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Home My WebLink About1002 . .~-r ~~-.J.-. 'iZL,~'i' - iw+.~.s~R-t;--~~ ~ -.Tii~:~r~_-.~~wsr_.-~~. - - ~ , ' . ' , • ' ~ , • • , ~ . ' . . ~ & Untll default in ths parfacantmos af ths oovenaab and ag~e~eements aE t~ ma~age~ dis aio~oes ~A be ent~tkd ~ to oolk~.~t the ranb. iuuas andp~o~b firoaot tbs pre~nbes ~be[oro de~aibed. bat in c~se af a dafavlt ia a~? oE tbe ~e~+m~ of ; thb mactg~ge` ud tbs o~ s btII eo fcceclo,e d~N cr u? otl~ a~o~ags ancambe~riag tbs ~vithia de~crlbeid prope~ty. t1~e ~ ~ As~oc~ation sball aad with~ut notke be en to ths appointmeat oE a R~vec af d~e bno~tgsged , and ; ~cg i of tLe raab. issuea and thereo~£ with the vswlpov~r aE Reoeiv~er~ ia such ax~ and s~x~ ReceMer may ooatiaued ~ ia pos~essioa af the ssid peoperty vnti~ tbe ~ne of t}~ ~ale thereof ~ rich &xecloaure~ and ~mtil tbe o~nation oE soch sak by tbe Gourt. 9. IE a ooaveyance shoutd be made by tLe anoctgaga= oE dze pt'emis~ her~n d~aibed. a aaY p~e~t tbareo~f. witbout • the writteu cac~sent of tbe Associ~tfoa~. and wit6out am~mptioa ia reguhr fam of Lw by tbs g~rantee oF tbe ~blig~tions to tbe Associatiou u~eated b~ said pra~misac~? aot+e snd :hia mart ge. then, and in tbat dvent, and at the aption of the Associution. a aad wttha~t notioe. a~ s~m?s of mone,y secvnd }iereby iiaaamedi~tely and ooneurreath? with ~ch coavayanoe beooaae due and Payabk aud in d~faulk Tl~s A~aoc~+idau may deal w~h snooea~cs ia intesest wlth referenoe to t~ mo~tgage ~nd tbe ~ebt ; securea ia tbe saane manner u wub u~e wa~gago:s, ana awy forbear to sue os may acaaa ti~ne for payment of the aebt, se~ . he~by, ae othawise~ acc wtthout d~sc~ig or ia ,my .~ay ,?ffeccing tbe vabilicy aE cbe ma~ago~ he~u~aer or upo4? chs ~ebc ; hereby sen~red. Tl~e As9ociatton may deal wlth tLe Merigagors and/ac ar~th ~ois in interai with nieraocs ~o this mo~gage and the debt baceb~?~~sec+~red by forbearing to sue, e~ct~g the tia~e fa payment of t~e c~b~ P;'ovId~nB for diffareiat . mo~ntllY PiY~b ~/or a t fnberest rate, and by other e~cpcas modifieatbas of tbe ooatraet, witho~t baing anY P~h' b the Associattoa hss ov~a oth~ matgagas ar lieners or bolders of any f unior iateresb in the property tec~i~ed bereby. I0. That in the eweat tbe premL~x herebym~a ge~, or aay paic tl~ereof, shall be ooademned and~talcen for use ~ ~ imdec tbe power of ~t damsin, the Assaciatio~a shall have the rigbt to daanY?d tls~t aIl da~omga awa:ded'far the ti~af or = damages to said p~nises a~wII be paid to the AssocLtiou. its s~ocesso~rs a~ assign:. up to the amoimt uapaW oa tbh mactgrge u~d - inay be applied uP~ ~ P~Y~t or paymeuts ]ast payable tberea~. 22. It is s~peMHall~? agc~e~1 tLsit time is tbe e~ace of this.oonhsct and tMt no waiva of any oWigat~oa her~mde! ac of tbe obljgaation secya~ed harebp s6aII at tlaae thereafter be held to be a waiver of the taria ec of the iastmm~eat aecured bereby. 18. If focedosure pcocieedtngs of any seoond mat~ge or seoond h~t deed oe any fm~ia~ lien oE any ldnd s6ould be insti- tuted, tl~e AssoriaNon may at ib option, immediatety oz t~heneaker dec4re this ma:tgage and the indebtedness sec+u~ed hereb~? due ~ ~ 13. To the eztent of tl~e iadebtednrss o~ the Mo~tgage~s to tbe Asaoc3at~ deacr~ed hereia or secsued hereby. the Asso- ciltion is hareby subt~og~ted to tbe Ik~n er lians and to dia rlg~b of the owners and I~alders t6aeof of aeh andev~y matgaBQ. lim ar othes a~cumbrance oa the land d~ hetein whkh f~ and(ar) satis~ed. in wbole oe in oat of the of the ban de~ribed he~ein or secnred hereby, snd tbe respectivc U~ena of said wo~tgages, ~s or oRher t~nc+imb:anoes, ~6a~ eey to and be held by tbe Associatiaa hen~a As s~ecuri for the indebtedness to die As~oc3ation ha+ein dexn'6ed es heseby to the same ertenc that ic w~ould bava bea, ~ aad w~o~ld Lave been pasied to and bea, hetdby tLe As~oc~oa h~d ic bea~e duly and regularly assignecl, transfared, ae.t over and deJiva+ed un~o tbe Aayocietiae by saparate deed of as~gomen~ notwithttaad- ing t6e fax that the same may be satisfied and canceIIed of raord, it being tbe inteatien of the pa~tles haeto thst the same wfll be aatisf'ied ~d canoelled af reoo:d by tbe holde~s th~reof At ~ about tbe time ef the reoorc~ng oE this ma~tgage. 