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HomeMy WebLinkAbout08463 r ~ ~ A. C Y. ~ .lylt. l..'~~~1 i Y, i S. Until defauL in the perfornmauce of the covenants and afire. meats of this mortgage, the mortgugors shall be entitle, to collect tho rents, issues and profits from the premises hereinbefore deseribecl, but in rase of s, de~Eault in any of tl-e leans of this mortgage, and the fIlin~ of a bill to foreclose this or any ether mortgage encumbering tha within described property, the tins«•iatiou shall unmediate ~• and without notice be entitled to the appoi-mtnment of a Receiver of the mortgaged property, u-ul of the rents, issues r.nd profits thereof, with the tut-al po:ye: of Receivers In such cases, and such Receiver easy be continued in possession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale b: the Court. 9. If :- convc~•ancc should be made by the mortgugors of the premises herein described, or any part thertnf, witlwut the ss~ritten c~cmnsent n the Association, and .+~t moot assumption in regular form of law by the grantee of the obligations to the ~..~:ciation created b. said promissory note and this mortgage, then, ana in that event, and ut the _option ~f thc• Asscx•jation, tool ~c•ithout notice, all sums of money secs-ue<1 hereby shall immediately and concurrently atith such cpnveyance lmecome due and pa::ihlc and in default. The Association may deal with staocessors in interest :vith reference to this mortgage and the debt hereby securc~cl an the saute manner as :yith the mortgagors, and may forlmear to sue or may extend time for paynment of the debt, seeurc~cl hereby, or uthenyise act :a~thout discharfimg or in any wa}• affecting the liability of the mortgagors hereunder or upon tha debt hereby secured. The Association may n o deal with the Mortgagors and/or witrr successors in ir.!erest with reference to this n»,rtc;age and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ,nonthly payments and/or a different interest rate, and b other express modificatipns of the contract, without losing any priority the Association has over other mortgagees ar lienors or holders of any junior Interests in the property secured hereby. 10. That in the event the premises hereby mortgaged, or any part thereof, shall Ime crondemned and taken for wblic t-sc under the lxi:ver of eminent domaum, the Assxiation shall have the right to demand that all damages awazded for the tag of or d:una~es to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage aid may be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence o[ this contract and that no :vah•er of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 1?. If foreclosure proceedings of any second mortgage or second trust deed or any jrmior lien of,pny kind should be in~ti- tutcd, the Association may at its option, Immediately or thereafter declare this mortgage and the indebtedness secuued hereby due tend payable. 13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso- ciation is hereby suhrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or other encumbrance on the land 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 ar other encumbrances, shall pass to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to the s mine extent that it would have been preserved and would have been passed to and been hgld by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separa ©deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will }me satisfied 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, reasonablyy incurred or paid at any time by the Association, ~Mause of the failure of the Mortgagors to perform, comply with and abide by each and every stil,ula- tions, agreements, conditions ~rnd covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 13. Tt'.at he will permit, com~rrit, or suffer no waste, impairment, or deterioration of said property cr any part thereof; and in the event of the of ilure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises, or improvements thereon in good repair, t e Association may mako and pay for such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :llmCl slmall 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. 13. That if the Association and the Mortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an amount equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- c•iarv thereunder, and that the said Association may pay the premiums for such insurance (in the event the 1\fortgagors do not), and a•Td each such payment to the unpaid balance of the loan, as of tho first day of the then current month, and it shall become additional inclebteclness seeureci by this mortgago payable upon demand. 17. That in the event that this mortgage be given to secure a constnrction loan, failure on the part- of the \irtgagors or their contractors to complete said btulding in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed with the Associstion, shall constitute a breach of this mortgage, ancl, at the option- of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation. may immediately institute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of title covering the mortgaged property shall at all times, during the life of this mort- gage, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secar«1 hcre:my, all right, title, and interest cE the Mortgagors in and to any su.h abstracts of ±itle shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to regtrira that the Atorigagors pay into the Association in addi- tion to the m~anthly installments of principal and interest to be paid by the Mortgagors tinder the note secured by this mortgage, an amount equal to one-twelfth of the annual installments of any taxes on the rortgaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Firo and Extenc:ed Coverage insurance on the mortgaged premises as }mereinbefore required by the Association, and the Mortgagors' faihue to make such payments shall constitute a default antler this mortgage. IN ~~'ITNESS «'HEREOr, the said l~tortgagon hereunto set their hands and seals the day and year first above written. and delivered in the presence of: (WITNESSES, s - ------ --- - _ --- (SEAL) Will' B, Co' y - --~ ~--~• --~~~!~- ----(SEAL) ;4':ary C~~Cblby ,.., . -_. - - -(SEAL) (HIOR TGAGOR S) - at