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Home My WebLink About1528 . ~ ~ s. uncii defauh in che perfo~wnoe of the coveoanb and a~n~s of ~his matgage, cbe morcgagoa ~all be en~ckd to oollect tbe reata, issues snd~ b from tbe pretni~s ~ad4be~rxe but in c~se of a dehult in any of the temu~ of ch~ mortgaga and the filing o~ a b~ll ~ faceclose tbb a~, .~tha' ~8 the withia de~aibed p~oP~Y• tbe A s s o c i a t i o a s h a l l i m m e d i a t e ly a n d witlaut notice be eatitl~ to the a p p oinm~ent of a Receivar of the ~mat8~Sed p r o p e i t y and of the rents, issues and pco f its thereof, witb tbe usu~Jpo wer of Reoeivera jn such cases. sn d s u c h Reoeiver may l~ e-ooa t~ a u e d in possession of the said pro~ty until tl?e Hme of ~ e s a b ~ e o f ~ s~ ~~m~ ~ sak by the Court. ~ ` ~ 9. If a oonveyance should be msde by d~e moctgagaa of the premises herein described, ar anyp~ thereof, witbout the writtea consEnt of the A.ssociaHo~n, and without assumptian in regular form of !aw by the g~raantee of tFie obUgationa to d~e Associatioa created by said promissory note and this mor~tgaga. thea, and in that event, and at the option of tbe Association. :md ~vithout notice, all sums of mc+ney merr~nd hereby shall immediately and concurrentlv with such cc+uveyance becosne due and payable and in defanlt. 1be Associatioa may deal wlth su~ooe~rs in interest with reEerence to thi~ matgsge and the debt hereby secvred in the same awuurer as with the moitgagas, and uwy forbear to aue or may e~tend time for payment of tbe debt; securacl hereby, ac otbervvise act without rg g ac ia any way sffecting the liability of the a~ortgagors here~nder or upoa the debt hereby sec~ucd. The Assoaation mad~y als~o deal with the Moitgagim and/or with sua.~essorg in interest with reEennce to tbis n~e and the debt hereby sernred by forbeoring to sve, estending tbe time far payme~?t vE the debt, praviding for difkreat rnon paymeub and/a~ a dif~ent intereat nta and by other esp~sa modifioati~s of the oontract, without losing any pciorih the Association bsa mrer other mo:tgagees or lieao~rs or talders of any ~mior interestr ia the propert~? secured haeby. 10. That in the ev~eat the pn~anises hereby g~d, or any pnrt thereof, ahall be co~demned and taka? for blic use under tLe power of eminent domain, the As9ociation~have the right to demand that sII damages awarded fo~ tl~e ~ of or damages to said p~+emi~es sLail be paid to the A.ssociation, ib sacces~ors or asaigns, up M the amoimt unp4id on tht~ n~ortgege and may be applied upoan the paymeat ~ payments laat payable the~~eon. 11. It is specificallY a8reecl dsat time is tbe esaence oE this oontract and that no waiver of any obligatiou ha~eunder or of the obligation securEd hereby shall at any time thereafter be held to be a waiver of the te~au or of t6e ~t sec~ured hereby. 12. If foreclosure proceedings of any seoo~~d matgage or seoond hutt deed ar any ~mior liea of sny Iaind shodd be inad- tuted, the Association may at its option, immediately ~ t~Ru declare t~is mortgage and the indebtedness serured her~by due and pnyable. 13. To the estent of the indebtedness of the Mortgagors to the Association descxi'bed hezein or secured hereby, the Asso- ciatioa is uereby subrogated to tbe liea ac liens and to the rigbts of the owners and holdess thereof of each and every mo~t~age. lien or other encumbrance on the land described herein which is paid and(aar) satisfied, in whole or in pait, out of the of the ban described herein or secured hereby, and the r~,spedivc liens of said mo~tgages, tiebs or other rnc~mbranoes. ~h~ to and be held by the Associatiun hereia as aec~~i for the indebtedness to the Association }kxein described oc hereby secure~tO ae sso the sume extent thet it would have 1~ca and ~vould have been ~Sed M aad been held the Assocc~ation had it beea duly and reguls~rly a:signed, transEerred, ~et over and delivered imto the Association by se~rate of