14. To pay aIl and singular the ooab. c~tr8es• and mcpensa indndin8 lawya~'s fe~es„ reaso~ab1y inc~red ar paid at aay time by tbe Assoc3ation. because oE the failure of the Mo~ago~a to ptcfona. oanply wIth and abide ~by eacL and avery stipula- tio~ns. ag~reeanentr, conditions and oaveaants of said p~aanisso~y note and this deed, or either, and eve:y such payment shaIl bear in~rest from date at tl~e nte stated in the note sec.vnd be.reby. 15. 1'bat be w~lp~mi t, commi~ ar suffer no wa:te. impairineut, ar deteriontlan of ssid pro~aty ar any part thereof; and 'u~ tbe e~veat of the fa~inne of the Mortg,~gars to keep tbe bnildings on said pra~ and thoae to be erocoed an said p~mises, ar impm~vements tlicreon ia good rapeir. tba Associatioa may make aad pay ~or such as in its dL~etion ft may deem t ereon fac tl~e praperp~ern tion thaeof, and tbe fnII amaunt of sucL payirients shall seciaed by the lien af thLs maitga8e a~at the opHaR? of tha Assoc3ation be immediately due and P4Y'~~• 1~Y~ in such nwntbly. ~ts as tbe Associa- tion a~aY d~e~e, ~~'r P~Y°D~°t shaIl beac intuest f~o~a date at the raba stabed !n tbe no~e senaed bercby. vIl 18. That if the Association and the Martgagas agroe, the Maatga rviIl carry a poliej? or po]k~Ies of ins~aaax upa: thdr lives in an a~eunt eqosl frnm time ov time to the amo~mt of inde~ hQreby secru'ai. maldag said Assodatioa baaeH- ciary thae,u~der, and tbat the said Associatio,n maypay tl~e premiunns for such inrnranoe (tn the eva,t tbe Moztgagas do not). and add eacb such payment to the unpeid balanca of tbe loaq as of the ficst day of t1~ t6ea cument ma?tb, and it shaII beoome additional indebtedness secured by th~s mortgage payab3e upon demand. 17. T1~at in the event that this ma~t~age be given to secure a co~atrudion lo4n, failare aa the put of the Mortgagors or tLcir c~tractois to oompkte said building ia aooo:danoe with Const~uetio~ Loan Aereema?t, aE even date herewith, or to build ssid oaast~,iction in aocrndance with plans and apedRcatia~s fi~ed with the Associa~ion, sball oonstitute a bz~each of th;s moitgage. and, at the optim of the Associatioq immediately matu:+e the eatire aaiouat of pdncipsl and inberat Lenby sec~n+ed and the Ass~- ~ ~dation may immediatety institute prooeedings to fo:~eclome tl~ mortgaga 18. T6at the abstrect or ahstsacts o~ tide covering tLe anortgaged propaty s6ell at all times, during the life of this mort- 8age, rernain in the poasession of the Association and in the event of tbe foreclosa:~e of this ~a~wrtgage or other haatfer of tide eo the martgaged pro~ty in tztingnishmeat of the indebtedness secured hueby, aII r18h~ tidG, and interest of the Mortgagan in and to any suc~e abstracts ~ title shali pass to the p~u+d~ase+r or g~rantee. , I9. T6e Associatian shal~ bave the righ~ in its d~o~, to require thlt tbe Moitga8~ P~Y into the Assoc3ation in addi- ~ tion to t}ae montlily iasmllments of prin~pat and intere.st to be paid by the Ma~tgagors under the note secured by this mat8s8~• an amoont equal•to one-twelEth of the annual i~utallaimb of any t~uces oa the mortgaged pre~m~es levied or ass~ed by any govemmental authority, and osie-twelfth of tLe annuat p~eaaiums for Fire sad F~tereded Co~v~rage msuTanoe an the martgaged prennise.s-es ijerdnbefore reqeiired by the Auociation, and the Mortgagors' fa~lnre to make such payments shaII constitute a deEaWt ` ; ' under th~; ~~age. . ~ .,J Il~ WHEREOF, the said Moctgagoss bereunto set their handa and seats the day and yeat'first abotro writt~n. ~ : ~ . ~ f 7 ~ _ . - _;"Si~d.°~d ai~d c~elivered in tbe pzes~oe of: _ ~ : c ? : ~ ~ •~y~,.~ ~ _ • - ~ .~T'~ -a~,,y~ - . . Geo W. M ' `~(s~) . . - ~~~~r.-~'-" - ~ ~ ~ ~/r _~_._(SgAL) , Rub~t E. ~Murphy~ ~s ~ ~ . , - • , •r.~(SEAI') . ~ . N~ _ (SEALj ; a.~: 80 30~. ~ ea~~ ~ - __v_____.~~.~.__._ - _