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8. Untfl defa~uh la tbe peifo~nw~os of tbs oova~aab aad a~eeaueots oE tWt aao~gq, tLe mo~at sball . be eatitkd
to colloct the reats, iuues aad profib fir~oaa tLe prea~t~a beceinbefa+s da~cribed. but 6~ ca~s of s default in atnr oE tbs t~ of
ehts morcgage. and the ~ltng of a btll ~o fa+eclo'e thb a anp othe~ wo~tEsge a~mberins tbs w1tWa dax~ibea prope~?, the
Associatioa shall ian~nedtately ~nd without notioe bs ~ntitled to tbe a~oiatsaent of a Aeo~vee of tbe ~morRgaged p~ope~ty. and
of tbe rents~ iuues and pnfib tbereof, with t6e usualpo
wer oE Reoeivaa in wch cn~es. aad such Reoehror.maybs-ooatinued
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in poasessjou of tbe satd prope~ty untu the tiane of tLe sak tb~o~ u~ s~ tmtq the con~i~aaNon oE s~h
sale by the (~owt.
9. If a ~onveyaoce sbould be made~y tLe matgsgas oE tbe p~eaaises berefa de~a~ibed. oc anyp~ tl~eoE, without
thc written oons~?t of tlu AssociaHa?. and witiwut assumptaa ia regular fa~m of law by the gsaatee of ti~e obllgationa to the
Association created by said promissairy note aad this mort gage, tben, and ia tbat avent, and ~t d~e optian of the Associutk?~~, ;
nnd ~vithout notice. all sums of mc+c~ey secured hereby shall jmnnediately aad oo~urnKttly wlth such cmveyanoe beoa?me due and
paysble snd in defaul~ T'be Association may deal wlth suooesson ta interest witb nference to thb mo~tgage aad t6e debt heneby ~
secured in the same mannrr as with the cnatgagors, and may forbear to sue ot may e:tead thae for payment of tbe debt, securecl
hereby, oc othervise act witlwut rgmg ac ia any way affectiag the liab1lity of tbe matgagon haeuadet or upon the debc
hereby secured. The Associatiou
ma~also de~l with the Mo~tgagon and/cr vv~tb suooessoa in iaterest wlth relesence to th~s
rrwrtgage and the debt herehy ~secured by fo~beariag to sue, euteading the time far paymeat of the debt, ~nvidiag for different
monthly psyments and/or a difEerent interest rate, and by othe~ expcess modific~?tioas of tbe oontrnct, without loaing any priority
the Associatiou has over othar mocigagees or licrwrs or hold~n of ar~y jwiior intexests in the groperty :ecurcd hereby.
10.~ That in tha ev~ent the p~nises henby ma~tgag~ or a~y part thez~eof. s6aU be ooodemned and taken forpu
blic use ~
~ unde'r the,power of eminent danain, the Ass~cistan stwll have the right to dema~nd t2wt all dauiages awarded fac the t~ldng oE or `
damages to said premisa shall be paid to the •Associ~tion, its suc~ors or sssigas~ ~up to ihe urwunt uopaid oa tbb mo~tg~ge and
may be applied upon the psyment or piya~ents last payable theseon. .
11. It is specifically sgrecd th~t tirne is the ess~ce of this oontract and tl~t ao walver of sny obttgatioa ha~auuder or oE
the obligation secured h~reby shall at any time thereaEter be beld to be a waiver af the ter~ns oc of the instrvaknt secused Lareby.
12. If foroclosure proceedings oE any aeoond moctgage or seoond trust deed ar~ u?y iunior lien of eay ktnd should be iasti• (
tuted, the Association may at its option, immediately or therufter declare thjs mortg~ge and tbe iadebtednes~ secured hereby due
. and payable. ~
I3. To the ezteat of the iadebtedness of the Mortgagoss to the Assoclntion deaaibed t~aeia or secured hereby, the As9o- ;
ciation is hcreby subrogated to the lien o~ liens u~d to the rightt of the ownen and holden thereoE.of ~ach and every ma~tgage~ - i
lien or othet eucumbrancq on the land desexibod herein which is pa?~d and(urj satisfied, in whob oe in part. out oE tbep~c~a1s
of the loan described herein or sec~ured hereby, aad tbe respectlvc liens of said matgages, liens or otl?et enc~~mbsanoes, s
Dwl ~
to nnd be held by the Assoe;ation herein as security for the indebtedness to tbe Assoc.~Iation haein described oc ha~eeby ~
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the s~me ex!mt that it would have bee~ prese~ved and would have been passed to and been heW b
y the Assoc.iation htd it ber,n :
duly and regularly assigned, transferred, set over and deltvered unto tbe Associatian by separate d o e d of assigi?ma~t, twtwithst4nd- ;
ing the fact that the same may be satisfied and eancrlled of reootd, it being t6e intentioa of the patties be~eta t}u?t tbe same will ~
be sa~isfied and cancelled of rococd by the lwlders theraof at or about the tithe of tLe reoording of tl?is rnortgaga : i
14. To pay all and singular the oosts, charges. and e:pet?ses indudiag Lwyer
s fea~ reawnab1y i~rred or paid at any
tima by the Association, because of the failure of the I?iortp,agors to perfonn. oomp}y wIth snd abide by each and every stipula_
tions~ agreements, conditions and covenants of said prnmissay aote and th~ deed, or ~ither~ and every such paymeat shall bear
interest from date at the rate stated in the note secured hereby.
