The URL can be used to link to this page

Home My WebLink About2202 ~ ~ , ! i . _ # 8. Untit defauh ia the perfo:manoe of the covenants aad agraemcats of this mortgage, the mortgagc~cs sball be eatitled to oollect the res~ts, issues sad pmfib fro~n tt~e pc~emi'es hereinbeEore desctibed, but in case of • dehult in any ~ ths termx of this mortgage, and tLe filing oE a biD ~o taeclose th~ a other matgage er~c+unbertng the withia de~rtbe~d property, die As~ociatiou shall immediatel?/ and withont notioe be eatid~ to ibe appo3nm~cnt of a Reodver of the ~mat8a8edp~o~erty, and of the t~eatr, isst~ and pmfiiks ther+eof, wIth the usual wer of Reoeivess in such ca~es, snd sud~ Receivar may be oontinued m ;n pos~ssion of the said propcsty until tLe time af the thereof under sucb fo~~eclosuc~e. and until the oonfirmaHan of such ~nle by the Court. 9. If a conveyance atwuld be made by tha ino~tgagas of the premises herein deacribed, ar any pert thareof, without the written eonscnt of the Association, and witbout assumptiaai in regu]ar fa~m of 1aw by the $rantee of tFie obligptioas to tbe :lssociation crcuted by said promissory note and tlus mottgaga. theA, and in th~it evant, and at tbe option of the Absociation, :ind ~vithout notioe, all sums of mcx~ey? sec~.ired hereby shall anmediately and ooncurrentlv with auch cmveyance baoome due aad P~Yable and in default, Tbe Aa~ocjation may deal wit~ snoo~ors in interest with refcre~cr to this mortgage aod tbe debt hareby secured in tbe same nn~nez as with the martgegoss, and may fozbear to sue or may eictend time for payanent of the debt, secural hereby, ar otherwise act without g or in any way affecting the liability of the mwtgagors hcreunda ot upon the debt hereby sec~ued. Tl~e Associatio~ aoad~ deal wit6 the Mortgagors and/or with suocessois in interest with referenc~e to thic mo~ a'g~e anci the debt hereby ~secured by [orbearu~g to sue, e~ctending the tiaQe far poyme.nt of ihe debt, poviding far different 'noAU~' Pa~Ymenb and/or a different inte~eat rate, and by otber ezpress modifications ~ the contract, without l~osu?g a~y priotit~. the Aasociatioa has ova other mortgagee,s or lienors or holdeia of any ~~mior interests in the ProPerh' secured herebY. ~ 10. That in the event the pmmices hereby a~d, or any part thereo~f, shaU be coodemned and take~? forpu blic use g reo under tlie power of eminent domain, the Aswciation bave the right to derrwnd that a~l damages awarded fo~ tbe tsldng oE or damages to said prernises shall be paid t~o the Association, its successors or aalgns, up to the aawuat unpaid oa th~ matgag~e and may be applied upon the paymeat or pay~ments last payable thereot~. 11. It is specifxally agreed that time is the ~ce of this contract and that no waiver of aay obligation ha~eunder or of the obligation secured bereby shall at any t~me thereafter be hdd to be a waiver of the teims or of the instrumeat secured hereby. 12. If forecloaure pmc~eedings of any second mortgsge or seoond trust deed or any f unia~r litn of any Idnd sbould be indi- tuted, the Associatim~ may at iis option, imn~ediately a~r hereafier declare t2tis moitgage and the u~debtedness secured }~eby due and payable. 13. To the ertent of the indebtedness of the Mortgagars to the Associatioa descxibed hemin ar secured I~ereby, the Asso- ciation ~is hereby subrogated to- the lien or Iiens and to tbe :ighis of the ownen and hdden thereof of each and every aw~tgage, lien or other encumbrance on ihe land de,scribed herein which is p~id and(oc) satisfied. in whole or u~ p~t, out of the of the loan desaibed herein or secund hereby, and tbe respective liens of said moitgages, ~iens or other e~unbranoes, to and be held by the Association herein as secunty for the indebtedness to the Aseociation herein descYibed ~ hereby secure~ o the same erent that it would have been preservecl and would have been pa.aed to ar~d been held by the Assocyatioa Lad it be~en duly and regnlarly azsigaed, transferred, set over and delivered ~mto tbe Association by sep~ate deed of assignment, notwithstand- ing the fact that the same may be satisfied and «~nnoelled of rec~ard, it being the intentia~ of the parties hereto that the same will be sa5is[ied and canoelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the caats, charges, and ezpe.nses induding Iawyer's fces, reas~wb1y inciured ac paid at any time by the Association, becuuse of ihe failur~e of the 1ltortgagors to perEa~m, comPly with anci abide by? each and every stipvla- tions, agreements~ conditions and covenants of said pzomiss~ry note and this deed, or either, and cwery such payment shall bear interest from date at the rate stateci in ibe note secured hereby. 