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Home My WebLink About0735 ~ ~ ~ _ ; - ? ~ . ~ 8. UnW default in the performance of the covenants stnd agreements of this mortgage, the mortgagors shall be entided ; to collect the rents, issues and profits from the premises hereinbefora described. but in case of a default in any oE the ternu of ; chis mortgage, and the filing of a bill to foreclose this a any other mortgage encumbering the within desaibed property, the ~ .-~ssociatIon shall immediately and without notice be entided to the appointment of a Receiver of the moKgaged prorerty, and ~ of the rents, issues and profits thereof, with the usual powec of Receivers in such cases, and such Receiver may be rnntinued ~ ~n pos~ession of the said property until the tiroe of the sale thereof under such foreclosure~ and until the confumation of such § ,ale by the Court. ~ 9, lf a rnnveyance should be made by the mortgagors of the premiscs herein described, or anyp~t thereof~ without } the written consent of the Association, and without assumption in regular form of Is~w by the grantee of tFie oblIgations to the i ~ssociation creuted by said promissory note and this mortgage, then, and 'w that event, and at the option of the Associntion, :~uci ~vithout notice, all sums of-mcmey secvred her~by shall immediately and concwTently with such rnnveyance become due and payable and in default. The Association may deal with successon in interest ~vith reference to this mortgage and the debt herebv secured in the same manner as with the mortgagors~ and may forbear to sue or may extend time for Iwyment of the debt, secureh hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortgagors hereunder or upon tbe debt hereby secured. The Auociation may alw deal with the Moctgagors and/or with successors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different rnonthly payments and/or a different interest rate, and by other express moclifications of the contract, without losing any priorih• the A.ssociation has over other modgagees or lienors or holders of any junior interests in the prope~ty secured hereby 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Assuciation shall have the right to demand that ull damages awarcied for the taldng of or damages to said premises shall be paid to the Association. its successors or assigns, up to the amount unpaid on this mortgage and mav be ap~lied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tenns or of tbe instrument secured hereby. : 12. If foreclosure proccedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- , tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and p~yable. : 13. To the extent of the indebtedness oE the Mortgagors to the Association descxibed herein or secured hereby, the A~o- ciation is hereby subrogated to the lien or liens and to the rights of the owners and holden thereof of each and every mortgage, lien or other er~cumbrance on the land desrribed herein which is paid and(or) satisfied, in whole or in part, out of the s ~~f the loan described herein or secun~cl hereby, and the resPectivc liens of said mortgages. liens or other encumbrances, s ~x m and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured. to thc s:~me ex!ent that it ~vould have been preserved and ~~ould have been passed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithctand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. , 14. To pay all and singular the costs, charges, and ezpenses including lawyer s fees, reasonably incurreci or paid at any time by the Association, because of the failwe of ihe 111ortgagors to perform~ comply with and abide by each and every stipula- tions, agre.ements, 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 note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the I?iortgagors to keep the buildings on saidpremises and those to be ecected on ~id premises, c~r improvements thereon in good repair, the Association may malce and pay for sueh repairs as in its discxetion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of thiS mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- . cion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. i 16. That if the Association and the Aiortgagors agree, the I?~ortgagors will carry a policy or policies of insurance upon i their lives in an ameunt equal from time to time to the amount of indebtedness hereby sec~ued, making said Acsociation benefi- ~ c•iary ihereunder, and that ihe said Association maypa y the premiums for such insurance (in the event the 11~ortgagors do not), ~ and add each such payment to the unpaid balance of the loan, as of the first day of the then ciurent month, and it shall become ~ additional indebtedness secured by this mortgage payable upon demand. ~ 11. That in the event that this mortgage be given to seciue a constn~ction loan, failure on the part of ihe 1liortgagors or their contnctors to complete said building in accordance with Constroction Loan Agreement, of even date herewith, or to build said construction in accordance tvith plans and specifications filed ~vith the Association, shall constitute a breach of this mottgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immecliately institute proceedings to foreclose t}:is mortgage. 18. That the abstract or abstracts of title rnvering the modgabed property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to thc mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, tide, and interest of the Mortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. . ~ 19. The Association shall have the right, in its discretion, to require that the 1liortgagors Iray into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note securecl bv this mortgage, ~ an amomit equal-to one-hveltth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~ govenunental authoritq, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgagecl Premises as hereinbefore reqtured by the Association, and the riortgagors' failure to make such payments shall constitute a defauit ~ under this mortgaoe. ~ Il~' ~'VITNESS ~~'HEREOF, the said Jiortgagors hereunto set their hands and seals the day and year first above written. ~ ~ = Signed, sealed and deli~~ered in the presence of: . , ~ ~ ~ c~,~ ~ ~ / Y~R_s.~GL...-~ - - - --U~- - - - - - - - --..!~~-(SEAL) ~ Doris B. Ahearn R ~ - . - - - - - - - ( E ) - - - - - - - - - S AL ~ ti r:'. ~ - . - - _ - ' - - - ~ _ - - - - - - - (SEAL) ~ _ ~ _(SEAL) - - - - _ - - - - - - - - - - - - (YVITNESSFS) (blORTGAC,ORS) ~ ~ ~ ~ r/ ~ BO~K 1 ! ~ PAC~ ,7` ~4 _ ~ = ~ "f ~ ~ , ~