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Home My WebLink About0598 r) _ . - i . . ~ , ` S. Unttl dchult ia tbs pe~fo~?anos af tbs oov~en~ts u?d ag~eaneals of tbb aaoKgage, tbe mo~tgagas ~Il be entltbd ~ to oollec.~t tLe reata„ iuua and pcoflb 6naa tbe preznise: l~inbefoos descxibed, but in ase of • default ia ~»y oE ttre te~rus ot , thb mo~tgage. uid dre fili~g oE : bil~ to fa~edoae tbb ar u~?y otbee mottgage eoaumbering tbe witl~n dexdbed prupecty~ tbe ; A~oclatiou shaL inunediately and witLout notice be a?btled to tLs appoindonent af a Reodv~ of tbe ~mo~t8a8edpno~e:ty. u'd ~ i af d?e nub. issues aad profits thereof, wtth tbe usualpo wer of Reocive~s in sud? ases, and auch Recelver msy ~e coattaued i. in poasasioa oE the said property until the time of the sale thercof under such faracloasue. and uatil the confirnnation of such f ' saie by the Court, f ? 9. lf a canveyaaee shoWd be made by the mortgagoa of the premises herein describal, or any part thereof~ witbout ' the writteA eonsent of tha AssociaHon, and without assumption ia regulae form of Iow by the grantee of tTie obligatioas to the { Auociation crented by said promissaary note and this muo~tgage~ then, and in that eve9nt, aad at t6e option of the Association, nnd without notice. at! avms of mc~ey sec~ued hereby sball immediately nnd concunrntlv with such ccmveyance beoome due and ~ payabJe and in defaul~ 1~e Association may deal with suooeuors In interest with refec+ence to this mattgage aad the debt liereb er ~ secured in the rame mannrr as with the mortgagors~ and may forbear to sue or may extead time for p~yanent of tbe debt, ~..~..1.~, .~rl~wise act without ditchar¢ing or ia any way affecting the liability of the mortgagors herennder os upon the debt ' hereby secund. The Associatioa may a~so deal with tbe Mortgagors ancUor witi? svocessors in u,te~at with ref~r~cs ta Lhis ~ mort~age and tha debt hereby ssecured by forbesring to sue, e~ctending the tuae for payanent of the debt, provid'u~g for different : moAthly payments aad/or a diffe~+eent interat rate, and by other e~cpress modi~ications of the caitract, withaut bsin any priority - e the Assoclatia~n has over otber moitgagees or ltenois or. holders of any f unior iaterestr in the property senu~ed here y. ; 10. That in the event the pcemises hereby mortgaged, or any ~mrt ther~of, slwU be coademned and takea farpu blic use ' urnler the power of eminent domain, the Assuciation shall have the right tv demand that all damages awasded foc the taking of or ' damages to said premises shall be paid to the Association, its s~x:cessors or assigns, up b the amount unpaid on thts mortgage aad ~ may be applied upon the payiaent or payments last payable thereon. ~ 11. It is speciEicaliy agrced that time is the ~ce of thi: cantract and that no waiver of any obligation h~reunder ar of ; the obligation secured hereby shall at any time thereafter be held b be a waiver of the tenms oar of tbe instrumeat secured heraby. ~ 12. If fo~eclosure proceedings of any second mortgage or second tnut deed or any Junior lien of sny 1dnd~uld be iasti- ' ! tuted, the Association may at its option, imanediately or t~fter declare this mortgage arid the indebtedne.ss secured hereby due ' and Pal'able. i 13. To the cxtent of the indebtedness of the Mortgagors to the Association descxibed berein or secured hereby, the Asso- ; ciation is.hereby subrogated to tbe lien or lieas and to the rights of the ownen and holders thereof of each and every mo~tgage, f' : lien or otl~er ei~cumbrance on the Iand described herein which ic paid and(oc) satisfied, in whole or n~ pact, ont of tbe t ~ of tha loan descxibed herein or secured bereby, and tl~e respective liens of said moitgages. lieas or other encua~b~ ~hall~ ~ ta and be held by the Assoc;ation herein as sec,vnty for the indebtedness b tbe Auociatioa harein described ~ hereby axur~M ~ the same ez!ent that it woWd have beei? preserved and wouid have been ~a~i to and bee~ held by the Associatioa had it beea ~ duly and regularly assigned, transfernd, set over and deliver~d unto the Association by separate deed of assignment, notwithstand- ~ ing tbe faM that the same may be satisfied and eancelled of record, it being the iatention of the parties hereto tbat the same wIU ~ be satisfied and cancelled of record by the hoWers thereof at os about the time of the recordiag of this mortgage. 