The URL can be used to link to this page

Home My WebLink About0346 \ , { • r • * , r~ ~ e ,j 8. Uatil default in tha pedoraiuuioe o~ the covenants aad agrcemeats of this moitgage, the mortgagors shall be eatitled to oollect the re~ts, issues andprofits f~am the premises hereinbefore desaibed, but in case of a default in my of the ternu of this mortgage, aad the filin of a bill tv faedose this a any other mortgage eacumberiag tha vrnt~L.in described propesty, the As.aociation shall immediate~y and wit~ut notice be e~tided M the appointment of a ReoeIver of the mortgagedp~erty . and of the n~nts, issues and ~fits thereof, with the usual wer of Receivers in such cases, snd such Receiver may ~e-continued A ;n pos~ion of the said property until the time of tbe thereof under sucb for~los~u~e, and until the confirmation of such s.~le by the Cow~t. 9. If a oonveyance should be made by the morttgagaas of tbe premises herein described, ~ any thereof, without mo the written consent of the AssociaHon, and without assumption in regular fozm af Iav~? by the grantee of obligations M the ~ssociataa cre,~ted by said p~omissory note and this mortgage, then, aad in that event, and at the option of the Association. and ~vithout notice, all sums of mmey secnred hereby shall immediately and concurrentlv with such c~veyance become due and paYable and in deEsult, The Association may deal with aua~essors in interest with reference to this mortgage and the debt hereb secured in ihe same manner as with the mortgagors, and may forbear to sue or may e~tend time for payment of the debt, ~ hereby, or otherwise an without d~g or in any way affecting the liability of the moitgagors hereunder or upon the debt hereby secured. The Anociati~ may deal with the Mortgagors and/or~with suocessors in interest with reference to this mort age and the debt hereby secured by forbearing to sue, eactending the time for payment of the debt, Provid'mg for different mont~y p~yments sud/or a different int~est rate, and by other e:press mo~i~tiont of the rnntract, without losu?g any ~iOrih- the ~lssociation has over other moitgagees or lienors or holders of any j~mior interESts in the property secured hereby ~ 10. That in the event the pmmises hereby mortgaged, or any pazt thereof, shall be cande~nned and taken for pnblic use under the power of eminent domain, the Assciciation shall have the right to demand that all damages awsrded fa the taldng of or damages to said premises shall be paid to the Association, its succeswrs or assigns, up to the anwunt unpaid on this mortgage and mav be ap~nlied upon the gayment or payments last payable thereon. 11. It is specifically agrcecl that time is the essence of this c~tract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time the~eafter be held to be a waiver of the tenns ~ of the iostrument secnred hereby. 12. If foreclosure proceedings of any second mortgage or second hvst deed or any junior liea of any ]dud should be insti- tuted, tbe Aaociation may at its option, immediately or thereafter declare tLis mortgage and t1~ indebtedness secured hereby due and paysble. 13. To-the extent of the indeMedness of the Mortgagors to the Association desGribed herein or secured h~reby, t1~e Asso- ciation is her~eby s~brogated to the lien or liens and to the rights of the ovmen and holders thereof of each and "evety mortgage. lien or other encumbrance on the land described herein which ic paid and(or) satisfied, in whole or u~ part, ont of the rp ooeeds ~~f the loan deseribed herein or seeurecl hereby, and the respeetive liens of said mortgages, liens or other eneumbranc~es, shaIIpa to and be held b,y ihe Association herein as security for the indebtedness to the As.~ciation herein described or hereby secured, o the same ex!ent that it would have been preserverl and ~vould have been Passed to and been held by the ~ation had it been duly and regularly assigned, transfeired, 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 the parties hereto that ihe same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. # 14. To pay all and singular the costs, charges, and expenses including lawyers fees, reasonabl incurred or paid at any j time by the Association, because of the failure of the riort~agors to perform, comply with and abide ~y each and every stipula- tions, agreements, rnnditions and covenants of said promissorg note and this deed, or either, and every such payment shall bear interest from date at the rate stated in tbe note secured hereby. 15. That he will t, commit, or suffer no waste, impairment, or deterioradon of said property or any part thereof; and in the event of the ailure of the Mortgagors to keep the buildings on saidpremises and ihoae to be erected on said premises> , ~s s or improvements thereon in good repair, the Association may make and pay for such rep s~cc in its discretion it may deem necessary for the pmper preservation thereof, and the full amount of such payments shall be sec~red by the lien of this mortgage ~ and shall at the option of ihe Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ tion may determine, and every such payment shall beaz interest from date at the rate stated in the note secured hereby. ; 16. That if the Association and ihe riortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ i their lives in an ameunt equal from time to time to the amount of indebtedness hereby secured, making said Assaciadon benefi- ~ ~ c•iary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), i and add each such payment to the unpa~d balance of the loan, as of the first day of the then c~vrent month, and it shall become ~ additional indebtedness secured by this mortgage payable upon demand. 1 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Morigagors or ~ their contractors to complete said building in accordance with Canstniction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed ~~~th the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately icutitute proceedings to foreelose this mortgage. 18. That the abstraM or abstracts of tide covering the mortgaged 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 tide Lo the mortgaged proPetty in extinguishment 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 purchaser or grantee. # I9. The Association shall have the right, in its discretion, to require that the Mortgagon ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured by this mortgage, :~n amount equal to one-twelfth of the ~nnual installments oE any taxes on the mortgaged premises levied or assessed by any ; s;ovemmental authority, and one-tw~elfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged = ~~remises as hereinbefore required by the Assnciation, and the 1ltortgagors failure to make such payments shall constitute a default ` under this mortgage. ~ I\ «'IT~ESS R'HEREOF, the said ~tortgagon hereunto set their hands and seals the day and year first above written. ~ His ~ Sign~-cl, sealed and dclivered in the prescnce of: x ; ~ , Mark _ (SEAL) - - - - bert W~ Ramse ' - ~ ~ (SEAL) , . _ - - . ~ , Marj e E. Ramsey _ . . - . (SEAI.) i~'`/1 ~ (SEAL) : . - - - - - _ (YVI S) O R (MOtTGAGOfS) t a~ 173 P~ 344