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Home My WebLink About1421o. R. ~~ t•ACf ~+~ BOCK ~T, i.'.'~~E C;UN~~, CLA. R. Cntil default In the petEormance of the covenutu and agteemenu uE this mortgage, the mortgagors shall be entitled to collect the rtnu, isstrn and profits teem the premise hereinbetore described. beet in case o[ a default sn anY of the terms. of this mortgage. and the filing of a bill to foreclose this or any other mortgage encumlxring the within dacnbed property, the Associauon shall immediately and s:ithout notice De entitled to the appointment of a Receiver of the mortgaged prop erh~, and of the tents, iseuts and profits thereof, with the usual poser of eceivers in such caxs, and such Receiver may !x continued in possession o[ the said property until the time of the sale thereof under such foreclosure, and until the confirma- tion of such sale by the Court. 9. If a conveyance should be made by the mrntgagon of the premixs herein deuribed, or any part thereof, without the written consent o[ the Association, and without arumption in regular fosm of law by the grantee of the obligations to the Auociatloa created b~ said promissory nc:~ and this mortgage, then, and in that event, and at the option of the Associa- tion, and without riouiq all sums of money secured hereby shall immediately and concurrently with such conveyance become dire and payable and in default. The Association rosy deal with successors in interest with reference to this mortgage and the debt hereby secured in the same manner as vvi~h the mortgagoro, and may forebear to sue oz may extend time for payment of the debt, xcured hereby. or otherwix act tvithoul discharging or to any war affecting the liability of the nun tgagon hereunder or upon the debt' hereby secured. 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and talcs [or public use under rise potter of eminent domain, the Association ahali have the right to demand that all damages avsardrd for the taking of or etamagts to said premises shall be paid to the Association. its successors or assigns, up to the amount unpaid on this mortgage and maY be applied upon the payment or patments Ias[ payable thereon. 11. "ihe Mortgagors bind themielvn not to erect or permit to 1>e erected any new buildings on the ptrnrists herein mortgaged o, to add to or peunit to be added to any of the existing improvements thereon tcithout the wiitteu consent of the Association and in the event of any violation ur attempt to violate this stipulation this murtgage and all sums secun-cl herehv shall immediately bttomt due and collectible at the option of the Association. 12. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hneb}' shall at am time thereafter be helot to tx a waiter of the terms or u[ the insUUment secured hereby. 13. If foreclosure proceedings of any second mortgage or v_cond oust deed or any junior lien of any kind should lx instituted the Asscxiuion may at its option, immediatel)• ur thereafces cleclarc this murtgage and the indebtedness xcured hereby due and patabl-. 14. To the extent of the indebtedness of the dlortgagors w the Association describccl herein or securest hereby the Association is hereby subrogated to the lien or liens and to the tights of the owners and holders thereof u[ each and ever} mortgage, lien or other tncumbtance on the land described herein tchich is paid and (ur) 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 en- cumbrances, shall pass to and be held by the Association herein as security fur the indebtedness to the Asoiciation herein described or hereby secured, to the same extent that it would hate been presrtced and would have been passed to and been held by the Association had it been dui}' and regularly assigned, pans(crred, xt over and delivered unto the Association by separate deed of auignment. noavuhstanding the fact that the same ma} be satisfied and eamelled of record, it txing the intention of the parties hereto that the same will lx satisfied and cancelled of record by the holders theren( at or about the time of the recording of this mortgage. l5. "ro pay all and singular the costs, charges, and expenses including lawyer's fees, rcawnably iucureel or paid u any time by the Association, beaux of the failure of the Atortgagoss to perform, comply with and abide by each and eterv the stipulations, agreements, conditforu and covenanu of said promissory note and this deed, or either, and ever)' such patrnent shall bear interest from date at the rate of Nine per cent (9~0) per annum. 16. Thu he trill permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thncof; and in the event of the failure of the hfortgagors to keep the buildings on said premises and those to he erected on said premises, or inytrovemenu thereon in good repair, the :',uuciation may make and pay [or such repairs as in its discretion tt may deem nteeaary for the proper preservation tiureof. and the full amount of such payments shall be secured b) the lien of this mortgage and shall at the option of the Association Ire immediately clue and payable, or payable in such monthl} installmrnu as the Association may determine. l7. That if the Association and the htortgagots agrte, the ~fostgagors will carry a policy or polities of insurance upon their lives in an amount tyual from time to time to the amount o[ indebtcdncss hereb}• secured, making said Assaciauon [xneficiary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not), anJ avlri each such payment to the unpaid balance of tl,e loan, as o[ the first dap of the then current month, amt i[ shall becvgic additional indebtedness secured by this mortgage payable upon demand. ~ ', 18 'I;h~t in the event that this mortgage be given to xarrc a construction loan, failure on the part of the Dtortgagors ~r their a,Atracton to complete uid building within 1L'0 da}s from date or to build said construction in accordance with plans and specifiations filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Auociation, immediately mature the entire amount of principal and interest hereby secured and the Association cosy immediately institute proceedings to foreclose this mortgage. l9. In order to provide for the payment of axes, assesments, insurance premiums, and other charges upon the prop• trey securing this indebtedness, hfortgagon ppromi~t to Pry monthly to the said Association, in addition to the above paymenu, a sum estimated tc be equivalent to ono-twtlEth o[ such teems which paymenu may. at the option of uid Association (1) be held by it and commingled with other such funds or iu own funds for the ppayment of such uems; (7) be .arricd in a share ar count and withdrawn by it for money to pap such items; or (S) be aeclited to the unpaid balance of aid indebtedness as received, provided that said Association advances upon this obligation sums sufficient to pay said items u the same accrue and become payable. IE the amount estimated to be sufficient to pay aid items !s not sufficient, hfArtgagon promise to pay the dif- ferrntx upon demand. If such surm are held or carried in a share account. the same are hereby pledged to further xrsre this indebtedness. Said Association is authorised to pay said items as charged or billed without further inquiry. IN WITNESS WHEREOF, the said ;Mortgagors hereunto set their hands and seals this the des}' and year first above written. Signed, seated and delivered it the pr crce oE: ` r ...... .... .. G~~.~........ ... e'"~ ~.... ~1~ B.~. ~r .~'.. ...~(SEAI.) 7C. `f.+t^-a?°.'c. 1... ~~u.v ~Q__ ~ (SEAL) B1erialz~ "L': Boei+®II ....................................................................... (SEAL) .........................._..........-................................. (SEAL)