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Home My WebLink About0152{` f h. ltatil defu,dt in the pcrf-nm:utce of the covenants and :tgreentents of thi; mortg:tgc, the nu,rtgzgurs shall br eutiLc•d to collect the n•nts, issues ar.d proli!s front the premises hereir:b^foru drscribe:l, but in case of a default in any of the loons ut this nxtrtgagr, :u u! the filing of a bill to furcclos~~ this or any other mortgage enc•tanbrring the ++ithin descril;ed prulxtfi', the \ss:•ciatiuu shall itnnediately :reel +cilh~ntt Holier be cntitlyd Ya the a11xtinUnc•nt of a Hecriver of The mortgugrd property, anJ .,f the rents, issncs an<i pntfits thcrtv,f, +yith the usual lxt+ycr of Rerrivcrs in such casts, and suc•1: Hccciyrr uta}• l>e c•ontiuuf~d in po;;rssion of the said pru}x•rt+ until the tints of the sole th:•teuf under such f:treclusure, ;uul until t:u• cvmfirm::rion of sucL s.dc !,+ the t.:ourt- ~l. If a cvnrvcs:utce shutdd be made by the: mortgagors of the pmutiscs iu•rrin descril;ed, or any part then•of, +cithoot the +crit!rn cvnurnt of the :\s;uc•iatinu, ;Hui ++rthrrtt ;u;umjttiun in re•~ul:n forts. of la+y }»• t}u Rrantre of th^ ;tbligation; to the \..ociation en•uttvl by .aid pnnnissurv Hutt and this uturt!tia ~r, then, and in t}•.:t event, uud at tSJe• option cf t:.c Assucratio ~. :unl ++ithout n,tic•r, all suers of nu,ney see~tred hrrrby shall innnediatcly :uul concarrertly with such cgnycyauce b,•conte clue :uul l,ayablc :u td in default. The Asstx•iation may deal with successors in iute,est ++'ith n•fcrcuce to this nxrrtgagr :uxl the debt hercl;y scc•un•d in the same rn:uutf•r as +yith the murtgugurs• and may forbt:rr to sus or may extend tune fur payutent of the debt, stcun•~l hereby. or otherwise, act ++•ithuut disc•h:aging or in any +•..t+' affectin!; the liability of the nu,rt,;a4;urs herrunde•r or ulwn for debt Lcn•bv sccun•d. "I'Le A;suci;ttiou ^tay also dr:d +yith the \lortgaGurs and %or t+'ith succe•ssurs in interest +yith re•ferrnce to t}tis nurct~~:vac and the debt hereby ,c,urr<I by forbearing to sus, cztrnding the lime for pa1'nu•ut of the debt, providing for different nu;ntLly payments and/or a different interest rtt:•, :uul by other expn•ss nuxli(ications of the contract, +yithuut lusint; arty pri~trity the :\ssuc•iation has over other nxtrtgagecs or lirnors c.r Loltlcrs of any junior interests ?n the prol:rrh• srcnrrd hen•hy. 111. "I~hat in thc• event the pn•utisc, hereby nuutgageYl, ur any part thcre•of, shall he +•undenutcd and taken fur public tut under the Iw++cr of rmiurnt dunt,riu, !hr :\ssot:atiun skull have the right to drrnand that all a:ntt~tges a+yardcd for the taking of e:r damat;cs to said pn•ntisrs shall lx• paid to the Associ:~tinn• its successors or assi~;r,s, up to the :unount unpaid on this ntortgaGe and utay -x• apitlie~d ulxm the payment nr payments last payable tLevcon. ll. It is slx•cific•alk agreed that time is the essence of this cvttth-act and that no ~saiyer of any uhligatiou hc•rruuder ur of the ohligatinn secured hereby shall at any time thereafter be held to ht• a waiver of the teens or of the instrument srcurt•d hereby. 1°_. If ktre•c•lusure nrrx'e•cdings of any seae.:c uutrtgage or cud trust decd of any junior lien of ,:ny kind should l>e insti- tuted, the :lsscx•iatiun may at its option, imntediatcly ur thereafter dcchtre this nxtrtgage and the indebtc•chu•ss src:ucd hereby due and payable. 13. To the eytent of the indt•htcdncss of the ~tortgat;ors to the Assctci;ttiun dcsc•ribed hen•ut or ,ecun•d bcn•by, the Also- ciation is hereby subrugatc•d to the lien or liens and to the rights of the u+ynrn and holders thereof of e;u•h :end cycr~' mortgage, lien ar other cncnmbrancr on the land described heroin ++'hic•h is paid :uul(url satisfie~l in ~yhulc or in part, out of the proceeds c,f the loan desc•riher herein or sreured hereby, :nd the resprt•tivc liens of said mortgages, liens ur other encumbrauc•es, shall rtss rn ~urd hr hr}d by the Asscx•iation herein ^s se~curih• for the indebtedness ht the Assoc•iatiun herein drsc•ribed ur hereby seeurec~, ht the s.unc cs'.ent that it +yould have been preserved and avu!d hays }>een p:ased ~to :uul bre•n held by the :association had it been duly :end regularh' assigned, tr:utsferre<1, s°t over and delivrtrd unto the Associ:etien by separt!e de'c'd of assignment, not•.vithst:uui- in~ the fact that the same may be satisfied and cancelled of rc'rord, it being the inlet?lion of the parties }tereto that the same ~t•ill hr satisfied :end cancelled of•rmord by the holders thereof at or a}xtut the time of the recording of this mortgage. I•I. 