I5. ~That he will~rnu
t, cwinmit, or suEfer ao waste, impainneat, ~ deterior4tlon of s4id property or any part tl~c+eoE; ,
nnd in the event of t}ua af ilure of the Mortgagocs to keep the buitdiogs on saidp~n~s~ and those to ba erected on said premises,
~ improvements thereon in good rep~ir, the Association roay make and pay for ~chrep~s oa ia ib dis~Ion it may deem
necessary for tbe P~P~ Preservatan thereof, and tbe full amouat of such pa?yn~b sba11 be sacured by tlie liea of thit matgage
and shall at the option of the Assoc~atiou be inwnediately due and pnyab4, or p~ynbb ia ~ch moAtidy inrtaliments as the Associa• .
tion may determine. and every such payment shall besr interest from date at tbe rate stated ia tLe nott axurod haeby.
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18. That if the Association and the I~todgagors agree, ihe Mortg ors w1ll carry a policy ~ policies of ins~unnoe upon
their lives in an arrleunt eqnal from time to time to the amount of indebte~ness bercby sec+ued. maku~g said Association baiefi.
cinry thereuneier, and that the said Associstioa maypa
y the premiums foc sueh iasurance (in the event the Mortgagars do not).
and add each such pc?yment to the unpaid balance af the loaq as of the first day of the then c~rre»t month, and it shall become
additional indebteclness ~ecured by tbts mo~igage payable upon dernsnd. ' '
17. T}~at in the event that this mortgage be given to secure a c~oruhvetion baq fa~ure aa the part of tLe Mortgagors or
their contnctors to complete said bailding in socardance with ConstruMion Loan Agroement, of eva? data f~evvith~ or to buitd
said constn~ctioa in aocordance with plans and specif'x~tlons fiied with the Association, shal! ooastitute s breach of dris matgage~
and, at the option of thc Associatioq immediately mature the eatire ~nount of ~1 and interest hereby secured and the Asso-
~ciation may immeciiatcly inttitute proceedings to foreclose this modgage. ~ t
18. That the abatract or abstracts . of titk covering tbe mortgaged propaty shaU at all tiures, during the life of tbis uwrt-
gage, remain in the possesston of the Auociatan and in the eveat of the foreclaaure of this mortgage or other transfer of titk to
the mortgaged proPerty in extinguishment of the indebtedness secured hcreby, sll rigl~t, tltle, and interest of the Mortgagon in
and to any such abstracts of ride shall pass to tbe purrhaser ar grantea.
29. The Association shall have tba•righe, ia its d~Cretion, to require that the MatB'8~ PaY iato tbe Association in addi-
tion to the monthly installments of principai and inte~est to be paici by the Matgagors w~dez the note secured by this matgaga,
an amount equal•to ono-twelfth of the annual installmeats of any taxes on tba mortgaged ps+eemises levied or assessed by eny
govemmentai suthority, and one-twelfth of ihe annual premiunos for Fire and Fa~tended Co~vetage insurance on tbe mortgaged
premises ns hereinbefore reguired by the Association, and the Mortgagon failure to make snch payments shall oanstitute a default
under this mortgage.
IN WITNESS WHEREOF, the said Mortgagon hereunto set their handt and seAls tbe day and year &st above wsitten.
• Sign „s~aled , eU e~d in the of;
- ` - ~ - . - SEAL
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~ Dav Schenandoah ~ .
' - - • ~ gE~-
~ ris-N. henandoah
' ~ ~ - - - __._(SEAI.)
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; Mnn~ss~ ~Ta~coes~ -----.._~.._..~(SEAI.~ .
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