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Home My WebLink About1088 ~ ~i t . s. vn~ a~~t ~ ~ ~ ~ ~ c~ ;~a a~ ~.u ~ «~~~a to wl3ect the reats, issues and~ b from the pr~ hereiR re desaibed, but in ase o£ s default in u?y af tbs terau~ of chis moctgage, and tbe filiwg oE a biII to focecloae th4 a s~ny otbe~ aao~tgage ~maberlag d~e wtthin descrlbed pt~operiy~ the Associatjon ahall ima?ediateTy and without notioe be eatitled to the appoia~t oE a Reoeiv~er of tbe ~moetgaged p~apecty, and of tbe reats, issues and pr~fib theie~f, wlth the usualpo wer of Reoeiven ia sach cases, snd sud~ Recelvet aaty ~e cotitinoed ;n posxssion of the said property until tLe tiime af tLe sak tbeoeof unaer such faa+ecloaure, and uatil tbe oonft~ation of such sale by che coeut. 9. If a oonvq?ance should be awde by tLe mo~tgagas of tha pccmi~s herein de~tbed, a any part the~eof, without the writtea co~uent of the Association. and witbout s?ssumptioa in regular fozu? of l4w by tbe grantee oE tTie oblig~tions t~o tLe Associatiaa created by said promisso~y note and t6is mKtgage~ then, aad in that e~veat, and at tbe option of tbe Aasociation, nnd ~vithout rwtice, all sums of money sdcwnd heTeby abaU immediately and concurrentlt? with sucb ccmveyance beoome doe aad P~Yable and in dehuh. Tbs As~ociatioa may de~l wtth mooeasots in interest with referonoe M thtt matgage and tLe debt he~eby serured ia ihe same anaaner as with tbe mortgago~s, and m~ty fo~bear to sue or may eztend time [ac payment oE the debt, secured hereby, ar otheiwi~e act without ~d~arg g oc tn any way affecting the liability ~ tba mattgagars bereundec ar upoa tbe dcbt heneby secured. The Ax.»mccyatio~ mad y isoa . deal wlth the Matgago~s andloc wlth suoce~sors in intrrest with retarenc.~e to tbis mortgage and the debt secured by forbearing to stu, ext~.diag tba time fot paymeat of the debt, Providin8 fo~ differeat monthly P~Y°~eata and/or a ereat interest nte, and by otber e:p~~ss modificatioa~ o# the eondact, without losin any prIoritv ~ the Associatio~ has over otLer mottgagoes or ltenoas ar holders af any juiilo~ interats in the ProPe~' Y• 10. That in tbe eveat the premise.s l,erEby ort~ag«l. or any part thereof, ~all be ooodemned and talce~ farpu blic use under the powe+r of emiaent domain, the Associatioamshall have the right to de.~aand that aD damages awarded for the b~3ng ~ pr damages to said premises shall be paid to the Association, its sucoessors or assigns, up to the aano~mt unpaid on dds matgage and may be aPP~ P~Y~at ~ P~Y°~~ ~ 1~Ysbk ti,ei~eon. lI. It is specifkaity agreEd that time is the es~ce of diis oo~trad and tbat no waiver of any ob}igation haeunder or of the obligatio~ secured hereby shall at any time thereaRer be beld to be a waiver o~f tLe teru~ oc of tha inst~umoant sec.ru+ed haeby. 12. IE foredoaure p~+oceedings oE any sxond mott~age a~ seooud trustileed ~ any ~unior lien oE any kind should be insK- cuted, the Ass~iation may at its opHon, immediatdy a~ there~ft~ declare this mortgage and tLe indebtedne~ sec~md hei+eby due and payable. 13. To the extent of tbe indebtedness of the Moitg~gors m the Association dtacx~'bed herein or sec~ued hereby, tbe Asso- ci~tion is henby svbrog~ted to the lie~n oc lieai and to tbe rights of the owners and holders thereof of each and every matg~Se• lien or other et~cumbrance on the land desaibed I~erein which is paid and(or) satisfied, in whok or in part, out of tbe of the loan de,scribed herein or secured hereby, and the t~espective l~eens of sstd mosrtgages, lieas or othet encyimbranoas, Il to ar~d be held by the Axsociation here~n as secuay fosr the indebtedness to the Associabion hereia described ac he~eby secu~+e~M the same extent that it woold have been preserved and wwild have been ~aased to and been held by the Assoc.~iation bad it l~eea duly and regularly assigned, transEerred, set over and delivered unto the Association by separate dead ~ a~ment~ natwitl~tand- ing the fact th~t the same may be satisfied and cancelled of recard, it being tbe intmtia~ of the parties haeto tLat the same will be sa~a~ed and cancelled of rec~d by die lwlders thereof at or about the time of the reoording of t6is martgage. 