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Home My WebLink About1864 S. Until default in thc performance of the covenants and ugr~rments uE this mortgagc, the nwrtgagars shall be entitled t~~ collect the rents, issues and pmfits from the premises hereinbeforo describeci, but in rase of u defa~dt in any of the term~ of this mortgage, And the filing af a bill to foreclose this or any other mortgage encumbering the within described property, the .~ssociation shall immediatelv and witheut notice be entitlecl to the appointment of a Receiver of the mottgaged property, and uf the rents, issues and profits thereof. with the «.cual power of Receivers in such cases, and such Receiver may Ue continueci ~n Jios.;ession of the said propert~~ until the time of the sale thereof under such foreciosure, and until the confirmatic~n of such .;~le Uv the Court. ' 9. lf a cc~nveyance should be made by the modgagors of the pmmiscs hemin described, or any part thereof, without rh~• ~vritten consent of d~e Asscx~iation, and ~~ithout assumption in r~.~ular form of kt~v bv_she ~rantee of th~ obligations to the ~..~?ciatien created b~• said promissory note and this inurtgage, then, und in tl~t event, and at the uption uf tl~e Ass~~ci:?tiui~. .~wl ~rithout notice, all sums of mone~• securecl hemby shall immediately and coueurrentlv ~~•ith such cv~n~•e~•ance Uec~~me due and E,;?~•.~ble and in default. The Association may deal with suceessurs in interest ~vidi refen•nce to this mortgage and the debt herebv .cci~red in the xime mannrr as ~~•ith the mortgagors, and may forbear to sue or maY estend time for p:?}•mei~t ~~f the debt, securecl hercb~•, or othen~~ise act ~~•ithout dischargu~fi or in any ~va~• affecting the liability of the tnortgagurs hercundcr ur u~n the debt ]~ereb}• secwecl. The Association may also deal with the Mortgagors and%or ?~~ith succrssors in interest with reference to this :t~urt~sge anci the debt hereb~~ securc~cl Uv forbeari~~~ to sue, exiending the time for payment af the debt, pro~•iding for different ~nonthly paYments and/or a difEcmnt interest rate, and by other express modifications oE the cantract, ~~~ithout losiug an~• priorit~• tl~~ :lssoeiation has over other morigagees or lienors or holclers af any junior interests in the pn~lx~rt~~ secumcl hereb~•. 10. That in the event the premisec hemby mortgagecl, or :~ny part thereof, shall be c~ndernneci :u~d taken for publie iis~ ~,n~ler the ~~~•er of eminent domain, the Associatiun sl~alt liave the right to demand that all damages awanlecl for the taking oE or - ~?.?mage~s to ~.~id pmmises shall be paid to the Association, its successors or assiGns, up to the umount unpaid on this mortga~;e and ; rn:~~• be nppliecl ~~pon the payment or payments last,payuble thereon. 11. It is specifically agreeci that time is the c#~ence of this rnntract and t}~at no ~vaiver of :u?y obligatiun hereundcr ur of f the obligation secureci hereby shal! at am~ time themafter be held to be a~vaiver of the terms or of the instniment secured hereb~~. ~ 12. If foreclosure prorceclings of anv second mort~age or second tnut decd or any junior lien of any kind should be insti- • tutrd, the Association may at its option, imme~liately or thereafter declare this mortgage and the indcUtedness secured her?by due ~ ,~ncl pa}-able. ~ 13. To the catent of the indebteciness of the ~tortgaKors to the Awcociation described hcrcin or secured lmn•Uy, the Asso- ; , i.~tion is hereb?• subrogated to the lien or liens and to the right~ of the u~~•ners :?nd holders themof of r.?ch and cwcry mortgage, ~ li~~n or otht•r e~~cumbr.inm on the land descrilxd herein which ic paid ancl(or) satisfied, in whole or iit ~xirt, out of the proceecLs ,~F the loan describcd herein or serured hcreby, und the respectivc liens of said mortgages, liens or other encumbrances, shall ss ^ ,ind lx held b~~ the Association herein as security for the indebtedness to the Assxiation herein describeci or l~emby secu~to ~ tl,~• s:?me rx!ent that it ~vould ha~~e bcen preservecl and ~~~ould have been pasc~ci to and been held by the As.wciation had it been ~ ~luh• and regularh• :~ssignecl, transfemd, set over and deliverecl imto the Asscx•iation by separate cleed of assignment, noh~•ithstand- ? in; the fact th~t the same mav be satisfiecl and cancelled oE record, it l~cing the intention of the parties hereto that th~ same ~~~Il ' hr~ sa5sfied :u~d cancellecl of~record by the holders thereof at or al~out the time of the recording of this mortgagc. 