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Home My WebLink About0933 , ~ ) . - k + ~ ' • ~ `.t. a vntil defauh in the perfornianoe of che oov+enauts and •g~+eements oE thia matSaBa ~~8~8°~ slu~ll be eaHded to co110Ct the rm?b, issues aadpro8ts Irom the pireanite~ he~abefore de~cxibed, but h? qs0 of : deftUh ~D any of tbe ten~c of this mo~tgage, and tt~e ' oE a.bill to foe~eclase tbb a aay other mortgage enc~mbaina ths wkMa d~ed pro~ty, tbe As~oclatba shall immedia and wlthout notice be catitled to tbe appoiatment of a Reoefvat of die ~matBaSedp~t ~ and of tLe raats, isaues and ' thereof. ,ivith the us~alpowe ~ Rxedva. in suc~ ca~es.'anla su~h ~teoeIv~et m.ybe-oonyiinuea ~a poss~sma o~ the sata property uncil cbe tisme af tbe s a l e `t~eOE uad~ su~cb forecloa~~ra :and unc~l tbe aoaf~Ka~ of such sale by the Court. ~ ' 9. If a oo~veyaace abould be made~y the a~a~tgagas of. the pcemises Lerain daatbed, or anypar~ th~eof, witlwut the writtea ca~t of the Association, and wit6out assumptiou in regnhr farm af 1aw by tbe g~wtee of tbe obiig~tions to the assoc;ati~oa created by said proamtaso~y noce and tbis mat , then, and in tlwc avenc, and ac che option of the Association. Q and ~vfttwut notice, all sums of mmey secured heieby i~mmediately and corx~ureotly with soch cc+uveyance beoome due aad PaYabk apd 'm deianh. 1be Association may deal wlth moooaon in interest wltb referenee bo thb ma~tgage and tbe debt hereby secvred in ihe same manner aa with tLe moztgago:a. and may fabear to sue or may e:tead time f~ payme~t oE the debt, secured hereby, ac othenvi~e aet without g a in >u?y way affecting the liability a£ the mortgagors here~mder or upoan the debt hereby sec+ind The Association ma~ deal with the Mortgagoara and/ar witb s~wcessors in interest with r~ace to this mortgage and the debt bereb}?~~en~red by forbearing to sue, rstending tl~e time fa~ paymeut of the debt, Pmvidiu8 for diffe~t aw c 1YWAthIY P~Y~°b ~ar a d t interest rate. and by othe~ ezpreas awdiScxti~s af the oontract, withoat bsa, anY P~*~h' the Assodatl~ has ov~er other motlgsgees o~ lienon ~ lalders of any f ~mior iaterests in the pcoperty secnred y. 10. '17~at in the ever?t the pn~mises hereby ged, or any part thereo~f, shall be candemned and t~ken forpu blic u~e under the power of eminent domaui, the Association~have the right to deinand that all damagea awarded for the t~dng of or damages to said premises shall ba p~id to d~e Association, its s~oce~ors or assigns, nP to the aaw~mt uapaid on th~s mottgage and may be applied upoa the payment at payments last payable tl~ereoo. 11. It is spedfical~y agreed that time is the essence of this oontraot aad ihat no wsiver of any obligation hawndar or of the obligation sec+ued hereby ahall at any Hme the~eafter be held to be a waiver of the ~ams ac o~ tha instiva~ent secvred h~eby. 12 If foreclosure prnceedings of any seoond matgage ar aeoond tcuat deed or any ~mior li~ of nny ktnd shouid be iuati- tuted, the Association may at its option, imnnediatety or thereake~ declane t~is martgage and the indebtedoess aec~red hereby due and pnyable. 13. To the eztent of tbe indebtedness of the Mortgagors to the Assacfation desaibed herein or sec+ued hereby, the Asso- ciation ~ is hereby subrogated to the lien or liens and to d?e rig~ts of the owners and holders thereof of each ande~ry ma~tgage, lien or other er~cumbranoe on the land described herein which is paid and(ar) ~ied, in wl~ole or in part, ont of thepr of the ban d~cribed hereir? or secvred hereby, and the respective liens of aaid martgages, lieos or other ennimbranoes, shaIl ~ to and be held by the Assoc;ation herein as security foz the indebtedness to the Association herein desrn'bed ~ Lereby secure~M the same ertent that it would have been prc.served and would have been passed to and beea held by the Association bad it beea duly and regularly assigned, tra~uEerred. aet over and delivered unto the Assoc;atia? by