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Home My WebLink About0614 ( i ~ ~.,i ,ti~ ' tr' 'j~~. 1 ~ • ~ ~i URtn ~t111t hi t~10 p0[fO~II1iDC0 Of !}IO Oo i~ i~0~lf O~ ~ Yt10[!~i$e. ~10 I[IOlt~O~'i ibiu ~ ODtIt~Od to oollect the renb, ist~et andp~ b froa~ tbe ' before;de~armed, but ia case oE a def~ult in any of t~s tannY ~of this mo~tgage, and tl~e ~ o~ a bill t~ fareclwe tbb a~ mY otbec matgage encumbering t~a witLia daafbed prapaty, die Asaoc.istioa ahall immedia~ and wlthout notice be eatided m tLs appointmeat of a Receiv~ a£ tbe ~matgagedpe~p~ty, aiad of the reab, isaues and b thereof, wlth tbe uswlpo wet of Reoeive~s ia such cases. snd such Recelvec may ~e-aouNnuod in po~ of tbe said property until the tinie af tbe sale thereof ~mda~ ~ch foe+edaaure. and unttl the oonfhmntion o~ such sak by the Court. 9. If a ooav~eyance should be made by the ma~tgsgas aE the premises herein de~xibed„ or aaypar~ th~eo£. witbout the written oonsent of the Association, and v?nt6out assumption in regular form of ~w by the g,nntee o~ tTie obHg~at~ to tbe ~ssociatioa created by said pooaanisaory note and tbis a. tbeo, and in that event, and at the option of the Association. ;~nd .vithout notice, all sums of moaew sec~ued hereby~gjnnmedia~ely and ooncurm~th? wlth such crnveyauce beoome dne xnd l~YBbk and in dehuk. Tbe Assoclatio~ may deal wkh a~ooe:so~s in iate:est with refe~ooe to tbb moctgage and tbe debt ~~ereby secvred ia tbe same aunner as with the mortgagors, and msy fochear to sue ~ may extead time for paymes~t of the debt, secnrecl hereby, ar otherwise act without g ar in any way affecting the liability af the mo:tgagas }~xamder oz upoa the debt hereby secured. Tbe As~ocLtion mad y~~a deal with the Moztgago~s and/ar witb suocessois in interest with reiere~oe fio dds moctgage and tbe debt be~ccby sec~ue~3 by forba~ing to sue, estending the time fa p~yment of the debt. Provldin8 foc differeat monthi~? P4Y~b s~or a differtat interest rate, and_ by_ otber e~cpceas ~onodificxtiona of tbe oontract, without loaing anY P~rih' the Assodstiaa ha~ over othet nnoztgagces or Uenors as holdeis of any iunior interests 3~1 the property sec~ned bereby. 10. That an the eveat the premLses hereby gd. or any pnrt thereof, shall be oondemned and takea forpu b~ie use under tbe power of ~t do~main, the Association~bave the right to deaoand that all danoages avvanled fa tLe t~,g of or damages to said pcemises shall be paid to the A.uociation. its suooessors a~ assigns, up t~o the suaunt unpaid on this matg~wge ~nd : may be applied upem t6e PaYment or paymeots laat payabb the~reon. . 11. It is speclfkallY agreed that time is the essen~.~e of thia oontract and thst ao waiver of any obltg,ation hera~nder a~ of ;`c the obligatian socyued bereby ahall at any time tl~eafter be beld to be a waivec ~ the tami ot of the instrument sec~u~-~i~~,'? 18. If forecloaure proceedings of any second mort ge or seoond trnst deed or any ~uniac lien ~'any ldad sh~ld be 1p~: - tuted, the Associatioa may at its option, immediately ~ t~fter declare this modgage and the indebtedness sec+tred lxreby due and payable. . 13. To tbe estent of the indebtedness of the Mortgagors to the Associatbn de~en'bed 1?ereia a~ sa,rued. hereby, the Asso- ciation is hueby_subrogated t~ ihe lien o~r lieas and to t~ righb of the owners and holde.~s thereoE oE a?di aridevesy mortgage, lien or other encumbrance an the land descxibed herein which is paid and(or) satisfied, in whole or in par~, out oE the p~ooeeds of the ban de~cxibed herein or secured hereby, and tLe respective liens of said mo~tgages,lte.ns or other ency~mbraaoes, sbaIl to and be held by the Association herein as sec.vrity for the indebtedness to the AssotLtioa Lenin described ac heneby se~r~ the same eztent that it would have beea pres~ve~ and would hava been passed to and ber,~~ held_ by the A~sociation Lad it beea duly and r+egularly assf~ned, daasferrea, sec over ana deliver~a unto the Association by aeparate deed of a~t, itotwitbstand- ing