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HomeMy WebLinkAbout0820 8. Ui~til default in the ~erformanre of ihe coven.u~ts :~nd agrc~n~en!s of thi. mortgabe, the inortgagurs shall l~ entided tu collect the rents, issues and profits from the premises hereinbefore describecl, but iii rase uf a deFault in an~~ ef the terms uf this mortgage, and the filing oF a bill to fo~eclose this or Q~y other mortgage ex~cumbering the withi~~ describeci properfy, the Association shall immcciiatelv an1 without notice be entitled to the zppc~intment of a}terei~~er i~f the mortgaged propert~~, and c~f the rents, issves ~nd prc>fits thereof, with the ~i~u11 power nf Receivers in such cases, and r,ich Receiver ma,y- be continuecl in ~os~essiot? of the s.~id I~ra~ert~• until the time of the sala thereof under such foreclosure, ~tnd until the confirmation ~~f cuch ,ale b~• the Cottrt. 9, lf a c~»~~e}~ance should be made by the mortgagors of the prPmises herein deseribeci, or any {~art thereof, without th~~ ~~~ritten cv~nsent of tt~; Association, ancl u-ithne~t assiimi tion in te~ular forni c~f ]a~v bv the ~rantee of th~ obligations to tht• 1~uKi~ition createcl b~• said promissorv note and this mortgage, then, and in thxt rvent, ~ and +~t the ~~ption uf the Assuri;~tiun, ;uul ~~•ithuut notice, all .unis of rrionev se~~~red hereby shall immediately :inc? anmurrently with such c<ui~~e~•ance become ciue und ~~ayuble and in default. The Association may deal with successors in interest ~vith reference to this n~ortgage and the debt herebi• .ecureci ir~ i~re s;~me mantirr as r~~ ith the mortt;a~;ors, and may forbear ta sue or may extencl ti~tze fur Iriyment oE the debt, securecl hercby, or othenvise act «~ithout dischargu~g or in anv ~~•a~~ affecting the liability of the rnortna~urs hereunder or upon the deUt hereby securecl, Thz Associatian mav also deal with the~Morcgagors and!or w•ith saccessors in intcrest with reference to this IIIUCtry:~ge and the debt herebv secured hy forbearing to sue, ex~endin~ the time for paymeiit of the debt, l;roviding for different - monthly payments and/or a differer~t intcrest rute, and by other express moclific:~tions of the cvntrart, ~~~ithout losin~; ari~~ ~~riarit~ the Association has over c.her mortga~ees or lienors or holden of any junior interests in the proprrh• secured hcreb~~. 10. Th~t in the evetit the pretnises hereb}' mortgaged, or any part thereof, shall be condeinned aud taken fur public ust• tuicler the pr,~~•er of emincnt doinai», the Assuciatiun shal! have the ri~t~t tc~ de:naud that ~11 damages aw;~rded for the takin~ oE or da,nages to s;iid premises shall be raid to the Assoeiation, its st~ccessors or assi~ns, ttp t~ the amount un~lid on this mortg~ge anc~ ma.~ be ap~~lied upon the pa~~ment or payments last pa~~able thereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of u~i~• obligution hereuncler u~ uf the obligation secured hereb~~ shall at any time thereafter be h~eld to be a waiver of the terms or of the instrument secureci herebti~. 1?. If fvreclosure proce~c~ings of any second mort~age or second tnist deed or any junior lien oE r.ny kind should be insti- tuted, the Associatior~ m~+v at its option, irnmediately or thereafter de~lare this mortgage and the indebtedness serured hereby due and payable. ~ 13. To tl~e extei~t of the indebtc•clness of the ~tortga~ors tc~ the Association describeci her~•in or securecl liercby, the Asso- ciation •is hereb}' subrogatetl to the lien or liens and to the rights of the o~+~ners and holders thereof of eacli and every mort~age, Iien or ofher eucumbrance on the land described herein ~vhich is paid ar~~l~or) satisfied, in ~+~hole or in part, ou; of the proceecis nf th~ loai~ deseribed herein or securecl hereby, ar.d the respecti~~r liers of said ~nort~as;c~s, liens or oiher encumbrances, shall ~ass t~~ ,ind l~e held b~• the Association herein as secarity for tVae indebtedness to the Association herein described or herehv securec,, to the same cx'.ent tli:it it ~v~uld h:~ve bcen preservc•d and «•ould havE: been ~assed ta und been held by the Association had it been ctut~~ an~i regularly assi~ned, transferred, set over and delivered nnto the Associuti~n l7v separatc deed of assignment, noh~~ithstaiiri- in~~the f:ut that the same may be satisfied and caneelled of recorci, it bcin~ the intention of the parties hereto that the same ~~il! t>e s~i;isfied unc? cnncelled of record by the holders thereof at or aboiit the time of the recording of this mortgagc. 