The URL can be used to link to this page

Home My WebLink About0785 ~ ~ Y ` ~ ` . . f ~ . + 8. UQ~ dQ~iUh ~[t ~1E ~Olfllti'WO Of !b0 OOY8~18f1tS YM~ a~qCRIS O~ ~.1 ~Ol~ilgOs lA0[~Oti i~111 b0 EQ~I~ to C~OC~ ~!p I'OQ~ ~551183 YYI~ p[~O~~tE ~ t}lQ pi'~SE~ ~II~OrO ~Cd, bLlt $1 CaSO Of • dOfillh $l YA~i O~ ~~i1RY Of this mortgage, wd tbe ' ot~ a btri ~o fanclose tbb a w~ yother ma~tgage e~nnbe~iag the wtthin de~c,~sibed peeperty, tbe ~ssociaKoa s6all immedk and witlwut notioe be eatitled to the appointmeat aE a Re~oetvar of tbe ~mattgaged ~ aad ma t p~p~y oE the reats, issues snd 'b tbereo~f, with tbe iuualpowet of Reoeivesa In such ca~s, and stx~ Reodvat tnay be-continued in poa~ssion oE d~e sald ptopeety tmtll tbe time of the spb thereof under such fo~edoswe, and twtil tbe ooafitmatjon oE such sale by the Court. 9. IE a ooaveyance should be made by the maaRgagara of tbe pc+~ses herein de~a~ibed, at anyp~ tLereof, without the writtea oonsent oE the Associat~?, and wlthout assumption in regular fo~m of law by the grRntee of tbe obligattons to tbe .~ssocL?tioa created by said promis~y note and this m~ tot gage, then, and in that event, aad at the option of the Aasociation. :~nd wit}wut notioe, all sums of ma~e~? sec~~red hezeby sball immediately and conc~urenth? virti~ such cmveyaaoe beoome due and T~YBble and in dehult. Tbe Assx~iation may cleal witL suooessors in interest with rafe~nce t~o tbia u~atgage and tbe debt secured um the same a~ann~r as wIth the mo~rtgagoJS, and may forbcar to aue or may extead tiuie far payment oE tbe debt, s~x~ hereby, or otherwise act without di~~ing or in any way affecting the liability of tbe mottgagars hereunder or npon the debt hereby aecwred. 1lie As~ociaHon may cleal with tLe Moitgagcm and/aar with s~oces~rs in interest with r~ce t~o this mort ge ancl the debt hereby sec,~red by farbarring ~ sue, e~ctending the tin4e fac payax~t of tbe deb~ providnng for differeat c ti e mon paya~enb and/asr a differmt iata+Gtt rate, and_ by dLer ezpress modi6catiaos ~ the contract, without losing anY P~h' the Associatian has over other moctgagees or lienora ar boWen of any junior intaests in the ~operty secured hereby. 10. Z'hat in the event the premises hereby m~tgaha~d' or any part thereof, shall be cande~nned and taken forpu blie uae under tbe power of ~t domain, t6e Assoctation sball ve the rtght M deinand that aII damsges awa:ded for tbe t~ag of or damages to said pc+ernises ahaIl be psid to ihe AssociatI~, ib successws or assig~s, aP to the sIIwt~nt unpatd an thi~ ma~tgage and mav be applied n~wn the PaYment-or P4Yments laat payable th~. 11. It is speci~CaUy agreed that time is the essmx.~e of this contract and tbat no waiver of any obligatioa ha~mder or ~ the obligation sec+ued hereby shall at any time thereaR~ be 1*eW to be a waiver of the tera~t ae of the iaativmwt secured hereby. 12 If foreclos~ro pmooeedings of any seoond maztgage or seoond trust deed a~ any junior li~een of any ldnd sho~ild be iasti- tutea, cbe wssociati«, may at its option, ~ediatel~? or ther~aker declar~e this mortgage ana the indebceaness sx+n~ed hereby due and payable. 13. To the extent of the indebtedness of the Modgagors to the Associatioa desc~ibed herein or secured hereby, the Asso- ciatioa~ is hereby subragated to tl~c licn a~ lieni and to the rights of the owncrs and hdders thereof of each and every mo~t~S+e. lien or othez enc~unbrance on the land descn'bed herein whech is paid and(ar) satished, ia whole or in part, out of tbe] of the loan d~cribed herein or secured hereby, and the respective liens of said martgages, lieat or other encumbranoes, slh~ to and be held by the Association herein as secunty f~ the indebtedness to the Association hereia described or hereby s~u~ M the same ex!ent ihat it would have been preaerved and would have been passed to and beea heid by the As~ociatbn hsd it been duly and regularly assi~ed, transferred, set over and delivered unto the Association by separate deed of a~nment, notwithstand- ing the fact that t~ samc may be satisfied and canoelled of reco~d, it being the int~eation of the parties hereto that the same will be satisfied and canoelled of reoo~+d by d~e holders tl~ereof at or about the time of the recording of dus mortgage. 