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Home My WebLink About0337 . . . ! + ~ & Uptil default in the perfoamanoe af tbe covenanb aad ~g~neanents of tLis mocRgage, the n~atSaSars tball be eatitled to oollxt tbe renb, issues and p~ib fros~? the pcomni~ he~adnbefote descxibed. but in c~se of s deEauh in u?y of tbs terms of this m«tgage, ~nd the 51ing of a bW ~o farecbse tLb aa~y atbec mortgsge anevmobecL~g the withia descdbed pe~opaty, t6e Associatio;? ~11 immediat~ly and wltl~aut notioe be eatitled M tLe appoinm~t of a Receiver-of the ~matgagedp~p~ty , and of tbe rauts, iasues and prohti thereof, with tbe usualpo w~ of Reoeivas ln such ca~eR snd s~ch ReceIvec may be-oonHnued ~a pos~ssion af the said pmpe=ty ~mtil tbe time of the sak thereof m~der wch forecloavrR aad until the oonf6inatian of such sale by the Co~ut. ~ . 9. If a oonveyance ahould be made by the moctgagors af the pt~eanises henin daxxibed. or anypart thaeof, vidthout the writtea consent of the Association, and w,tbout aasumptiaa in cggulrt Eo~, Vf 1aw by tbe gzantee of tbe ~bligpRions to tbe Associatioa a~eated bY said proailssory note and this mat~age, then; snd n?" tbat evant, and at tbe oQtion of ihe Association. :~nd ~vithout notioe. all sums of mcx~el? secvted heceby s6all immediatGly and oonp~rraatly vNth such cmveyance be0ome due and PaYBWe aad in defauh. Tbe A:sociatiaa may cieal w~d? su~ooet~s ia interest wid~ re[ere~oe ~o thb martgage aad tbe debt l~ceby secured 'm the same manner ss with the mortgagozs, and may farbear to sue or may e:tead time for payment of the debt, ~eau~ed hereby, ac otherwise act without dischargu?g oc !n any way affecting the liability of the mo~tgagors herevnder or upon tbe debt he~eby seaued. 'I'he Assoc~atian may al~o deal with the Mwtgagors andlas with s~ocessora in interest with referenoe ~o tbis mo~ a~ge snd tha debt 6en~senued by forbeaiing to sue, extending the time foc paymeat of the debt, Ixovidin8 for differeat monmry' Prya~ab and/as a t interest rate, audby~ other ~ modific~tio~ of the cmtract, without losmg anY P~~3 the Association has m?er other modgagees or lieno~s o~ bolden af any iunior intec+eats in the p~operty secnred hereby. 10. That in tha event the hereb g~d, or any pa~t d~ereof, sh~ll be ooademned aud takeu foc b~ie u~e under the power of e~minent domain ~tst an~l have the dght to demand ti~xt aII damagea awarckd fa~ t}~e ~ag of or damages to said pc~mise~s ahall be paid to the A.isoeiation, its ~ors or assigns, nP to the aa~o~mt tmpaid an d~is moctgage and may be applied upon dn peyment ar payments ]ASt payabk thes~eon. 11. It is specifically agi~eed that time is the e~ce of this oontract and tbat no waiver of any obL'gation hare+mder or of the obligatioa secured hereby shaIl at any time thereafter be heW to be a waiver of the ter~ns ar of the iastrumeat aec+u+ad beceby. 12. If foa+ecla6ure proceeding,a of any seoa,d most ge or seoond tzuat deed ac any Juniar liea ~ any kind s6ould be iasti- cuted, the Associatian m~y at its option, immed~ately a~ ~herafter declara dus mortgage and the indebtedness secured ha~eby due and pnyable. ' 13. To tbe e:tent of the indebtedness of the Mortgagors to the Associatio~ described herein ~ secured 1~erebY, the Asso' ciation is hereby subrogated to tbe lien a~ liea~ and to the rights of the ovvners and holdess thereoE ~ each and e mottgage, m lien or otber a~cumbrance on the land descxibed herein whkh is paid and(or) satisfied. ia wlwb or tn p~rt, out oE of the ban described h.:rein or secured hereby, and the respective lia~s of said mo~tgages~ ~as or od~er enc+anManoes. ~ to and be held by the Associatian herein as secarity f~ the indebted~ to the Asaociation herein d~bed or hereby sectued. to the same eztent that it would have beeti prese~v~ed and wovld have beea passea to and been held b~? tbe Auoc.