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Home My WebLink About2317 ~ ~ : , . 8. Uatii defauh iu the paformanoe of the oove~wnts and ag~eea?eata ~ thls mortgage, the mortgagan s1~aU be eatitied to oollect the reats, issues and~tt fran tbe p~emis~ ~nbefoce d~cxlbed, but m ase of 4 defauh in any of the ternny of this mortgage, and thef~ag a bill ~o farec~e thts a a~ny otbas martg,~ge ~~v d~e wtthin des~xibed property, tLc As.9ociatian sLal! immediatel and wJthout notioe be entitled to tbe appomhne~nt of a Receiver of the ~a~octb~a8ed~~y , and of the reats, issnes and p~its t}~ereof, wIth the tuual wet of Reoeiven in such cases, ~nd such Recelves may be -ooutinuod we an in pos~ssion of die said propdcty until the tia~s of the thereof uades such fixecloaure, and until the oonffrzastion of suct? sale by the Cotut. 9. If a c~at ahould be made by tbe mo~tgagas of the praonisos herein de~cribed, or y part theroof, without 0 the writtea oonsent the Association, and witbout assumption ia rcgular fo~m of 1aw by the grantee oE tTie oWig,aticros to the .~~.cociation created by said pcomissory note aad this m~ctgage, thea, and ia that eveat, and at the aption of the Association, :~nd .vithout notice, aU sums of mc+~ey secured he~+eby shall immediately aad ooncurre~tlv with such mnveysnce become due and E~3'able and in default. The Associatiou may deal wIth s~xaoes~s tn interest with referenoe to thi: matgage and tLe debt hereby secured in tl~e same manner as with the mortgagors, and awy forbear to sue or may ertend time f~ paymeat of the debt, ~ec.ureci hereby, ar otherwi9e act without dischargiag ac in any way affecting the L'ability of the mortgagas hereonder or upon the debt hereby secured. Tl~e Assoc~atioa may also deal with tLe Mortgagors and/aer with suocessors in interest with reference to this mortgage aad the debt hereby ~ by forbearing to sue, exteading tbe fime fas payment of the debt, Ix~ovidin8 far diffa+ent monthly i~Ymenb and/u: a d~erent iaterat rate, and by otber ezpress moclifications ~ the cautract, witho~t losin anY Pn°rity the As~ociatlaa has over other mo~tgagees or lienuas o~ boiders of any ~nnior interests in the ProP~Y ~~Y. 10. That in t6e event the pren,ises hereby mortgagc~, or any part thereo~, shall be ooodemned and talcen farp~ blic use uncler the power of e~ainent domain, the Association shall have the right to deinand that all daaiages awarded fo~ the taking of or damages to said peemises shaD be p~id to the Association, its ~rs or assigns. uP to the amoant unpaid aa tkb matgage and mav be applied upoa the payment or paymeuts last payable tliereai, 11. It is speGfically agn~ed that time is the ~e of this contract aad that no waiver of any obligation here~mder or of the obligation secured hereby shaIl at any time thereaEtar be Leld to be a waiver of tbe te~ns ~oar of the ins4nwneat sec~ued hereby, tuted, ithe IAuoc~af '~h'on may a~ t~ ogption,~imn~edis ~~the+eakerdeclare this mort a e nd t~he ind ~ebtedn~ sectu~ed hereb due ~3' 8 8 Y and puysble. 13. To the eztent of the indebtedness of tbe Mortgagors M the Association descxibed h~ein or secured hereby, the Asso.. ciation is heneby subrogated to the lien or llens and to tTie rtghts of ihe awners and hdders tbereof of each and ~aartgage, lien or other encumbrance ~ the land de.scxibed herein which is paid and(ar) satisfied~ in whole ot in p:?rt, out of of the loan described herein or secured hereby, and the respective liens of said awrtgages, ~eos or other encumbr~noas, ~ to and be held by the Association herein as u~ty for the indebtedness to the Association hecein described va~ hereby sece~re~ M the same ez±ent that it w~nuld have been pn~~rved aad woald bave been passed t~ and been heldby the Association had it beea duly and regularly assigned, transferred, set over and deliver~ed unto the Assocjation by separat~ deed of assig~nineat, notwit~utand- ing the fact that the