14. To pay all ancl siagular the ooats, charges, and espense.s induding lawyer's fees, re~anably iac~ared or paid at any dme by the Association, because of the failure of the I?iortgagors to l~rform. oomPlY with and abtde by each and every stipula- tions, agreements, conditions and eovenants of said pranissory note and thLs deed, or either, and every s~h payment shaII bear interest fiom date at the rate stated in the note secuned hereby. 15. T'hat he willp~u~ commit, o~ suffer no waste, impainnent, or deterioration of said pro~ty ~ any pazt thezeof; vn , and in the ev~nt of the 'ilfa urc of the Modgagors to keep the bnitd'mgs on said~us~ and tl~ose to be erected a~ said premises, ar improveaients thezeon in good repair, the Associatiw? may make and pay for suchrepa~rs as in its disaetion it may deem e~ry for the prupergr~e rvation thereof, and the full amount of such p~,viner~ts shall be secured by the lien of this matgage ann de~ s}~all at the option of the Associati~ be immediately due and payable, or payable in s~x:h mo~nthly in~allmenta as the A.isoc,ia- tion may dctermine, and every such payment shall bear intaest from date at the rate stated in the note secured l~x+eby. ~ 18. T~at if the Association and the I?iortgagaara agree, the Modeg ors w~t carry a policy or policies of ~ upon ~ their lives in aa ameunt equal from time to time to the amount of indebtedn~a heTeby sen~red, maldng said Associatio~ beaefi- ciary thereunder, and that the said Association ma~?pa y the premiums for such insuraace (in the event the Mortgagors do ~ot), and add each such payment to tlie unp~ balance of the loan, as of the first day of the thea cturent manth, and it s6all beco~me additional indebtedness secured by tbis mortgage payabk npon deinand. 17. That in.the event ihat this mortgage be given M secure a construction ban, failure on the pa~rt of the Mortgagors or their contracbors to oomplete said bnilding in accordanoe with Construction Loan Ag~nent, of evea date herewith, or to build said construction in aocordanee with plans and specifications filed with the Association, shall oonstitute a breach of this mortRage. and, at the option of the Association, unmediately mature the entire amount of principai and inber~st h~eby sec~a+ed and the Asso_ ciatian may immediately institute proceedings M foreclose this mortgage. ver~ e I8. T6at the abstract or abstracts of title ooverireg tbe mortga ed property shall at all times, during the life of this mort- gage, r~in in the p~ion of the Association and 'm the event o the fareclosure of tl~is mortgage or oth~r trantfer of title to the mortgaged ~operty in extinguishment of the indebtec}~?ess secured hereby, all right, titIe, and interest of the Mortgagors in and M any such abstracts of title shall pass to the purchaser or grantee. 19. Tbe Association shaB have the rlght, in its discretioq to require that the Mortgagors p~y into the Assocyation m addi- ! tion to the monthly installments a~ principal and interest to be paid by the Mortgagors under the note sec~ned by this matgaSe. ~ an amoUnt equal' W w~e-twelfth of the annual instaIImeats of any tazes on the mortgaged premises levied or assessed by any govemmental autbority, and one-twelfth of the annual pcemiums for Fire and F~ctended Cove~age insurance on tLe mortgaged premises as hereinbefare r~equired by the Association, and the Aiortgagon' failwe to make such payrnents shall constitute a default ~ undec tl~s mortgage. - ~ IN WITN~SS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above wriiten. } ~ Si ed,.graled and delivered ' the presenoe of: ~ . ~ - ~ r,------,- - - _~Yc~_ ~ ..-~~~i°!!'~'~ (~L) ~ i . Clarence T. G' on # ~ ~ - - - - - - - - " - (s~..) ; ~ - arion L. Gibson ~ . - - - - - - ------~---(sEAL) - - - - - - - - cwm+ESSES! cMOUtcncoa) - - 168 ~~~10$5 !~I ~ 4~~ -