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Home My WebLink About2480 ~ , 8. UnW defauh in the po~fom~anoe af the covenants and a~reemeals of tl~is mat8a$e. ihe mortSaBars ~all be entitled to oo~lle~t tLe reats, its~as andpm fits fran the premisas heceinbefore deseribed, but in case of a dehult in 4ny o~ tbe terno~ of thL a~wtgage, and the ~g o~ a biU bo foreclose thia a~ aay otbee matgage eacumbering the within de~ibea kxopaty, the As~ociatioa shall immediately and without notice be ent~tkd to the appointment of a Reoetver of the matgaged p-~o~e , and of tha rents, issues and profib theroof, with tha ut~wl wdr of Reoeive~s in such cases, sad such Receivet may eb ~tinued v a in poss~sion a~ the said property natil tbe time of tbe tber8of under such ton~cloaure, aad until the confinnation oE such sale by the Court. as 9. If a con ce should be made by the mo~tgaga~s of +the premises berein described, at nay put thereof, wi+thout the written rnnsent o the Association. and without ~ssumption in regutar fonm of law by tha graatce of tTye obllgations to the :~lssociation created by said pmmissory note and this m~ctgage, tbeq and 'm tbat avent, and at the opiion of the Association, a?nd ~vithout notice, all sums of marey ser~red hereby sbaU immediately and concurrently with such ccx~veyance beoome due and Papable and in defaulk Tbe Anociation may deal with a~ooesson in inte~rest with referenoe to thia mo~tgage and the debt hereby secured in the saine a~anner as with the mortgagois. ~a ~y ~~r to ~ or ~?y ~r«~a ~~~y~c ~ c~ ae~, serurecl hereby, aa~ otheiwise act without dis~;~g or in anv wav affecting the lisbility of tha ~agars hereundet or upon the debt hereby secured. The As.wriatioa may deal witli tbe+Mortgagora snd/oc with suocessors in interest with nEet^ence to this mortgage ancl the debt~~y secmred by forbearing to sue, esteading tbe time fac payme~t of the debt, Providiag for diffenx~t mont}ily payments and/or a c~ifferent intertst rate, and by otlfet ezpr~ noocl~ioations of tbe c~tract, without l~oaing any prioriry the As9ociation has over othez moztgage~s or lienors o: h~}ders of any jw~i~ interests in the property secured heieby. e e~? 10. That in tbe ev~er?t the preaoi~es hereby ag~d, or any pezt thereof, shall be ooodeinned alid takea forp~ blic use under tbe powe~ of ~t domain, the Association have the right to de~nand that all d~magea Awarded fa~ the taldng of or damages co said p~emises shall be paid to the ~i.ssoriation, its suc~ors or assig~s, up M the amount u~peid at this matgage and may be applied upon the payment or p~yatEnts ]ast payable t~On. 11. It is specifically agrecd th~t time is tbe essence af this o~traet and that no waiver o# any obligatian haeiuider or of the obligation secured bereby shall at aay time thereafter be beld to be a waiver of the ta~ ar of the iu~unent secured hetrby. 12. If foreclaaure proceedings of any seoond mo~tgage or second trust deed ~ any iur?ior lien of anv ioind shouId be insti- tuted, the Associatiai may at its option, immeaiatety or therasfter dec]are this maigage and the nH~cbtedn~ aeenred hereby due and payable. . 13. To the extent of ihe indebtedness of the Mort agors to the A,ssociation ~'bed hereia or secured liereby, tl~e Asso. asoc ciatian is bereby submgated to the lien ar liens and to ~ights of the owneis and hoklera tbereof of each and every ~ien or other encumbrance on the land dexribed hereu~ which is paid and(or) satisfied, in whok or in part, out oE the~~~~ of the loan desaibed he.