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HomeMy WebLinkAbout2907 c 8. Until default in tbe performaace of the covenants and agreements of t}us mwtgage, the mortgagors shall be ec?tided co collect the rents, issucs and praEits from the premises hereinbefore described, but in casc of a default in any of the temu of this mortgage. and the filing of a biU to foreclose tl~it or any other mortgage eacumbering the within described property, the ~ssociation shalt immediately and without notioe be pntided M tha app~intment of a Receiver of the mortgaged ~periy, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, ~nd such Receiv~ may ue continued ;n poa~s.sion of the said property until the time of the sale thereof under such foreclos~ue, and until the confumation of such sale by the Court. S. If a conveyance should be made by tho mortgagors of the premises herein described, or anypart thereof, ~vithout rhe ~vritten concent of the Association, and without assumption in regular form of law by the grantee of tTie obligations to the 1~~ociation creAted bv said promissory note and this mortguge. then, and in that event, and at the option of the Association, :uid ~vithout notice, all sums of mcuiey sec~ired hereby shall immediately and concurrendv with such rnnveyance bcc,~ome due and ~~ayubte and in default. The Association may deal with succtssors in interest with reference to this mortgage and the debt herebv , secured in the same manner as with the mortgagors, and n,ay fQrbear to sue or may exte~d time for payment of the debt, secured ; hereby, or otherwise act without dischargmg or in any ~aay af~ecting the liability of the mortgugurs hereunder or upon the debt hereby secured, The Association may atso deai with the Mortgagors and/or with successors in interest with reference to this inortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, provid'ung for differea~t montlily payments and/or a diEfer~nt interest rate, and by other express modifications of the contract, without losing any priorih• the Association has over other mortgagees or lienors or holders of any junior interests in the propertv secured hereby. 10. That in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken for public use undcr the po~ver of eminent domain, the Aswciation shall have ihe right to demand that ull damages awarded for the taldng of or damages to said premises shall be paid to the Association, its s~ccessors or assigns, up to the amount unpaid oh this mortgage and may be Applied upon the payment or payments last ~rayable thereon, 11. It ~s specifically agreed that time is the essence of this contract and that ao waiver of any obligation hereunder or of the obliga*.ion secured hereby shalt at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. I2. If foreclosure prnceedings of any second mortgage or second trast deed or any junior lien of any kind should be insti- ~ tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured h~eby due ~ and payable, a 13. To the eatent of the indebtedness of the Mortgagors to the Ascociation described herein or secured hereby, the Asso- ~ c;ation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereo~~ of each and every mortgage, licn or other encambrance on the land described herein v~hich is paid and(or) satisfied, in whole or in part, out of the p~eeds ~ ~~f the loan deseribed herein or secured hereby, and the resnectivc liens of said mortgages, liens or other encumbrances, s~i pass ~ t~ and be held by the Assoc;ation herein u security for the indebtedness to ihe Assxiation herein described or hereby sa~:ured, to ~ the same extent that it ~vould have been pr~served and ~vould have been passed ta and been held by the A~ation had it becn ~ de~ly and regularly assipned, transferred, set over and delivered unto ihe Associati~n by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~rarties hereto that the same ~vill ~ be sa5sfied and cancelled of record by the holders thereoE at or about the time of the recording of this mortgage. ~ 14. To pay all and singuIaz the costs, charges, and expenses inctuding lawyer's fees, reasonably incurrec~ or paid at any ~ time by the Association, because oE the failure of t'he :liortgagors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such.payment shall bear ' interest from date at the rate stated in ihe note secured hereby. 15. That he ~vill permit, commit, or sufEer no waste, impairment, or deterioration of said property or any part thereof; } and in the e~rent af the failure of the 114ort~agors to keep the buildings on said premises and those to be erected on said premises, : ur iinprovements ihereon in good repair, the Asso~iation may make and pay for such repairs as 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 gayment shall bear interest from date at the rate stated in the note secured hereby. ~ 18. That if the Association and the ~tortgagors 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, mal:ing said Association benefi- rt c~iary thereunder, and that the s~zid Association may pay the premiums for such insurance (in the event the Riortgagors do not), : and add each such ~ray~nent to the unp~ d balanee of the loan, as of the first day of the then ciurent month, and it shall becomc additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to sec~ue a construction loan, failure on the pact of the l~iortgagors or their contnctors to complete said building in accordance with Construction Lo.1n Agreement, of even date here~vith, or to buitd said conshvetion in accordance «~th plans and specifications filed ~arith ihe Association, shall constitute a breach of this mortgage, and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciateon may immediately institute proceedings to foreclose thu mortgage. 18. That the abstract ur abstracts of title covering the murtgafied 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 foreclosure of this mortgage or other transfer of title ta the mortgaged property in extinguishment of the indebtcdness secnred hcreby, all right, title, and interest of the Mortgagors in and to any surh absiracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the ATorigagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid b~ the Vortgagors under the note secured by this mortgage, an amom~t equal to one-hvelfth of the annuat instaUments of any t:~ces on the mortgaged premises levied or assessed by an~• tiovenimental aathority, and one-M•elfth of the annual ptemiums for Fire and Extended Coverage insarance on the mortgaged ~~remises as hereinbefore reqiiired b~• the Associ;ition, and the ~tortga~ors' fnih~re to make such payTnents shall constitute a defa~dt under this mortgage. I\ \~'IT~ESS ~~'I~EREnF, thc said ~tortga~nrs hcretmto set their hands and seals the dav and year first above ~vritten. Si~nrd, sealecl and deti~~ereci in the presence of: ~ - ` (SEAL1 1 ~{M+~ ~a ' ~1vW~--~ 1` SEAI..) _ n Robert S "ng , (SEAI.) _ Barbara A. 1' , - (SEAL) : - (M~I TMESSFS) iM1?R iGAGORS, Fa~z~so ~ _ _ _ _-2~. ~r~:,~ ~ . , , - _ _ . x.; ° .