~iation had it beea duly and regidarly sssigned, transferred, set over and delivered unto the Associatioa by separate deed of asaignment, notwithstand- ing the fact that che same may be satisfied and cancelled of reoord, it being the intentian of the partie.s he,+eb~ that the same will be sa~sfied and cancelled of record by the holders tt~ereof at ~ about the Hme of the record'aig of this matgage. _ 14. To pay all and singular the costs, charges. and espenses induding lawyer's fees, reasonably inc~ured ~ paid at any - time by the Association, becauce of the failure of the I~iortgagors to perform, oo~nply with aad abide by each and every stipula- tions. agreemenb, oonditions and covenants of said promissory note und this deed. or either, and crcry such p~yment shaII bear interest from date at the rate stated in the note secured hereby. 15. That he willpe~m~t, commit, or suffer no waste, uupairment, or deterioration of said property or any p~rt thezeof; and in tLe event of the failare of the Mortgagors to keep the buildings an said and tbose to be erecte~i an said prea~ises. or improvecneT?ts thereon in good repair, the Aasociation may make and pay ~ as in its disa+etian it may deem necessary for the proper preservation then.wf, aad ihe full amount of such papments shaII~sxured by ihe lien of this awdgage and shaII at the optioa of the Associatioa be immediately due and payable, or payable in such rna~thty iattallmeats as t~e Associa- ' tion may determine, and every s~x~ paymeat shall bear interest from date at the rate stafied in the note secured htreby. ' 18. Tbat if the Association and the I?toztgagors agree, the Modgagors will catry a policy or policies of u~siuanoe upon ~I their liv~es in an ameunt equal Erom time to time to the amoant of indebtedness bereby sec~u+~xl, maldng said Associatioa benefi- ' ciary ihereunder, and that the said Association mayp~ y the premiums for such insarance (in the event the Mortgagors do not), ~ and add each s~ch payment to the unpaid b~lanre of the loan, as of the fust day of the then cvirent manth, and it shall become i ~ additional indebtedness sec~u~d by this mortgage payabk upon demand. ~ ~ 17. That m the event that this mortgnge be given to secure a consduction loan, falure on the part of the Mortgagars or their contractots to camplete said building in accardance with Cons~ction Loan Agreement, of ev~ date ha~ewith, or to build ~ said construction in aocordance with plans and apecifications file~ with ihe Association, shall oonstitute a breach of this mortgage, ~ and, at the o~ of the Associatioq immediately a~aiune the entire amount of principal and interest hereby sec+u+ed and the Asso- ci.ltion may iaimediately. institute proceedings to forecloae thu mortgage. 18. That the abatract or abstracts of tide rnvering the mortga ged 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 tiansfer of title to the mortgaged property in ertinguishment of the indebtedness secured hereby, all right, title, and iutecest of the Moztgagora in and to any such abstracts of title shall p~ss M the purchaser or grantee. 19. The Association shaD have the' right, in its di~o~n, M require that the Martgagors pay into the Assoc~ation in addi- tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note sec~red by this moctgage, an amount equal~b~ oae-twelfth of the annual installmeats of any taxes on the mortgaged gremises levied or assessed by any govemmental authority, and onc~twelfth of the annual premi~mns for Fire and Eztended Cave:age uuurance on the mortgaged rremise~ as hereinbe,fare required by the Association, and the 1ltodgagors failure to malce soch paymc~c?ts shall constitute a default under t}tis mortga$C. IN WITI~ESS WHEREOF, the said Mortgagars hereunto set tfieir hsi?~a~++~? seals the day and year firat above wriiten. ~ ; ~ Signed, and c~elivered in the presence of: s ~ ---_.E'.. _ _ . ( ) - - - - - - - S L ~ ! " lcc.~l? -~5~~ - - . - - ~ Jack W. Holco b ; _ . _ - - . ( SEAL ) . . Jean Hol oinb " - - - - - .(sEAI.) . - - - - - - - - - - Iw~TNEii[~ r ` (~I10RtGAG0~5) ~W11 ~ • ~ `AK ~~IV V j _ ~ . _ 3 . 1 . . . . ~„y,c~ _ F;y_?~