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Home My WebLink About1686 ~ ; i 8. Until default in the perfomiance of the cavenants and agrucynents of dus mortgage, the mo~igagors shall be e~tided . tu collect the rents, issues and profits from the premises hereinbefora described, but in case of a default in any of the term~ of this mortgage, ~nd the filing of a biU to foreclose this or any other mortgage encumbering the within described praperty, the Association shall immediatelv and withc~t notice be entitled to the uppointment of a Receiver of the mortgaged property, and . of the rents, issues :u~d pmfits thereof~ with the LLcual power of Receivers in such cases, snd such Receiver may be continuecl in ~ession of the said propert~~ until the time of the sale thereuf under such foreclosiue, and• until the confirmation of sucL ~ ,ale bv thc Cuurt. ' 9. If a ronveyance should be made by the mortgagors of the premis~~s hercin described, or any part thereof, without - the ~vrittru c~~urnt uf tlle elssa•iation, and without assi~mpiion in regular form of la~v by the grantce of ih^ obligatio~~s to the - 1...u~ciation created bv said promissory note and thu mortgage, then, and in tl~at event, and at the uption of tl~r Ai+uciatiui~. :~oci ~~~thout notice, all sums of money sec~irecl hemby shaU immedistely and concurrentlv ~+tith such rnm•eyance become due and ~r.~yuble ancl in default. The Association may deal with successors in intemst ~~~th reference to thu mortgage and the debt herebv secured in the same manner as with the mortgagors, tu~d may forbear to sue or may extend time Eor payment of the debt, secureil hereb~~, or othenvise aM ~vithout dis~.ha~ping or in any ~~:~v affccting the li:ibility of the mortgagurs hereunder or upon the debt hereby secwed. The Associatiun may also deal ~vith the Mortgagors and/or ~~•ith succc~ssors in interest ~vith mference to this murtgage and tho debt herebv secured by forbearing to suc, extenciing the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express modifications of the contr,ict, ~~~ithout losing any priorit~- the Association has over other morigagees or lienors or holders of any jwiior interests :n the property serumd hereby, 10. That in the event the pmmises hcreby mortgaged, or any p.1rt thereof, shall be condernned aud taken for public use undcr the ~~+~er of eminent domain, the Assuciation shall have tLe right to demand that all damages a~varded for the taking of or damages to said premises shall be paid to the Association, its successon or assi~~~s, up to the amount unpaid on thu mortgage and mav be apl lied upon the payment or payments last payable thereon. 11. It is specifically agreed that Hme is the essence of this contract and that no ~vaiver of any obligation hereunder or of ' the obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. ~ 12. lf foreclosure procceclings of any sernnd mortgage or second tnut deed or any junior lien of any lond should be insti- ~ tuted, ihe Association may at its option, immediately or thereaker declare this~mortgage and the indebtedness sec~u~ed hereby due ; and pa~~able. ' ~ 13. To the extent of the indebtc~clness of the hlortgagors to the Associltion described hercin or secureci hcre~b f, the Asso- - ciation ia hereby subrogated to the lien or liens and to the rightc of the oH~ners and holders thereof of eaeh and every mortgage, ~ licn or other e~~cumbrance on the land described herein which is paid ancl(or) satisfiecl, in whole or in part, out of the proceeds y ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shall~ss ~ t~ anci be held by the Association herein :u security for the indebtedness to the Asvxiation herein describeci or hereby serured, to thc same ex!ent ihat it would have been preserved and would have been passed to and been held by the Association had it been ~ ~3u1~• and regularly assigned, transferreci, set over and delivered unto the Associatian by separate deed of assignment, nohvithstand- ing the fact that the ~me may be satisEied and cancelled of record, it being the intention of the ~uties hereto that the same ~vi11 l~e 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 sinoulaz the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at am• ~ time by the Association, lxcause of the failure of the :1lortgagors to perfonn, comply with and abide by each and every stipula- ~ tions, agreements, conditions and covenants of said promissory notc and this deed, or eithcr, and every such pavment shall bear ~ interest from date at the rate stated in the note secured hereb~•. ~ ~ 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereo(; ~ ~nd in ihe event of the failure of ihe I?tortgagots to keep the buildings on said premises and those to be erected on said premises, ~ ur improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem # necessary for the proper preservation thereof, and the full amount of such payments shall Ue secured by the lien of this mortgage ! :~nd shall at ihe o ion of the Association be immediatel due and ble, or ble in such monthly installmenis az the Associa- ~ P~ Y P~Y~ P~3'~ 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 Atortgagors agree, the I17ortgagors will carry a policy or jwlicies of insurance upon f thcir leves in an arr~+aunt equal from time to time to the amount of indebtedness hereby secured, making said Association beneEi- ~ c•iary thereonder, and that the said Association may pay the premiums for such insurance (in the event the ~fortgagors do not), ~ ~ :ind add each such pa~Tnent to the unpaid balance of the loan, as of ih~ first day of the then ciurent month, and it shall becomc { :iclditional indebteciness secured by this mortgage payable upon demand. ~ l7. That in the e~•ent ihat this mortgage be given to secure a construction loan, failure on the part of the Atortgagors or ; 4 their contr.ictors to complete said building in accordance with Constructiun Loan Agreement, of even date here~vith, or to build ~ ~aid constructian in accordance ~vith plans and specifications filed ~~•ith ihe 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- ; ciation may immecliately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortgaGea properiy shall at all tirnes, during the life of this mort- ~ ~;age, remain in the possession of tha Association and in the event of the foreclosure of this mortgage or other transfer of title to the martgaged property in extinguishment of the indebtedness securecl ~ereby, all ri~ht, tide, and interest of the btortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 1liortgagon p;ry into the Association in addi- tion to the monthly installmentr of principal and interest to be paid by the ~fortgagors under the note secured by this mortgage, an amount equal-to one-twelfth of the annual installments of any ta.~es on the mortgaged premises levied or assesseci by any ~ ~ovemmentat authority, and one-riselfth of the annual premiums for Fue and Extended Coverage insurance on the mortgageci i~remues as hereinbefore required b~• the Association, and the 111ortgagors' failure to make such pa}7nents sh~ll constitute a default ; ~ under this mortgaoe. ; ~ I\T WIT\ESS ~1'HEREOF, the said ~tortgagors hemunto set their hands and seals the day and ?~ear first above written. ~ Y% Signrd, sealed and dcli~•ered in the pr ence of: ~ x ~ ~ ~ . ~ ~ _ r ` ~ EA ~ = (S L) - - _ - - - ~ ussell . L d 3 L.~~~ - _ _ _ _ G.J _ C~~~ _ ~ (SEAI.j ~ ` Roberta M, Laird : - - (SEAL) l ~ _ ~ ~ _ - - - - - - - - - - - - _ _ - _ (SEAL) (W ITNESSES) (MORTGAGORS) 3 i --i 3 eF~ 1 `'E ~ti~ ° 2 ~84 F~~t1~83 = B~OK