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HomeMy WebLinkAbout0253 ~ M ~ i . 1 ~ 8. UnW defauh in the performance of the mvenants and agrecrnents of this mortgage. the mortgagon ahaU be entitled t~? collect the rents. issues andp~ofits fran the premises hereinbefore described. but in cese of a default in any of the terma of this mortgage, and the filing of a biU to forecloae this or a~aY other moitgage ancumbering the within described propecty, tbe ~s.sociation sLall immediately and without notice be eptitkd tQ the appointmeat of a Receiver of the mortgagedproperty, and of the rents, issues and profits thareof, with the usual power of Receivers in such cases, snd such Receiver may be continued ~n ~oa~ioa of the said property antil the time of the sale thereof under such foreclosure. and untii the confumAtion of such .ale bv the Coutt. 8. lf a conveyance shouki be made by the mortgagors of the premises herein described, or Any part thereof, without the written consent of the As~ciaHon, and without assumption in regular form of Iaw by the grantee of tha obligations to the ~...wciation creuted by said ~romissory note and this mortgage. then, und in that event, and at the option of tlie Associutiun. :~n~l ~vithout notiee, all sums of mamy sec~~red hereby shall immediately and concurrently with such crm•eyance bea~me due and ~~apable and in deEatilt, The Association may deal wlth suceessois in interest with reference to this mortgage and the debt herebv secured in ihe same manner as with the mortgagois, and may forbear to sue or may extend time for payment of the debt, securec~ ~ hereby, ~ otherwise act without discha~ ing or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with ihe bio~tg~gors uad/or with successors in interest with reference M this ~nortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different montbly payments and/or a d~fferent interest rate~ and by other eapress awdifications of the contr.~ct, without losing any priorih• the A.aociation has over other mortgagees or lienors or holders of any junior interests in the propedy secured hereb~~. 10. That in the event the pmmises hereby mortgaged, or a~y part thereof, shall be condemned and taken for public use under the power of ettfiinent domain, the Asaiciation shaU have the right to demand that all damages awarded for the taking of or damages to said ~emices shall be paid to the Association, its successors or assigris, up to the amount unp~id on this modgage and mav be applied upon the payment or paymet~ts last payable thcreon. 11. It is specificaUy agreed that time is the essence of this contrs?M and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be u waiver of the tenms or of the insirument secured hereby. 12. If foreclosure proceedings of any second moitgage or second tn~tt deed or any junior lien of any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payabk. 13. To the extent of the indebtedness of ihe Mortgagors to the Association descxibed herein or secured hereby, the Asso- ciatian is•hereby subrogated to ihe lien or liens and to tbe rights of the owners and hc~lders thereof of each and every mortgage, lien or other encumb~aance on the land described h~relri whicb i~ paid and(or) satisfied, in whole or i~i part, out of the pnceeds ~,f the loan described herein or securect hereby, and the resPectivc liens of said mortguges, liens or other encumbrances, shallpas t~, and be held by the Association hereiii i~,4 se~vrity for the;u~dgbtedness to the Association herein described or hereby s~ecured, to thc s:ime e~ent that it would have been presaved and ~~val~#l~,~ive bee~ passed to and becn held by the Association had it becn ~luly and regalarly assigned, transferred, set over and delivered unto the Associarion by separate deed of aSSignment, notwithstand- ing the fact that the same may be satisfied and canceile~ of i+~L~ed, it being the intention of the parties hereto that the same will l,e sa5sfied and canceDed of record by the holdezs thereaf at or about the time of the recording of this mortgage. 14. To pay all snd singular the costs, charges, and ~spenses including lawyer's fees, reasonably incurred or paid at am~ t;me by the Association, because of the failure of the 11lortgagors to perfonn. comply with and ubide by each and every stipula- tions, agreements, conditions and covenanis of ~id promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings ~ saidpre mises and t}~ose to be erected on said premises, ~,r improvements thereon in good repair; the Association may make and pay for such repairs as in its disrretion it may deem necessary for tt,e proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage xnd shall at the option of the Association be immediately due and payable, or payable in such monthly itu~llments ac the Associa- 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 ~tortgagors agree, the Morigagors will carry a policy or policies of insurance upon ~ their lives in an ar~Taunt equal from time to time to the amount of indebtedness hereby sec~ued, making said Association benefi- { <~[ary thereunder, and that the said As.9ociation may pay the premiums for such insurance (in the event the l~~ortgagors do not), ~ ,~nd add each such pa~~nent to the unp~ d balance of the loan, as of the first day of the then civrent month, and it shall become ~ ulditional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the Irart of the 1?iortgagors or their contractors to complete said building in accozdance with Construction. Loan Agreement, of even date herewith, or m build said construction in aocordance witb plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, .~nd, at the option of the Associatioq immediately mature the entire amount oE principal and interest hereby secured and the Asso- c;ation may immediately institute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of tide rnvering the mortga~ed property s6u11 at all times, during the life of this mort- ~,age, remain in the. possession of the Association and in the event of the foreclosure of this motitgage or other transfer of tide to the mortgaged property in e:tinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in .ind to any such abstraMs of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- tion to the monthly installments of principal and inferest to be paid by the ~lfortgagors nnder the note secured bv this mortgage, :+n amount equal-to one-twelfth of the 3nnual installments of any taxes on the mortgaged premises levied or assessed by any ~ ~~ovcvnmental auttioraty, and one-iwelfth of the annual preminms for Fire and Ettended Coverage insurance on the mortgaged i~reinises as hereinbefore rec]uired b}• the Assc~ciation, and the \iortgagors' failure to make such payTnents shall constitute a defa~dt uncler this mortgage. Il~ WITNESS ~VHEREnF, the said ~iortgagors hereunto set their hands and seals ihe dav and ~~ear first above w~ritten. j ~ ~imned, seal and de 'vered in the presence oE: ~ .3 ~ ~ _ ~ / ~ I ~ : l~~ • ~ ~ ~ ~ 1 .,G Y,z~ - - _ G - -(SEAL) ~ ~ Thoma A. Gall r ~ _ - - - - ~ ~ ~ ' ~ Jeanette M. Gallagher : ~ . _ - - (SEAL) i ~ _ - - - - - ~S~?L) . _ _ (YYITkfSSES) (MORTGAGORS) M ~ aoacl$8 ~ 2~3 ~ - - - ~ ' ~~~~:~-~.~.~~>._~.G xt...