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Home My WebLink About2987 't _ i ~ ~ ~ ~ 8. Until default in the performance af the covenants und agrecments of this mortgage, the mortgagors shall ba entided ~ to coUect the rents, issues andprofits fro~n the premises hereinbefora described, but in caso of a default in any of the terms oE ~ thit mortgage, and the filing of a bill to facedo~e thlo o~ any ot}~er martgage encumbering the wlthin described property, the ,lssociation shall immedi~tel?• and wIthout notice be entided to ~?e appointment oE a Receiver of the mortgagedpmpe rty, und of the rents, issues and ptofits thereof, with the urual powes of Receivers in such cases, and such Receiver may be continued in poa~ession a£ the said property until tbe time of the sale thereof under svch forecloaure. and unti) the confirmation of such sale by the Court. ~ 9. lf a oo~veyance should be made by tbe mortgag~s of the premises herein descti~._.os=nny part ihereof, without the writtet~ conser?t of the Association, and without sssumrtion in regular form of law by the grantee of the obligations to the .~ssociation creuted by said promissa'y note and this modgage, ihen, and in that event, and at the option of the AssociAtion. :?nd ~vithout notice, all sums of mcmey sec~~red hereby ahaU immediately and concurrendp with such ccmveyance bcxc~me due und payable and 'w default, The Association may deal wlth sacoessors in interest with reference to this mortgage and the debt herebv secured in ihe same mannrr as with the mortgagors~ and may forbear to sue or may extend time for payment of the debt, securec~ hercby, a~ otherwise act without di~g or in any way affecting the liubility of the mortgagun hereunder or upon the debt hereby secured. The Associatioa may deal with the Mortgagors and/or with successors in interest with reference to this martgage and the debt hereby aecured by forbearing to sue, extending the time for payment of the debt, providing for different montbly payments and/or a~i~Eferent interest rate, and by other express modifirations of the contr.ict, without losing 1ny priorih• t the Association has over other modgagees or lienors or holders of any junior interats in the property secured hereby. I0. T'hat in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken forpu blic use under the power of ecninent danain, the Ass~~ciation shall huve the right to demand that all damages awarded for the taldng of or damages to said ~n~s shall be paid to the Association, its successors or assigns, up to the amount unpaid on this moitgage and may be ap~nlied upw~ the payment or payments ]ast payable thereon. 1 11. It is specifically agreed that time is the e.s.sence of this contract and that no waiver of any obligation hereunder or of ; the obligatioa secured hereby shall at any time therea[ter be held to be a waiver of the terms or of the instrument secured hereby. 1 12 If foreclosure proceedings of any second mortgage or seoond tnut deed or any junior lien of any ]dnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payahle. 13. To the extent of the indebtedness of the Mortgagors to the Association descn'bed hemin or secureci hereby, the Asso- ciation is hereby subrogated to the lien or liens and to ihe rights of the owners and holders thereof of each and every mortgage. lien or other er~cumbrance on the land described herein which is pai~ and satisfied, in whole or in part, out of the proceeds ~f the loan described hereu? or securecl hereby, and tbe respectivc lie~s of said mortgages, ~liens or other encumbrances, shaIIp~s to and be held by the Assoc;ation herein as security for the indebtedn~ss to the Association herein d~cribed or hereby s~ecured, to the ssme ea!ent that it would have been preserved and ~~rould have pas.sed to and been held by the Association had it beea duly and regulazly assigaed, transferr~d, set over and delivered unto Associacion by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied au~d canceUed of rEC.rnd, being the intention of the ~uties hereto that the same ~vill be sa5sfied and cancelled of record by the holders thereof at or a ut the tune of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses inclading lawyeis fees, reasonably incurred or paid at any time by the Association, becatue of the failure of ihe 1ltortgagors t perform, comply with and abide by each and every stipula- tions, agreements. conditions and covenants of said promissory note nd this deed, or either, and every such payment shall bear interest from date at the rate stated in ihe note secured hereby. 15. That he will~emu t, commit, or suffer no waste, itnpa' nt, or deterioration of said property or any part thereof; i and in the event of the af ilure of the Modgagors to keep the buiid gs on said premises and ihose to be erected on s.1id premises, or improvements thereon in good repair, the Association may mak and pny for such repairs as in its disczetion it may deem neressazy for the proper preservation thereof, and the fiill aawunt such payments shall be secured by the lien of this mortgage and shall at the option of ihe Association be immediately due and ~ayable, or payable in snch montlily uutallments as the Associa- ~ tion may determine, and every such payment shall bear inter~ct from date at the rate stated in the note secured•hereby. 18. T~at if the Association and the ~todgagors agree, the Mortgagots will cazry a policy or policies of insurance upon their lives in an suleunt equal from time to ~e to the amount of indebtedness hereby secured, making said Association benefi- ~ ciary thereunder, and that the said Associatioa-may .p''ay the premiums for such insurance (in the event the Mortgagors do not), ~ and add each such pc~yment to the unpa~d bala~ce of the loan, as of the fiist day of the then civrent month, aad it shall become 6 additional indebtedness securecl by this mortgage payabk upon demand. s l7. That in the event that this mortgage be given to secare a construction loan, failure on the Part of the ~iortgagors or ~ their contractors to complete said building in accozdaec~.with Construction Loan Agreement, of even date herewith, or to build ~ said construction in aocordance svith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, 5 and, at the opti~ of~the Associatioq immediately matuze the entire amount of principal and interest hereby secured and ihe Ass~- ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ s 18. That the abstract or abstracts of title covering the mortgageci property shall at all times, during the life of this mort- ~ ~ ~age, remain in the possession of the Association and in the event of the forerlosure of this mortgage or other transfer of title to ~ :he modgaged pro~ty in e:tinguishment of the indebtedness secured hereby, all right, tide, and in:erest of the Mortgagors in ; ~ and to any such abstracts of tide shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discnetion, to require that the 1liortgagors ~ray into the Association in addi- tian to the mont}ily installments of principal and interest to be paid by the !~iortgagors under the note secured by this mortgage, ~ an :unount equal'to one-twelfih of the annual installments of any taxes on the martgaged premises levied or assessed by any ~ govenunental autl~Ority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci ~ rremises as hereinbefore required by the Assaciation, and ihe 1liortgagors' failure to ma3;e svch payments shall rnnstitute a default ~ under this mortgage. ~ ~ IN WITNESS ~'VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above ~vritten. : ~ i 4 ~ ~ Signed, sealed and deli •er~ed in the resence of; ~ . r : 3 ~ ' A - - - - - - - . _ _ -G- - - - - - ~ - rg H. chm ~ ~ ~ - - , _ : ~ !l _ Ai.) ~ Wilma B. Bachman ~ ~ ~ - - - - - > - (sEnt.) ~ - ~ - -(SEAL) ~ - - - - - _ - - (V1f11NE55E5) tMORTGAGORS) ~ , ~fi gooK184 PAGE2984 - _ ~ - : ~ : _