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Home My WebLink About1614 8. vnW def:ult in tbe pa~foeuw~oe of tLs oovenand~ and a~reo~aeats of thb nwrtgtgq, tLe ahall bs antfdsd co oolket t~s renb, i~ues ~nd~ fi~om the p~e~ Leroinbefora dacribed, bat in cate of a defa~uk ~ of t60 tecros af thlr mortg{aga and t6e o~ s b~]! t~ fare~clas ehb cr a~op otbee martgags aa~umba~g tbs withfia de~aibed tbc A~ociation :haU ima~ed4 wd without nohos be mtitlecl to ~be, ~ qf .~y Reodver af tLs ~maetga~ed ~r• of tba reab, iaues urd the~+eo~ wlth the usuat oE: Adoeive~s ia; ~ ia pOSSQiSiOp Of t~10 5~ (f1'O[1Elty lri1t~ t~1e tlm0 0~ al0 ~t11et+00~ iNl(~E! at1C~! ~ UAtI~ CO~Iqa~ sUCl1 SA~E ~ ~ Ci011t~. , - 9. If • oonveyaoue shoukl be msck~r !he moctgagas of tbe premis~ herein dacxibed~ or an~r part ~ ~t the vvritten oo~aent ~ tbe Associaticm, uad vvitfaut~ au~mption ia ~egular fam of law by the grantee of tl~e ~bttgp Assaciatioa crea~ed by said pe~ni:eory Aota and tt~ moetgstge, tLen, aod fa tLat evant, aad ai t6e option af the Association. and witiiout noticae, a11 sum~ oE moaey secvrad h~aroby stuU hmmediat~dy aa~d oona~rrrntl,v with such eoaveyance beoome due aad P~Yabk and in defauh. Tbe Associatloei may deal w~ a~ooeaacs in in~s~ast with nfenaoe to tl~it mo~tgage and the debt a secured in the saa~e ~wnner as wttb the mo~tgagors, and may fa~bear to sue or m~y extaad time fa~ paya?ent of the ciebt, haeby, ae otbarwise act witbout ae in any way ef~ecting the llabtlity of ths mortgagas h~der a upon the dobt hereby sec~red. The Assodation maa~~deal with the Mortgago~s and/or wlth wooes~on in lateren wkh refereooe ~o d~ mo~ga~e and t6s dobt h~sec+ued by focbeuiog to ~ mctd~dfing tbs tlme far p~pment of tbe riebt, ~o~s?iding fac diE~arent rr~tld paymmb aa?d/oe a t inte~est r4te, and~b~± odier eo~pe~ea madi$atioos af tbe 1_0~0~ • r P~h' the Associatton h~ mror athec mortgageds or Neno~s a holdas af aay J~aeiar iatansb in the pro~ ~ecru+ed benby even 10. That in the event tha pre~nises hex+eby n;~ed~ or any p~t thereof, ~II be ooodeanned and ~ far use under_tLe pow~a of eminent dv~aiq the Associatian ve the rigfit t~de~nand thit ail damages awarded fa the of or dnma ges to said p~ n i s e s shaII be p a id to the A a s o d a t i o n, ib ~cces~ocs ~ aasigm, up to the anao~cat imp~id oa t h i ~ maetg~ge a n d may be aPP~ PaY~ PaYmenb t~t payable theneon. ~ Il. It it spedHarlly ag~eed t~t time is tbe easenc+s of d~s oaatrad and that na ws~iv~ac of any obligatioa ~ or af ~ the ob}~gation secured he~reby shaA at any time d~eeeafber be beid to be a waiver of the ~eraa ac aE tLe iastruaneut sec~u+ad Lereby. 18. If fa~eelosure pcaeeedic,gg~t oE aoy seooad moct~ge ac seooad anec deea a u~? ~o~ior Hea af any ldad s6o~1d be ima- tuted, tbe Associatiaa may at its optbn, immaltat~ljr u~ t~l~+eaft~r declare this mortgage and d~e ~ secured haeby due _ and payable. . I3. To the extent of tl~e tadebtedness ~ the Mo~tgaga~s to the Association ddaibed herein or sec+ued here6y, the As~o- ciatioo is hereby subrog+~ted to the lien ae lieas and to tbe ~,ts of the o~wnezs aad hoid~n thereof of esch ~nd mo~g~e. ~~e tien or other eacumb~anoe on the Iand desarlbed l~reia which is paid aacl(ae) s~tLsfied, ia whole at in part, art of prooeed~ of the Ioan descxibed 1~erein or see~n~ed bereby, ~rd dn res~iective l~s af ~td ma~tSaSer, lieos ar other e~nnanbranoes, shsH to and be held by the Associstion he:em as u~ far t1~ 3~btedn~s to t6e As~ocjation lrereia deuri'bed or bere6y secsa~e~ the same erteat that it Mrould hav~e been pn~~rv~ed a~W w~wld hsve been pused to ancl been held by the As~odation hid it bean dul~' and regdarlY a~d. ~a*r~d, :et war wd deHv~arai unw tbe Asaoc.