14. To pay a11 and singular the oosts, char~es, and e:penses induding lawyer's fees, r~onably incurred or paid at any t;me by the Association, because of the failure of the l~ior,tgagors to perfom?,.c~omply with and abide by each and e~very stipula- tions, agreementr, canditio~s and covenants of said pramissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the nobe secured hereby. - 15. That he wiIlperm~t, canmit, or suffer no waste, impairment, or deterioration of said property or any pazt thereof; and in ibe event of the ~ailune of the Mortgagors M 1ceEp the buildings on said preemises and tboae to be erecxed on ~id premis~s, or improvemencs thereon in good re~r the A,ssoc~ation may make and pay for such as m its disa+etion it may deem n for the proper preservafiion thereof, sad the fuIl amount of such payroents shaA~sec~ued by the lien af this mortgage and~l at the option of the A~ociation be immediately due and payable, or payable in snch uwnthty installments as the As.socia- tion may determine, and every such paymeat shall bear intezest fmm date at the rate stated in the note secur~.d her~eby. I6. Tbat if the Association and ihe Mattgagors agree, the Mortgagors will carry a policy? or policies of insurai?ce upon their lives in an ameunt equal from time to time to the amount of indebtedness bereby secuued, malong said Association bp~efi- ciary thereunder, and tbat the said Association maypay the premiums for such insurance (in $e eveat the Modgagars do not), and add each such payment to the unpeid balance of the loan, as of the first day of the then cturent m~th, and it shal! become additional indebt~edness secureci by t~is mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a coruhvction loaq falure on the part of the Mortgagors or their contractors to complete saic~ building in socordanoe with Construction Loan Agreement, of even date herewith, or to b~Wd said construction in aooordance with plans and specifications filed with the Association, shall constitute a breach of this martgage, and, at the opti~ of thc Association, immed~ately matnre the entire amount of principa2 and interest hereby secured and the Asso- ciarion may imme~iiately inshtute jxoccedings w foreclose this mortgage. 1& That the abatract or abstracts of title covering the mortgaged propeity sLa~l at,all times, during the life of this mort- Qage, re:nain in the possession of ihe Association and in the event of the fareclosure of this mortgage or other dansfer of titie ~o the mortgaged property in ezringuis6tnent of the indebtedness secured hereby, alt right, tide, and interest of the ~iortgagors in and to aay such abstracts of title shall pass M the pum,haset or graatee. } 19. Tbe Assoriation sball have tbe rigbt, in its discretion, to require that the Mortgagors pc~y into the As9ociation in addi- i tion to the monthly iastallments of principal and interest to be paid by the 1liortgagors under the note sec~red by this mortgage, ~ an amount equal ~ to one-tvv~elkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any govemmental suti~a~iEy, and one-twelfth of the annual premiums for Fire and Estended Co+•erdgo insuranoe on t},e mwtgaged rremi~t as hereinbefare required by the Association, and .the Mortgagon' failure to make such payments shall constitnte a default ~ncier this mortgage. IN WITNESS WHEREOF, the said Mortgagors hereunto set their hnnds and seals the day and year first above written. ~ i Signed, sesled and delivered in the prese~xe of: ~ F ~ , ; . - - , - - ---(S~-) i ~~~1'i,1 - _ . . J A. M~atnel ~ - - ~~_!C~~.~Q . . __(s~?~..) Edna E. McDaiuel . . - - - . (SEAI.) - - - - - - - ( ) cw~rr~ssE~ . - - - - - uwwtcneoei~ - - - - t ~ooKi73 P~~E .777 ; ~ ~ S ' _ ~