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8. Untit default in tha perfau?ance of the oovenunb and sg~ee~nents ~of this matgage, tbe mo~tgagon shall be e~tltlod
to collect the re~ts, issues sndprcfits fraa the ~eani~cs hec~nbefore described. but in case of a dafault in any oE t~e te~ranx of
this mortgage, and the fil~ag of a biII to faceclose tbis a my other moitgage encumbering the wlthia described p~perty, tbe
.~ssociation shall iaunediately ann without notire be entitkd to the appointment af a Recetver of tbe aartgagedp~~erty, and
of the renb, issues and profits thereof, wIth the usualpo
wer of Receivers In such csses, snd such Receiver may be-ooaotinued
;n poa~sion of the said property ~mW tbe time af the sale thereof under such forccloaure, and until the confirmation of such
.ale by the Cowrt.
9. lE a conveyance should be made by t6e mo:tgagors o# the poemiscs herein descrtbed, a~ anyp~t thereof, without
the writtea consent of the Associatia?, aad without assumption in regular form of law by the ~rantee of tTie obligations M tbe
~.-.sociation creuted by said promissay note and this mortgage, then, and in that event, and at the option of the Association.
aud ~vithout notice, all svms of mcmey ser~red hereby ahall immediately uad concurrently with s~h rnnveyance beoome due and
paYable and ia defautt. Tba Association may deal with s~uars In interest with reference to this mo:tgage and the debt bereb
secwed in the same manner as with the mortgagars, and may forbear to sue or may extead time for pe?yment of the debt, s~re~
hereby. or otherwise act without d~~g or in any way affecting the liability oE the moctgagors hereunder or upoa the debt
hereby secured. T'he Assoc~ati~ may deal with tbe Mortgagors and/or with suecesson in inter~st with refer~?ce M this
~nortgage and the debt hereby ~se~ued by forbearing to sue, e:tendu~g the time fot pi?yment of the debt, providing for diffe~ent
rrionthly paymenis aad/or a difEenent interat rate, and by other ezprexs inalific~tions of the co~ntrnct, without losing any priorih•
the Association has over other matgagees or lienors ~ hoIders of any jw~ior interem in ihe property secnre~d hereby.
10. That in the event the premises hereby mortgaged, or any part thereof, sha11 be a~nderaned and take=? forpu blic use
under the power of eiainent do~nain, the As.wciation st~all have the right to rlemund that all dainages awarded for tbe taimng of or
damages to said ~xemises shall be p~id to the Associstion, its succes.wrs or assigns, up b the aawunt unpaid oa this ma~tgage and
mav be applied upon the payment or paymeats ~ast payable the:eot~.
11. It is specifically agreed that time is ihe e~ence of this contract and that no waiver of any obligation hereunder or of
the obligation secured bereby shall at any time thereafter be l~d to be a waiver of the tenns or of the u~ument secured hereby.
12. If foreclosure pmoceedings of any seoond mortgage or seoond trust deed or any jnnior liea of any kind should be insti-
tuted, the Ass~ciation may at iis option, immediately or thereafter declare this mrntgage and the indebtedness secured hereby due
and poyable.
13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the dghts of the ow~ers and holders thereof of each and every mortgage,
lien or uther encumbrance on ihe land desaibed herein which is paid and(ut) satisfied. in whole or in part, out of the pmoeeds
«f the loan descr;bed herein w secureci hereby, and tbe respectivc liens of said mottgages. liens or ather encumbr~ances, shaII
to and be held by the Association herein as security for the indebtedness to the Associatan herein described or hereby s~ecure~
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the same ea!ent that it would have been preserved and .voutd have been Passcd to and been heW by the Association had it been
duly and regularty assigaed, transfe~n~ci, sei over and delivererl unto the Association by sep~ate deed of assignment, notwithstand-
ing the fact that the same may be satisfied and c~anceAed of record, it being the intention of the pazties her~to that the sa~ne wi12
be sa5sfied and canceIled of record by t6e holde~s thereof at or about the tune of the recording of ihi~ nwrtgage.
14. To pay all and singular the cosb, charges, and expenses incluciing lawyers fees, reasonab1y inciured or paid at any
time by the Association, because of the failure of the I?iortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, rnnditions and covenants of said ps~omissory note and this deed~ or either, and every svch payment shall bear
interest from date at the rate stated in ihe note secured hereby.
15. That he willpe~n~
t, commit, or suffer no waste, impairment, or deterioration of said pmPerty or any part thereof;
and in the event of the failure of the Mortgagors to keep ihe build'mgs on saidprem and those to be erected on said premices,
or ;mprovements thereon in good repair, the Association may make and pay for su
h repaizs s~s in its discretion it may deem
necessary for the proper preservation thereof, and the full amount of such payments shaU be secured by the liea of this m~tgage
and shall at the option of the Association be immediately due and payahle, or payable in such monthly installn?ents as the Associa-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby.
I6. That if the As9ociation and the 1lfodgagors agree, the Mortgagors will cazry a policy or policies of insurance upon
their l ives in an amaunt equal from time m time to the amoant of indebtedness hereby secured, maldng said Association benefi-
ciary ihereunder, and that the said Association maypa
y the premiums for such insuranoe (in the event the Mortgagors do not),
and add each such payment to the un~ batanee of the loan, as of the fitst day of the then current month, and it shall become
additional indebtedness securecl by mortgage payable upon demand.
17. That in the event that this martgage be given to secure a constn~etion loan, falure un the part of the Mortgagors or
their contractors to complete raid building iH accardance with Construction I.oan Agreement, of even date herewith, or m build
said construction in accordance with p]ans and speci6cations filed ~vith the Associatio~n, shall constitute a breach of this mortgage,
and, at the option of the Associatioq immediately mahure the entire amount of principal and interest hereby secured and the Asso-
ciation may immecliately institute proceedings to foreclose this mortgage.
18. That_ the abstract or abstracts of tide covering the modgageci pmperty s~alt at all times, during the life of this mort-
~age, remain in the possession of the Association and ~ the event of the farec~oswe of this mortgage or othet hansfer of title to
the mortgaged propeity in ezcinguishment of the indebtedness sewred hereby, all right, tide, and interest of tbe Mortgagors in
and to any svch abstracts of tide shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the Mortgagors p~ay into ihe Association in addi-
tion to the monthly installments of principal and interest to be paid by the Mortgagors vnder the note secured by this mortgage, ~
an amount equal~to one-twelfth of the annual installments of any taxes on the modgaged premises levied or assessed by any
govammental authOrity, and one-iwelft~ of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~
premises as hereinbefore required by the Association, and the 1liortgagors faiI~ve to make such payments shall rnnstitute a default
under this mortgage, i
IN WITNESS ~'VHEREOF, the said Mortgagars hereunto set their hands and seals ihe day and year first aiiove written. ~
Signed, sealed and detivered in the presence of:
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_(SEAL) '
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el ~ . Newfie ;
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' - (sE~.) ;
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Geo gette NeK ield
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~ - - - - - _ - ~SEAL)
- - - - ~ - - -(SEAL)
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(YVITNESSES) (MORTGAGORS)
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