•iatioa by s~arate dee~ af ~ment, notwit~tand- ing d,e fsct that d~e same a~y be satisfied u,d aanoeIkd af reooed. it betag tbe ~tention oF the partie~ ~~eM that tbe saaie wID be aa~ied and canoeDed a~f reoord by Lbe holdars ther~eof at or al~o~t ~he time of the r~ng of thit mortgaga 14. To pay a11 and singular the ooats, cbarges, aud ~ indudin8 Iawyer'• fees. iaaured or p4id at any time by the A.s.sociation, beeause of tbe failure of the Mactgagors to perfoaq oompl~? with audr ao~ae oY eadi and evay s~uis- tions, a~ea~eRb, oonditions and co~venants of said p~omisso~y note nnd N~is deed, ~ either~ and evrey wch p4yme~t shaII bear interGSt fr~a date at tbe rate stated in tbe note secar~ed ~+eby. 1S. Ths~t be wiIlp ooa~mit~ or suffer ao wasbe, ianpairmeut, or detaioration of said p~+a~ty oe any pact the~~eo~, ~ in tLe event af the f~~ af the Morc gozs to k~eep the build'mgs aa said and those to be erec~ed m said P~amises. go s ra ~ ~ ~ ~a c~ ~y m~e ~a ~y ~ ~ ~ ~ a~c~ ~ ~y a~ 0 n far the pcopa tion thec+ea~, and the fnt! amount of such psymertis aball~sec~med by the Iien of this mott~age and at the optioa ~As~odation be immedtately due and payahle, ar pa}r~?bb ia snch wontbly foo~Amania as tbe As~oeia- tion way detera~ine, and every such payment shall bear interest fra~n dabe at tbe rate.stated in tbe note sec+ued hcrebq?. 18. That if tbe Asaociation ,uid tbe Mcxtgagas ~gree, the Moctgagors w~Ti catry a paiiCy ac poiicies af iosuranoe upon their liv~es in an wZOUnt equsl Erom ti~ to time to the amount of indebtedness Lereby mal~in aaid As:oci4tbn beneH- g ciary thereander, and i~at the said Associatioa may ythe premiums fot such ins~aance (in event the Mortgagon do noR). . and-add~nch-snch~tta-tha- ' -ba1~~e~t~e~as of~e-f~d~y-o~the3hea ~-maatl~„-aad & shall_heonme____ additiu~al indebtedness senired bY~°°0~8a8e P4Y+~~ ~~d- 17. T1~at in the event t~at tbis matgage be g[vea to sec~ve a~nahvetion baq iaffuoe oa die pact af the Matgago~s ar their eontractors to compkte s~tid b+ri~diag ut ~ooocdanoe with Conatruetioa I.oan A,~ment, ~ eve~? date said oanstr~ction ia sooozdanoe whh plans and spa~Cations filed with the A,ssociatian. a}~all oonstitute a bs+ca~ ~matgage, and, at the option of the Association, immediatdy ~t~re the catne amamt of pcincipal aad inte~r,st hereby seeured a~ d~e Asso- ciation may immecliately inrtitute prooeeding~s to fo~eclo~e tlvs mortgaga ~ ~ 18. Zhat d~e abatract aar abstracts of title oovering the tnortga~ pooperty? sbal~ at al! times, during tbe }~fe of this mat- gage, rcmahi in the poasession of ihe Association and 3n the event the foreclosure of this mo~tgage or ~ transEsr of tide ~ the moatgaged pmpetty in e~inguighme,at "of the inde~ seciaed berebp, all right, tit~, aad int~est af the Mnztgagoas ia ~ anc~t+~a+ay-s~-~bctrac~of-iitle-shall_p~Lo..tLe.m~a~ ar ~tee ` 19. Tbe As~odation shall have the rjg6t, in its d~o~n, to require ibnt thc MortgaBois Pay into tbe As~odation in addi- ti~ to the monthly in~tr a~ prtr~ipel and fnM~+est to be paid by tbe Ma~tgagots tmder the nde sec~u+ed by this moct~,age, an amamt equsl~ba a~e-ta~elfd? of t6e annual ~llm~ts of any taxes on the tgagecl pnmises kvied or asaessed an governmental authaai~r, and one-tvvelftb of the annuat praniams for Fixe and Fatpxan~ed Coverage iusuranoe on the mort~gag~ premises ~ herefn6efare requ3red hy t~e Associatioq and tLe Mortgagvcs' failca~e to make such peyments shaIl ca~stitute a ddault under this mortgage. IN WITNF.SS WHEREOF, tbe aaid Mortgagaas herermto set tbeir hands and seals the day and year first abov~e vvr~itte~n. Sigped, scaled and delive~ed ir? tbe of; , - - - , !J / - • -------(s~) ! W~illiam ~ e s - --:-__________.___._,,~!Q _ s~. -t ) Mary r ~ Robertson ~ .------~--------------------------------(s~.) ---------------------------------~~n~ssESi----------b ~ - T _ _--tsEU.) a~e~~~3 r~~~i,'f~ ~ ~ ~ _ _ _ _y - - _ ~ '~~.w~ _a`,__~ _ , - . - ~ .i_.h- ~2:~'"ea33~.a~