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Home My WebLink About2706 ~ ~ ~ ~ t . . . 8. Uatil dehult ia t6e perfa~uar~ae of tl~e coveiwnts wd a~reemeats oE thia matgaga the moct8i8°~s shall be eatit{ed r~ c~ollect tbe ran?ts, issuat ~ndp~i b from tbe pranises ~nbefore dexYibed. but ia ase of a dehult in any oE ths ta~nY of this mortga$0. and the aF a bW t~ f~ocxlo~e thN a my otbec mo~tgage encumbering tbe wiil,iu 3~~,-v3 ~y, thE As~odatioa ahaU immedia and without notice be entitled to tLe appoioata~ent of a Reoetver af t6e ~matgaged p~operty, and of the reAb, issuea and ib thereof, wlth tbe usualpowet of Reoelvers In s~ch ca~ea. uid auch Reoeiver may be oontinued ?n pos~siou of the sald prope~ty until the time af the sais tbereof uad~r s~ch f~r~re, aacl until the caafir:t~at~ae of auch ~.~le by the Co~ut. 9. If a ao~nveyance sbould be made by the nw~tgagaa af the pcemises herefin descxibe~ ac anypar~ thereoE, wit}wut the writtea consent of the Association, and without assumptioa in reguLr form ~ law by the graatee of tiie obltgptions to tbe ~lssociation created by_ said pc~omis+ory noos aud this matgage, tbea, and in that event, and at the option of the Associatan. :~nd ~vithout notice, all sums of mcmey secnred hereby s6all immcdiately and rnncurrentlv with such cmveyance beoome due and payable and in default. The Associatian may deal wlth suooessozs in interest with refa+enae to thb moctgage and tbe debt~ y secured ia the same anxnner as with the matgagors, and may f~bear to sue or may ext~d tiura for paya~cnt of tLe debt, ~d ~ herebv= a otherwise acc vvIthout di~chanc~ic any way aEfecting the liability af the mo~igsgors hereunde~ or upon c6e debc heretiy sec~ued. The Associztion anay al~o deal with tl~e Mortgagcm andJar with s~ooessors m inierast wiin ra:e~es~ :i. i~„s mort age and tba debt hereby ~~enued by forbearing to sue, e~ctending the time for paya~ent of tLe debc, Ixovidin8 for diffarmt mont~1y ts and/or a different ioat~ rate andby other anodific~tions af tbe contract, without lLos~~m~~~a~ny P~'~~?' the Assoc~a~ has ovar other mortgagees o~ lienois or holders of any~ ior interests in the P~'oPertY ~°~D)'• 10. 71~at in the eveat the ptrmises herebymo:tgag~d. or any p~t tl~eof, s~a11 ~~~pu blie use under tbe power of eminent daoain, the Association shall have the right to da~nand that alI damages awattled for tbe taidng of or damages to said pi+emises shaU be paid to the A.~.soci:Hon, its suocas.wrs or assigas, up to the amouu?t nnp4id oa tbis mo~tgage and mav be appiieci upon t~e payment or paya~ents ia~ payaoie ~ 11. It is specific~ally ag~reed that time is the esseace oE this oontract and that no waivet of any obligati~u hece~mder or of the obligation sec~u~ed hereby ahall at any time then~fter be hdd M be a waiver of tbe terms a~ oE dre h~ttrummt aee~u~ed hereby. 12. If forxlosure proceedings of any seoond moitgage at sxoad tn~tt deed ~ any ~ Iien of any ldnd ah~ould be iosti- tuted, the Associatioa may at its option, iunmediately or thereaftex decl~re this moztgage and the iadebte~ secured hereby due and payable, 13. To the eutent oE tLe indebtedness of the Mortgago~s to the Association descnbexl herein or secured hereby, the Asso- c;aeio~n is hereby submgated to the lien ot liens and tV t6e iig~ts of the ownets and holde~s theteaf of each andevery mortgage. lien or other e:,cumbrance on the land described he~e~~ whicL it paid and(ac) satisfied, in wbok or in pad, out of the oE the ban described herein rnr aecured heieby, and tLe respectivc liens of said mo~tgages, lieas or dher enc.~umbranoes, s IIa~~ to and be held by the Association heman as ' fot the indebtedn~s to tlze Assoc.