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8. Until default in the perfornnanoe of the coveaants and ag,reemeats of thIs mortgage, the morigagors shall be entitled
to oollect the reats, issues andpcofits fmm the pren?i~es hereiabefore desaibed. but in case of a default in any of the ternu of
this mo~tgage, and the filing of a bill to fa~eclose tWs a any other mortgege encumbering the within described pacorerty, the
AssociatioA shall immediately and without notice be entided to the appointment of a Receiver of the ~a~odgagedproperty, and
of the rents, issues and profits thereof~ with tLe ucualpo
wer of Receiv~s in such cases, snd such Receiver may be ooatinued
in po~iOA of the said prop~ty until the time ~ the sab thereof under such forPClaaure, and until the confirmation of sach
~nle by the Court.
9. If a oonveyance should be made by the moitgagors of the premises herein descxabed, or anypa~t thereof, without
the written consent of the Association, and without assumption ia regulsr form of law by the grantee oE tFie obligations to the
~lssociation created by said p~omissory note and this mortgage, then, and in that event, and at the optan of the Association,
:ind ~vithout norice, all sums of mc?ney ser~red hereby shall immediately und conc~vrently with such crnveyance become due and
PaYable and in default. Tbe Association may deal wlth suooessors in interest with refere~nce to this mortgage and the debt hereby
secured in the same manner as with the mortgagon, and may forbear to sue or may extend time for payment of the debt, secured
hereby, or otherwise act without dis~harging or in ai?y waY affecting the liability of the modgagors hereunder or upc~n the debt
hereby secured. The Associati~ may atso deal with the Mortgagors and/ar with suocessors in interest with reference to this
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mort~age and the debt hereby ~s~ecured by forbearing to sae, extending the time fo~ paymc~nt of the debt, ~oviding for different
monthly paymenb and/or a different interest rate, and' by»ther eupress moclifications of tl~e contrnM, without losing any priorih•
the Association has over other mortgageas or lienors or holders of any junior interests in the ProPert}' secured he~bY•
10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and iakea forpu
blic use
under the power of eminent domain, the A,ssociatioa shall have the right to demand that all damages awarded for the tal~g of or
damages to said premiies shall be paid to the Associatioq its successors or assigns, up to ihe amount unpaid oa this modgage and
may be applied upon the payment or paya~ts 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 ther8after be beld to be a waiver of the terms or of the instrument secured heirby.
12 If foredosure pmceedings of any second modgage or seoond trust deed or any ~unior lien of nny kind should be insti-
tuted, the Association may ~t its option, immediately or thereaker declare this mortgage and the indebtedness secured heieby due
and puyable.
13. To the eztent of the indebtedness of the Mortgagors to the Association desaibed herein or secured hereby, the Asso-
ciation is •hereby subrogated to the lien or liens and to the righis of the owners and holders thereof of each and every mortgage,
lien or other encumbrance on the land described herein which is paid and(or) satisfied, in whole or n~ p~rt, out of the p~eedc
of the loan described herein or secured hereby, and tbe rapectivc liens of said modgages~ lieos or ather encumbrances, s} ~s
to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to
the same ez!ent that it would have been pr~rv~ and woWd have been ~ to and been held by the Association had it beea
duly and regularly assigned, transfe~red, set over and deliv~red unto the Associarion by separate deed of assignment, notwithstand-
ing the fact that the same may be satisfied and cancelle~ 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 ihe recording of this mortgage.
14. To pay a11 and singular the costs, charges, and e:penses including la~yer's fees, reasonably incurred or paid at any
time by the Association, berause of the failure of the 1liortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions 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. T~at he will~ t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in the event of the-failure of the Mortgagors to keep the buildings on said premises and those to be erected on s~zid premites,
or improvements thereon in good repavr, tbe Association may make and pay for such repaus as in its discretion it may deem
ne~ary for tbe proper preservation thereof, and the full amount of such payments shall be secared by ihe lien of this mortgage
~ and shall at the option of the Association be immediately due and payable, or payable in such monthly in~allments as the A~o~a-
~ tion may determine, and every svch payment shall bear interest from date at the rate stated in the note secured hereby.
~ 16. That if the Association and tbe I?tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
` their lives in an amaunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
f ciary thereunder, and thzt ihe said Association maypa
y the premiums for such insurance (in the event the Mortgagors do not), a
and add each such puyment to the unpa~d balance of the loan, as of the first day of the then c~u=ent month, and it shall become ?
additional indebtedness secured by this mortgage payable upon demand. ;
17. That in the event that irIus mortgage be given to secure a construction loan, failure on the part of the Mortgagors or ~
their contractors to rnmplete said builciino in accordance with Construction Loan Agreement, of even date herewith, or M build ~
said construction in aocordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage,
and, at the option of the Association, immediately mature the entire amount of prineipal and interest hereby sec~ued and the Asso- ~
ciation may immecliately institute proceedings to foreclose this mortgage.
18. That the abstract or abstracts of tide covering the mortgaged property shall at all times, diuing the life of this murt-
~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to
the mortgaged propesty in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Modgagors in
and to any such abstracts of tide shall pass to the purchaser or grantee. -
19. The Association shall have ihe right, in its discretion, to require that the Mortgagon p~y into the Association in addi-
tion to the monthly installments of principal and interest to be paid by the :ltortgagors under the note secured by this mortgage, ~
an amount equal-to one-twelfih of the annual installments of any taxes on the modgaged premises levied or assessed by any
governmental suthority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci
~ premises as hereinbefore required by the Association, and the 114ortgagors' failure to make such payments shall consHtute a default
~ under this mortgage. `
I*~'VITNESS ~YHEREOF, ihe said Mortgagors hereunto set their hands and seals the day and year first above written. '
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~ Si ed, ed and delivered in the presence of:
~ ;
~
~ - ---~SEAL) :
~ • J~" ;
- - - - - - - - - - - . SEAI.) :
~ James F. , ~
"
. _
~ - - - - ~il/N ~ . ~ - SEAL) ~
~ Miriam M. Lamont
- - - - - - - - - - - -(SEAI.) ~
~ ;
(VIIITNESSES) (MORTGAGORS) ~
~ ~
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~ ~ ~7~ ~249z '
4 . - - _ ~
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