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HomeMy WebLinkAbout1172 . ~ , ! - - i t . : 8. Until defauh in the of tbe oovenants and a~resraents of this mo~tgege, the moitgagors shall be entitlod i so oollect the reats, issues sudp fi~~othe premises he~raiabefore descxibed, but in case oE a default in any of the ternuc oE { thii m~tgage, and the filing of a Wll to fareclose this a~ anq other matgage cncumbertng the withiu descxibed prope~ty, t6e ~ Associatiou shall immediat~ly and without notice ba entitled to tha appointment oE a Raceiwar of the aw:tgagedpr~e , and of the nats, issues and profits thereof, with the usualpo wer of Receivers ia sucb cases. snd such Receive.r may eb o~tiaued ;n possessiou of the said propeity unti! tbe time of the sale thereof under such forecloa~u~e, aad until thc confirmation of such sale by the Court. 9. If a oonveyance should be made by the moitgagurs of the premises hemin descxibed, or any thereof, without us the written consent of the AssociaHon, and without assumption in regular form of 1aw by tl~e grantee of obligntions to the ~ssociation crented by said pmomissory note aad this mortgage, tben, and in that event, and at tba option of the Association, :?nd .vithout notice, all sums of mcx~e,y ser~red hereby shaU immediately and concurrently with s~ech ecmveyance beoome due and t~Yable and in default. The Association may deal with sucoesson in interest with reference to thi~ mortgage and the debt hereby secwed ia the same maiuser as with the mort&agois, and may forbear to sue or may e:tend time for payment of the debt, ~c~recl hereby, o~ otherwsse act without dis~cha ing or in any way affecting the liability of the mortgaqors hereunder or upon the debt hereby securrd. The Associatiaa may deal with the Mwtgagors and/or with succ~ssors in interest with reEerence M this - mortgage and the debt hereby secured hy forbearing to sue, extendjng the time for payment of the debt, provid'mg for difkreat montbly paymcnb aad/or a different interest rate, and by other eacpress modificatio~ of t1~e coatract, without losing any priorih• the A.SSOCiation has over other mottgageea or lienors or holders of any j~ interests ia the propedy sec~red bereby 10. That in the eveut the pmmises hereby mortgag~d, or any pa~t thereof, snall be oondemned and taken forpu blic use ~~nder the power of eminent danain, the Aswciation shall have the right to demand that all daaiages awarded f~ the tai3ng of or damages to said premises shall be paid to the Association, its successors or assigns, np to the amount unpnid oa this matgage and may be applied upon tLe payment or paymeats last p~yabk thereon. 11. It is specificc~llly agt+eed that t[me is.the ~ce of this contract and t}~t no waiver of any obligatioa here~mder or af the obligation secured hereby shall at any time thereaker be he~d to be a waiver of the ternu oc of the ~t secured Lereby. 12. If forecbs~u+e pmceedings of any second ma~tgsge or seoond hvat deed or any ~unior ben of any ~rind should be ioati- tuted, tbe Association may at its optiol~, immediately or tl~ereaker declara this mrntgage and the indebtedness secured l~ec+eby due ~ and payable. ~ 13. To the Pstent of the indebtedness of the Mortgagors to the Associntion d~cn'bed herein or secured hereby, the Asso- ciation. is hereby subrogated to the lien or lieas and to the rights of the ov?men and holdexs thereof of each ande~!ery moctg,age, ; lien or other encumhrance on the land described herein which is p~id and(oe) satisfied, in whole or in pnrt, out of ihe ~ooeeds i ~~f the ban described herein or secared hereby, and tbe respective liens of said moitgages; lieos or other encvmb~anoes, ~ llha ~ to and be held by the Association herein as secvnty fot the uxiebtednest to the Associatioa hexein clescribed at hereliy secute~ o ~ the same ex!ent that it would have becn preserved and H~puld hav~ been ~assecl to and been held by the Associatioa had it beea duly and regularly assigned, transferred, set over and delivered unto the Assoc;ation by separate deed of assignment, not~?it~and- ing the fact chat the sarne may be satisfied and canoelled of record, it being the inteation of the parties hereto that the same w~71 be sa~fied and canoelled of recozd by the hoWezs thereof at or about the tune of tha reoording of this mo~tgage. 