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Home My WebLink About1692 8. Until default in the performance of the ~.rovenants and ugr~einenls of this mortgage, the mort~agors shall t~ entitled to collect the rents, issues and profits from the premLses hereinbefore described, but in case of a default in any of the tern» of this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within describe~ property, the Association shall immediatelv und without notice be entitled to the appointment of a Receiver of the mortgaged property, und of the rents, issues and profits thei~eof, with the usual power of Receivers in such cases, and such Receiver may be continuecl in pos.iession of the said properh~ until the time of the s11e thereof under such fomclosure, and until the confirmation of sucl~ .ale b~~ the Court. 9. If a conveyance should be made by the mortgagors of the premises herein described, or any part thereof, without the ~vritten consent of the AssociaHon, and w~thout assumption in regular form of law by the grantee of the obligations to the -1.s~rciation created bv said promissary note and this martgage, then, and in that event, and .it the upiion of the Associatiun, ;inci ~~~ithout notice, all sums af money sec~~red hereby shall immediately iind concurrently with such conveyance become due t~nd payeble and in default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv serurerl in the same mannrr as w~ith the mortgagors, and may forbear to si?e ar may extend time for payment of the debt, securecl hereby, or otherwise act ~+~thout discharg'ing or in any w•~y affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with sucressors in interest with reference to this ~nort~age and the debt herebv secured by forbearing to sue, eztending the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express mcxlifications of the cor?tract, without losing any priorit~• the Association h:u over other mortgugees or lienors or holders of any jtuiior interests in the property secured hereb~~. 10. That in the event the pmmises hereby mort~a~ed, or anv part thereof, shall be rnndemned and taken Eor public use t?ndrr the po~ver of eminent domain, the Assuciation shall have the right to demand that a~l damages awarded for the taking of or damages to said premises shall be psid to the Association, its succ~essors or assi~ns, up to the amount unpaid on this mortgage and mn~~ be applied upon the payment or payments last payable th~ereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligution hereunder or of t}~e obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secureci hereby. 12. If foreclosure procceclings of any second mort~;age or second trust deed or any junior lien of any ]dnd should be insti- tuted, the Assaciation may at its option, immediately or thereafter declare this mortgage and the indebtedness sPCUred hereby due and pa}'able. 13. To the extent of the indebteciness of the Martgagors to the Association describeci herc in or seciued hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the o~vners and holders thereof of each and every mortgage, l.ien or cther etrcumbrance on the land described herein which is paid ancl ( or) satisfied, in whole or iu part, out of the proceeds ~~f the loan described tierein or s~cured hereby, and the respectivc lien.r of said mortgages, liens or other encumbrances, shallp~ ss ro:ind he held bv the Association hHrein as security for the indebtedness ta the Assxiation herein described or hereby secur~~d, to thc same ex'ent that it would have been preserved nnd «~ould have heen passed to and beer~ held by the Association had it been dul~~ and regularh• assi~ned, transferred, set over and delivered unto the Associ:?tion by separate deed of assignment, notwithstand- ing~the fact khat the same may be satisEied and cancelled of record, it being the intention of the parties hereto that the same 4vil1 be sa~sfied and cancelled of recczrd by the holders thereof at or about the time of the recording of this mortgage. 14. To poy all and sin~ular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at anv time bv the Association, t~ecai~se of the f:?iiure of the '.lfortgagors to perfonn, comply with and abide by e~ch ancl every sti~ula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and everv such payment shall bear interest from date at Lhe rate stated in the note secured hereb~~. 1S. That he will ~ermit, commit, or suffer no waste, impainnent, or cleterioration of said pmperty or any part thereof; :~nd in the event of the failnre of the ~?4ortgagors to keep the buildin~s on said premises and those to be erected on said gremises, c~r improvements thereon in good repair, the Association may make nnd pay for such repairs as in its discretion it may deem necessary for the pzoper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage .;nd shall at the option of the Associatioa be immediately due and payable, or payabie in such monthly installments as the Associa- tion may determine, and every such pa~ment sh:~ll t~ear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the Ztortgagors agree, the ~iort~agors will carry a policy or policies of insurance upor, their lives in an sm~imt equal from time to time to the amount of uidebtedness hereby secured, makir~g said Association benefi- ciar}' thereunder, and that tl~e said Association may pay the premiums for surh insu:ancc (in the event the ~iortgagors do not), ancl add each such pa}'rnent to the unpaid balance of the loan, as of th~ first day of the then etinent month, and it shall become aclditional indebtedness securecl by this mortgage payable upon demand. 1'. That in the event thut this mortgage be given to secure constr?jction loan, failure on the part of the \Sortgagors or their cc~ntractors to complete said builciin~ in accordanca with Constniction I.oan ~greement, of even dute herewith, or to build said construction in accordance ~vith plans and specifications filed ~~~ith the Associ~tion, shall constihite a breach of this mortgage, and, at the o~tion of thc Associatian, immediately mature the entire amotmt of nrincipal and interest hereby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortaage. ~ 18. That the abstract ur abstracts of title covering the mortga:;ed pro~>erty shall at all times, during the life of this mort- ~age, remain in the possession af the Association and in the evCtlt 7f t~iC foredosure of this mortgage or uther transfer of title to ihe mortgaged property in extin~uishment of ~iye inclebtedness securcd hereby, all right, title, and interest af the :4fortga~ors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. Thc Association shall have the right, in its discretion, to require that the \iortg.~gors ~y into the Association in addi- tion io the monthly installments of principai and interest to be paid li~' the ~tortgagors under the n~te secured bv this mortgage, .~n xmount e~ual to one-rivelfth of the annual installments of am~ ta~es on the mort~~~ged premises levied or assessed by anv go~•ernment~il authority, and one-fis•eiEth of the annual premiums ~or Fire and Fxtended Coverage insui•ance on th~ mortgaged rremises .as hereinbefore required bv the Assnciation, :ind the \fortrya~ors' fail~.ire to make such pa~Tnents shall constitute a default under this inortgaae. I\ «'IT\ESS «'FiE1ZE(~F, the said tiortga;ors hereun!o ~et their hancls and seals the dav and vear first above «•ritten. ~ , d and dcli~•ered in the presence oF: ~ ~ / ` ~ ~ C.~ - ` ' ~E'--~'-~'-~ ~ / uth H. W. Freeman ~ ~ _ _ _ _(SEr1I.~ .-r-. c . . (SEAL) - - - - - (SEAL) - - - . (W ITNESSES) (MORTGAGORS) gooK1~9 4g~ ~