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Home My WebLink About1548 $ F : j i _ ~ ~ 8. Until default in the performance of the covenants and agrecments of t}us mwtgage, the mortgagora shall ba entided ~ to colleM the rents, issuGC and profits from ihe prcmises hereinbefore described. but in case of a default in any of the terma oE i this mortgage, and the filing of a bill to foreclose this or any other mor4gage encumbering the within desaibed property, the i ~lssociation shall immedi~tely und without notice be entided to the appointment of a Receiver of the mortgaged prapetty, and ~ of the rents. issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued ; in pos~ession of the said property until the time oE the sale thereof under such foreclosure, and until the confirmation of such ,ale bv the Court. 9. if a conveyance should be made by the mortgagors of the premiscs hercin described, or any part thereof, without thc written consent of the AssociaNon, and Hithout assumption in re~lar form of law by the grantee of t6e obligations to the ~c.umiation created bv said promissory note and this mortgage, tben, and in that event, and at the option of the Association, ~ auci ~~~thout notice, all sums of money sec~ired hereby shall immediately und concurrendy with such rnnveyance become due and payable and in default. The Association may deal with successors in interest with reference to this mortgage and the debt hereby ~ secured in the same mannrr as with the mortgagors~ and may forbear to sue or may extend time for payment of the debt, secured t hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortgagors hereunder or upon the Jebt hereby secured. The Association may also deal with the Mortgagors and/or with succeswrs in interest with reference to this : mortgage and the debt hereby secumci by forbeari~g to sue, extending the time for payment of the debt, providing for diEferent ; monthly payments and/or a diEferEnt interest rate, and by ather express moclifications of the contr.?ct, without losing nny priorih• ~ the Association has over other morlgagees or lienors or holders of any jwuor interests in the property secured hereby. 10. Th1t in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the po~ver of eminent domsin, the Assuciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and mav be npplied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contmM and that no waiver of any obligation hereunder or of ! the obligation secured hereby shall at any time thereafter be held to be a waiver of the ternu or of the instrument secured hereby. ~ 12. lf foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- ' tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due ~ and payable. ~ 13. To the extent of the indebtedness of the Mortgagors to the Association descxibed herein or secured hereby, the Asso- ; ciation is hereby subroa ted to tFie lien or liens and to the rightc of the ownen and holders thereof of each and every mortgage, ' lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the ~~~oceeds ~~f the loan described herein or securect hcreby, and the re~ectivc liens of said mortgages, liens or other encumbranc~es, s pass tc~ and be held by ihe Assaciation herein as security for the indebtedness to the Asc~ciation herein described or hereby s~e~ued. to the same ex!ent that it ~~~ould have been preserved and ~vould have been passed to and been held by the Association had it been ' duly and regulady assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ~ ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same will t be sa~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and ezpenses including lawyer's fees, reasonably incurred or paid at any time by the Association, hecause oE the fnilure of the 1liortgagors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste, unpairment, or deterioration of said property or any part thereof; and in the cvent of the failure of the Mortgagors to keep the buildings on said premises and those to be ererted on said premises, or impm~•ements thereon in good repair, the Association may make and pay for such repairs as in its disc~+etion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this modgage I and shall at the option of the Association be immediately due and gayable. or payable in such monthly inshallments as the As~ocia- t tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ ; 16. That if the Association and the ~lortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ ~ their lives in an ameunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ ciary ihereunder, and that the said Association ma the remiums for such insurance m the event the rior: a ors do not), f Y PaY P g S ~ and add each such pa~-ment to the unpa~d balance of the loan, as oE the first day of the then ciurent monih, and it shall become additional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortaage be given to secure a construction loan, failure on the Part of the Mortgagors or their contractors to complete said building in accordance with Construction Lo.3n Agreement, of even date herewith, or to build ~ said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- riation may immediately institute proceedings to foreclose this mortgage. - 13. That the abstract or abstracts of tide covering the mortgaged property shall at all times, during the life of this mort- ~ kage, remain in ihe possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the modgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title shall pc~ss to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 114ortgagon pay into the As.sociation in addi- tion to the monthly installments of principal and interest to be paid by the :liortgagors under the note sec~ued by this modgage, an amount equal-to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Fire and Ectended Coverage insurance on the mortgageci , premises as hereinbefore required by the Association, and the 111ortgagors failure to make such pa~Tnents shall constitute a default ~ under this mortgage. 4 II~ ~VITNESS ~VHEREOF, the said ;liortgagors hereunto set their hands and seals the day and year first above written. ~ ~ ~ S' ed, ed and deli~•ered in the presencc of: ~ 1 ~ ~w G-"'~ EA ) ~ • ~ N _ . - - - - - - - - - - - S L q John H. L loug ~ ~ ~ _ J~6 ~ _~SE~., } ~ Carole A. L lo ~ . - (SEAL) t ,E _ _ _ - - - - - - - ~ ; - - - - - - - - - _ _ (SEAL) t ~ - IM~ITNESSES) - - IMORTGAGORS) - ~ i~ ~ ° 1$~ ~~1~48 BOOK ~ ~ Y _ _ _ . . , _ _ _ . _v ~;'IIu~