HomeMy WebLinkAbout2579 8. Until default in the performance of the covenants and agrecments oE this mortgage, the mortgagors shall bc entidecl
to collect the rer?ts, issues and profits from the premises hereinbefore described, but in casc uf a default in any of the terma of
this mortgage, and the filing of a bill to forecTose thic or any other n?ortgage eneumbering the within deseribed property~ the
:?ssociation shall immediatelv and Kithcut notice be entided to the appointment of a Receiver of the mortgaged property, 3nd
of the rents, issues atnd profits thereof, with the ucual power of Receiven in such cases, ~nd such Receiver may be continued
pos~ession of the said property until the time of the sale the~cof under such forectosure, and until the confirmation of such
,ale b~• thc Court.
9. If a com•eyance should be made by the mortgag~rs of the premiscs herein described, or any part thereof, ~vithout
the written consent of the Association, and ~~ithout assumption in reg~lar form of Iaw by the grantee of the obligations to the ~
A~wciation creiited bv said promissory note and this mortgage, then, and in th.1t event, and at the optio~ of the Asu,ciatiui~,
:u?~1 «~thout notice, all sums of money secared hereby shall immeciiately and concurrentlv with such rnnveyance bea~me di~e and
[~}'~~b1e and in default. The Associahon may deal with successors in interest with reference to this mortgage and the debt herebv
secured in the same mnnnrr as H~ith the mortgaguis, and may forbear to si~e or may extend time for payment of the debt, secureii ~
hereby, or othenvise act ~vithout discharging or in any way affectung dir liability of the mortgagurs hereunder or upon the debt
hereby securecl. The Association may aLso deal with the Modgagors and/or w~th suecessors in interest ~vith reference to this
~nurtgage and tha debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for diEferent
monthly payments and/or a difEerent interest rate, and hy other express moclifications of the contract, without losing any priorit~•
the Association has over other mortgagces or lienurs or holders of any junior interests in the propert.• secured hereby. ,
I0. That in the event the pmmises hemby mortgaged, or a~iy part thereof, sha11 be condemned And taken for pvblie use~
undcr the po~~~rr oE eminent domsi~z, ihe Assuciation shall have the right to demsnd that all damages a~vsrded for the taking of or
damages to said premises shall be paid to the Association, its successors or assigns, up m the amaunt unpaid on this mortgage and
mav be applied upon the pay~ment or payments last payable ihereon.
11. It is speciffcally agreed that time is the essence of this contruct and that no waiver of any obligaNon hereunder or of `
the obligation secured hereby shall at an~~ Nme thereafter be held to be a waiver of the terms or of the instrument secured hereb~, ~i
12. If foreclosure proc~ec~clengs of any second mortgage ar second tnut deed or any junior lien of Any ]rind should be insti- -
tuted, the Assc~ciation may ~t its option, immediately or thereafter declare this mortgage and thc indebtedness sec~u~ed hereby due
and payable.
13. To the extent of the indebtedness of ihe tiortgagors to the Assaciation u'escribed hercin or securc~ci lienby, the Asso-
ciation~is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage,
licn or other encumbrance on the land described hereu~ which is paid and(or) satisfied, in ~vhole or iu part, out of the pr~ceeds
of the loan described herein or secured hereb•, and the respectivc iiens of said mortgages, liens or other encumbrances, shaIlpass
to and be held by the Assoc;ation herein :u sei~urity for the indebtedness to the Assxiation herein describecl or hereby secured, to
the same ex!ent t}~at it ~voc~ld have bcen preserved and ~vould have been passed to and been held by the Association had it beei?
duly and regularly assigned, transferred, set over and delivered unto the Associatian by separate deed of assignment, notwithstand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~uties hereto that the same will t
Ue sa~isfied anci cancelled of record by the holders thereof at or about the time of the mcording of this mortgage.
24. To pay a11 and singular the c~osts, charges, and expenses including lawyer's fees, reasonably incurrecl or paid at any °
time by the Association, because of the failure of the Tlortgagors to pedonn, comply ~vith.and abide by each and every stipula- ~
tions, agreements, conditions and covenants of said pramissory notc and this deed, or either, and every such payment shall bear <
interest from date at the rate statc~c! in thc note secured herebv. _
I5. That he ~vitl permit, commit, or suffer no waste, impairment, or cleterioration of said property or anv part thereof;
and in the cvent of the failure of the 111ort~agon to keep the buitdings on said premises and those to be erected on said premises,
or improvements thereon in goocl repair, the Association may make and pay for such mpai~ as in its discYCtion it may deem '
necessary for the proper preservation thereof, and the full amount of such pavments shal) be secured by the lien of this mortgage
:u~d shall at the option of the Associatio:~ be immediately due and payable, or payable in such monthly installments as the Associa-
tion may detcrmine, and every such payment shall bear interest from date at the raie stated in the note secured herebv.
16. That if the Association and the ~tortgagors agree, the Mortgagors ~vill carry a policy or policies of insurance upon
their lives in an amei~nt equal from time t~~ time to the amount of indebtedness hereby secured, making said Association benefi-
ciary thereunder, and that tl~e said Association may pay the premiums for sue}~ insurance (in the event the Atortgagors do not),
and ac~d each such pa~~nent to the unpaid balance of the loan, as of th~ first day of the then civrent month, and it shall becomc
additional indebtedness secured by th'u mortgage payable upon demand.
17. That in the event that this mortgage be given to sectue a constn~ction loan, failure on the part of the Aiortgagors or
their contr.ittors to complete said building in accordance ~vith Construction Loan Agreement, of even date herewith, or to build
said oonstruction in aecordance with plans and speciEications filed ~+•ith the Association, shall constitute a breach of this mortgage,
and, at the option oE the Association, immediately mature the entire amount oF principal and interest hereby seciued and ihe Asso-
ciation may, immedLztely institute proceedings to foreclose this mortgage.
18. That the abstract or abstracts of title covering the mortga~ed property shall at all times, during the Tife of this mort- 3
~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to a
the mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, title, and intemst of the Mortga~ors in ~
and to any such abstracts of title shall pass to the pumhaser or grantee, r
19. The Associat~on shall have the right, in its discretion, to require that the Mortgagon pay into the Association in addi- ~
tion to the monthly installments of principal and interest to l~e paid by the ~tortgagors under the note secured by ihis mortgage, ~
an amount equal to one-twelfth of the annual installments of any tases on the mortgagecl premises levied or assesseci by any -
governmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci
premises as her~inbeEore requirecl by the Association, and the ~tortg~gors' failure to make such pa}'ments shall constitute a defaiilt
under ti»s mortGage.
I\' ~VIT~~TESS ~t'F1EREnF, thc said Ziortgagors hereunto set tht~ir hands and seals the da}' and ycar first above ~vritten.
Si sealed and dc1i~•ered in the presence of: EDMAR~ INC. q
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3' - - ~L~1 ~(SEAL)
~ c E m . Rac~ke, President
. _ _ - ,PG ATTEST.; _ ~Jr' . _ (sEA1..)
Doris M. ~a e, ec retaxy
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