the fact that tbe same may be sat'~f'ied and canoeDed of reoo:d, ft being tbe inteation of tba parties hereh, that ihe same will be sati~ied and canoelled of reo~d by the holdera thereof at or about tl~e tuae of the recording of this mortg,tge. 14 To pay aIl and singular the~ca~Es,'e~ and e:pe~?ses induding lawyers fces, reaaanab1y inc~nrej o~ paid at aay time by the Associatioo, because of the failure of th~ Matgagon to perfam, connply with aad abide b}? each atd e~very stipula- tions, agreemenb, c~ditioas and covenants of said p~omisso~y note and this deed, or either, and r,wery such pa}?i ent shall bear inter~st frOm date at the rate stated 1n the nOte sec~ured hei'ebp. 1S. That he will t, connuiit, or suffer no waste, impairmeat, or deterioration of said prnpercy or any p~t thereof; :u~d in the event of the ~ of d~e Mortgagms to keep tbe buildings on saidpr~i~ and those to be erected a~ said prennises, . or improvements thereon ia good rep~ir, tba As~ociation may make and pay for such as in ib di~etion it may deem n for tbe ptopes~e n?adon d~of, and the full amount of such p~yments shall~sec~u+ed by tLe liea af ih~ mottgage and~l at tlie option of the Assoaiation be immediately dne and paYab~, aa' PaYable in s~x~ mand~ly iastallmenta as the Assoda- _ tion may determine, and every such paymeat shall bear interest from date at the rate stated in the note secured hereby. 18. Tlsat if the Association and tLe Mortgagois agree, the Mortga ors will carry a policy or policies of ins~noe upon their lives in an ameunt equal from time to time bo the amount of mde~ess hereby aeciu~, malon8 said Associatiqn benefi- ciary there+mder, and that the said Assoeiatioa maypay the pmemiums for such insuranoe (nn tLe eveat the Mostgaga`s do not), and add eacl~ such payment to tbe unpaid bala~e of the loan, as of tbe Srst day oE the thea e~arent r~wnth, and it sball becaane f additi~?al indebtedness secured by this madtgage payable upon demand. ~ 17. That in the event that this mortgage be given to secvre a ca~shuction ban, faffure oa the part of the Mortgagars or their contrac~tms to complete said building in sooozdanoe with Const~ction Loan Agneemenc, of even date her~vith, or to buil- ~ said construction in aocordance with plans and spec~ificatirnu filed with the Association, shaIl oonstitute a breach of this matgage and, at tbe option of the Association, immediately mature the entire aarount of principal and interest hereby sec~med and the Asso~ ciation may immediatelv inttitute parooeedings~to foreclose this mortgage. '~1 18. That the abatiact or abstracts of title oovering the anortgaged propeity sball at all times, during the life of t6is mort- ° gage, ~ in the poa~sion of the Association and ia ihe event of the foreclosure of this mortgage ar other transfer of title tio - the mortgaged property in ertinguishment of the indebtedness sec~u+ed hereby, all right, tide, and interest of tLe Mortgagora in and to any such abstracts of tide shall pass to the purchaser or grantee. , 19. T'be Aasoeiation shall have the right, in its dia~ion, to require that tbe Mortgagors pa~y into the Assoc3atan in addi- tion to the aoonthly intmllments of principal aad interest to be paid by the Mortgagors wxier the note s~u+ed bY ~~8~8e? an amount equal•to one-twelfth of the annual Installmeats of any taxes an the mortgaged premises levied or assessed bp a~r govemmental sudwrity, and one-twelfth of the annual premiums for Fire and F.utended Coverage insurance on the mortsaged premises as hereinbefare required by tl~e Association, and the Mortgagors failwe to make such payments shall oon~te a d~Eauh • under this mortgage. ~ IN WITNF.SS ~i~HEREOF, the 'd Mortgagors hereunto set their hands and seaLt the day and yeu ~tik s'~`Av~ _ Sign , ed and deliv ~ the of: , ~ , , , y ~ • • • . , . ~ - - ~ - Glad Vir ' Mua~~ _ _ . . . , . . . . - - - a~'°~----- --~=(S ) - ( SEAL ) _.__._-----------------------~,in+ESSES~ - cncoRSi--------- -~-------(S~) T a~166 ~ 612 . u~ ~ ry~. ~