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HomeMy WebLinkAbout2533 \ . 8. Uatil default ia the perforawnoe af the oovenanb aad ag~reementa ~ thii mortgage, the mortgagon sball be eatitlad to oollect the rents, issues aadp~ b frvm the pr~ heseinbefore desaibed, but in case of a default in any ~ the tecau oE chia mortgage, aud the filin of~a bill fio farecloser tbis ac any otber mo~tgage eacumbering the within described pr~perty, the As~ociation shall immediate~y and without notioe be entided to the appointment of a Receiver of the ~mostgagedp~pe~y , and of the rents, issues and profib thereof, with the usualpo wer of Reoeivers ia such cases, and such Receiver may ~be-oontinued ;n possasion of the said prope:ty until tbe time af tbe aale thereof under auch foreclosure. and until the oonfirmaHon of such s.11e by the Court. 9. If a oonveyance should bcs made by the maatgagces of the premises herein described, or anyp~t thereof, without the written consent of the Association, and without assumptiot~ in regular f~m of ]aw by the grantee of tTie oblig,ations to the ~ssociation crented by said promissu~y note and this mKtgage, theq and ia that event, and at ihe option of the Association, and .vithout notica, aU sums of money ser~red hereby shaD immediately and concumntlv with such cmveyance beoome due and PaYable and 'm defauh. The Association may deal wlth s~ooessoa in interest with reference to tht: mactgage and the debt hereby secured 'm ihe same manner as widi tt,s mortgagors, and may fo~bear to sue or may extend tinae for gayarent of the debt, mecured hereby, ar otheiwise act wit~wut dischar~ag or in any way affecting the liability of the mortgagars hereander or upoa the debt hereby secured. The Assoriation may al~O de~l with tbe Mortgagors and/ac with suocessors in interest with r~ce to this mort~age and the debt hereby ~s~ecured by forbearing to sue, ~tending the time for payment of the debt, Ixoviding for di~ereflt moathh? PaYments and/or a diEferent inte~est nte~ and by other e:pn~ss nwdific.aNons of the contract, without lLoa~~in~~ any PrioT't} the AssociatIon has over other moctgagees or lienois oc holders of any junior interesta in the ProPe1h' ~~DY. 10. That in tha event the p*emises hereby ag~d, or any pwrt thereof, shall be ooodemned and taken forpu bUc use under the power of eminent domain, the Association s~l have the right to demand that all damages awarded for tbe taldng of or damages to said p~nises shall be paid to the Association, its auccessors or assigns, up b the anaouat unpaid on this modgage and may be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is tbe ~oe of this oontract and that ao waiver of any obligation hereunder or of the obligation sec~red hereby shall at any time thereaRer be held to be a waiver of the terms ar of the instrumeat sec+u+ed hereby. 12. If forec)oaure p~oceedings of any seoond mottgage or seooad tn~st deed or any iw?iar liea of sny kind slwukl be iasti- tuted, the Association may at its option, immediately ~ thereaker declare d~is modgage and the indebtedness secured hereby due and payable. 13. To the estent of the indebtedness of the Mortgagors to the Association desa~bed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and e ma~tgage, lien or other encumbrance on the Iand described herein which is paid and(or) satisfied, in whok or in part, out of~ of the loan described herein or secured hereby, and tbe respective liens of said moztgages, liens or other encumbranoes, s ll~~ to and be held by the Association herein as security for the indebtedness to the Association here.in desrribed or hereby secured, M the sume ez!ent that it would have been pr~served and would have beeti passed M and been held by the Assoaation had it beea duly and regularly assigned, transf~, set over and delive:+ed tmto the Association by separate deed of assignn~t, notwithstand- ing the fact that the same may be satitfied and cancelled of rECO~d, it being the intentiaa of t}~e parties hereto that the same will be satisfied and canceIle~ of seco~d by the }wlders thcreof at or about the time of the reoording of this mortgage. 14. To pay all and singular the coats, charges, and ezpenses mduding lawyer's fees, reasonab~ incurred or paid at any t;me by the Association, because of the failure of the Mactgagors to perform, comply with and abide y each and e'~?er~? stipula- tions, agreements. rnnditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note ~ecured heteby. 15. That he willper~u t, canmit, or suffer no waste, impairment, or deterioration of said property or any part the~reof, ~ and in the event oE the failure of the Mortgagors M keep the buildings on said and those M be erected a? said premises, c or improvements thereoa in good repair, tbe Association may make and pay ~~pa~s as in its discretion it may dcem necessar~? for the proper preservation thereof, and the full amount of such payments slzallaD be secured by the lien ~ thu mortgage :u~d shall at the option of the Associatioa be imme~iately dne and payable, or payable in s~ch monthly u~stallments as the Assoc:ia- ' tion may determine, and every su~.+ payment shall bear interest from date at the rate stated in the note sec~ued hereby. j 18. That if the Association and the I?iortgagors agrce, the Mortgagors will carry a policy or policies of insurance upon their lives in an ameunt equal from time to time to the amount of indebtedness hereby sec~u~ed, maldng said A.uociation benefi- ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ; and add each such payment to the unpaid b~lance of the loan, as of the fiist day of the tlien cutrent month, and it shall become I additional indebtedness sec.vred by th~s moitgage payable upon demand. i 17. That in the event that this mortgage be given M secure a construction loaq falure ~ dfe pait of the Mortgagors or their contractors to rnmplete said building in accaidanoe with Construction Loan AgreE.'ment, of e~ven date herewith, or M build ~ said construction in aocordance with plans and specifications filed with the Association, s1~a11 constitute a breach of this mortgage, and, at the optian of the Association, immediately mature the entire auwant of principal and interest hereby sec~ued and the Asso- ~ ciation may immediately instiiute proceedings to foreclose this mortgage. 18. T'hat the abstract or abstracts of title rnvering the mortgaged property sha11 at all times, during the life of thic mort- ~age. remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to the mortgaged prope,~ty in eztinguishment of the indebtedness secnred hereby, all right, Hde, and interest of the Modgagors in and to any such abstracts of tide shall pass M the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Assocciation in addi- tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secared by this mortgage, 3 an amount equal'to one-twelfth of the annual installments of any taaces on the mortgaged premises levied or assessed by any governmental aut}writy, and one-twelfth of the annual premi~s for Fire and Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, and the Mortgagors failive to make s~h payments shall constitute a default under this mortgage. IN ~~ITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first ~bove written. ~ Signed, sealed and de]ivered in the presence of: ~ I -G-f---~-~ - - -----~1~-------- ----~SEAL) ~ Theodore And wr~ Huf ~ - - - - - ~~~Y- s~-) . Mary is Huf ~ - - - - - - - ----(sE~.) ~ l - ~-------cs~~ (wirNESSES~ (~witTCwcots) BOOK~74 PAGE2528 a ~ - ~ - _ . _ . _