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8. vatil deEault in the pe~foiuanoe af the ooveaana and ag~reemepts oE thi~ maKgage, tbe moirtgagas d~all bs entitbd
to oollect tbe renb. itsuos andp~
b from the pnnni~et beceinbe[ore daa~ibed. but iA case of a dehult iu atiy of tLe tarn~ of
thia martgsge. u~d thsf~ng of a b3Il ~o fa~+edo~e tbb a a~ap otbar mcc~?ge ~unbering d~s wltbL4 de~aibed pcope~ty, die
As~octatioa shaU immediately and withaut notica be a?tltled fio ths appolntrneat oE a Reoeiver of t6e ~mortgagedpra~ty
, and
of the reab, issues and pcofib theieoE. wtth tbe uswlpo
vra uE Aeceivess in r~ch caaes, snd such Aeoeiv~ar may ~bs-ooatinual
in poc~ion af tbe s~d prop~y ~t~ tLe ~le thereof unde~r snch foredoa~u0. and until the oonfh~naHor? of soch
snle by the Owut. ~ •
9. If a ooavsyance sho~ild be made by tLe mortgagas cf ths pre~nisea lierein ~xibed. a aayp~ thacnof, witbout
the written oonae~t ~f the Association, and witbout a~uunption in regular fo~m a~ hw by the grantee of tl~e ~b1ig,Rtiona to the
Associatios~ creeted by said proanissory note and this mottgage, then, auu in thot event, aad at the option oE tbe Association.
and .vithout iwtice, all suma of mc+~? secnred h~ebY shaII imn?ediately And concurre+ith? with such cmveyaace beoome due and
P~YBbk and in default. 1'6e Associatioa may deal vvjth a~ooeuors in interest witb reEereace to this matgage and the debt hereby
secured ia the same manner as with the ma~tgagors, and may forbeu to sue or may cxtend time for paya~ent of tbe debt, sea+ired
hereby, ur otheswise act without g or in auy way affecting the liability af the mo~tgagars he,~ennder or upai the debt
hereby secured. 1'he Associatian
mad~~ deal with tbe Mottgagors and/or with suooessars in interest with re~enoe to this
mortgage and tbe debt hereby sec+u~ed by ~o~rbearing to sue, e~taiding tlse time fa: payaient of the debt, Prm'idin8 for diffaeat
rmoAthlY paYme~?b a°d/or a differeat int~st nte, andby otber espress mo~i~t~ias~s of the oontract, without bla__ia-~_a-nY P~~~Y
the At~ocjatiaa Las ov~r other n~ortgagecs ar lieaors or hokiers of any ~~nioar interesb ia tLe P'~Pe~Y ~°~D)'•
10. Tfiat in tha ~vent the ~m~s h~eby~g
ag~d, or any part t}iereaf, shsll be oaodeinned and takea forpu
Wic use
under t6e power of ~t daonain, the Associatiou shail have the dgbt to clemand that ell damages awarded fa tbe ~ag of or
damages to said premi~es aLaD be p4id to the As~ociaNon, its s~ooe~ors or sssigas, up to the amourat ua?paid aa thb moNg~ge and
may be app,ied aP°n ~ P~Y~t P~Y~b last payabk tl~ereoa.
11. It is specifically agreed that time is tbe ess~ce ~ thia oontract and that ao waiver of aay obNgatioa hexc+~nder or of
the obligation secured heceby shall at any time the~eafter be beid to be a waivrx of the terms or of the i~tmm~ent s~ed ~+eby.
18. If fa~ecloaaro procee~ings of any second mo:tgage or seoond trust deed ar any ~nior lien ~ any ldad aLonld be ins~t-
tuted, t2~e Associatiaa may at ib opti~, immediately oe thereafter declare iLis mortgage and the indehtedness aec+md hereby due
and payable.
13. To the axtent of the indebtedness of the M~g
agors to the Asso~:iation deac~'bed herein or aecured liereby, the Asso-
ciatioa is hereby subrogated to the lien o~ liens and to die rightt of th%+ ovvners and holders thereoE of each andev~y moctgs8e.
lien or o~ a~mbrance on the land de.scn'bed herein which is paid and(or) satisEied, in whob or in pnrt, ~t of the
of the ban described he~+eLi or aecured hereby, and tLe respective liens of said maatgages, liens os other enc.vmlx~anoes, ~6a~
to and be held by the Association herein as fo~ the indebted~ to the Association herein descriibed ar hereby sec~u~
the same ex!ent that it ~roukl have bcen pm~~~ved and w~ould bave been I~assed to and been held bY the Aasoc~aH°° had it been
duly aad regularly aasigned, transferred, set over and delivered unto tbe Association by sepante deed of aaignma~t, notwitl~stand-
ing the fact that the same may be satisfied and canoeDed of reoocd. it being the intentioa of the parties Lereto that the aawe will
be satisfied and car~oelled of reco~d by the holdera thereof at or abont the time of the reoordimg of this mo:tg,age. .