same may be satisfied and cancelkd of reeoa~, it being the inteatim of the p~rties ba~eto that the same wilt be satitE`ied and cancelled of ntioord by the holders thereof at or aboctt the time of the ~oordueg of this ma~rtgage, I4. To pay all and singular the oosts, charges, and expen~es ~cluding lawyers fces, reatonab incurred or paid at any ona time by the Associatioq because oE the failure of the Mcntgagors m perform, comply with and abide y each and every stipula- t;ons, agreements. conditions and covenants of said promis~ry note and this deed~ or either, and every such payment shall bear interest from date at the rate stated in the note secured ~ereby. 15. That he wi11pernut, coznmit, or suffer no waste, impairment, or deterioration of said pm~perty or any part thereof; m and in the event of the failure of the Mortgagors to kcep the buildings on saidpre and those to be erected on raid premises, or improvements thereon in good repair, tbe Association may make and pay for u h repairs as in its dise~tion it may deem necessau~? f~r th~ ~x+oper preservation thereof, and the full amount of such payments sl~all be sec~u+ed b y the liea of t~is mortgage and shalt at the option of the As9ociatioa be iaunediat~ely due and payabte, or gayable in such monthly in~allments as tbe Assoda_ tion may determine, and every such payment shall bear interest from date at the rate stated in thc note secured herebry. 16. Tl~t if the Association and the I~tortgagors agree, the Mortgagors will carry a policy or policies of ins~ranoe upon their liv~s in an ameunt equal from time to time to the amount of mdebtedness hereby secared, making said Association benefi- ciary ihereunder, and that the said Association maypa y the premiums for such insuranc+e (in the event the Mortgag~s do not), and add each such payrnent to the unpeid balanc8 of the loan, as of the fizst day of the the~n cuaent month, and it shall become additional iadebtedness secured by t~is moartgage payable upon deinand. 17. That in the event that this mortgage be given to senue a construction loan, fa~lure on the part of the Mortgagors or their contr.~ctors to complete said building in soca~danoe with Constructian I,oan Agreement, of even date he~with, ar to build said conshuction in aacordance with plans and specific~tions filed with the Assoeiation, shall oonstitute a breach of this mortgage, and, at the option of the Assoc.iation, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immediately institute prooeedings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the uwrtgaged property shall at al[ times, during the life of this mort- i ;age, remain in t6e poasession of the Association and in the event of the fareclosnre of this mortgage or other transfer of title to } the mortgaged pro~erty in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in ~ and to any suth abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have tbe rIght, in its dLs~etion, to require that the Mortgagors pay into the Association in addi- tion to the monthly installments of principal and interest M be paid by the Mortgagors under the note secuned by this mortgage, an amawt c~qual~ta wte-twelfth of the annual installments of any taaes on the mortgaged premises levied or assessed by any gove,nmentat authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged premises as heceinbefure required by the Association, and the I?lortgagots' failure to make s~h payments shall rnnstitute a default under this mortgage. Il~ WI~NF„SS WHEREOF, the said Mortgagors herennto set their hands and seals the day and year first above written. t Signeci, sea]ed and delivered in the presence of: ; ; (1,'~~,:~ . ~ - - - - - -IO~~ _ _-(SEAL) ~ - Loyd Mulford ~ - - (sF.AI.) - - - - - - Mary M ord ~ _ r f _ _ _ . - - - - . _ - - AL) ~ - - - - - - - - - ~ _ F.~?I,) - nvin+ESSEn - - - - IMORTGAGORSI - - - - - ~17z ~2~4 ~ _ ~ . - ~ ~ _ _ . . _ ~ . . . _.~LL -