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8. UatII dehult ta tbs paformROOS aE tbe oovaoanb aad a~reemenls of tbb mo~age. tbe mo~tg~go~t ~h~ll bs eatitled
to cone~t tbe reab, i~ea .na poAb frooa the p~e~ni~a barodnbe~ors aa«ibed, but m ca~e of ti aahWc m.ay oE tbe ~ oE ~
thb matgage, ~ad tbs oE a btll ~ faecbae t61s a mp othec moetgage aocumbering ths witbtn dex~bed prape~ty. tbe ;
As~ociatioa shall immed~ and wltbout notioe be aatitled ~o ths ~ppoiatmant oE a Reoe~ver of tbe ~matgagadp~ope~ty. and ;
of tbe re~b, t~u~ u~d pco ib tLae~eof. wttb tbe usu:lpovre: oE Reoeivas in ~ch axs, and ~uch Reoeiv~r mq be-ooatiaued
in po~oa aE the xtd p~p~? ~?ti1 aE the sak tl~ereof under sucb foreclosure, and uatil tbe oo~f~rmattan of such
sab by the Oourt. '
9. lf a oonv~eyance s6ould be mads by the awatgagors of the p~ herein described. or nay part tbereof, wit2wut ;
the writtea oa~sent of the As~ociatio~. aad witlwut a:sumption in regu4r Eam of Lw by the gnatee of the obltgations to the ;
Associatioa aented by said promissoq? note and tlds matga$0. tl?e~. and in tbat evant~ and at tbe option of thc Associxtion, ;
end wjchout ~wtice. all sums oE mo~ey sec~u~ed bereby sl~all ~nmedLtely and concurrentlv with such cmvcyance beoome due and ;
P~Ysbk and in defauh. Tbe Associatioa m~y deal with ~?ooessors In iatenst witL refe~+ence to tbb matgage and tLe debt ha~eby i
~ secured in the :ame awnnrr u with the matgagws, and may foarbear to sue or may eactead ttme for payment of the debt, ~curecl ~ ;
• hereby. or otberwL~e act wtt}wut dit~g or in any wav afExting the liabiliq of the moctgagors hereunder ~ upoa d~e debt ~
. hereby secured. Tf?e Associatbn may deal witb tLe~Moitgagon and/or with s~woesson in interest with reEerence to this
mat~ge aacl tbe debt hercby sen~red by forbeariag to sue, actending tbe time for paya~t oE the debt, ry~ovidjng for different i
m~UUjr pnrrnents and/~ a diffe~nt interest rate~ and b other eacpress modificatioas of the oaitrnd. without losin any priority ~
e~ ~r~ ~ ~ ~ ~c~g~« ~ i~ ~ ~~a~ ~ ~y ~c~ a~ ~~~cy ~rea ~~y. ~
10. That in the event the prea~ises hereby mort
~ag~d, or any patt thereaf, slull be condemned aad taken for~public use ~
~ uniler the power of emine~t domain, the Assnciatiou sba11 have the right to demand that all daanages awarded for tbe taking of or
danwges'to said pren?ises sl~all be paid co the Associatton, its successors or assigns~ up b the urauat unpaid on thit matgage wd ~
may be applied upon d~e payment or pa~ts last payable thercon. i
11. It is specifically agrc~l that time is the atsa~oe of this oontrnct and that no w+uver ~~ny obligation here~uider or of j
. the obUgation sec~u~ed haeby slwll at any time thaeaker be l~eld to be a waiver of the term~ a~ of tbe instn~ment s~u~ed bereby. ~
12. If foc~eclosure proceedings of any seoond awatgage or seoond trutt deed or aay jw~ior lien oE any ldnd shaild be insti- ;
!uced, the Association may at its option, i~nmediately or t~ker declare this m«tgage aad the indebtedness aecured hereby due
and pnyable. . ~ :
13. To tbe extent of tbe icdebtec~ of the Mortgagors to the Aswciation de~satbed l~ereu? or ~ecural M+eby. tbe As~o- ~
ciation is' hereby subrogated to the lien o~ liens and to tl~e righb of the ownecs and holdtn thereoE of e~ch and ev~y mo~tgage. '
lien or other e,~~cnmbcnnoe ai tl~e land des~ibed herein which is paid and(or) sstisfled. in w}ab or i~i pnrt, out of t6ep~~ooeeds `
of the losn described herein or secural2~ereby, sud the ses~ectivc liens of said mo~tgages„ liZus or other e~ncumbrar~es, sbtII~a ~
ta and be held by tlre Association hereir? as securiy for the indebtedness to the Association har3n descYibed or La~eby secured. o
che sume er.enc thac ic would have beea p~ed and ~vould have been passed to and bem heWby the Assoclaeion bad it beea
duly and regulndy assigned. transferred, set mrer and ddiver~d unto the Associatioa by separate dee~ oE assignme,nt~ notwithttand-
ing tbe fact that the same may be satisfied w~d canoelled of record, it bcing the intaitiaa oE the porties hereto that the same wt11
be satisfied and canoeUed of reoad by tbe boldeis thereof at or about the ticne of tbe ' g of this moctgage.
