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HomeMy WebLinkAbout0453~._~ B~R~ ~9 ~~~~~ S. Until default in the performance of flee covertar+ts and agreements of this mortgage, the mortgagors shall be entitled to collect the rents, issues and profits from the premises hereinbefore described, but in rase of a default in any of the terms of this mortgage, and the filin~ of a bill to foreclose this or any other mortgage encumbering the wi•hin described property, dre Association shall immediate.-. -+ d without notice be entitled to tha appointment of a Receiver of the mortgaged property, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in possession of the sold property until the time of the sale thereof under such foreclosure, and until the confinnatirnT of such s:dr by the Court. 9. if a convE).ante should be made by the mortgagor of the premises herein described, or an}• hv-t thereof, without the written consent of the Association, and without assumption in regular forn~ of law by the grantee of the obligations to the. ~sscx•iation created by said promissory note and this mortgage, then, and in that event, and at the option of the Asscx•iatinu, and without notice, alt sums of money seeurecl hereby shall immediately and concurrently with such conveyance beccmre clue and paya~~le arul in default. The Association may deal with successors in interest «Zth reference to this mortgage and the debt hereby secured in the same mamrer as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secured hereby, or otherwise act without discharging or in any way affecting the liability of the mortgagors hereunder or upon *.he debt hereby secured. 'fhe Association may a co deal with the Mortgagors and/or with successors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express modifications of the contract, avithout losing any priorih~ the Association has over other mortgagees or li.:nors or holders of any junior interests in the propcrh' secured hereby. 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use Hader the power of eminent domain, the Assuc•iation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its snccessors or assigns, up to the amount unpaid on this mortgage and may be applied upon the payment or payments last payable thereon. 11. It is slrecifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secure~3 hereby shall at any time thereafter be held to be a waiver of the terms or of the instnunent secured hecebv. 12. If foreclosure proceedings of any second mortgage or second tnrst deed or any junior lien of any kind should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable, 13. To the extent of the indebtedness of the Mortgagors to the Association described herein or sec•ure<! hereby, the Asso- ciation is hereb}' subrogated to the lien or liens and to the right_t of the owners and holders thereof of each aad ever} mortgage, lien or other encumbrarce on the had described herein which is paid and(or) satisfied; in whole or in part, out of the proceeds of the loan described herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances, shall Hass to and be held by the Association herein as seetrrity for the indebtedness to the Association herein described or hereby secured, *.o the same extent that it would have been preserved and would have been passed to and been held by the Association had it been duly aad regularly assigned, transferred, set over and delivered ur-to the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be c.ltisfied and cancelled of record, it being the intention of the patties hereto that the same •.vill be satisfied and cancelled of record by the holders thereof at or about the time of the reconiing of this mortgage. 14- To pay all anti singular the costs, charges, and expenses inchuling lawyer's fees, reasonably incorrect or paid at any time by the Association, because of the failure of the 'Mortgagors to perform, comply with and ai+ide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this dre>d, nr either, and werv• such pat~rnent shall bear interest fmm date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste; impairment, or deterioration of said prohert}• or any part there<,f; and in the event of the failure of the Mortgagors to keep the buildings nn said premises and those to be erected on said preaniscs. or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it nary dc>em necessary for the proper preservation thereof, and the full amount of such payments shall he secured by the lien of this mortgage and shall at the option of 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. 18. That if the Association and the Mortgagors agree, the ;Mortgagors will cam' a policy o: policies of insurance upon their lives in an amount equal from time to time to the amount of indebtedness hereby scctued, making said Association benefi- ciary thcreuncier, and that the said Associatior. may pay the premiums for such insurance !in the event the ~turtl;agors do not), and add each such pa}'ment to the unpaid balance of the loan, as of the first day of the then current month, and it shall become additional indebtedness secured by this mortgage payable upon demand, 17. That in the event that this mortgage be given to secure ~ constn+ction loan, failure on the part of the lfortg:tt;ors or their contractors to complete said building in accordance with Constnrction Loan Agreement, of even date here~yith, or to huil<I said construction in accordance with plans and specifications filc>d with the Association, shall constitute a breach of this mortt;a4~c. and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the :1sso- ciation may immediately institute proceedings to foreclose this mortgage, 13. That the abstract ur abstrac•ts of title covering the mortgaged proherty shall at all times, during the life of this mort- r~age, remain in the possession of the Association and in the event of the foreclosure of this mortgaRC or other transEcr of title to the mortgaged property in ex~inguishment of the indebtedness securccl hereby, all right, title, and interest of the ~fort~,a~ors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the lfartgagors p.:y into the Association in addi- tion to the monthly inst,.llrnents of principal and interest to be paid by the ~tortt;agors under the note secured by this mnrtgat~e, an amount ec;ual to one-twelfth of the annual installments of any ta3es on the nu,rtgaged premises le•vic>d or :+sscssed by env governmental authority, and one-hyelfth of the annual premiums for Fire and E~tendcd Coverage incur;uu. nn the mort<,*,a~cd premises as Lereinbefore required b.' the Association, and the Mortgagors' failure to make such pa}•ux•nts sL:dl constitute :r default under this mortgage. I\ \:'ITIESS ~~'IIEREOF, the said '~torkRagors hereunto set their hands and orals the clay and year first abuse written. Signed, sealed and ddiyered in the presence of: _ ~ - /~ - - - _.- ~~~~ ~~~~~ /eJ,stler~B.'iia rave, ter. ~ F.nita L. fiargrave i tih:AI.I - (SERI,) (WITNESSES) !N.OATG.4GOA5? ,~.~~.