~in or secured hereby, and tbe respectivc liens of said martgages, L'eas ar other ~branoes, to and be held by the Associaticsn herein ac secun~ty for the indebtedness to the Association berein described ~ hereby se~, to the same ex!ent that it would have been prese~ved and ~vould have ~een Passed to and been held by the Association had it ~ duly and regularly assigned, transferrecl, set over and delivered unto the Association by separatc deec~ of assignment, notwithstand- ing the faM that the same may be satisfied and c~nceDed a~' rECard, it being tLe iutention of the padies bereto that the same will be sa5sfied and cancelled of record by the holders theceof at ar about the time of the reoording oE this mortgage, 14. To pay all and singular the costs, charges, and e:penses induding lawyer's fees, rea9onab1y ~ncarred or paid at any time by the As~ociation, becuuse of the failure of the rfortgagors to per[om~, comply with aad abide by each and every atipnla- tions, agreements, conditions and covenants of said promissory note and ihis deed, or either, and every such gayment shal( bea~r ioterest from date at the rate stated in tbe note s0cured hereby. 15. That he wiIlper~nt, commit, or suffer no waste, impairment, or deterioration of said property or any patt thereof; :?nd in the event of the failure of the Mortgagors to keep ihe buiid'mgs an saidpr and those to be erected ai said premix~s, x~ or improvements thereon in good repair, the Association may malce and pay fore s~icchrepa~rs as in its discretion ic may deem nece~sry for the P~P~' Pr~servat~on thereof, and the full anoount af such paymeats sLall be secured hy the liea of this mortgage and shall at the option of the AssocYati~ be immediately due and payable, or payable in s~x~ monthly ~ts aa the Associa_ tion may determine, and every such payment shall bear interest from date at the rate stated in t6e zwte secured hereby. 16. That if the Association and the I?tortgagors agree, the Mortgagors will carry a polic~,? or poL'cies of insurnnce upon their tives in an amaunt equal from time to time M the amamt of mdebtedaess bereby secur~ed, malong said Association benefi• ciary thereunder, and that-the said Assoeiation maypap the premiumc for sueh insurance (in the event the Mortgago~s do not), and add each such payment to the unpaid balance of t.he loan, as of d~e fast day of the thea cturent month, and it shal! become additional indebtedness secured by tlns mortgage payable upon demand, 17. That in the event that this mortgage be given M secure a caa~shvction k~an, failure on tbe part of the Mortgagors or their contracMrs to complete said building in aceamdanoe witL Construction Loan Agreement, of even date herewith, or M build said construction in aoanrdance with plans and specifications filed with the Association, shall oonstitute a breach of this mortgage, and, at the option of thc Associatioq imme~liately mature the entire amount of principat and interest bereby sena~d and the Auo_ ciation may immediately institute proceedings M#oreclose thi~ mortgage. 28. 'That the abstract or abstracts of tide covering the mortgaged property shall at all times,- daring the life of this mart- gage, r~nau~ in the possession of the Association and 'm ihe event of the fareclosure of this modgage or other transfer of title to the mortgaged psoperty in extinguishment of the indebtedness sec~u~ed hereby, all right, title, and interest of the Moitgagors in and to any svch abstrac~ of title shall pass to the purc}~aser or grantee. 18. The As~ociation shall have the right, in its discretion, to require that ihe Morigagors p~ay into the Association in addi- tion to the monthly installments of principal and intecest to be paid by the Mo~tgagors under the note secured by this matgage, _ an :unount equsl•to one-twelkh.of the annaal installments of any taaes on the mortgaged premises levied or assexsed by any governmental authority, and one-twelfth oE the annual pcemiums for Fire aad Extended Coverage ins~rance on the modgaged premises ps hereinbefo~+e r~qcitred by the Association, and the Mortgagors' failure to make sucb payments shall rnrutitute a default under tbLs mortgage. IN WIT~IESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. S' ed, and delivered in the presence of: ~ R!l - i~ - - - - - AL) artin T. Gottsc - ~ . - - - - - . . _ . - S~-) Betsy' . Gotts halk - - - - - • - -----------------------------~SEAI.) - - - -~--------~SEAL) lwm~ESSES) uKatrcnGORS) BOOK ~OO PACE~4~~ ~2.~tr;. _ . . ~ , - - - - ~ ~ - . _3 - - - - ~-~.~..a~.l