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Home My WebLink About1965 M ' .+~..+w.+~ww+v~~+.? ~-v ? ~ .rs ~ = - - - ~ ~ . ~ ~ S • \ 8. Vati1 deEiult io t~e pa{amaaos af d~ oaven~ab aod aerearr~eab oE t~it~ moetgage~ tbt mortg,sgoa dull b~ aatitkd w oo~lfect tbs reats, bn~s aad p~oHv baa t6e p~ni~a bee~einbetoe~s de~ibed. but tn oae of a dehult fn any of tbs beinn~ of tWs mat~ge. md tbs af a bi11 to ksecb+s t~is a a~np ot~x anoetgage aacuanbe~ng tbs wlthin dex~ibed propatp~ d~e As~ociatkn sbalt aAd witbout aotioe be eatitkd to tbs ~ppointme~t af a ReaNver af tbe matgagedpe~~~ty~ aad uf d~e raah, iasues aad ' tbereof, with the usual powrr of Reoei~ ia such caxs. ~nd sucb Reoehror n~ay be-oaitinued iti pos~wioa af the said propaty tmtil tAe tim~ of tbe sab t~ereof imder ~cD f~ecloa~ue. and tu~til the oonfirmation oE such sale by the Cou~t. 9. IE a conveywce sbould be aiade by tbe moctgagas of the premiscs heirin de~cribed, ar any part tbereof, witbout the written m~sa?t oE the Auociation, aad witbout assumption ia regu4r form of 1aw by tbe gantee of tTi~ obligation: to tbe Associatioa crmted by iaid promis~ory note aad tlus mKtgage~ thea, and in that event, aad at the option of tne Association, nnd ~vitlaut notice, all sums of mcmey ser~rcd ba~eby shall immediately and ooncurrenth+ with such canveyance beoome due and WYabk and ia defauh. 'I1?e Association may deal vvith s~coeasors in intercst with referenoe to thf: ma~rtgage and tl~e debt~~~? secared ia the same manaer as with tbe mortgagora, and may forbear to sue or may exta~d tia~e for paymerit of the,debt, haeby, ar otherwise act witbout g or in any way affxting the liability of tbe moKgagors hereunder or upaa the debt hereby sec+ued. Tbe Association maa~ deal with tbe Mortgagors sad/ar wit!? suooessors in interest witb nfere~~ce to this mortpsgc anci the debt hertby aecured by forbearing to sve, a~tending tbe time for p~ymeni of tbe debt, P~m'idin8 for different monthly paymenb and/or a diffaait iatarst rate, and by other ezpress mocL'ficahoai of the ca~tract, wittiout losing any priority the Associatioa has over other mortgagees or lieaors or holders of any jimior interests in the property secund hereby. 10. That in the eveat the premises hereby mortgag~d, or any part thereof. shall ~ be oondemned and taken forp~ blic use ~ under tt~e power of eminent domain, tbe Assuciation shat! have the right to deinand that aIl daiaages awarded for tl~e talcing of or ~ damaga ro said premises shaU be paid to the Assoc;ation, its successors or assigns, up to the aawunt unpaid on this moctgage and mav be applied upon tbe pnymeat or poyments last payable thereoc~. 11. It is specificaUy agreed th~t time is thc essence oE this cantract and thet no waiver of any obligatan hercundes or of tl~e obligation secured hereby s6a11 at any time th~raker be bdd to be a waiver of the tams or of tLe ~t secured benby, 12. If foreclosun proaedings of any seobnd moitgage or seoand trutt dead or any junior lien of any ~ond should be 3nsti- tuted~ the Association may at its option, immediately or thrreaker declare t}tis mortgage and the indebtedne,ss secured hercby due ' ar?d payabk. 13, To t~e extent of the indebtednas of tbe Mort agors to the Association dGSai'bed herein or secured herrby~ the Asso- er ciatio~n n hereby subrogated to the lien ar lieas and to right~ of the owners and holders tbereof of ench and every tien or other ericumbranca an tha L~nd dtscribed berein wh;ch u paid and(or) aztisfied, in w}wk or in ps~t~ ~t oE the~8~• of the .ban desaibed herein or secured heceby, aad the respectivc lien,s of said mo~tgages, lieas or other encumbtances,~ to and be heW by the Assaciatioa hereia ~,s for the indebtedness to tbe As~oc.~iatioa herein described ar ha~eby ~M che same e~ent that it w~u1d have bea~ pir~~ and would h~ve been ~assed co and bxn held by tbe As:ociation Lad it been duly and regularly sssigned, transfe~r~~ed, set ova and deliverad unto tbe Association by separate deec~ of assignment, rwtwithstand- iag the fact tl~t tbe s~ne may be satisfied and cancelled of reco~d, it being tbe iatention of the pa:tks haet,o that the same wii! be sa~fied and canoeIled oE reoo~d by the hoiders thereof at or about the tirae oE tLe neourdiAg of this mortgage. 