14. To pay all and singular the coats, charges, and expenses including lawyer's fees~ reasonably ~ncurred or paid at any , i time.by the Association, becaace of the failure of the Moztgagon to pedorm, comply with and abide by each and every stipula- ' tiau. agreements~ conditions and covenants of said promissory note and this deed. or either, and every such pay~ent shall bear interest from date at,the tate stated in the note secured he~+eby. ~t. ~ I5. That he wili pemc?it~ eommit, or sufEer no waste, impairment, or dMerioration of said proj~erty or any part thereof; ' t and in the event of the failure of the Mort~;agors to keep the buildings am saidpre and those to be ecected os said premises~ ~i • or improvements ihereon in good repair, the Association may make and pay of r smuch es in its discretIon it may deem ~ necessary for tbe proper preservation thereof, and the fnll amouat of such pa,vments shall~seeured by tlie liea ~ thit mortgage ~ and shall at the option of the Assoeiation be immediately due and payable, or payable in such monthly installnnents as the Associa- ~ tion may determine, and every such payment shall bear interest from date at the rate stated ia the note secured hereby. • 18. That if the Association and the riortgagozs agree. the Mortgagors will cany a policy or policies of insurnnce upon i~ their lives in an a~unt equal from time to time to the amount of indebtedneu hereby seaued. rnaldng said Associstion ber~eH- ~ ciary thereunder, and that the said Association maypay the premiwns for such insarance (in the event the Mortgagars do not), and add each such payment to the unpa~d balance of ihe loan, as of the first day of the thea c~+urent mo~nth, sud it shall become ~ ~ additional indebtedness secural by tLis mortgage payable upon demand. + 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of ihe Mortgagon or their rnntractors to complete said build'u?g in accarrlance~with Construction Loan Agreement, of even date herewith, or to bnild " ~ said construction in aocordance wit6 plans and speri~ications filed with the Associatioq shall rnnstitute a breach of this m~tgage, ~ • and, at t~?e oPtion of the As9ociatioq immediately anature the entire amount of pri~ipal and interest 6ereby secswred and the Assa ~ ciation may immediately institute proceedings to foreclose th~ mortgage. ; j 18. That the abstract or abstracts of tide covering the mortgaged property shal) at al! times, during tbe 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 moitgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Modgagors in ~ and to any such abstracts of tide shall pass to the pumhaser or grantee. 19. Tbe Association shall have the right, in its discretion, to recjuire that the Mortgagors pray iuto the Assoctiation ia addi- S90( # tion to the montlily installments of principai and interest to be paid by the Martgagors under the note secured by this matgage, : I an amount equal•to one-twelfth of the annaal installments of any taxes on the uadgaged preaiises levled or assessed by any ~ govemmeatal authority, and one-twelfth of the annual p~remiums "for Fire and Extended Covetage insurance on the mortgaged ; premises as hereinbefore required by the Association, and the Mortgagors failu~ to make sueb payments shall constitute a default i r; ' under this modgage. ~ IN WITNESS WHEREOF~ the said Morigagon hereunto set their h~lnds and s~s the day and year first above written. j• i ~ ~ Signed, sealed and delivered in the preseace of: ~ - ` _ _ ~ , + - - - - - ~__.t~_~ _l~_._(SEAL) ~ ~'~a _ . ko eki ~ ' , . : ~ .~`cs'-~~C ! ~ .1 . 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