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8. Until default in the ~erfc~rmanc~ of the covenajits and agreements oE this mortgage, the mortgagors shmll be entided
to collect thc rcnts, issuts and profits from the premises hereinbefore described, but in case oF a default in any of t~e term, of
tbis mortgage, and the filu~g af a bill to foreclose this or any other mortgage encumberin~ the within described property, the
.•1s.vociatan shall immecliatelv and without notice be entitled to the appointment of a Receivpr of the mortgaged propcrty, and
c,f the r~w~ts, issues and profits there~of, with the ucual power of Acreivers in such cases, :~nd such Receiver may be continued
in pos.+essiou of the said propert~~ until the time of the sale thereof under such forecl~sure, anc~ until the eonfirmation of such
>ale bv thr: Ctiurt.
~J. lf a couveyance shoulc? be made b}~ the martg4gors of the premiscs herein described, ~,r any part thereof, without
tht• ~vritten crnisc•nt of the Association, and ~ti ithout assumpt~on in regular for~n of law by the grantee of the obligations to the
~.~ociation created hv said promisswy note and this mortgage, >hen, and in thxt eveni, and :it :he uption of the Assuciatiu~~,
,u?cl ~~~thoirt notice, all sums of mnnev ser+_urd hereby shall immed?a±ely and cuncurrently with such rnnveyance bec'ome due and
t~ayable and in default. The Association may deal with successora in i~~terest ~vith reference to tnis mortgage and the debt herebv
secu~ed in tLe same manner as with the mortgagon, and may forbe~r ta sue or may extend time fur rayment of the debt, secureci
hereUy, or otherwise act without dischar~mg or in any wnv afFectin~ the liability of the martgagurs hereunder ur upon the debt
hereby securecl. The Association mav also deal with the Mortgagon and/or with succ~ssc~rs in interest with referenre to this
mortgage and tho debt herebv secureci by furbearing to sue, extending the time for paymPnt of the debt, providing for different
monthly payment~ and/or a differer~t interest rate, and by other express mcxlifirations of the contr.~ct, without losing znv priorit~~
the Association has over other mortgagees or lienon or holders of any jwuor interests in the property secured hereby.
10. That in the event the premise~ hereby mort~;aged, or any ~wrt thereof, shall be .rondemned ancl taken for public use
under the po~~~er of eminent domain, the Assuciatiun shall have the ri~ht to demand that ~ll damages awarded for the taking of or
damagrs to s~~id premises shall be Paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and
m~~• be apnlied upon the payznent or payments last payable thereon,
11. It is specifically agreed that time is the essence of this contract and that no ~•aiver of any obligation hereunder ur of
the obligntian secured hereby shall at any time therenfter be held to be a waiver of the terms or of the instrument secured hereby.
1'?. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien oE sny ldnd should be insti-
tuted, the Association may at its option, immediately or thereafier declare this m~rtgage and the indebtedness secured hereby due
and pa~~able.
13. Te the extent of the indebtedness of the ~iortgagors to the Association described her~>in or secureci liereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof oE each and every mortgage,
lien or other et~cumbrance on the land described herein v~•hich is paid ancl(ar) satisfied, in ~+~hole or in part, out of the proceecis
~~f the loan described herein or secured herebv, and the respectivc liens of s~~id mortgages, liens or other encumbrances, shall pass
tn and he held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby serured, to
thc same extent that it would have been preserved and ~vould have been Passed to and been held by the Association had it been
clul~~ and regularh~ assigned, transferred, set o~-er and delivered unto the Association by separate deed of assignment, not~vithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that tha same ~vill
t~e sa:isfied and cancelled of recvrd by the holders thereof at or about the time of the recording of this mortgage.
14. To p:iy :~ll and singular the costs, charges, and expenses including ;awyer's fees, reasonably incurred or paid at am•
time bv the ~ssociation, becausr of the failure af the ;liortga~ors to perEonn, comply with and abide by each and every stipula-
tions, agreements, conditions and co~~enants of saici promissory note znd this deed, or either, and everv such pavment shall bear
interest from date at the rate stated in the note secureci herebv.
15. That he will perniit, commit, or suffer no waste, impairrnent, or cieteriuration of said proPerty or an~~ part thereof;
and in the event of the failure of the '~4ortgagors to keep the buildin~s on said premises and those to ~r: erected on s:~id premises,
~>r impro~~ements thereon in good repair, the Assaciation may make and pay for such repairs as in its disrretion it mav deem
necessary for the pro~er preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage
.ind shall at the option of the Associatioa be immediately due and payable, or payable in such monthly installments as the A.ssocia-
tion may determine, and everv such payment shall bear interest from date at the rate stated in th~ note secured herebv.
16. That if th~ Association and the ~tortgagors a~ree, the hlort~agors will carry u policy or policies of uisurance upon
their lives in an arr~eunt equal from time to time to the amount oE indeL•tedness hereby secured, making said Association benefi-
ciar~~ thereuncler, and that the said Association may pay the premiums for suc}, insurance (in the event the ~1ort~agors do no#),
anrl ~dd each such payrnent to the un[~a id balance of the loan, as of th~ first day of the then ctine~it month, and it shall beeom~•
additir~nal indebteclness secured by this mortgage payable u~n demand.
1i. That in the event that this mortgage be give~ to secive a constn~ction loan, failure on the part of the '~iort~agors ~r
tl~eir conh~.ictors to complete said biiildin~ in accordance with Constn~ction Loan Agreement, of even date here~ti•ith, or to biiilci
~,1id construction in accordance ~~•ith plans and specifications fileci ~~~ith the Association, shall constihite a breach of this m~rtgage,
ancl, at the option of thc Association, immediakely matttre the entire amowit of principal and interest hercby secured and the Assa-
ciation ma~• immediateh• institute pmcecciings to foreclose this mor±~age. ~
13. Th.~t the abstrici or 1h5tTaets of title covering the mortsa;~eci property shall at all times, durin~ the life of this mort-
~a~e, remain in the possessic:n of the Association and in the er-ent of thc fareclostire of this mortgage or other transfer of title to
the mortga~ed property in extinguishment of the indebtedness secureci hereby, all right, title, and interest of the ~iort~a7ors in
and to any such abstracts of title shall pass to the purchaser or grantee. ~
19. The Association shall have the right, in its discretion, ta require that the '~tortgxgors pav into the Association in addi-
tion to the monthly installments of principal and interest to be paid b~• the \tcrtgngors under the note secured bv this mc,rtga~e,
:in amount equal to one-twelfth of the annual installments of anv tascs un the mortgagecl premises levieci or assessed by any
govemmen~-~l authority, and one-tu~elfth of the annual premiums for Fire and Extended Coverag~ insw~anre on the mortgageci
~~r~~misr•s as hereir~}~efore re~uired bv the Association, and the '.1lortgagors' faihn~e to make sueh pa~~rnents sh:~ll ccrostitute a default
undrr tl~is mart~a~e. .
IN «'IT\ESS 1ti'FIEREnF, the said Liortga;~~rs hereunto set their hands and seals the d.i~• anci vear first above written. '
. .
Si,~,,~led and cleli~•ered in the presence of:
~ D ~
. ~ ~ ~ . ~SEAL) ~
~ ~C-~- C. Hart ~
~ ` ~ Ii.k..~~ ,~~~C.~Y ( S~:AL )
Thelma Hart
_ (SEAJ,)
~ _ _ (SEAL)
i W I TNESSES) (MODTGAGORS)
go~K 12~ 246