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Home My WebLink About2057 ~ ( 8. Unt~ default in the perfornw~ce d the oova?ants and agrcr.ments of thls matgagc, tl~c moctgagort s1W! be cntitled to collect the ra~b, issues and p~ofits fraa the premises harelnbefore dexribed, but in case of ~ def~ult ia any of tl~e terrn~ oE this mortgage, u~d the filing of • WD M foreclose th~ a~ any other mortgage cncumbering the wtthin descxibed pcopaty, the .~aocintion sl~ll immediately and without iwtice be er~titkd to the appohtment of s Aecetver of the nw:tgaged pe+operty, and of the rents, is3ues and p~ofits thereof, with the usual powet of Receiveis in such cases, snd such Axetver may~ be continued pos~sioa of the said pmperty until the ticae af the sab thereof urxier mch foreclosure, and until the confirmatton of such u?le by thc Court. ~ • . • • ~ ' ; 9. If a conveyance sl~ould be made by tbe nw~tgagas af the pcemis~c 'hcrein descxibed, a~ onypart thereof, without the writtea ca~sent oE the Aasociation, aad without asswmption ia regub~r ia~n of law by ihe grAntee of tTie obligations to the ~ssaci4tion created b~Y said pcomissory note and this mort age~ then, aad ia t~at cwent, and at the option of the Association. ~sso :~nd ~vithout notice, all sums of mcme;v ser~red hercby lmmediately and co~currently with such rnnveyance become due a~xi payabk and ia dehuh. The Assodation may deal with. snooeasors in interest wit6 seference to thLs mortgage aad the debt~~~ secured in the same mannrr as with the nwctgagon, and may fo~bcar to n~c or may extend time for ~ymei~t of the dcbt, hereby, ar otlierwi9e act without g or in any way afEecting the uabil~ty of the mortgagors hereunder or upon the debt hecrby s~curred. The Associatioa ma~ deal with the Mortgagors and/or with successors in tnterest with reference tu this ~nortga~ge anci the debt hereby ~sen~rcd by Eorbearing to sue, extending the time for payment of tbe debt, providing for differ+ent 'nOn~Y WY~b andlae a different intet+est rate, arnl_ by_ other espress maltficatioas of the ca~trnct, without laaing anY P~ri~Y. the Associatlan 6ss over othez moctgagees or lie~wrs or holdeis of any juntar iaterestr in the property senrred hereby. 10. That iri tl~e event the premises hereby mNtgag~d, or any put thcreof, s}wll be coodemncd and taken forpu blic use nnder tbe power of eminent domain, the As.a~ciation s,hall have the right to denwnd that all damages awarded for the taktng of or damages to said pemises shall be paid to the Ar.~ociation, its auccessws or assigns, up to the amount unp4ici oa ihis matgage and mav be applicd upoa the pa~ymeat or p4ya~ents last payable thereon. 11. It is specifically agt~ecd that time is the essenoe of t~us cuntract and that oo waiver of any obligation hereonder or of the obligation seam~d heneby s~wll at any time thereaftcr be held to be a waiver oE the terms ~ of the inst~umart accured bereby. 12, If forecloaure proceedings of any second mottgage or second trvst deed oc any j~nior lien of any kind should be insH- tuted, tbe Association may at its optfon, immediately or thereaR~r declare this mattgage and the indebtedness secured hareby due and pnyaNe. - 13. To the aztent of the indebtedness of tl?e Mortgag~ to the Associatia~ deas~'bed herein.or secured her~by, t6e Asso- ~iatiaa u L~eby. subrogated to the lien ar lient and to the rights of the ovmers aad hoid«s thereof of each andevery mottgage, lien or other encumbrance on the land described herein which is paid and(ac) satisfied, in whok or in pnrt, out of the~~ ~,f the ban descr;bed herein or secured hereby, and the respectivc liens oE said matSaSes. lieas or other encumbrances, co and be heW by tbe Associatian hereia as savnty ior the uxkbtedness to d~e A.sso~ciatioa herein described ar he~eby sen~re~ o the same ea~!ent thlt it would have been pres~v~ed and would have beea [nued to and been held by the Associatioa bsd it been duly and regularly assigned, dansfer~+ed, set over aod delivered unto the Associ+tion by sepa~te deed of asaignment, r,otwithstand- ing the fact th~t the same may be satisfied and cancelled of reoocd, it being tbe inteation of the pazties hexeto that the same will be so~sfied and caiwellcci of reca+d by the holders thereof at or about tbe time of the reoording of this matgage. 