~ 14. To pay all and singular the ooab, d~srges, and e:pa~ses induding lawya's fees, b incuired a~ paid at any 3
time by the Assoclation, because oE the failure of t}~e 1~iatgagon to perfonn, camply wn6 abide esch and evay riipula_ ~
tions, ag~eements, conditions and covenants of said promismry note and this deed, or either, and evrry such payment shall bear '
interest from date at the rate statecl in the note ~red hereby. . :
15. That lie wiIl pern~it, commic, or suffer no wsste, impairment, or deterioratloa of s~id property or any p~t thereof; s
And in the evex~t of the ~ailure of the Mortp,agon to keep the buildings on snidp~mu~ and those b ba exected a~ said p~emises, ~
or improvemenb thereon in good rep~ir~ the Association may make snd pay ~or suehnpa~rs as in ~ ib ~isa+etion it may deem ~
~ry for tbe properpreservation thaeof, and the full amount oE such pnymenb s}uD be ~cured by the lien of this matgage
and s6a11 at the optioa of the Associntion be immediatdy due and payabk. oc payable in wcb moadily iastaDaneats as the As9ocis-
tba may determine.. and every such paymeot shall bear iaterest from date at the rate scated io the bote securod hereby.
18. That if tLe Associotion and tbe I?tortgagors agree, the Mortgagors will carry a po1G.ry or policie.s of ins~aanoe upon ;
their lives in an aa~eunt equsl fmm time to time to the amount of indebtednas hereby secured, mal~ing said Assoctation beaefi- :
ciary there+inder, and that the said Association maypsy the p~+emiums fo~ such insuranoe (ta tLe event tbe Mortgagars do n~). '
and add each such payment to the unpa~'d balance of tl~e loan, as of the fint day of the then c~ureat month, and it shaU beooiae
additional indebtedness secured by this mortgage payable upon demand. ;
E 17. That in the event that this mwtgage be given to secure a constn~ction loan, faffu~e on the part of the Mortgagors ~ ~
their cont~actors to cauplete said building in aooordanoe with Construction Loan Agrcement, of even date herewith, or to build i
said construction in aocordance with plans aad apeci~ications filed with the Assoc~ation, shaD oo~stituta a breach of this mortgage, ~
and, at the option of t6c. Associatioq immediately matnre the eatire amount of principal and inierest hereby sec~a~ed and the Asso- 3
' ciation may immediately institute prooeedings to foreclose this mortgage. :
18. That the abstract or abstracts of tide mvering the mortgaged p:operty shall at all times, d~ring the life of this mort- !
gage, remain in the possession of the Association and in the eveAt of the foreclos~u~e of this mortgage or other transfer of title bo '
the m~tgaged propesty in e:tiaguislunent of the indebtedneu secured hereby, all right, title, and interest of the Mortgagors in
• and to any such ebatracts of title shall pass to tbe purd~aser or grantee. , :
19. The Association shall have tLe rig6t, ia its discretion. to require that t6e Matgagas p~y into the AssorJatlon in addi- :
tioa~ to the monthly instalime~b of principal and interat to be paid by the Matgagors under tLe note secured by this matgage~ i
an amount equal•to one-twelkL of the annual installmeflts of any taxes on the mortgaged premisa levied or ass~ed by any f
govemmental autLority, and a~e-twelfth of the annusl premiom~s for Fire snd Ertended Coverage i~uwanae on tl~e matgaged ~
premises as hereinbefore roquired by the Association, and the Mortgagois failure to make.such payrcents shall constitute s defauit :
under this mortgage. ~ ~
IN WITNESS WHEREOF, the said Mortgagors hereuato set their hand* and seais tbe day and year first above writtiea. ~
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Signed. sealed and delivere~ in the preseaoa of: - ~
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