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Home My WebLink About2572 ~ . . ~ ~ ! i ~ 8. Until default in the performanoe of the covenants and agreements of this mortgage, the raortgagors shall be entitled ~ to collect the rents, issues and profits from the premises hereiabefore described, but in case of a default in any of the ternu of this mortgage~ and the filing of a bill to foreclose this or any other mortgage encwnbering the within described prope.~ty. the ~ssociati~n shall immediately and without notice be entided to the appointment of a Receiver of the moztgagedproperty, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued ~n pos,-essioa of the said pmperty until the time of the sale thereof under such foreclosure. and until the confirmation of such .11e by the Court. 9. if a conveyance should be made by the mortgagors of the premises herein described, oc anyp~t thereof, without the written consent of the Association, and without assumprion in regular form of law by the grantee of tbe obligaNons to the ~.~ociation creuted b said promissory note and this mort age, then, and in that event, and at the option of the Association, ~ :?,aclable and intdefaults The fAssociation ~ma~y dealbwi~successmo~in'int rest with reference o this mortgage and the debt hereby 3 secured in ihe same manner as with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, secuted 3 hereby, or othenvise act without dischargu?g or in any way affecting the liability of ihe mortgagozs hereunder or upon the debt r hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ; mortgage and the debt hereby securecl by forbearing to sue, extending the time for payment of the debt, providing for different + monthly payments aad/or a different interest rate, and by other ezpress modifications of the contraM, without losing nny piiorih• i the Association has over other modgagees or lienors or holders of any junior interests in the property secured hereby. ? 10. That in the e~ent the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use ~ under the po~ver of erainent domain, the Association shall have the right to demand that all damages awarded for the taldng of or damages to said premises shall be paid to the Association, its snccessors or assigns, up to the amount un~wid on this mottgage and mav be applied upon the payment or paymeats last payable thereon. 11. It is specifically agreed that time is the essence of this contruct 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 terms or of the instnunent secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any lrind should be insti- ' tuted, the Association may ~t its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due 3~ and pc?~•able. 13. To the extent of the indebtedness of the Mortgagors to the AssociaHon described herein or sec~ued hereby, the Asso- ciation is hereby subrogated to ihe lien or liens and to the rights of the owncrs and holders thereof of each and every mortgage, lien or other encumbrance on the land described herein which ic paid and(or) satisfied, in whole or ui part, out of the ~ ~~f the loan described herein or secured hereby, and the respectivc liens of said modgages,~liens or other encumbrances, s~~~ass t~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~ecured, tO the same ex!ent that it ~vould have been preserved tind ~vould have been passed to and been held by the Association had it been uuly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that ihe same may be ratisfied and cancelleti of record, it being the intention of the p~uties hereto that the same will ~ i,e sa5sfied and cancelled of record by the holders thereof at or about ihe time of the recording of this mortgage. ~ 14. To pay all and singulaz the costs, charges, and expenses including lawyer's fees, reasonably incurreci or paid at any ' time by the Association, because of ihe failure of the 111ortgagors to perform, comply with and abide by each and every stipula- ~ tions, agreements, conditions and covenants of said promissory note and this ~eed. 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, impaument, or cleterioraHon 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 said premises, ? ur impro~•ements thereon in good repair, the Association may make and pay for such repairs us in its discretion 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 :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. , 16. That if ihe Association and the :~lodgagors agree, the Mortgagors ~vill carry a policy or policies of insurance upon i , their lives in an amaunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ~ ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the riortgagors do not), j and add each such pay~nent to the unpaid balance of the loan~ as of the first day of the then eurrent month, and it shall become ; additional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the r~ortgagors or € their contr~ctors to complete said building in accordance with Construction Loan Agreement, of even date herew~ith, or to build ~ said construction in accordance with plans and specifications fi~ed ~vith ihe Association, shall constitute a breach of this r;,odgage, a c~n~l, 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 this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortgafiea properiy shall at all times, during the life of this mort- ;age, remain in the possession of ihe Association and in the event of the foreclosure of this mortgage or other transfer of title to ~ the mortgaged property in extinguishment of the indebtedness secured hcreby, all ri~ht, title, and interest of the Mortgagors in and to any such abstracts of tide shaU pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid b~ the ~Sortgagors under the note secured by this mortgage, an amount equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~ ~~ovenunental authority, and one-twelfth of the annual premiums for Fire and E.~tended Coverage insurance on the mortgageci ~ I~remises as hereinbefore required by the Association, and the riortgagors' failure to make such pa}Tnents shall rnnstitute a default under this mortgage. Il~ t'VITNESS «'HEREOF, the said Mortgagors hereunto set their hands and seals ihe day and year first above ~vritten. . ~ - " Sign~, sealed and dclivered in the presence of: ~ t ~ n L = ~ - - %~,~.,a,.a..y- _ - - - - - - - - -~SEA ) ~ . Benoit _ f. G.,E1 George - - - ~ ~ ~ ~ _ (SEAL) ; a- - ~ - - - - y - - - . ~ ~ Mar . Benoit ~ ~ - _ _ - - - (SEAL) : - - - - - - - ~ ~ ~ - (SEAL) ~ - - - - - - - - - • ~ (VVITNESSES) (1MORTGAGORS) ~ ~ ; ~ ~ BOOK 171 PACE ~,5U6 y~ ~ ~ i - - - - ~ ~ ; ~ . ~