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Home My WebLink About1666 ~ ~ 8. Until defaalt fa the Perforawnoe af the coveoaats aad agreea~cnts of thls mortgage, the mortgagon sball be mtitled to coUect the reats, iss~es aY?dpcoHts b+om the premises hereinbefore d~bed~ but in case of a defauh in any of the ternu~ of ~ this mortgage, and the filtag of a bill to foseclose thh ac any other ma~tgage e.~?cumberiag tbe within descsibed property, dK Association shall immediately and without notice be entided to t6e appointment of a Roceiver of the moztgagedp~~eriy, and of tl~e re~ts, issues and profits thereof. with tba usual w~es of Rooeivera In such ~ces, snd such Receivar may be-continued re in pos~ssioa aE the said property until the tima of the thereof uader sucb fon~doaiu~e, and unHl the oonftimaHon of surh s.11e by the Court. 9. If a oonveyaace shocild be made by the moitgagass of the premises herein deacribed, oc anyput tbeseof, without the written consent of the Association, and without assumptio~ in regular form of Iaw by the grantee of tTie obligations to the Association created by said promissary note aad this mortgage, thea. and in tha~ event, and at the option oE the Association, and .vlthout noNce, atl sums of mcme~? sec~ared hereby slwll fmmediately and concurmntly with such emveyance become due and Pa)~able and in default, The Association may deal wlth ~ooasors in interest with reference to this mortgage and tbe debt hereby secured 'm the same manner as with the mo~tgagon, aad iaay forbear ta sue or may extend time for paymer~t of the debt, seau~ecl hereby, or otherwise act without g or in any way affecting the liability of the mortgngors hereunder or upon tha debt hereby secured. Tfie Assoriatian mad~~ deal with the Mortgagara and/or with suocessors in interest with r~ce to this mortgage and the debt hereby secured by forbearing to sue, e:tending the time for payment of the debt, Pmvidiag for different monthly payments and1~ a cliffereut ~terest rate, and by~ otLer ezpress modificatioas of the contraM. without Iosin a~y ~xiorih~ the Association Lai over other mortgagees or lienors oar holdets of any iunior interesb in the ProPe~Y . 10. T1~at in the event the pretnises hereby mortgag~, or any part thereof, sl~all be ooandemned and talcen forpu blic use under the power of eminent domain, the Asa~ciation ahall have the right to demand that all damages a-arsrded for the talang of or damages to said premises ~shall be paid M the A.c.9ociation, its successors or assigns, up to the amonnt anpaid on this matgage and may be applied upon the paytnent or payments last payable thes~eon. 11. It is specifically agned that time is the essen~~e of. this contrad and that no waiver of any obligati~ haeunder or of the obligation serured here'oy shall xt any time theresfter be held to be a waiver of the t~ms ar of the u~u~ent sec~u~ed hereby. - 12. IE foreclosure proeeedings of any second moitgage or seooud tru~t deed or any iunio~ lien of sny lmid should be insti- tuted, the Association may at its option, immediately or thereaker declare tlris mortgage and the indebtedness secured hereby due and paysble. 13. To the extent of the indebtedness of the Mortgagocs to the Assoeiation deacxibed ~rein or seeurecl 1~ereby, the As9o- ciation is bereby subrogated to the lien ~ lieas and M the rights of the owners and haldezs thereof of each and every mortgage, lien or other encumbrance on the land described herein which is paid and(oc) satisfied, in M+lw1s or 'v~ part, out of the of the ban described hecein or secured hereby, aad the respeMive liens of said matgages, ~eos or other enc~branas, ~hal~ to and be held by the Associati~ h~Tein as security for the indebtedness to the Association herein described ur hereby sec~u~ o the same eac!ent that it would have been preserved and w9uld have beeo passeci to and been held by the Assoeiation had it beea duly and regularly assigoed, transferred, set over and delivered unto the Associadon by sepnrate deed of s~t, r~otwithstand- ing tl~o fact that the same may be satisfied and cancelled of reca~d. it being tbe inteation of the pazties heeeto that the same will be sa~sfied and cancelled of record by the holders thereof at tu about the time of the record'mg of this mortgage- 14. To pay all and singular the casts, charges, and expeflses ind~ding lawyer s fees, reasonably icx.~utnd or p~id at any time by the A.aociation, because of the failure of the I?iortgagors to perform, eomply w~th an$ abide by each and every stipula- tions, agreements, conditions and covenants of said ~omisso~y note and this deed, or either, and every such payment shaII bear interest from date at the rate stated in the note secured hereby. 15. That he wil~p~u t, commit, or suffer no waste, impairmeat, or deterioration of said property or any part thereof; and in tl~e event of the failure of the Mortgagors to keep the buildings on said aqd those M be erected an said prca~ises, or improvements thereon in good repair, the A.cwciatioa may make and pay ~or s ch repairs as in its discretion it may deem necessary for the P~P~ Preservatic?n thereof, and tbe full amount of such paymenis sl~all be secured by the liea oE thu martgage and shall at the option of the Associatioa be immediately due and payable, or payable in svch monthly fr?stallments as the Assoc~a- tion may d~termine, and every such paymeat shall bear interest from date at the rate stated ia tlie note secured hereby. 16. That if the Association and the 1ltortgagors agree, the Mortgagors will carry a policy or policies of insurance upon G their liv~s in an ameunt equal from time to time to the amount of indebtedness hereby seaued, maldng said Association benefi- ciary thereunder, and that the said Association maypa y the premiums for such iacarance (in the eveat the Mor#gago~s do not), and add each svch payment to the nnpa~d b~lance of the loan, as of the first day of the then ctnrent montb, and it shaIl become ~ additional indebtedness secured by this ma~tgage payable upon demand. 17. That in the event that this mo~tgage be given to sec+ae a construction loan, fa7ure on the part o£ the Mortgagors or thsir contractors to rnmpkte said building in acoo:dance with Conshvction I.oan Agreemenk af even date herewith, or to build said construction in aoeordance with plans and specifications filed with the Associatirnrt, sh2ll oonstitute a breacb of this mortgage, and, at the option of the Associatioq im~nediately matune the entir~ amount of grincipal and inter~st hereby sec~med and the Asso- ciation may immediate}y ias~tute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the modgaged propeity shall at all times, during the life of this mort- gage, remain in the poasession of the Association and in the eveat of the foreclosare of this mortgage or other hansfer of tide to the mortgaged propesty in ertinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such absiracts of tide shall pas,s to the purchaser or grantee. 19. The As~ociation sball have the right, in its discretion, to require that tbe Mortgagors pay iato the Assoc~ation in addi- tion to the monthly installments of principal and interest to be paid by the Moitgagors under the note secKU+ed by this martgage, an amamt equal-to ~e-twelfth of the anr,nal installments of any taues on ihe mortgaged premises levied or assessed by any govemmental autl~ority, and one-twelfth of the annual premiums for Fire and Eztended Coverage insurauce on the mortgaged premises as hereinbef~e reqnired by the Association, and the Modgagors' failure to make such payrn~.mts shall constitute a default under this mortgage. IN WITNESS WHEKEOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ Si ed, sealed and delivered in tbe presence of: ~ ~ - ' . ~.~~T----__- - - - - ----~'4-'-""~( EAI-) ~illiam Frederick Peters, Jr. - - - ---_a.,~,~...~~t ~ -------(S~-) $an~dra 1~,. peters - ----(SEAL.) - - - - - ----~SEAL) - MnnrESSESt uMORtc~coes) ~ eooK1~ ~~.6b~ ~ - - ~ ~ - ~ X~~~-~-~~~,`~~~~, • - ~