~Iation }iesan deacnbed at l~reby sec+u+ed, to n the same ez!ent that it wotild have been pa+GS~i~ and w~ouW bave been Znaed to and been held the Associatioa had it beea auly aad regalarly assigued, tiantfer~ed. set over and delivered unto the Association by separate d of atsi~n~~M, iwtwithstana- ing the fact that rhe same may be satisfied and c~noelled oE reoad, it being d,e inteattan oE the paHies hereco t}~?t rhe same wIU be sebsfied and cancelled of reooad by tbe bokleis thereof at ~ about the time of the reoomding of this mortgaga 14. To pay all and singular the oosta, charges, and ezpd~ses indading lawyei s feea, reasonably ine+ured a~ p4id at eny time by the As~sociation, because of the failnre of the 1?~atgagors to perfoim, comply with and abtde by each and every sHpula- tions, agireements, oonditions and covenants of said pt+amissory note and this deed, or either, and cvay such psyanent shaII bear inteiest hOm dste at the rate Stated in the note seCUtYxl hereby 15. Tbat he willpern~it, commit, ar suffer no wast~. impainnent, or deterioratioa of ~id pioperty ~ any part thereof; :u~d in the event of the failune of the Mortgagors to keep the buildings on said and those to be e~cted on ~id gseuii4es. or improvements thereoa in good repair, t}is Associatioa may make and pay ~~m as in ib disa+etion it may deem necessary? for the P~P~ P~rvation thereof, and the ftill smount of such pa,vments shall be sec,~ued by the liea of this mo:tgage and shall at the option of the Assodati~ be immediately due and payable, o~ payable in such montl~y iattallments as the Aa~oc3a- tion may deteronine, a~ every such paymeat shaII bear intaest from date at tl~e rate stated in the nobe aec~ued h~eby. ! 18. That if the Association and the I~iortgagors ag~+ee, the Moitgagors will carry a policy or policies of ins~ranoe upon j their lives in an ameunt equal from time to time to the amount of mdebtedness hereby sec~u+ed, maidng said Association benefi- ~ ciary ihereunder, and that the said Associatio~ may the ~u+emiumt for such insuranoe (in tLe event the Mortgagors do nat), and aat~ eac.~l S~K~ pa)+trient to the unp~~ bslBnCe O~tde ~o0n, as of t~1e f1~st day 0~ tbe then C~ietlt montb, snd it shall beCOme ( additional indebtedness secured by tlus mortBaSe P~3'a~ ~n demand. 6 17. That in the event that this mortgage be given to secure a co~nstruction loan, failure ~ the part of the Modgagors or ~ their contractars to complete aaid building in aawcdanoe with Cons~vction I.oao ~~~te herewith, or M build ~ said construoti~on in aocordance with plaas and specifications filed with the Association, shaIl oon~titute a breach of this matgage, ( and, at the option of th~ As~ociatioq immediately mature the entire amount of principal and in~ hereby sec+ued and the Asso- i ciation may immediately iastitute pmoeedings to foreclose this morigage. ~ 18. That the abstract or abstracts of titk oovering the mort~aged property shall at all time~, durh,g the liEe of this mort- ~ ~age, remain in the po~ession of the Associatian and in the event of the foreclosure of this mortgage or other tiansfer of title to the mortgaged p~o~erty in estinguiahmeat of the indebtedness secured bereby, aA ri8~t, tide. and interest oE the Modgagms in ; and M any such abstracts of title sball p~ss ~u the purchaser or grantee. ~ ia T~ ~~c~, ~an ~~e ~e ~c, ~n i~ d~on, co ~+aq„ue c~t c~e ~[ortgago:s p~y ~co che esso~ac~ ~ aaa~- : tion to the monthly installments of principal and intereai to be paid by the Mortgagors under the note seciu~ed by this mortgage, ; ~ an amount equal•to one-tvveafth of the annnal insts~noenb of any taues on the mortgaged p~remises levied or ass~ by any i govemmental suthority, and one-twelfth of the annual premiums for Fire and Estended Coverage insuranoe on tbe mortgaged ~ premises as hereinbefoz+e required by the Msociation, and the Mortgagors failure to make s~ul? payments shall constitute a default ~ under this mortgage. IN WITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ Signed sealed and deliv, in the pre.~enoe of: TOM COLLINS A SALES, INC. ~ ` ~ `t ~ BJY - ------(S~) 'I - - - - - es resi e ~ ~ I ~ AT EST; ~ _ - - -(S~) i o ins,'-S~ec "r"e~ary - - - -------------~SEAL) ~ - - - - -----------~5~~ : ~~J~~ (MORTGACORS) ; i 4~ ~147 304 , ~ _ - _ _ _ . - - ~ - ~ - _ yy _ .y '}z