~ors in as~d to any such abstracts of title shall pass to the purchaser or grantee. - 19. The Association shall hare the right, in its discretion, to require that the :~iortg~gors p:i~~ into the Association in addi- ~ ~ tion to the manthly installments of principal and interest to be paid b}' the ~iortgagors under the note secured by this ~nortgage, ; an amount equal~to one-hvelftl~ of the annual installments: of any taxes on the mortgaged premises levied or assessed by any ; ~ goveinmental authority, and one-hvelfth of the annual premiums for Fire aiid Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, ~nd the ~iortgagors' failare to make such payments shall constitute a default ~~nder this mortgaoe. - . ~ . . I\ ~VIT~ESS \VHEREOF, the said \iortgagors hereimto set thei~ hands and seals the day and year first abo~'e ~vriiten. Signed, sealed and delivered in thc prese~ce of: ! ~ ~ 3 : ~!o~,, , - ' - ~ ~ L-l~Lt , j-r~ ~ i _ '`'7~-?,~/--- ~-~~'.~-s`~ _ . ----~1__--- ----~SEAL) - ~ . Ruth Schreier . - - ~ • C - ~~'~"CJ - - - - - - ------~SEA.I.) > - ~ -~fJ v - - - - - - - ---.(SEAL) - - - - ~ - - - - - = - - (SEAL) _ - (WITNESSES) (MORiGAG~RS) . Boox~?J9 PAGE1432 _ _ ~