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8. Uatit defauh in the perEorwance oE the covenants and agree,~rner~ts of thfe matgage, the mortg~gois s~all be entitkd
to colkct the reats, ~ssu~s andp~citts E~+oaa the premises hereiabefore descxibe+d, but in case of a default in suy of tbe t~a~.ic of
chis mortgage. and tbe filinng of a bill t~ foreclose~tbia qr ~pr otbee a~ye~~encumberiag the wfthia descxibed property, tbe
Association shall immediat~ly and without notice be entided' to the appo t of a Receiver of the ~raottgaged~op~ty
, and
of the rents, issues and profits thereof, with the ususipo
wer of Receiver: ia s~h cases, snd such ReeeIver inay be-oonttnued
in poa~ssioa of the said property until the time of the aale thereof undcr six~ foreelostue, and unhl the oonfinnation of such
.ale by the Court. .
9. If a conveyance should be made by the mortgagas of the premis~ herein described, or any~mrt thereof, without
the writtem m~sent of the AssociaHon, and without assumption ia regular fonn of 1aw by the gras~tee of tTie obligations t~o tl~e
~lssociation created by said promissory note and this m~tgage, thcn, and in that event, and at tbe option of the Association,
.uul ~vithout notice, all sums of maney ser~red hereby shall immediately nad concurrentlp with such cmveyanee beoome due and
PaYable and m default, The AssodaNon may deal wit~? ~oca~ors in interest with reference to thit matgage and the debt hereby
secured in iUe same manner as with the mortgagors~ and may forbear to sue or may extead time for payment of the debt, secue~,d
hereby, ar otherwise act without discharg~ag or in any way affecting the liability of the maatgagars h~eunder or upon the debt
hereby secured. The Assoc;ation may also deal with the Moctgagors and/a~ with successors in interest wid~ refere:?ce to this
~nort~age anci the debt ~secured by forbenriag to s~, eztending tbe time for payment of the debt, p~oviding for diffec~eat
montWY P~Y~~ sndlar a t interest rate. and ~ other ezpr~ modifkations af the ooniract, withoat losing any p~ioritv
the Asso~ciation has over other mortgagees or lieszoas ar ho ers of any junior inte~ests In the property aen~ed hereby,
10. Tbat in the event the premises hereby mortgag~d, or any part thereof, shall be oondemned and taken forpu
Wi~ uye
~mder the pow~er of eminent domain, the Ass~ciation shall have the right to d~aand that all damages awarded for the mking of or
damages to said pa+emises shall be paid M the Association, ib snccessors or assigns, up M the amouat unp~id on tthis matgage snd
may be apglied upoa the payment or payme~tts last payable thcreon.
11. It is speeific~lly agreed t}~t time is the ~ce of this oontract and that no waiver of any obligatio~n La~nder or of
the obligati~ secured hereby sha11 at any time thereafter be held to be a waivec af the temns ar of the inatrument s~ned h~+eby.
12. IE foreclosure proceedings af any seoond mortgage or seoond wst deed or any junior lien of sny Mnd shoWd be insK-
tuted, the Association may at its o~tion, imaoediately or thereafter declare this martgage and tbe indebtedness secuned hereby due
and pc?yable.
23. To the eatent of the indebtedness of the Mortgagors to the Association de.scrihed here~n or sec~ited hereby~ the A~o-
ciation is hereby subrogated- to the lien or liens and to the rights of the owners and holdecs thereof of ~ch and e~~ge,
lien or other er~cumbrance on the lund des~aribed herein which ic paid and(~) satisEied, in whole or n~ part, out of ]
of the toan desaii~ed herein or secured hereby, and the irspectivc liens of said awutgages, liens or other encu~abrar~osa, slha~
ro and be held by the A~soc;atio~n herein as secunty for the indebtedness to the Association herein desrribed or hereby secure~.x
o
the same ex:ent that it would have been pre~ved and ~vould have beea passeci to and beea held by the Association had it l~en
duly and regularly assigned, transferred, set over and deUvered unto tbe Associahon by sep~ate deed of sssignmen~, notwithstand-
ing the fact that the same may be satisfied and cancelled of reca~d, it being the intention of the parties htreto that the same will
be sa~fied and canceUed of record by the hdlders thereof at or about the tinne of tlie recording of this mortgage.
14. To pay all and singular the oosts, charges, and ezpenses including lawyer's fees, reasonab1y incurred or paid at any
time by the Association, bec:suse of the failure oE the 1licrtgagors to perform, oomply wit6 and abide by each and every stipula-
tions, agreements. conditions and covenants of said pc~cmissory aote and this deed, or either, and e~very such p~yment sha]1 bear
inter~st #mm date at ihe rate stated in the nate secured hereby.
15. That he willpemu t, comonit, or suffer no ~vaste, impairment, or deterioration of said property ~ any p~rt thereof;
and in the event of the af
ilure of the Mortgagors to keep the buildings on said and those to be erected on said premise.s,
or impmvements thereon in good repair, the Association may make and pay o~r~rs as in its disaetion it may deem
necessary for ibe pmper preservation themof, and the full amount of such pavments shall be ~cured by the lien of tlus mortgage
and s}~ll st the optioa of the Association be immediately due and payable, or payable in s~ch monthly insmllments as the As~socia-
tion may determine, and every such payment shall bear interest from date at the rate stated in tlie note seaued hereby, -
16. That if the Association and the 111ortgagors agree, the Mortgagors wi11 cazry a policy os policies of insurance upon
their lives in an ameunt eqoat from time to time to the amonnt of indebtedness hereby senued, a~aking said As.sociation benefi-
ciary thereunder, and that the said Association maypa
y the premiums for such insurance (in the event the Mortgagars do not)~
and add each such payment to the unpeud balance of the loaq as of the first day of the then current ma?th, and it shall became
additional indebtedness secured by this mortgage payabie upon demand.
I7. That in the event that this mortgage be given tio secure a c~onstruction loaa, fa~lure on the pa~t of the Mortgagors or
their rnntractors to complete said building in acca~dance with Constr?~cti,on Loan Agreement, of even date he~ewith, or to build
said construction in aocordance with plans and specifications filed wich the Association, shall constitute a breach of this mo~tgage,
and, at the oPtion of the Associatioq immediately mature the entire amoimt of prineipal and intere,st hereby secwced and the Asso-
ciation may immediately institute pmoeedings to foreclose ihis mortgage.
18. That tbe abstract or abst~cts of tide eoverir?g the mortgaged pmperty shall ~t all times, during tbe life of this mort-
~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other dancfer of title to
the mortgaged propeity in eztinguishment of the indebtedness secured bereby, all right, title, and inter~t of the Mortgagors in
and to any such abstracts of tide shalI pwss to the purchascr or grantee.
I9. The Association shall have the righ~ in its discretion, to require that the Mortgagors p~y into ilie Association in addi-
tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secuned by this mortgage,
an amount equal~to one-twelfth of the annual installments of any taxes on the modgaged premises levied or assessed by any
govemmental authority, and one-twelfth of the annual piemiums for Fire and Eatended Coverage insurance on the mortgaged
rremises as hereinbefore required by the Association, and the Mortgagors' failure to make such payments shall constitute a default
under this mortgage._
IN. ZYITN,F~S WHEREOF, the said Mortg3gors he~eunto set their hands and seals the day and year first ab~ve written.
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Sig~ ~a~aT~ ,p~d: delivered in the pr~cence of;
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