14. To p,i~~ all and si~~~ular the ~osts, charges, and expenses uicludin~ I~~~yer's fees, reasonabl~~ incurred or paid at aii~- time b~• the Association, becausr. of the failure uE the lfortgagors to pt~rionn, complv with ~ind abide bv eaeh ancl eti•erv stipuln- tions, a~reements, conditions ancl covenants of said promissory notc and this cleed, ~~r ei,her, and eve~~~~ ~uch ~a~•ment shall bear interest from date at the rate statecl in the note seciired hereb~•. ~ lri. Th.~t he ~~~ill pern~it, commit, or suffer no ~vaste, impainnent, <~r clcteriuration uf said ~~rol~ert~• ~~r am~ i,art thereoF; ~nd in the c~~ent of the f:iilt~re of the '1fort~~~ors to keep thc huilcjin~s on snici premises and those to br erettec? o~> >„id ~~rc•niises, «r imr~ro~•ernents therean in coocl repair, the Association may make and pay for surh repxirs as in its discretion it ma~~ deem necessary for the proper ~reservation thereof, and the full amount of such pa~~n~ents shall be secured by the lien of this mortgage :~ncl shall at the option of the Assoeiatio~ be immeciiatel~~ d~~e and pa~~:~ble, or pavable in sueh monthh• instalimenfs as the ~ssoeia- tirn~, mav deMrmine, and c~~crv surh pa~m~ent sha11 bear u~terest fram c?ate ;~t the rste stated in the note secured herch~•, I8. That if tl~e Assaciation and the \tortga^ors a}ree, the liort~a~ors ~vi~l cnrt~~ :i policv or policies of u~,urance upor. th~~ir lives in au arn~urit ec~ual from time t~~ time to the amoiuit of u~debtedncss hereb~~ sectued, rrraking saic3 Associatian benefi- ciarc thercun<ler, and th,it the s~iid :~ssori.itl0ll may pay the premiums for such i~isurnnce (in the e~•ent t}ie ~fort~a~or., da not?, ancl ndc3 each siich ~:i~~tnent to the unpaid baIance of the loan, as of th~ first day of the then cur`rent rno?it~, acid it shali becom~~ adciiticmal indebteclnes; se~urerl by this mortgage payable upan tlem~~nd. 1 r. That itz t}~e evc-nt th:zt this mortg~ge be gi~•er~ to secure a constn~ctinn ]oan, flilitre on the part of thc \tort~a~ors ~~r the;r conh.lctors to comj~lcte said lsuildin~ in acrordance ~~~ith Crn~stnicticn Loln Agreeinent, of c•~•en ciate here«•ith, or to buil<1 said constructi~~n in accurdance ~vith i~lnns ancl speeifieat:ens filed ~~~ith ;hr =~~sc~ci:ition, shall coristihttc' 8 hTti1C}1 O{ {1115 mort~~igr. und, at the oPtion of thc Assoeiati~n, immediatel~• mature the entire arnnt~nt of prinei~al ancl intere,t hercby seeured and the ~i~so- ~ci:ition mav immeciiateh~ instiiute procecdin~s to foreelose this mort~age. ~ 1~~. 1!].ii ~IIC .tu~l~ai'~ ii7 lviii.iCii vi iiiii C:;ti:,'I^r,^~ ~}:C P:C!"t~3L~E'ri ~~rnj)f+rh~ c}l;t~~ ;t} ;1~] illl'iPS; (~llTlil~ the Ilff: Vf t}1lS AlOif- <,a~~e, remain in thr possc:sion c~f the Association and in the event of the foreclosure of this mort~a~;e or otlter transfer of titlc to tLe mort;agecl ~~ro~iert~- in extin~uishmrnf of ti~e indebtedness srcured hc~rebt•, all right, title, and interest of the ~fort~a~ors in ~ind .o ant• stic}~ ~bstr:lcts of titte s}~all ~ass to the ptrrchaser or grantee. y 19.. The Associatinn shall have the ri~ht, ir. its discretion, to recj~~ire that th~ \tc~rt~a~ors j~a~~ :nto the :~ssociation in addi- ticm to tl~,^ m~nthlv inst111111CIlfS OE I)C317Ci1)~lI and interest to b~ ~aid 1~~~ the ~fort~acors tincler the noke seet~red b~- this mort~a~E:, .~n ;imount ec~ual {o one-t~~•elfth of the ~nnual instalIments of anv tases on t}re n~urt~~~~ect P*ernises le~~ied or assessecl }~v arn- ~~e~•ennitentat author;tv, and one-t«•elEt1~ of the anntial premiums for Fire ancl F'xtended Covera~e insur. nce on the mortgagec~ ~~mmiss°s as hereinl~eFor~ m~~uimcl h~• the ~\s~c~ci:;tian, :m,3 the \iort~~a~ors' failure tc~ make sueh ~a~•ments s}~all eonstiti~te a default uncirr this .Il~ll"t~1RE'. I\ ~~'IT\FSS ~1"III;REC)I', the said ~lnrtt;:<<~~r, hereunt~~ s~~t th~~ir hancls uncl seals the c1;1~• anci ~e,ir fir.t abo~~e ~~•ritten. ~ : S;a~?,,;I, seuled and deii~•ercd ii~ [he ~~m:ence of: . . ~ i ~ ~ "I / 3 : / { ' ~ _f.t- L._ ~G'h... ~5~.~1I.) L ~~J ; Lawrence F~. Fergus~n ~ .l rsr:~i,~ ~ ~--'C tt- ~ t / L ~ ~ ~..~.-.-u , 7 ..~'L<. t-r i:..../ ~ ' Jess~ie 'Y. F~rguson ~ . •~~r:- ~ . ~ / ' ~`r7 Sf~AL.> • • , _ ; (SEAL.) (WITNESSFS) ;MOR7GAGORS; ao~Kl~.9 ~ ~ .