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HomeMy WebLinkAbout0727 c . . , 8. UntII default ia tbs pec~om~6cs af tbe oov~enaab aad sg~e~nents of t}~is a~oetg~ge, tbe matg~ga~ du~ll bs aatkbd to ootlect tbe reab, issues and~ Erom the prem~'es heradnbeioce de~ibed. b~t ia cass of a dahult in any of dis t~rmr of thb matg~$0. and tbs ' oF a bill to fareclo~e tLis ac an~r otLar mo~tg,sge eoc~ar~ die witbiin described p~ope~ty, d~e Assoclstba sLall immedia and wkhcut notioe be eaNtled to tbe appa6?taxmt of s Receiver of the ~mo~tgsgalpco~~ty. and of tLe reab. issues a~d thereof. with the uswlpo v~ of Reosivas in such caxs, snd such Rece~ve~ may ~s-oontinued iA p~on ~f t~e sad p~op~y until tha time cf the ~ale thaeof mdes s~ foe~ecloaurey and ~til the ao~finnatia~ of such sale by the Court. ' ' ~ 9. If a veyance should be a~adeby tLs ma~tgago~s of tbe premises herein des~xibed, ar aay part thaeof, without the writh:a coa~en~~t of the Association. and without a:sumptioa in regular fa~ vf.law by t~e g~ancea af tTie ~b~igatia~s to the Associ4tioa createdby said peomis~o~y note and thismo~ ge, tbaa, and ~in- diat ~e~vanl, sad ~t the option oE ihe Association, ~nd ~vithout notioe~, all sums of moaey secnred bereby sbaD 'mnmediattly nnd ooncur~nth? wR6 wch canveyance beoome due wd P~Yabk and in defauh. 1Us As'oclatiaa may deal with woosuo~a ia a?t~e+est with refe~+eaoe ~o t1~ a~octg;agie and tbe debt secured ia tbe same manner as with the mortgago~s, and may farbear to sue or uay e:ten~ ttme for paymeat of tbe debt, s~~ hereby, ar otherwise acc wltbout ~r~a o~ in any way affectiag the liaMHty of tbe mo~tgagas het+e~mder a upon ths debt hereby aec~u~ed. Tbe A.~.sociatioa awd y abogcleal with tbe Mo~tgag~on and/a~c vvitL snooessors in iaterest vvitb ref~+a~ee to thb ~e aad tLe debt bareby ~secured by forbeariag to sue, ea~twdh?g tl~e ti~ae far paymeat o~ tLe debt~ Pravjdin8 fa di~eat m~ payme~nb and/o~ a diff t iuterast rate. and by~ otber ~ modifications of tbe ~oatract, without bamg anY Pd°ntY the A~aa ~ aver otLer mottgagees or lienors or hold~s af any junior interests in the property sec+ued heraby. 10. That in the event che premis~s hereby o~gag.a, ~ any patt chereof, s6alt bs oaoaeauiea ana taicau for ~e under the power of eminent ~main, the Associatioomsh lla lwve- the rigbt to demand tbat all damages awardcd for tbe . of or damages to said pi~emises shaU be paid to the A.~sociatioa, its snooauws or assigAS, up to the amo~mt ~mpaid an tb~ a~octg~ge and may be applied upon the PaYme°t °r PaYmeab la~st payable thereoa. 11. It is spedficaUy agrecd that tlma ts the ~e of th~s aontrad and tbat ao waiver o~ aay obligation ha~ or af the obligatioa secwred he:+eby shall at any time tLa~eaker be hdd ~o be a witiver of tLe ta~ ac oE the ia~mnent secured ba~ebi?. 12 If forecloaure proceedings of any second g;age or seooad hu~t deed a any fanior lten oE an~ k~nd s6ould be ~sti- tuted, tbe Associatioo may at its option, immediaM.ly or~t~fter declare this matgage and tbe indebtednes~ sec~ued }~ereby due and payable. 13. To the eztent of the indebtedne.as of the Mortgagors to the Aasocintioa dl,sabed berein a~ seaaed hereby. the As~o- ciation is'bereby subrogated to the lien ar lieas and to tfie-righb of the owt~e:s and hoi~aa thereof oE each andevrxy mo~tg;a8e. lien or other encumbranoe ou ihe land desaibed ~erein which is paid end(a) sati~fied, in whob or in pact, ont of thep~ of the ban dGSaibed he~ein or sec~rPd bereby, and the rESpective liens of said matgages, ]!aa or other enc+~mbaooes, shaD to and be held by the Associatian hetein as ' foc the indebtedneu to the Associstioa berea~ de~crbed or hereby senu+e~M the same eztent that it would hav~e beea p~GSdi~ and w~ould bave been passed to and ban held by the ~Association l~d ft be~a duly and reguladY assigued, traaifen'ed, set over and delivered uato the Association by separate deed of assi~t, notwi~and- ing the fact that the samc may be satisfied and canoeIIed