asdgnmant, notwithstand- ing tbe fact that d~e same aiay be satisiied and cAncelled of record. it being t6e intention oF the pnrties Le~eto that the sau~e will be setisfied and canoelled of reco~rd by the lwlders thereof at or about the tjnne of the recording of this mo~tg,age. 14. To pay all and singular the costs, charges, and racpenses including lawyer's fces, rea9onab1y incurre~ ~ paid at any time by tha Association, because a£ ihe failure of the 1?iortgagora to perform, oomply with and abide by each and every stipula- tions, agreemenb, conditioas and rnvenants of said promiSSOty note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ' 15. That he willperm~t, commit, ~ suffer no vvaste, 3mpaim~ent, or deterioration of said property ~ any pazt thercof; and in the event of the a'f ~r.e o# t~e Mortgagors to keep the bnild'mgs on said aad those to be erected oa said premises, or improv~ements thereon in good re~air, tbe Associatian may make and pay a~~epau~ aa in its disaetion it may deem n for tbe properp tion thereof, and the fiill ainount of such pavmenb shall be sec~ured by the liea of this mcKtgage and s~at the option of th~e ~Assoctiat~a be immediately due and payable, or payable in s~ch monthly ~ts as the A.~.socia- tion may determine, and every such paymeat s1~aD bear interest from date at the rate stated in tLe note aec~u~ed hereby. 18. Tbat if tbe Associatioa and the I~tartgagois agree, the Mortga ora w~ cairy a policy o~ policies of ins~uance upan their lives in an anmunt equal from time to time to the amonnt of inde~ hereby seciued, maldng said Association benefi- ciary thereunder, and tbat the said Association maypay the premiwns for such insurance (in the eveat the Mortgagors do nat), ' and add each s~ch payment to ihe unpaid balance of the ban, as of t~e fnst day of the tl~t cutrent month, and it shall becoine E additional iadebtedness secured by this mortgage payab~e ~pon dennand. E 17. That in the event that this maitgage be given to secsu~e a ca~utn~ction 1o~n, falure on the part af the Mortgagors or ~ their contrnctors to c:ompkte said building ia soca~danoe with Conshv~tion Loan A~ent, of even date herewith, or to build said canstruction in aocordance with plans and specifications filed with the Association, shaII con~timte a breach of this mortgage, and, at the option of the As~ocyation, immediately mature the ~tire amount of principal and interat heraby secured and the Asso- ciation may immediately institute pcooeeding~ to foreclose this mortgage. 18. That the abatract or abstracts of title covering the modgaged property shall at all times, during the life of this mort- gage, iemain in the poasession of the Association and in the event of the forerlosure of this mortgage or other transfer of title Lo the mortgaged property in ertinguishme~?t of the indebtednesa secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title shall p~ss to the purd~aser or graz?tee. ~ 19. Tbe Asyociation shall },av~e tl~e dght, in its discr~ion, to require that the Mortgagon pay into the Assoc~ation in addi- tion to the monthly installments of principal and interest to be paid by the Matgagora under ihe note secured by this mortgage, an amom~t equal•L~ one-twelfth of the annual installn?enb of any taxes on the mortgaged premiSes levied or sssessed by any ~ governmental suthodty, and ooe-twelfth of the annual pcemiums f~ Fire aad Fatended Coverage insurance on the matgaged premues as hereinbefae required by the Association, and the Modgagors' failure to make such pa}nnents shall constitute a default ~ under this mortgage. ~ IN WITNESS WHEREOF, the said Martgagors hereunto set their hands and seals the day and year first abave written. ~ Sigaed,seale~ aad d'vercd in the presenoe of: ~ . . ' • --f~+-s- . . - - - . - - --~~5~) ~ - Jo~G~L~L.---~ r. s~.) ~ - - - - Sara I.auria ~ _ . _ . _ _ _ (SEAI.) - - - - . . - - -~5~~ - - - - _ (M~IT1iESSEiI (MORTWGOtS) ~„~?3 ~~5i6 _ _ - -s.-=____~_ ~:y~~~.:~~