14. To pay all and singulxr the coats, charges, and ~sa induding laNryer's fees, mcutred o~ paid at any
time by the Association, because of the failure of the I?iatgagors to perfa~m, oomply vvith and abide •each and every stipula-
tions, agreements, oonditio~ns and covenants of said promis9o~y note and this deed, or either, and every auch paymet?t shaIl bear
interest from date at tl~e rate stated in the note secured hereby
15. That he willp~mi
t, canmit, or suffer no waste, impainnent, or deteriaration of said property oc any part thereof:
nnd in the event of the failune of the Mortf;agors to kcep the buildings an said~ and t}wse to be erected an said prennise.s.
or improveements thereon in good rep~ir, t}ie Associatan may make and pay for such as in ib di~tion it may deem
v
n ce~ary for tbe p~operpreservation thereof, and the f~ill amount of such payments s6aIl~aecuzed by the liea of tbis matgage
~nd shall at the o}~tion of the Associatioa be immediately due and payable, or payable in auch monthty ~ts as the Assoda-
tion may deMrmine, aad every such payment shall bear interest from date at the rate atated~in the note sec~ued h~+eby.
! - 18. That if the Association and the Mortgagors agree, the Matgagars will carry s policy or poliries of ins~ance upon
i their lives in an ameunt equal from time m time to tl~e amrnmt of indebtedness hereby s~c~u~ed, maldng said Associatian benefi-
` ciary therew~der, and that the said Association maygay the premiams for such insurance (in the ev~t the Mortgag~s do nat),
i and add each s~ch payrnent to the unpaid balance of the loaq as of tlie first day of the then cvtrEnt month, and it shaA become
' additional indebtedness secvrEd by this mostga8e PaYable upon demand.
; 17. That in the event that this mortgage be giv~ to sec~ve a eanstruction loaa, failure an the pact of the Mortgagors or
~ their contractors to complete said bnilding in aocuadaaoe vvith Conscrudi~? Loan Agreea?ei?t, of eve~ date herevvith, or to build
E said consdruction in aocordance with plans and spe~tions filed with the Ascociation, shall constitute a breach of this matgage,
~ and, at the option of tLc Associatioq iimmediately mature the enM~e amount of pruicipal and interest hereby sec~u~ed and tbe Asso-
' ciatia? may ia~mediate}y institute prooeedings M fureclose this mortgage.
~ 18. T6at the abatract or abstracts of tlde oovering the mortgageci P~P~Y shall at all times, during tLe life of this mort-
gage, renwin in the poasession of the AssociaHon and i~? the eveat of the foreclosare of this mortgage or otber transfer of title to
the mo~tgaged pmpe~ty in e:tinguishm~t of the indebtednesa sec~u~ed hereby, all right, title, and iaterat of the Mortgagors in _
and to any such abstracts of titk shall pass M the piu~chaser o~ grantee.
19. ~ n~c;«~ ~n ~.re ~~r, ~ ~b a~n, to require thlt the Mortgntgon PaY into the Aasociation in addi-
tion to the modWy installments of p~incipal and int~r~est to be Paid by the Mortgagon under the note secured by this mortgage,
~ an amonnt egnal-to ono-twelfth ~ the annual installmeab ~ any tazes on the mortgaged prea?ises levied or as~sed by any
govemmental suthority, and one-twelkh ~ tbe annual preminms for Fire and Fatended C.overage insuranee an the mo~tgaged
prem~es as l~eranbefar~e required by the Association, and tbe Mortgagon' failiu~e to make such payments shall constitute a default
~ under this mortgage.
~ IN WIT~IESS WHEREOF. the said Mortgagors hereunto set their hands and seals the day and year first above written.
~ Signed, sealed and delivcred in the pteserxe of:
;
~ ' J ~ . ---~SEAL)
' - - -
~ ~ - - . - - - -
Ira R. Baringe
0
_ . G .y~E"I''
- - ~ ~I~
J ce M. Baringer ~
(SEAL)
- - - - ~ - - - - . . .(SEAL)
- - - - . - - -
~w~n+css~ c~oRTC~oo~s~
~ ~1~ PALE~~