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Home My WebLink About1160 . • : ` 8. Until ckfauh in t?~ perforn~ance d tbe covenants and agre~.meots oE thIs mortgage, the nxutgagors slWl be cntitlal a, collect the re~ts, issues andp~ofits fram the pmn?i:a herelnbeforo deacribed, but in case oE a default in auy of the tem?s of thia mortgage, and the filing of a bill to farclose thi: o~ any other matgage e~cumbering the within de~cribal pe~ope~ty. tbE ~s~ociatioa shall immediately and without notice be entitkd to the appointment of a Neceiver of the m~tgaged p~operty~ and of the rents, issues and pmfits theceof, with the usualpo wer of Receivers in such c~ses, and such Receiver may be eontinued ~n possessiot~ of the suid propech~ unW the time af the sak thereof tu~der such foreclostur, and until the confirmation of such .ale bv the Court. 9. lE a wnvevance should be made by tbe moztgagan of the premises herein described, or any~rt thereof~ without the• written cozuent o~ the Association, and without assumption in regular form of law by the grantee of tTie obligatic?ns to the ~.umiation created bv said promissory note and this mort age. then, and in that event, and at the option of the AsurcixiK?~i, isso g ,~nci ..~thout notice, all sums of mcx~ey sec~~red hereby shall immediateiy und concurrently with such rnnveyance bec~me due und ~~ay~uble and in default, The Association may deal with sucoessors in interest with reference to this mortgage and tbe debt herebv ; secwed in the same manner as with the mortgagors. and may forbear to sue or may extend time for payment of the debt, securec~ ± hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt ~ hereby sec~red. The Association may also deal with the Mortgagors and/or with successon in interest with reference to this ~ mortgage and the debt ~iereby secured by forbearing to sue, e:tending the timc for payment of the debt, providing for diffaient monthly payments and/or a different interest rate, and by other express malifications of the c~tr:ict. without bsing any ~xiorit~• the Associatio~ has over other mortgagees or lienors or holders of any junior interests in the property . secured hereby, 10. That in the event the premises hereby mortgaged, or aoy part thereof, sha11 be condemned and taken forpu blic use ` ~u~dcr ihe power of eminent domain, the Assuciatioa shall have the right to demand that all damages awarded for tbe taking of or ; damages to saici premises shall be paid to the Association, its successors or assi~s, up to the amount unpeid on this matgage and mav be applied upon the payment or payments last payable thereon. : 11. It is specifically agreed that time is the ~ce of thit contract and that no waiver of any obligution herewider or of ~ the obligation secured hereby shall at any time thereaker be held to be a waiver of the terms or of the instrument secured hereby. , 12. If foreclosure proceedings of any second mortgage or second trust deed or any junios lien of any kind s6ould be insti- ; tuted, the Association may st its option, immediately or thereaRer declare this mortgage and the indebtedness secured hereby due ~ and paysble. l3. To the extent of the indebtedn~cs of the Mortgagors to the Associ.ltion described hercin or sea~red hereby, the Asso- c~iation it hereby sabrogated to the lien or liens and to the rights of the ow~nen and holders thereof of each and every mortgage, licn or other encumbrance on the land described herein which ic paid and(or) satisfeed, in whole or in part, out of thep ~~f the loan described herein or secured hereby, ancl the respectivc liens of said mortgages, liens or other encumbrar~ces, s}~~~ e~~ and be heid by the Association herein as security for the indebtedness to the Associatan herein described or hereby secured, o thc s:ime ea!ent that it atirould have bcen preserved and ~~rould have been ~assed to and been held by the Assa,~iation had it beesi duly and regularh• assignod, ttansferred, set over and delivered unto the Association by sep~arate deed of assignment, notwithttand- ing the fact that the same may be saticfied and canceDed of record, it bcing the intention of the p~vties hereto that the same will t~e sa~sfied and cancelled of record by ihe holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and expenses induding lawyzr's fees, reasonably incurred or paid at any ti:ne bv the Association, because of the failure of ihe 111ortgagors to perform, comply with and abide by each and every stipula- tions, agreements, rnnditions and covenants af said promissory note and this deed, or either, and every such payment shall bear interest frora date at the rate stated in the note secured hereby. ~ 15. That he willpernu t, co~tunit, or suffer no waste, impairment, or deterioration of said proPerty or any pazt then~of; t and in the event of the aif lure of the Mortgagors to keep the buildings cx~ saidpre mises and those to be erected on ~id premises, ur impro~~ements thereon in good repair, ihe Association may make and pay for such repairs as in its dLscretion it may deem necessary for the proper preservation thereof, and the full amount of such pavments shaD be secared by the lien of this mortgage :ind shall at the optian of the Association be immediately due and payable, or payable in such monthly uutallments as the Associa- t~on may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby. 16. 7'hut if the Association and the 111ortgagors agree, the Mortgagors will carry a policy or policies of ins~uance upon ! their lives in an ar~lbunt equal from time to time to the amount of indebtedness hereby sec~ued~ making said Association benefi- ' ~~iary thereunder, and that tl~e said Association maypa y the premiums for such insuiance (in the event the riortgagors do not), F and add each such p:i~~ment to the unpa~d balance of ihe loan, as of the first day of the then cuirent month, and it shal! become ~ :~ciditional indebtedness securec~ by this mortgage payable upon demand. ~ [ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the bsortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build , ~ said consiruction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, s ~ .~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ± ~ ~~?.ition may immeciiately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of [itle covering the mortga;ed property shali at all times, during the liEe of this mort- 's ~,a;e, remain in ihe possession of the Association and in tbe event of the foreclosure of this mortgage or other transfer of title to 's ~ thr mortgaged property in ertinguishment of the indebtedness secumd hereby, all right, title, and interest of the Mortgagors in ~ and to any such abstr~acts of tide shatl pass to the purchaser or grantee. 19. The Association shall have ihe right, in its discretion, to require that the Mortgagon p~y inio the Association in addi- ~ tion to the monthly installmentr of principat and interest to be paid by the ~tortgagors under the note secured by this mortgage, ~ ~ :iT~ amount equal~to one-twelfth of the annua! installments of any taxes on the mortgaged premises levied or assessed by any ~ ~ ~o~-ernmental authority, and one-twelfth of the annual premiums ior Fire and Extended Coverage insurance on ihe mortgaged ~~remises as hereinbeEore required by ihe Associ:?tion, and the Afortgagors' failare to make such pa~Tnents shall constitute a default ~ under this mortgage. ; ~ IN V~'ITNESS R'HEREOF, the said ~fortgagors hereunto set their hands and seals the day and year first above written. { ~ ~ SignQd, sealed and deli~~ered in the presence of: BEACH C B COLONY OF~~JART C. ti ~.~j ~ ~ ~ BY~ ~ /L - ) ~ ' ' GQOr~~ lopoul , President . ~ : ~ ~ - - • _ . 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