'I'o p:n• all and singular the cYtsts, charges, and expcnsrs including lastiycr's fees, reasonably incurred or paid at any time by the Assuc•iation, hec;nuc of the failure of the y7urtgagurs to lx>rfornt, comply with and abide by cac•h and every stipule lions. a!;rccnu•nts, cvntditious :utd coyrn;urts of said pnnnissorv Holt and this decd, or rithc•r, and eyrry such pa~mcnt shall bear intcrrst from date at the rate stated tit th:• Hutt sc•curcd hereby. 1~. That hr will lx•nnit, cut~uutt• or suffer nu syaste, impainneni, or drtcrioration of said pntpcrty ctr :uty port thereof: and in t}u' event of the failure of ttre ~tort~agors to kcrp the buildings on said premises and those to be crcch•d on said premise;. .:r intproyemcnts therrun in good repair, the Association nrty make and pay for such repairs :u in its discretion it may ciee•ut necessary for +he pretlxr prrsen'at:on thrrrof.:+nd the full amount of such h.cynuvtts shall he sreured by the lien of this mortgage and shall ^t the option of the Association be i:nmediatrly chte and payable, or payable in such monthly installments as the Assoeia- tirn; rnav dctcnninr, :rod cycrv such paynu•ut shill bear interest {tom date :tt the talc statra in the note secured herrh+•. -(i. 11rat if thc• Associ•etinn and the ~lurtgagors agree, the ti}ortgagors swill rtm• a lwlicv ur policies of insurance upent their !i+-es in :ur amount cclual from time to titer to the amount of indebtedness hrrebv sreured, making s;.i.; Association brnrfi- ei:uy thcrennde•r, and that the said Association may pay the premiums for such insur:utce (in the event the \lorh~a~~urs do noel, ;uul~ add each such p:n•ment to tits unpaid balance c,f the loan, as of the first day of the then currrut nturtth, and it shall bec•onx• additional indebtedness serurcd by this mortgage payable ulxtn demand. 17. That in the e~~cnt that this mortgage be giycr>,to src:urr a coastnrction lo;tn, failure on the part of the ~.lurtgagors or their c•onh;tctor,, to contltlcte said building in acrordancY with Constnrctiuu Loan Agrccnteut, of rycn <lah• hcrc+yith, or ht build said construc•tinn in acc•orcLuu•e with pans and spccificatiuns filed +yith the Association, shall constitute a hrrach of this mrntga~~r. and, at the option of the Association, immcdiatcly mature the entire .unount of principal and intrrc;t Lercb+• secured and the :\ssi,- c•iation may immrdialcly institute prncecdin`~s to foreclose this nuntgac;e. , 1S. •I-hat the absir.tet ur ahstrac•ts cf title coycrin, the mnrt!;a:;rci pruprrty shall at all times, during the life of this mert- ~,agc•, remain in the posscssinn of ±hc• :Assoc•iation :rod in the event of tLc fnrcrlosure of this au,r!ga~r or other transfer of title to the nutrt<~ac~c•d property in estinguishntent of t}:e indebtedness ~ecumd lx~n•by, ail right, title, and interest of the Alnrt,,a~ntrs in and to any such abstracts of title shall pass to the purchaser or graotee. 19. The Association shall have the right, in its discretion, to rccluirc that lh; Mortgagors pay into the :\ssociaiiun in :uldi- tion io tltr monthly instalLnrnis of principal and intcrrst to be paid by the, \lortgagors under the note secured by this uurrtgage, ;ur amount cclual to ore-t~.+•elfth of the annual inshdiments of any tavrs un the nuntgati~:•d prctnisrs Ie•yicd ur assessed by ,ut+• gos'enunental authority, and our-hy~l[th of the annual premiums fur Dire and I`;ste•r.ded Coycr•tt*e insuranc•c un the mortbaged pn•mi;cs as hercinbrfeirr rcrluircd by the Assoc•iatiun• and the \tort~!a^_nrs faihtrr to make such payments sh:dl constitute a +lrfault under tl!is nunh~a~m. I\ ~V'[•T\ESS \1•III?REOI~, the said Mortgagors hcmunh; set their hands and seals the cLt+• and year fir.;t ,hove +yrittrn. Sicnrd, staled and delivered ire the prescnc•c of: . ~ /' / ~ ~_~ ~ L~ ~~~~ ~~~~ ~!~Lrf,Y-e-C~ ~~ ~ `z~~' t~ eta `f'`~t~F..•1[.l - on Marie B. Hutchins ~~~ ~ _ ; tit::\I. ~ Y S1 \1. r - ~ isl•:.-~t.~ (`RITNESSES) iMOicTGAGORS;