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Home My WebLink About2741 . s. vntit deft?ulc ia the performaace af the cov~oants .na ag~reaneats of chis aw~tgaga, che a~tgagors s~alt be a?titied to collect t6e rents, issues aad~o fib fmm the premises haeinbeEore describod, but in case of a dehult in any oE tbe tes~uc of thia a~ortgage, u~d the ' oE • bilt to faeclase tbis a any other matgage encumbe~ia the wIthin des~ibed tbe As~octat~on shall immedia and wttlrout notice be e,ntided to the appointmeat of a Reo iver of tLe ~mo~tgaged pP~o'~pP~Y~ and of the reats, iss~es sud~U thereof, with the usualpo wer of Reocivers in sucb caaes, snd such Aeceiwx may be-ooatinoed in possasioa of the said p~copErty ~mtil the time of the sab t~of uadet su~ fo~aa~re, and uatil the conf~paKon of such sak by the Cowt. 9. If a oonveyance shoWd be made by the moctgagat of the premises hercin described, a~ any part thereof, witbout the written con~ent of the Association. and wit6out assumpticx~ in regular fa~m oE Iaw by d~e grantee of tFie obligations to the A„ssociation createcl by said promissory note and tbit mKtgage, tbea, and in that event, and at the optic+~ oE the Association. nnd ~vithout notice, all sums of mme}? sec~~red l~ercby shaIl immediately and concurrendy with such canveyance beoome doe and PaYable and iu defauh. 1'he Association may deal wrltL suooeaots in interest with refere~ce to this martgage and tbe debt hereby sscured 'm the same manner as with the matgagora, and may forbear to sue or may extend time for peiyment of the debt, seeural hereby, ar otherwise acc without gu g or in any way afferting dk liability of the mortgagors hereander or upo~n the debt hereby secured. The Associatiaa maa~y a19o deal with the Moitgagors and/ar witb snocessors in interest with refereace to this mortgage and the debt hereby ~s~ecvred by forbearing to sue, e:tending the time fot payment of the debt, ~x+oviding for diEfera~t ~noathly 1°aYmenb and/or a differeat interest rate, and by otber espress modifications of tbe contract, witlnout loaia any priorih~ no the Association has over other maztgagee,s ~ lienors or holders of any ~nior interests in the ProPeih' ~ Y• 10. Tl,at in tha event the premises hereby g«l, or any pnrt thereof, shall be o~demned and taken forpu blic use undet_tbe power of e,~ninent danain, the As.wciation~have the right to de~wnd that all damages avvarded fr+r tbe t~ng of ~ damages to said premises shall be paid to the Association, its s~ecessors or asslg~s, np M the aaw~mt unpaid oa thb moctgage and may be applied upon the paymeat or payments last payable thereon. 11. It is specifirally agreed that time is the esse~?ce of this contract aad that no waiver of any obligation hereunder or of the obligation secsu~ed hereby shall at any time thereafter be beld to be a waiver of the ternu aar of the inshvment secured Lereby. 12. If foreclosure proceedings of any second mortgage or ~eooml tnast deed oc any Junio~ lien oE any ldnd should be insti- tuted, the Associatiou may at its .option, iimmediately or thereaker declare this moartgage and tbe indebtedness aec~red }~txeby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association desrn'bed berein ~ secured he~+eby, the Asso- ciation is hereby subrogated to the lien ~ liens and to the rights of the ownen and holders thereof of each andevery mortgs~ge, lien or other encumbrance on the land described herein which is paid and(ac) satisfied, in w}wle or 'v~ part, out of tbe prooaeds of the loan descxibed herein or secureci hereby, and the respectivc liens of said mortgages, ]iens or other encnmbrancas, shaIIp~s to and be held by the Assoc;atiaa herein as urity for the indebtedness to the Assoriation hereu? described oz heneby securecl. M the same ex!ent that it would have been p~n~x:vec~ and would have been ~Sed to and been held by the Association had it been duly aad icgularly assigned, transferred, set over and delivered unto the Association by separate deed of assignmeat, notwidutand- ing the fact that the same may be satisfied and cancelled of record, it being the inteutia~ of the parties hereto that the same will be sa~sfied and canoelled of rcoord by the holders thereof at or about the tune of the reoording of this mortgage. _ 14. To pay all and singular the costs, charges, and ~ ind~ding lawyer's fees, reasonably inciured o~ paid at any time by the Association, because of the failure of the 1liortgagon to perform, rnmply with and abide by each and every stipula- tions, agmements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the iwte secured hereby. 15. T'hat he will~rm~ t, commit, ~ suffer no waste, impairment, or deterioration of raid pmperty or any pazt thereof; :?nd in ihe event of die failure of the Mortp,agors to keep the buildings on saidpre aad tLose to be erec.~ted on said premises, ~ impmvements thereon in good repair, tLe Association may make and pay for ~~p~s as in its discretion it may deem n~Y Pt'~P~ P~rvation thereof, and the full amount of svch pavments sLall be sec~med by ~the liea of this mortgage ~ and shall at the option of the As9ociation be immediately due and payable, or gayable in sudi monthly installments as the Assoc~a- tion may determine, und every such payment shall bear interest fmm date at the rate stated in tlie note se~ed hereby. 16. That if the Association and the 1?icMgagors agree, the Mortgagors will carry a poliey or policies of ~noe upon their lives in an ameuat equal from time M tinne to the amount of indebtedness hereby secured, maldng said Association benefi- ciary ihereunder~ and that the said Association maypa y the premiums for such insurance (in tlie event the Mortgago~s do not), and add eac6 such payment to the ~mpaid balanc~e of tlie loan, as of the first day of ibe then ci~rrent montb, and it shall become additional indebtedness secured by tb~s mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a co~nstruction loan, failure on the paut of the Mortgagors or their coatractors to complete said building in accoidance with Construction Loan Agreement, of even date herewith, or to build said construction in aocordance with plaas and speca6cations filed with the Association, shall o~nstitute a breach of this mortgage, and, at the option of thE Association, immediately mature the entire amonnt of principal and interest hereby seaued and the Asso- j ciation may immediately institute prooeedings to foreclose this mortgage. ` 18. That the abstract or abstracis of tide covering the mortgaged propeity shall at all times, during the life of this mort- 1 gage, remain in ihe possession of ihe Association and in the event of tbe foreclosure of this awrtgage or other transfer of tide to ; the mortgaged prop~rty in ertingnishmeat of the indebtedt~ess secured hereby, all right,_ tide, and iaterest of the Mortgagors in ~ and to any svch abstracts of title shall pass to the pun]~aser or grantee. ~ 19. Tbe Association shall have the right, in its discr~tion, to require that the Modgagors pc~y into the Ascociation in addi- tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secured by this mortgage, an amamt equal~to one-twelfth of the annual installmants of any taxes on ihe mortgaged premises levied or assessed by any govemmental suthority, and one-twelkh of the annual premiums for Fire and Extended Coverage ~~~~*~nce on the mortgaged premises as hereinbefore re~uired by the Association, and the 1liortgagors' failure to make s~h payments shall constitute a default under this mortgage. ! IN 1'.~ITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. # Signed, sealed and delivered ' the presence of: ° ' ~Q - - - - - - f----i~!.------ - -----~SEAL) rry H. I~dke . ~ ; - - - - ~SEAL) . - - - - - - - - Queena E. Hoke ~ i - - - - - - - - - - (SEAL) # _ - - - - - ~ - - _ - -~SEAI.) (MVITNESSES) (Al10RTGAGORS) - ~ ,5,~: ~ ~ - ~ ~ ~ :