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Home My WebLink About2515 ' r ~ . 1 . ~ ~ ~ , ~3 ~ ~ • ' j i ! 8. VntD d~iuh in tbs pe~fo~manos af ths oov~ea.na aad a~neemeats oE thi~ ma~tgaSa the ~octg~v~ ~11 bs eatitled to oo~e~ tLe ranb, i~ue. .nap~ b fram tbe pc~ni~e~ herainb~ors aaaibea. buc m ate of . aef.dc 3a .nr af tLs te~~c of ' tWt moctgags. aad t6s of • bill ~o fa~ecioss tbb a~~ap othec mo~tgsge a~mbe~ing the within de~crlbed P~. ~ f A+~ociatia? siWl immedia and wIdwut notioe bs eatitled to the appoiadmant oE a Reoe~var of the mo~tgagedp~o~ty , and ; af the re~t~ issu~ ~ad tlbreof, wtth tbe uswl pDw~ of Reoaiv+ees in s~ch cx~es. and rkh Recelv~er may ~be-aa?tinued ~ p~ ~~~~p~y untD tbe time of t6e tab thereof under ~eb focedaaure. and unHl tbe oonfi~matian of such ( sak by the QouTt. ! 9. If a oonveyauce ~ould be a~de by tbs moctgagas of tbe p~+emises herein de~adbed, cc any part t}~ereo~f, wit~wnt , the written co~nsent of tbe Ass~ciati~. and without sasumptioa in reguhr form of Lw by tbe ~cant~ee of tTie obligations to tbe ~ Assodatioa created by said pe~omissory iwte and tbis ma~tgage, tba~, and ia tbat eva~t, and at tbe optb~ oE tbe Association. ~ and ~vitbout ,atice. aU sums of ma~ey secured hereby s6all Lnmediately and concuneatlv with such ca~veyance beoome due and 4 p~yabk and ia defaW~ The Associatioa m~y deal witL suooessors in interest with referenoe to thb modgage and tbe debt secured ia the same ananaer as with tbe matgagas, and mry farbear to sue or may euteud tinae for payment af the debt, ~x~ ; ~ hereby. cr othe~wise act witbout d~arging ~ in any way affecting the liability of the mo~tgngors hareunder or upoa the debt ' hereby secur~d. T~e Associatioa may at'o deal with the Matgagon and/as wit6 suocesson in iaterest wtth reEeratice to this ~ ge aacl the debt b~? ~secured by forbearing to sne, e~ctending the tiine fac paymeut of the debt, provid~n8 fa differeat ! ~ P~Y~~ °D~a~~~i difEereat interest rate. and by other c~cpras modifkatio~ af tl~ oontract, without losiag anY P~T~~Y ; • the Assodation hss ova otbe~ mortgagees or lienors or holde~s oE any ~w~ior intere.sts ia the propcdy secu~+ed hueby. ~ 10. Tl~at in the ev~eat the premises h~by ~g~d. or any part thereof, shsll be ooademned and takea forp~blic use ~ under t6e power of eininent domain, tbe Associatan have the right to demand thst all damages awarded fa~ the tvdng of or • ~ damages to said premtses shall be paid tu the AssorLNon, ib s~ocesso~s or u~gas, nP to the amoimt uapaid oa thb matgage and may be apglicd nP~ ~Q P~Y°~°t O1 PaY~°~ ~ PaYable tbereo~. ' 11. It is specif'x:xUy agreed ds.at tinoa h t6e as~sence of tbb oontract and tbst nu waiver of any obligatioa hae~mder or of ~ the oWigat~on sxwred hereby shaII at aay tLna thereafter be held to be w waiver oE tl~e tesa~ ar o~the instrumeat senu~ed hereby. 18 If forecloaure proceedtngs of aay seoond matgage ae seoond huat deed oe any f imioc liea of any kind shonld be insti- t6ted, tbe AssociaNoa riwy at tts option, immediat~ely or thereaR~ declare this matgage u,d the iadcbtedness sec~u~od hereby? due ` u,d P°Yable. . ' 13. To the e:tent of tba indebted~ness of tLe Moztgagors to the Aasociatbn descnbed 1~aein or secured }kreby. tLe Asso- ' c3atiou -is hereby subrogated to tbe licn or Ikns and to tbe rtghts of the owners and holdtrs thaeof oE each aadevery ma~tgaSe. lien or other e~rc+unbrance on the land dascribed ber~n whicb is paid and(a~) satisf~ed, ia w}wb ar in pntt,'out of the of the ban desc~ibed he~etn or secured hereby, and tbe respective liens of aaid matgages, licns or other c~nc~~mbranoGS, d ~ to and be held by the Associatian he~reein as for tbe indebtedness to the Association he.ran dascribed ar Lereby secure~ o• . i the same esteac that it w~ould h~ve been and w~ould have bcea ~assed to. and beea heldby the Assoctstion had ic been : dnly snd regulsidY assigned, dansferred• set over and deliva~ed uato the Associatioa by :eparate deed of ass[gna~ent, notwithstsnd• ; ing the fact that tbe same may be satisfied and cancelled of reoo:d, it being the inteatiai of the partiea heroto that the same wlll be sattsfiod and canoelled ~ r~oo~d by tbe holde~s thereof at or about tbe time of the reoording of tbis mo~tgaga ~ 14. To pay all and singnlar ti~e costs, char8es, and e~cp~s iad~ding lawyefs fees, reasonably incurred ar paid at aay ~ ttme by the A.SSOi.