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Home My WebLink About0808 8. Until default in the performance of the covena~~ts nnd agrccr:~eats of this mortgage, the nwrtgagon shall be entided co collect the reiits. issues and profits kom the premises hcreinbefore descriUed. but in cese of a default in any of the term~ of t his mortgage. and the filiag of a bill to foreclose this oc any other mortgage encumbering the within described property, the .-lssociation shall immedia3ely und without notice be entided to the appointment of a Receiver of the mortgagedproperty, und uf the rents, issues and profit3 thereof, with the «sual power of Receivers in such cases, snd such Receiver may be continued - in poa~tsion of the said propert)~ until the time of the sale thereof under such foreclosiue, aad until the confirmation of surh <ale bv thc Court. ~ 9. lf a conveyance should be made by the mortgagors of the premises herein described, or any part thereof, without the ~vritten crn~sent of the Assocuition, and without ussumption in regular form of la~v by the grantee of th~ obligations to the 1.sociation cre:ited bv said promissory note and this mortgage, then, and in that event, and at the option of the Association. ~ :~n~i ~?~thout notiee, uU sums of money seean~cl hereby shall immediately and coneurrendy with sueh rnm~eyanee becY~me due and ~~yable and in default. The Association may deal with auccessors in interest ~vith reference to this mortgage and the debt hereb~• serured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securecl hereby, or othenvise act without dischargu?g or in any ~vay affECting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or wit6 successors in interest with reference to this mortgage and the debt herebv secured by forbearing to sue, extending the time for payment of the debt, providing for different ; monthly payments and/or a different interest rate, and by other express moclifications of the contract, without losing any priorih• ` the Auociation has over other morlgagees dr lienors or holders of any j~mior interests in the property sec~ued hereby. ; 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use ~~ndcr the po~ser of eminent domau~, the Aswciation shall have the right to demand that all damages awarded for the taldng of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this moctgage and mav be applied upon the payment or payments last ~?yable thereon. 11. It is specifically agreed that time is the essence of this contrnct and that no waiver of any obligation hereunder or of ~ the obligation secured hereby shall at any fime thereafter be held to be a waiver of the terms or of the inst~vment secured hereby. ~ 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any kind should be insti- ' tutcd, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness sr.cured hereby due ~ and pa~•able. 13. To the extent of the indebtedness of the Mortgagors to the Association desaribed hercin or secured henby, 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. lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the p~ is ~~f the loan described herein or securc~ hereby, and the respectivc liens of said mortgages, liens or other encumbranc~s, s} ~a t~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~acured, o ; the same ex!ent that it ~vould have been preserved and ~vould have bcen passecl to and been held by the Association had it been e duly and regularly assigned, transferred, set over aad delivered unto the Association by separate deEd of assigament, nohvithstand- ~ ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the~ same will ; be sa5sfied 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 expenses including lawyer s fees, reasonably incorred or paid at any time by the Association, because of the failure of the rlortgagors to perform, rnmply with and abide by each and every stipula- ~ tions, agreements, rnnditions a~~d covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at ihe rate stated in the note secured hereby. - 15. That he will pernut, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; :?nd in ihe cvent of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises, i ' or improvements thereon in good repair, ihe Association may make and pay for such repairs as in its diuietion it may deem 1 i necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage ~ ~ and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- i tion may determine, and every such payment shall be.3r interest from date at the rate stated in the note secured hereby. ~ 16. That if the Association and the ~tortgagors agree, the Mortgagors will cazry a policy or policies of insurance up~n ~ ~ their lives in an ameunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- c•iary thereunder, and that the said Association may pay the premiums for suc}~ insurance (in the event the \iortgagors do not), f ~nd add each sueh In}Tnent to the unpaid balance of the loan, as of the first day of the then curcent month, and it shall become additional indebteciness secured by this mortgage payable upon demand. ~ l7. That in the event that this mortgage be given to sectve a construction lmn, failure on the part of the 111ortgagors or their contr.ictors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build said construction in accordance ati~th plans and specifications filed ~a~th the Association, shall constitute a breach of ihis mortgage, and, at the option of thc Association, immediately mature the entire amount of principal and interest hercby serured and the Asso- ~ ciation may immeciiately instiiute proceedings to fareclose this mortgage. ; 18. That the abstraM or abstracts of title covering the mortgaged pmpetty shall at all times, during the life of this mort- : ;age, remain in the possession of the Association and in the event of the faredosure of this mortgage or other transfer of title to i the mortgagcKl property in eutinguishrnent of the indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in x and to any such abstracts of title shall ~ss to the purchaser or grantee. t 19. The Association shall have the right, in its discretion, to rc~uire that the Mortgagon pay into the Association in addi- ' tion to ihe monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ; :~n amount equal-to one-twelhh of the annual installments of any taxes on the mortgaged premises levied or assessed by any a ~ovemmental authority, and one-twelfth of the anmial premiums for Fire and F.~ctended Coverage insuranee on the mortgageci g i~remises as hereinbefore required b~• the Association, and the ~tortgagors faihire to make such pay~nents shall constitute a default ' ~ undet this mortga~e. . ~ II~ ~VITNESS ~YHEREOF, the said ~fortgagors hereunto set their h:?nds and seals the day and year first above written. ; ~ ' - Si e~, and delivered in the gresence of: ~ ~ , ' ~ ~ t --~t - . _ _ _ t~~ ~~~I1It~- (SEAL) . ~ I,es J. S~ack ~ r - _ ~ ' - ' ' ..~i . - ~ (SEAL) ~ - - - ~ ~ " ' ucy Smack = ~ ~ (SEAL) _ - - - - _ _ ~ ~ ~ r - x; _ - - - _ - - - _ - - _ (SEAL) ~ ~ (W ITNESSES) (ARORTGAGORS) _ ~ BOOK~84 PA6~ ~ ~ ~ _ ~ i~ ~ l 'a~ ~ '~2 y{ S ' xr. ~ , . , . _ - _ . v , s . . - , = ' . - _ , - v.~,""f