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8. Uatil default in the perfora~ance af the covenants and a~reements of this mortgage. tbe mortgagon shall be entitled
to collect the rents, issue,t andp~
its fr~a the pre~?ises hereiabefore described, but in cxise of a deEault in u?y of tbe tenns of
t h;s moitgage, and tha filia
g' oE' a bill to fo~eclose this o~ any other martgage eacambering tbe within descsibed propetty, the
.~ssociation sball immediately and withouc noace be enatled to the appointment of a Receivcr of tire ~arortgagedpco~crty~ and
of the rents, i~ and grofits thereof, with the usnalpo wer of Reccivers ia such cases, and such Receiver may be oontinued
~n pos~ssion oE the said property uptil tbe time of the sale thereof under such forecloaure, and until the coniirms~tion of such
,a1e by the Cotut.
9. If a rnn~~ ce should be made by tbe mortgag~as of the premises herein descxibed, o~r any pArt thereof, without
thc writtea consent of the Association, and without assumpti~? in regular form of law by the grantee of ttie obligations to the
-~.sociation c~ented by said prnmissory note and this m~_rtgage, then, aad in that event, and at the option of the Association,
:u~d .vithout notice. all sums of money secure~d hereby shall immediately and concurmntltr with such conveyance beoome due and
~~ayabk and in defaul~ T'he Assc?ci~ition may deal with suocessors in interest with reference to this matgage and the debt haeby
secured in ihe same manner as with the mortgagors, and may forbear to sue or may eactend time for pctyment of the debt, seeureci
hereby, or otherwise act without dischargmg or in any way affecting the 1iAbility of t~e mortgugors hereander or upon the debt
hereby secured. The Association may also des) with the Morigagors and/ar with successors in interest with reference to thic
mortgage and tha debt hereby secured by forbearing to sue, ezt~d'u?g the time for payanent of the debt, providing for different
monchly payments and/or a different iate~st rate, and by other espress modifications of the contract, without lasing -any priorit~•
the Associatioa has over other mortgagees or lienors or hojders of any junior interests in ihe property sec~ned hereby.
10. That in the event the premises hereby mortgag~d, or any part thereof, shall be co~ndemned and take~? for public use
under the power of eminent domain, the Association shall have the right to demand that all damages awarded for the tal3ng of or
damages to said premises shall be paid M the A.s.~ociation, its snccessors or assigns, up M the amount unpsid on thi4 mortgage and
mav be ap~lied upon the payment or payments last payable thereon.
11. It is specifically agn~ed that time is the ~ce of this contract and t~at no waiver of any obligation hereunder or of
the obtigation secured he~eby shall at any time thereafter be held to be a waiver of the tenns ~ of the instrument secured hemby.
12, IE foreclosur8 proceedings of any seoond mortgage or second trust deed or any junior lieu of any ldnd should be iasti-
tuted, the Associati~ may st its option, immediately or thereafter declare ihis mortgage and the indebtedness secured hereby due
and pnyable.
13. To the eztent of the indebtedness of the Mortgagors to the Associution desaibed herein or secured ]~ereby, the Asso-
ciation is hereby subrogated to the lien or liens and to ihe righis of the owners and hdders thereof of each and every mortgage,
lien or other encumbrance on the land described herein which is paid and(or) satisfied, in whole or ui part, ont oE the ~~s
~~f the loan described herein or secured hereby, and the respectivc liens of said tnoYtgages, liens or other encumbrances, s ~
m and be held by the Assoc;ation herein as security for the indebtedness to ihe Association herein described or hereby secured. o
the same ex!ent that it would have been praerved and would have been passeci to and been held by the Association had it beea
duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of ihe parties hereta that the' same will
be sa5sfied anci cancelled of record by the holders thereof at or about the time of the r~ecording of tbis mortgage.
14. To pay all and singular ihe costs, charges, and e:penses including lav?yer's fees, reasonably incurred or paid at any
t;me by the Association, berause af ihe failure of ihe 11lortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and eovenants of said promissory note and this deed, or either, and every such payment shall bear
inter~ct from date at the rate stated in the note secured hereby.
15. That he wi11 pemut, commi~ or suffer no waste, irapa'ument, or deterioration of said property ai any part thereof;
~nd in the event of the failure of the Mortgagors to keep the buildings on said premises and those M be erected on ~id premises,
or improvements thereon in good repair the Association may make and pay for such repairs as in its diacretion it may deem
necessary for the proper preservation thereof, and tbe full amount of such payments shail be secured by tbe liea of this mortgage `
and shall at the optiou of the Association be immediately due and payable, or payabk in such monthly installments as the Associa- ~
tion may determine, and every such payment shall bear interest fro~ date at the rate stated in the note secured hereby. ~
16. That if the Association and the 111ortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~
their lives in an ameunt equal from time to time to the amount of indebtedness hereby secured, ntaking said Association benefi- ~
<•iary ihereunder, and that the said Association may pay the premiums for such insurance (in the ~ent the Mortgagors do not),
~nd add each such pa}~nent to the unpa~d balance of ihe loan, as of the first day of the then current month, and it shall become
aclditional indebtedness secured by this morigage payable npon demand. ~
17. That in the event that this mortgage be given to secw e a construction Ioan, faiIuire on the part of the Mortgagors or
their contraMors to complete said building in accordance with ConsiruMion Loan Agreement, of even date herewith, or M build
said construction in accordance with plans and specifications filed ~vith ihe Association, shall constitute a breach of this mortgage,
~nd, at the option of the Associatian, immediately mature the entire amount of principal and interest hereby secured and the Asso-
ciation may immecliately institute proeeeciings to foreelose this mortgage.
18. That the abstraM or abstracts of tide covering the moriga~ed property shali 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 ~
rhe mortgaged property in e:tinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
.:nd to any such abstracts of tide shall pass to the purc}?aser or grantee.
19. The Association shall have the right, in its discretion, to require that tbe Mortgagors pcxy into the Association in addi-
tion to the monthly instaWnents of principal and interest to be paid by the ~tortgagors under the note secured by :his mortgage,
:~n amount equal-to one-twelfth of the annual installments of any taxes on the modgaged premises levied or assessed by any :
go~•ernmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci
}~rcmises as hereinbefore required by the Association, and the 11~ortgagors' faiinre to make such payments shall constitute a default
under this mortgage. ~
Il~' iVIT?~'ESS ti'~iEREOF, the said tiortgagors hereunto set their hlnds and seals the day and year first above written. `
Signec], sealed and delivered in the presence of:
- _ . ~
_ - - - - _ (SEAL)
ames ll. ~oder
. ~.y~
~~~1~~ ~'~!h1n/ ~ z ~!G~~,~ ~~i/ • ( SEAI.. )
El eth M. Yod
_ - - - ~ (SEAL.) ~ ~
_ - ~irirESSES) _ . - - - . (SEAL) ;
(MORTGAGOtS)
eoeK ~ 71 Pa~E2784
s~~~~.~~~-.~_.~,~~;: _ _ _ _ . ~
. a. ~