af record, it being the iate~,tim of the pnrties hereto tbat the same vv11 be setis6ed and canoelle~ of reoad by ~e hO~s theeeof at or about the tane af the reoording of tLis mortgaga 14 To pay aA and singular the oosts, chazges, and ape~e.s including Iawyer's fees, reasonab1y u~r~ o~ paid at any time by the AssoFiation, because of the failure of the Martgagors to perfozm, comply with and abide bq each and every atipula- tions, ag~reemenb, conditions and covenants of said promitsay note and this deed, or either, and e~v~ery s~ch pnyment shall bear interest from date at the rate stated in the uote secuted hereby. 15. That he will~rm~ t, canmit, ac suffer no waste, impairment, or deterioration of said property ar any pazt thereof; and 'm the event of the failure of the Mortgagois to ketp the buildings an said~is~ and tlwse to be e~ectied on said pre~nises, or improvements thereon ia good repair, the Association may make aad pay for snch as ia its di~retioa it may deem n for the pzoper~ tan thereof, and the full amonnt of such paymmtr shaD~secored by the liea af tbis mo~tgage an~at the option of the ryaAssoc~ation be iaomediately due and P4Yable. °r PaYable in such mundily ~ts as the As.soda- tion may determ~e, and every such paymeut shaII bear interest from date at tbe rate atafied in the noee aec.~aed hereby. ` 18. Tbat if the Association and the biortgagozs agree, the Mortga o~a wID cairy a poiicy a~ policies of ms~uanoe upon E their lives in an ameunt equal from time to time to the amount of md~ hereby secvred, making said Associatiwu benefi- ciary thereander, and that the said Association maypa y the p~emiums for s~x:a insurance (in the event the Moztgagors do not), ~ and add each such payment to the un ' b~lance of the loan, as of the first day of the d~ea c+arent montb, aad it sball beoome _ additional indebtedness secvred bY ~~Sa88 PaYa~ ~a demand. 17. That in the event that this ma~tgage be given to secvre a ca~struction loan, fa~lure on t~e pait o~ tbe Mortgagon or their contractors to complete said build'mg in aa~rdanoe with C.onst~vctioa Loan Agreemei?t, of e~vea date herevvith, or to build said construMion in aooo~dance with plans and spec:i6cations filed with the Association, shall connimte a breach of this mortgage. and, at the option of the AssoriaHon, immediately mahu+e the eotire awo~mt of principal and interest bereby secvted and the Asso- ciation may immediately iastitute proceed~gs to foreclose this mortgage. 18. That tbe abstr~act or abstracts of tide oovering the mortgaged property shall at all times, dur~g the life o# tlus mort- gage, rema~ in the poasessron of the Association and ia the event of the forecloanre of t}us mortgage or other transfer o# title to the awitgaged property in estinguishment of the indebtedn~s secured hereby, aIl right, title, and interest of the Moitgagors in and to any stx~h abstracts of title shall pass to the p~vrhaser or grantee. 19. T'!?e Association sbaII hav~e the right, in its di~cre~o~n, to require ihat the Mortgagors pay into the As9ociation in addi- tion to the monthly ia4taDa~ents of principal and interest to be paid by the Mcxtgagors imder the note ~ecured by this matgage, an amount equal•to one-tvvelfth of the annual installmeats of any taxes on tbe mortgaged premises levied or ass~sed by any govetxunental sutbority, and one-twelfth of the annual premiums for Fime and Extended Coverage insurance on the mortgaged ~~remi~es as he~einbefore required by the Associution, and the Mortgagors' failure to make sach paymencs shaU constitute a default under this mqttgage. IN WIT'~IESS WHEREOF, the said Mortgagats beceunto set tlieir handa and seab tbe day and year first above written. ~ ~ Signed, sealed and delivered in tbe prese~xe of: ; : - : ; ~ ~ - - - _ _ _ ~~.=z . ar~ -1VI. ~e ert ~ ~ - ~ - - - - -----(S~) M R. engert (SEAI.) - `S~) _ . - lM~lit~ (MORTGAGOt~ 600K 175 PAGE 725 . . , e. , , _ _ - - ._f es.,~ . ~~€R~~"`.,~' ;i-~wt;vs~=a~ ~ ~ta~T3 . . .