15. That he willperm~t, commit, or suffer ao waste, impaument, or deterioration of said properiy ~ any part thereof; and in the event of the af ilure of the Mortgagors to kesp the buildings an saidpremises and ihoae to be erecled ai said premises, or impm~~emerits thereon in good repair, tbe Association inay make and pay for such repaus as in its di~netion it may deem neceuary for tbe proper preservation thereof, and the full amount of such pavments shaD be secured by the liea of this matgage and shaII at the option of the Association be immediately due and payable. or payable in such mond~ty ~ts as iLe Associs- tion may determi,ne, and every svch payment sha11 bear interest frvm date at the rate statad ia the note aa~tued herEby. os I6. T6at iE the Association and tbe 1?t~tgagozs agree, the Mortga ors will carry a policy or policies of insurance upon their lives in an aa~unt equal from time to time to the aa~ount of inde hereby secured, maldng said Association benefi- ciary thereunder, and diat the said Association may y the premiums for such insurance {in the event the Iliortgagars dQ not), as and add each such payment to the unpaid balance o the lo~n, as of the first day of the then current moath, and it shall became additional indebtedness secureci by thi,s matgage payable Upon demand, 17. That in the event that this mortgage be given to secure a cautruction loan, failure on tbe part o£ the Mortgagors or their cootractors to compkte said building in aocardance wiih Constniction Loan Agreement. of even date herewith, or to build said constnxtion in aocordance with plans and specif'cations filed with the Association, shall constitute a~each of this matgage, and, at the option oE thc Associatioq immediateiy matwn the entire amoant of principal and interest heneby seciu~ed and tbt Asso- riation rr~xy immc~iietely institute proceedings to foreclose thit mortgage. 18. That tlie abatract oi abstracis' of title oovering the mortgaged property shall at all times, dwring the ljfe of this mort- ~age, remain in the poasession of the Association and in the event of the foreclosure of this mortgage ar ot}?er trarufer of tide M ~he mortgaged Exopecty in eztinguishment of the indebtedaess secuted hereby, a11 right, title, and interest oE the Modgagors in and to any snch abstracts of title shall pau M the putrhaser or grantee. ~ 19. The Associatioe~ shalt bave the dght~ in its discretion. to require th~t the Mortgagors p~y into tbe~Aao~ion'~tj~ddi_ tion to the monthly i~utallmer?ts of principal and interest to be paid by the \lortgagors undez tbe note kcnrldT ~SY tb~i m~~, an amount equal~to one-twelfth of the annual installments ~ aay taxes on the mortgaged premise~ kvied~or as~oa-~Y`~ahY govenimental aut6odty, and ~e-twelfth of the annual premiums for Fire aad Eutended Cover.~ge insurarL~:or+ t~1etr~or~gaged ~~cem~ses as hereinbefore required by ihe Association, and the I?fortgagors faihme to make snch pay~tt shall o~Dshtdte:l,dbfaylq- under this cnortgage. -A • ' IN ~VIT!VESS WHEREOF, the said Mortgagcxs hereunto set their hands snd ~eals the day and ~ A~t-Qbave ~vri}`eir' LANDMARK VILLAS, ~rie:~r ~ i . . s; , ~~a ~a a~~;.r~a ~ c~ or: ` . SEAL _ - . - - - - - - ~ ) n` ~ R. C O terholm, Vice Pree ent Wz- - . _ _ Attest:~.~ . _ . _ ~s~.) A8 t Lan~ark illas, Inc. ~ , r . ~ r~?~~-•~.~~! ~~g _ ts~~. ~ ` Evans Crary Jr. , stee - - - - • - ~ - ( SEAL) Ae to E Crary;~~~~' Truste M yA~Cr~.y and Marilyn Crary 3~K 178 -,+r,{ ~v4U0 : _ _ . - ~ ~ ~ ~ _ _ - r .~~W~> ~