separate deed of assi~t, notw;thstand- ing the fact that the same may be sati~fied and canceIIed of reoocd, it be;ng the inteation oE the partiea hereto that the same w,71 be sa5afied and carioelled of reoo~d by the ho~ers theieof at or about the time of the record'mg of this mortgage, 14. To pay aII and singular the oosts, charges, and e~cpe~ses induding Iawyer's fees. reasonab~y inc~med or paid at any time by the Association, because of the failure of the Mortgagors to perform, connply wlth and abide by each and every atipula- tions, agreemenb, conditions and covenants of said pmomiaory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note aecured hereby. 15. Tbat he willpernut, co~nmit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; and in the event of the failure of the Mort~;agors to keep tbe buildings on said~em~ and those M be erected on said premise.s, or im~ov~ements thereon in good repair, the Association may make and pay. of r s~h ~s as in ib discretion it may deem necessar~? for the P~P~ P~rvation thereof, and the full amount of such paymenb shaIlbe secured by the lien af thit martgage and shaIl at tl~e option of the Association be immediately due and payable, or payable in s~ch moat~ly installmeats as tbe Assocaa- tion may determine, and every such paymeat shall bear interest from date at the rate stated in the nobe aecored hereby. ~ 16. That if the Association and the 1?iatgagors agree, the Mortga ors will carry a poliey or policies of ~uance upon ' thefr liv~es in an amennt eqnal firom time to time to the amount of indebt hereby seciu~ed, maldng said Assaciation ber?efi- ! ciary thereunder, and that the said Association maypa y the premiums for such ins~uance (in the eveat the Mortgagas do not), ~ and add each such payment to die unp~d balance of the loaq as of the first day of the tbea c~urent month, aad it sha11 beoome ~ additional indebtedness secured by this maitgage payable upon demand. 17. That in the event that this nw:tgage be given t~ secuse a canstruction loaq fa~lure an the part of the Mortgagors or their contractors to oomplete said building in accadanoe with Construction I.oan Agreement, of even date herewith, or to build said canstruction in aocordance with plans and specyfications filed with the Association, shaII constitute a breach of this martgage, and, at the option of the Associatioq immediately matiue the entire amount of principal and interest hereby secvred and the Asso- ciation may unmediately uutitute proceedings to foreclose this mortgage. 18. T'hat the abstract or abstracts of tide oovering the mortgaged property shall at al1 times, during the life of irhis mort- ~age, reznain in the possession of the Association and in the event of the foreclosure of this mortgage or othe~r hancfer of title to the mortgaged property in ertingnishment of the indebtedaess secured bereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title sball pass to the pumhaser or grantee. 19. T'he Associatian shall have the right, in its discretion, to require that the Mortgagars puy into the Association in addi- tion to the monthly iattallmentr of principal and inte~est to be paid by the Matgagors ~mder the note secuned by t}vs martgage, an amount equal'to a~e-twelfth of the annual installmeats of any taxes on tbe mortgaged ~ levied or a~d by any govemmental autlwrity, and one-twelfth of the annual premiuans for Fire and Exteaded Coverage insarance on the mortgaged premises as hereinbefore required by the Association, and the Modgagors' failure to make such payments shall rnnstitute a default under thit mo~tgage. IN WITNESS ~'VHEREOF, the sajd Mortgagors hereunto set their hand: and seals the day and year first above written. Sigaed, sealed and delicered the presence of: ~ r , -_n~--}.(SEAI.) - - - ~ ~ David J anker - ' _~D~ - - - - - _ ~~_!~-'-~"~----(S~) - - ~~E~lf~iabeth H. Parker ' ~ - ---~(S~) - - - - -fs~) - - - - (M~ITNESSES) (MIORTCAGORS) ~~~,74 ~ ~ _