14. To pay all and singuiar the ooats, charges, and e:penses inch~ding lawyers fees, reasonably inc~ur~d o~ pnid at any time by the Association, because of the failare of the rloitgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said gromissory note and this deed~ or either, and every s~ch payment shaD bear ` interest from date at the rate stated in the note secured he=eby. 15. That he willpernn t, commit, or suffer no waste, impairment, or deterioration of said proPerty o~ any pazt t~~ereof; and in the event of the failure of the Mortgagors to keep the bnildings on saidp~em and those to be erected on said premises, or improvements thereon in good repair. tl~e Association may make and pay for suc~hrep~us as in its disaetion it may deem necessary for the properpr~e rvation thereof, and t6e full aawunt of such payments sl~all be xcured by tbe lien of this matgage and shall at the option of the Association be immediately due and payable, o~ p~yabk in such moathly ~ts as the Aasocia- tion may determine, and every such payment shall bear interest fmm date at the rate stated in d~e note sec~red hereby. 16. That if the Association and the I?tortgagoa agree, ffie Mortga ozs will carry a policy or policies of i~uvrance upon their lives in an ameunt equal from time to time to the amount of indebt ~y ~a, ~g ~d ~;~c;on bene,fi- j ciary thereunder, and that the said Association maypa y the premiums for s~ch insurance (in the event the Mortgagors do not), and acid each such payment to the unpaid bslance of the loan, as of th~ first day of the then cturent month, and it shaII become ~ additional indebtedness secured by tlus mo:tgage payable upon demand. ( 17. That in the event that t}ris mortgage be given to aecure a co~nstniction loan, failure on the pazt af the Mortgagors or ! their contractors to oomplete said building in aooo~danoP with Consbniction I.oan Agreement, of even date hete~vith, or to build ~ said construction in aooordance with plans and specificatians file~ with the Associatioq s6all oonstitute a breach of this mortgage. and, at the oPtian of thE Association, immediately mature the entire amuunt of principal and interest hereby secured and the Asso- ciation may ima?ediately. institute proceedings to foreclose thi~ mortgage. 18. Ttiat the abatract or abstracts of Hde oovering the mortgaged property shall at all times, during the life of this mort- . ' ~age, reinain in the possession of the Association and in t~ event of the foreclosure of ihis mortgage or other transfer of title bo + the mortgaged propecty in e:tingaishment of ihe indebtedness secured hereby, all right, title, and interest of tl~ Modgagors in j and to any such abstracts of title shall pass to the purchaser or g~antee. I 19. T'he Aasociation aha11 have the right, in its di'cretion, to require that the Mortgagors pay into the Assoc.iation in addi- ` tion to the monthly installments of principal ancl interest to be paid by the Mortgagors under the note secured by this matgage, ~ an amomit equal•to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ` governmental suthority, and one-cwelfib of the annual premiums for Fire and Extended Coversge insnrance on the moitgaged premises as herc~Inbefare required by the Association, and the Mortgagors' failure to make sach payments shall constitute a default under this mortgage. IN ~'VITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ Sig~ned, sealed and delivered in tbe presence of: ~ ~ ~ i~ • - ~ - - - ~ - - - - - - - - - - - ~ - - L) ~ ~ - Jo~n . . mm ~ ~ ` n''`"c~ ( S AI. . ~ ~ E ) - - - - ~ Mar ef-~A: Fromrn ~ ~ ; ~ _ - - - - - - - - - - - - - ~SEAL) , ~ ~ - - - - - - - - -~s~) ~ (VIIITNESSES) (MORiGAGORS) ~ ~f s~ eooK ~.84 ~cE 1~71 _ . . ,t ~ . - ~ _ _ .