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Home My WebLink About0968 ~ 8. UnW default in the pecformauoe of the a~venants aad agreerneats of this matgage, tbe mo~tgagocs :hall be eatitled to coUect the reab, issues and~ ts from tbe p~emisos berelnbefora described, but in cASe of a~iehuk in any of the tec~a~ of ch;s mortgage. and tha of a bill Lo faoecWse this a any other matgaga eacumberh,g the within de~ibed p~+operty. the Association shall immedia~y and wit~ut notice be entitlcd to the appointment of a Recefver of the ~raatgaged p~roperty, and of tha nats, issues and profib tber~f, with tbe usuatpo wer of Receivers in such cases. snd such Receiver may be ooritinued ;n possession of the sald property unti~ the tjnoe of tLe aab thercof under a~ch forecloaure, and until the. oonfirmation of such wzle by the Court. 9. If a coaveyanca should be made by the mortgagas of the premises herein des~ribed, aa~ anyput thereof, •v~t}~nut the writtem m~sent of the AssociaKon, and without assumption in regular fonm of law by ihe grantes of tfi~ obligations to tbe + .~ssociatioa crented by ssid promLssory note aad this m~rtgage~ theq and in tiu?t event, and at the option of the Association, ~ :~nd ~vithout notica all sums of mcmey ser~red hereby shall iiamediately und ooncurrendy with such mnveyance become due and PaYable and 'm defaul~ T'6e Associatlai may deal wlth aucoessors in interest with refere.nce to t6is matgage and tbe debt hereby ' secured in the same manner as with the mortgagors. and may forb~u to sue or may extend time for payment of tbe debt, secured hereby, a~ otherwise act witbout discharging or in any way affecting the liability of the mortgugors bereunder or upon the debt hereby secured. The As.soriation a~ay al~o deal with the Mortgagors and/or with successors in interest with ~oe to th;s mortgage and the debt hereby ~secured by forbe~ring to sue, ~tending the tiaAe for paymeat oE tha debt, ~x»viding foar diffe:ent monthly paymenb and/ot a difEerent intereat rate, and by other ra~p~ss modific~tions of ihe contr~?ct, witho~t losmg any priorih' the Associatlon has over oth~ ma~tgage~s or lienors or holders of any jwiior interests in the property sec+~red hereby. 10. That in the event the ptrmices hereby aged, or any part thereof, shall be condemned and take~ forpu blic use under the power of eminent domain, the Association~ have the right to demand tLat all damages awarded fa~r the i~ng of or damages to said pcemises shall be paid to the Association, its sua~sors or assigns, up to the amaunt unpaid on this matgage and mav be applied upon tbe paynnent or payanenb las~ pay~ble thereoa. ~ Z1. It is specifically agrecd that time is the ~ce of this con~racY :ad that no waiver of any obligation hareunder or of ~ the obligation secured hereby shall at any Nme thereafter be hdd to be a waiver of the taa~s or of the insdnunent secui+ed hereby. ~ 12. If foreclosure gmceeclings of any second moitgage or seoond trust deed or any ~uni~ lien of any ldnd should be insti~ ~ tuted, the Association may at its option, iinmediately or thereaker declare this mortgage and tbe indebtedness secvred he~eby dae and poiyable. 13. To the eutent of ihe indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso- ciatioa is hereby subcogated M the lien or liens and to tbe rights of the owners ancl holders thereof of each andevery mortgage, lien or othez encumbrance on the land descxibed herein which is paid and(or) satisfied, in whole or 'vi pnrt, out of thep~ee~ of the loan dexribed herein or secured heceby, and the respective liens of said nwitgages, liens or other enc+imbranee,s, s llah to and be held by the Assoc;atiaai herein as secvnty for the indebtedness to the Associat~n hesein described or her~by sec~ued, o the same ea!ent that it would have been pre~+ed and ~vould have been passed to and been hetd by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Associatioa by sepnrate deed of assignmeat, notwithstand- ing the fact that the same may be satisfiecl and cancelled of rec~d, it being the intention of the ~ herato that the same will be sa5sfied and cancelled of record by the holde.~s thareof at or about the tnne of the recording of this mortgage. 14. To pay all and singular the costs, charges, and e:penses induding lawyer's fees, reaoonabIy inciared or paid at any time by the Association, because of the failure of the 1lioctgagors to perform~ comply with and abide b}? each and every atipula- tions, agreements, rnnditions and covenants of said pmmissory 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. Tbat he willperm~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 Mortga gors to kcep the buildings a~ said ises and those M be erected on said premis~s, a or improvements thereon in good repair, the Associatiau may make and pay or such as in its discretion it may deem necessary for the p~+nper resezvation thereof, snd the fuU amount of such payments shall~secured by the lien of this mortgage and shall at the option o~the Association be immediately due and payable, or payable in sach mont6iy installments as the As.9oc:ia- tion may determine, and every such payment shall bear interest from date at the rate stated in t~e note seciu~ed hereby. 16. That if the Association and the 111ortgagors agree, the Mortgagors will carry a policy or policies of insurar?ce upor? their lives in an amaunt equal from time to time m tLe amonnt of indebtedness hereby secured, maldng said Association benefi- ciary thereunder~ and that ~e said Association maypa y the premiums for such insurance (in the event the l~tortgagors do not), and add each such payment to the unpa~d balance of the loan, as of the first day of the thcn c~urent month, and it shall bec~ome additional indebtedness secured by this mortgage payabte upon demand. 17. That in the event that this mortgage be given M secure a constivction loan, failure on the part of the Mortgagors or their rnntractors to complete said building in accordance with Construction I.oan Agreement, oE e:•en date herewith, or M build said consbruction in aocordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of thE Associatioq immediately mature the entire amount of princip~ and interest hereby secured and the Asso- ~ ciation may immediateiy institvte proceeclings to foreclose this mortgage. 18. That the abstract or abstracts of title covering the mortgageci pmperty shall at all times, during the life of this mort- gage, reu~ain in the possession of the Association and in the event of the fnreclosure of this modgage or other transfer of title to the mortgaged property in eztinguishment of ihe indebtedness secured hereby, all right, t~itZe, and interest of the Mortgagors in and to any such abstracts of tide shall pass M the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Mortgagon pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the Mortgagors under ffie note secured by this mortgage, an amount equal'to one-twelkh of the annual installme~ts of Any taxes on t6e mortgaged premises levied or asses.sed by any governmental authority, and one-twelfth of the annual premiums for Fire and Eztended Coverage insurance on the martgaged premises as hereinbefore required by the Association, and the I?iortgagors' failure to make such payments shall constitute a default under this mortgage. I1~T tiyITNFSS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. Signed, sealed and delivered in the presence of; . ~O y~ ' - ~i.Iv,dL~._---- - - - - _ -/d-~ -.!r2r -~SEAL) - - - - O: C. Hamilton - - - - - - --(SEAL) ~a ~aa~ oii . - . --r-- (SEAL.) - - - - - ----(SEAL) (YY{TNESSES) (MORTGAGORS) BOOK~~~ PAGE 9~7 - ~ . _ ,