14. To pay all and singular tbe oosts, charges, and expenses mduding lawyer's fces, rc~sonab incyurEd o~ p~id at any ,a tiane by the Association, berause of the failure of the I?tartgagon to perform, comply with aod abide ead? and ~ stipula- tions, aSreemenb, conditions and covenants of said pcomissory note and this deed, or either, and evrry such payment shall bear intereat from date at tbe rate stated in the note serured hereby, 15. T'hat I~ wiIlperm~t, coanmit, ar suffer no waste, impairmeat, or deterioration of said prnpez~ty o~ any pert thereof; ~nd in tbe event of t~e failure of the Mortp,agors to kerp the buildings on said premises and those to be erected on said premiu.s, oc impcovements thereoa in good rep~ir, tbe Association may make and gay for suchr~ep~ as in its disaetion it anay deem na~ssary for tbe pmperpr~erv atioa ther~eof, and tbe full aawunt of such p~yments s6aD be :ecuted by the lien of this m~tgaga and sGall at the option of d?e As3ociatiaa be icamediately due and P~3'$~~ PaYable in sacb monthly uLStallments as tbe Associa- tion may determine, and every such paymeat shall bear interest from date at the rafe stated in the note sec~und hereby, 18. That if the Association aad the lfortgagors agree, the Mortgagors will cairry a policy or policies of insuranoe upon tbeir lives in an aaleunt equal from time to tinne t~ thc amount of indebte~Aess hereby secured, mal6ng said Auociation benefi- riary thereunder, and that the said Association maypa y the premiums for such insura~e (m the event the Mortgagas ~ not), and add each such p~yment to the un~. balance of the loaq as of the first day of the then current moath, and it shaD become additional indebtedness sec~ued by mortgage payable upon demand. 17. That in the event that this mortgage be given to serure a construct;on Ioaq failure on the pact of the Morigagors or their rnatracton to complete said building in ac~ordance with Construction I,oaa Agreement, af even date he,newith, or to buiW said construction in aocordarx~ with plan.s and specifications filed with the Association, shall oo~ctitute a breach of this mortgage, and. at the option of t6c Associatioq immediately mature the entue amount of principal and interest hereby seaued and the Asyo. ~ciation may immediately iastitute procecdings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the mortgaged property.sbali at all times, during tha life of thts mrnt- gage, remain in the possessiaa of the Association and in the event of the forecbsure of this mortgage or otber hansfer of tide to the mortgaged ~xoperty in ertinguishment of the indebtedness serured hereby, all right, tide, and interest of tl~e Mortgagon in and to any such abstracts of tide shall paa to the purrhaser or graritee. ~ 19. Tlie Association sha11 have the right, m its discretion, to require that tbe Mortgagon p~ay iato the Association ia addi- tion to the monthly instatlments of principat and interest to be paid by the btortgagors undet the noce sesuned by this mo~rtgage4 an amount equal to one-twelfth of the annual instaIlments of any taxes oa the mortgaged premises levied or assessed by any govemmental authority, and one-twelfth oE the annual premiums for Fire and Eziended Coverage inrurance oa the mortgaged premises as hereinbeface required by the Associat;on, and the Mortgagon' faihve to mal~e such payments shall constitute a default under this mortgage. ~ - ' . Y . IN 1VITNESS WHEREOF, t~ said Mortgagors hereunto set their hands and seals the day and year first above written, S;gned, sealed and delivere~ in tbe pr~ence of: . - - - - - - - ------~5~~ ~ ~teve D. Johnso ~ / --~~i~~---~-~~-C=--__.__ G.~ -------.~_____(SEAI.) / lenda E. Joh on . . ------(SF.AI.) ~T~~ __._.~_~..._(SEAI,) _ 1i1 ~~161 - - - _ ~ _ .