~iation, because of the fa~ure oE the 1?ioitgagon to perform, comply witl~ aad abide by each and evecy stipuL- tiaps. a8r°emenb. ooaditioas and oovenants of said ps~omissory note and this deed, or either, and every s~ch payment ahall bear , mtarest fmra date at tbe rate atated in tLe note aec~u~ed hereby. • . 15. Z'bat he willp~t, coaimit, ar suffer no waste. impairmeat, or deterforation of said propaty oc any p~t thereof; ~ and in the eve,nt of the ~siIare of the Moitgagors to kcep the buildings on said premises and t}iase to be erocted m said premises, ar improvements the~+eon in good :+~pair. tbe Associatia? may malce and pay f~ such~p~i~s as in ib disa+etioa it may deeon e~ary faar tbe properpc~ervatian th~, and the full amo~nt ~ such payments sLalll~e sec+u+ed by the liea af this matgage ~ and hall at the option of the Assoc~ation be ima~edtately due and payaWe, or payab~e in wch moathly ~nstallments as the A.ssocia- ; tion may determine, and every such payment sball bear interest from date at tbe rate stated in the note secured ba~eby. ~ ` 18. Tbat if tlie Association and the Martgagors agree, the Mortgagcm wIll csrry a polic,y ~ policies of a~ce upoa I their lives in an a~leunt equal from time to time w the anwunt of indebtedness hereby aec~ual, making said Associstion benefi• ~ os c~ary therennder. and tbat the said Association maypay the premiums fo~ sucL insuranoe (in tLe eveat ti,e Mortgagocs do not), and add eacb such payment to the unpa~d b~lance of the loen, as of the first day of the thea c~nrent month, and it shall becane additional indebtedness secured by this moitgage payabk upon demand. ' 17. T'hat in the eveat that this mort age be given to sec~re a ca~struction baq fsIInra ~ tLe part a~ tbe Mortgagors or tLeir contracMrs to oowpkte ~id buildin~ in aeoo~daaoe with Construction I.oan Agreement, oE even date herewitl~, or to build said ~hvction in aoc~o~dance witL plans and specifications bled witb the Association, s}~aII oo~utitute s breach of tbis mortgage. ' and, at the optian of the Association, immediately mat~re the entire amount of principal and iaterest be~eby sec~ued end the Asso- , 'ciation a~ay i~nmediately institute prooeedings to foreclose thii mortgage. ; i& 'Thac. the abaeraa or abstracts of ttck cover;ng the morcgaged propercy shall ac alt t;mes, dur~,g tbe life of thts mrnt- E , gage. n~nain in the poasession of the Associstian and 6? the event of the foreclosure of tbis mo~tgage or other transfer of title to ~ the mo~rtgaged property in ertinguishment of the indebt~ sec.+u+ed hereby, all dght, titk, and interest of the Mortgagors in and to any s~x~ abatracb of titk sball p~ss ~o the pum,ha~ ~ grantee. 19. T6e Associat~on shall have the rtght, ia its d~on, to rec~u;re thlt the Mortga&ors pay into tbe Aswc3ation 3n addi- ~ tioa to the monthly installmer?b of pr~ncipal and interest to be paid by the Matgagors ~mdar the note-secured-by this mat8ag0. aa amount equal•to one-twelfth of the annual ~ts ef any taxes on tbe mortgaged premises kvkd:or assessed by any governmeatal autb~ority, and oae-twelfth of the annual pcemiums far Fhe and E:tended CoYerage insurauoe' on the mortgaged precnise.s a: hereinbeEa~e required by the A~ociatba, and tl~e Mortgagors' failnre to make such paymenb s~wll constitute~ a default ~ under thls mortgage. . - ~ IN ~VITNESS WHEREOF, tbe said Maigagas hereonto set thejr hand: aad seals the day and year fInt above written. ~ ~ Si seal ~elivernd in the prese~c:e of: j ~ ? • 'r ~ ~ r/ _ ~ ' ~ Bonnie G. utterworth ~ ~ ~ . ~ . ____....__(sEAI.) . . • • _ ~ . . __._.(SEAI.) t . . ~ ! MntNessW ~ 1MOatw?ooes! ~ ~5~~ F ~ F c: ~ - € ` ' o. ~ ~ ~ . ea~~ ~ ~ 87 114 ~ ~ . ~ ~ ~ -