14. To pay all and singular the costs, charges, and e~s induding lawyer s fees, reasonably inciared o~ paid at any time by the Auociation, becauce of the failure of the 1ltortga8ors to P~Oi°~• ~P~Y with and abide by each and every sti~wla- tions, agr~nents, rnnditiau and covenants of raid promissory note and this deed, or either, and every such psyment shall bear interest from date at the iate stated in d1e ilote sec~red l~ereby. 15. That he willpe~ t, cvaoinit, ar suffer no waste, impairn~?t, or deterioration of said property or any part thereof; and in the event of the ~ailure of the Mortgagots to keep the buildings o~ saidp~nis~ aad those to bc erected on said premises, or improvements tl~ereon in good npa'v, the Association may make and pay f suchrep~us as ia its discxetion it may deem n f~ tl~e p~operp~e tion thereof, and the full amount of such pnyments slwll be secured by the 1ie,n of thi~ martg~ge - :~nd sh~at the option of the ~As~ociation be immediately due and payable, or payable ~n avch monthly ~ts as the As,socia- ~ tion may determine, and Ewery s~ch payment shall bear interest from date at the rate stated in the note sec~u~ed hereby. . 16. ZLat if the Association and the Afortgagors agree, the Moitga ors will carry a policy ar policies of insurancE upon ; their lives in an aaleunt equal from time m tirt~e to the anwimt of md hereby senu~ed, making said Association benefi- f ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the 1liortgagors do not), and add euh s~x~ payment to the un b~lance of the loaq as of the first day of tbe then current mmth, a~l it shall becane ~ additional indebtedness secured b3' ~~ge P~Ya~ nP°n ~ 1T. That in the event that _dris mortgage be given to seciire a ca~strocti~ ban, failure on the patt of the Mortgagors ar their contracton to complete said building in sornrdanoe with Coactruction Loan Ag~eement, of even date henewith, or M build ~ said construction io aocordance with plans and spe~afications filed with the Association, shalt constitute a breach of this mortg,age, and, at the opti«~ of tbc Associatioq ima~e~iately aoature the entire amount af principal and interat hereby secured and tbe Asso- ~ ci.ltion may irnn~eciiately institute proceedings to foreclose thi~ mortgage. ~ 18. That the abstract or abstracts of titk covering the mortgaged property shall at all times, during the life of this mort- ~a~e, remain in the poasession of the Association and in the event of the farecbsure of this mortgage or othc~ transfer of tit{e to the uwrtgaged prope,~ty in eztinguishmeat of the indebtetiness secvred hereby, all right, title, and ioterest of the Modgagors in and to any stich abatracb of title shall pass to the purdisser o~t gr'antee. _ 19. Tbe Associatian shaII have the dght, in its discretion, to require that the Aiortgagors p~ay into the Association ia addi- tion to the monthty instaDments of principal and interest to be paid by the :4tortgagors under the note sec~ued by this mortgage, an amount equal to one-twelfth ~ the annual installments of any t~ces on the moctgaged premises levied or au~ssed by any gove~nmental autbority, and one-twelfth of ibe annual premiums for Fire and Eutended Coverage insurance on the matgaged premises as hereinbefore required by the Association, and the 11~ortgagori failure to make such payments shall constitute a default ~ under this mortgage. _ ' : 1?1i WITNESS WIiEREOF, the said 1liortgagors her~eunto set their hands and seals the day and year firat above written. ~ Signed, sealed and delivered in the presence of: . ~ . - - - - ~ - ~~(SEAL) ~ - - - - - " aul P. ,~VI e ' ~ / - - - - - _ - - ' _ - - _ (sFr?I.) ~~2/~~ Annie D. Moore . - - - - (SEAL) _ _ _ . - - - (SEAL) _ . - - - _ _ (YVITIIESSEi) IIMORTGAGORS) ~ ' t ~ soo~lb8 ~~~U54 ~ z~~:- - : _ ~