14. To p:n~ al! 1n~ sin~ular the costs, charges, and e~penses including lawyer's fees, reasonabl~~ inc~~rred or ~aid at an~• tirn~ li~~ the Association. lmc:~use of the faih~re of the \tortgagors to perfonn, complv ~~~th and abide bv ~ach and everv stipula- t iuns, aRreements, conditions and rn~~t~nants of said promissory n~t~ and this dee•tl, or Pither, an~l even~ suc•h ~:?~•ment shall ?~cxr ~,~terest from dat~ at the r.ite stat~~cl in the note secured hereb~-_ li. Th:~t he ~vill pem~it, commit, or s~~ffcr no ~vaste, imp:iinr.ent, or clcterioration ~~f s;iid pro~x~rh• ~~r am• part thereuf: ui~i in the e~•ent of the failure of the lfort~aQOrs to keep thc buildings on G~id premises ancl those to be erccted on ~:~id prcniiscs, ;~r imixo~~ements thereon in goocl repair, the Association maV muke and pay for such repairs as in its disrmtion it mav dee~n ,~c~cessarv for the proper preservation thereof, and the full amount of such pa~~ments shall be secured bv the lien of this mortgage .~ncl shall at the option of the Association be immecliately due and payable, or pa~•able in such monthlv installments as the Associa- ti~m may detcrmine, and e~~erv such pay~nent shall bear uiterest from date ~it the rate stated in the note sec~aecl hereb~~. 16. Z'hat if the Association and the \tortgagors a~ree, the itortra~ors will cam~ a policy or ~licies of insurance uFwn ~ thi•ir lives in an arrit~unt eclual fi•om time to time to the amount of indeUteclness herebv secured, making s:iid Association benefi- - ~ i.ir~• ihereunder, and that tl~e said Asx~ciation may pay the pmmiums for such insursncr (in the e~~ent the \fort~a~ors do rmt), ' zn~l add each such pa~-ment to the unpaid Ualance of the loan, as of thc first day of the then currrnt month, :?nd it shall l~com~• ~ ~~1~lit~nnal indcbtedness scrureci bv this mortgage payable upon dcmand. f 1~. That in the evcnt that this mortga~e be geven to secure a cons?_n~cti~n loan, failure on th~ ~~art of the ~iortga~ors ~rr ~ !lu~i; ~~ntraM~~rs to complete said builclin~ in acrordance w•ith Coustn~ciion Loan Agreeme~nt, oE c~•en date here~~•ith, nr to builcl ~ ~.~i~l construction in accv~rd:~nce ~vith plans and spc~cifications fileci ~rith the Association, sliall constitute a breach of this mort i.*r, ~ i :r~~l. at the o~tion of thc Anoriation, immediateh• mature the entire amoimt of principal and interest hcrcbv securecl and the Asso- ~ i.ition mav immediatch~ instiiute Procecdings to~foreclose this mor!~age. ~ ~ 15. That thc .iUstract or ab.tracts of titlc co~~cring the mortga,~cci prol~ert~• shall at all times, durin~ the life of this mort- ~.~~~f~, temain in the possecsion af the rlssc~ciation and in the e~•ent of th~• foreclosure of this mortfiage or uther transEer of title to ~ ~h~• mort~aged prorerty in extinguishmcnt oE lhe iudebtedness secureci }~.emb~~, all right, title, and intemst of thc ~fort`~a~ors in ~~~cl to am• such abstracts of title shall t~.~ss to the purrhaser or gnntee. ~ 19. The Association shall ha~~P the r~ht, in its discrrtion, to rce~uire tliat the \tort~:~~ors ixn~ into thc Association in addi- ~ 'u>n to the monthlv installments of principal and iutcrest to Ue l~aid 1»• the \tort~agors under the ~iote serureci b~• this mortga~e, .~mount et~ual to one-hvelfth of the annual installmen?.s of am• tases on the mortgaged pmmises le~~ieci or ass~•ssed bv am• ~ ~_~~~~ernmental authoriky, and one-h~•elfth of the annual premiums for Fire and Extendecl Coverage inswanee i~n the mort~age~cl " :~rc~nis~s :is hereinbef~~re re~uired b~~ the Ass~Kriation, and the ~iort~.i~or.s' fa~lnre to make such g:i~-ments ah.~ll c~~n.titute a default e ~ t;n~lcr this mu~tgaae. ~ 1\ ~1'IT\ESS ~l'~IEREnF, ihe said \lnriga~~~re h~•rennt~~ ~ct thi~ir hands und seals the da~~ and ~•e~.?r first alxn'~ ~~'ritten. ~ ~ 5iR ~:Kl, sealcd an~ dcli~•ered in the Presence ~f: ~ , ' , - ~1 , Fi_ ~ ~ ~ l~ ~ t g.~~., ~ ? ~ J. A Mc~Taniel ~ ~ ' / _ ~Ct~~.a- ~Cl.,t,~c. ~ SEAI.} l"t:~ `-a--~-i t ~ Edna E. McDaniel ~ ~ 1 tiE:~l. l ~ y (SEAL) ~ ~ ( W I TNESSES} (MOR TGAGORS) ~ ~ BOOK ~$7 ~ 18~4 • ~ ~ ' 1~ - ..~~,~~~._.~~k~.~~~ _ ~