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UM~ 3efauk in the ~xrf~xa~o~ aE ~R eov~4~ut and ~rcments of this mo~t~agc, the aa~xtgaaas ~all be a~titled a? copert ths eenb, issua .ad pro(its Erua4 d» pre~?iset b~ednbeiora de~ib~d. but in ase of . def.uh in .~r of the tam~ of this mort~, and the f~' c~F a Wl1 to farclore t6b cr an~r other ma~tgaae eacumbering tbe within dacn'bed prope~ty, tbe .\ssociation shal! imcnediateh aed widxn~t notice be entitkd to ths appointment of a Roceiver of the mottgsgedp~pect~, and ~~f tbe reats. i~~s anci p~o~ib thaeof, witb tbe uwalpo ~we~ of Roceive~s in sucl~ caxs, snd such R~~eiv~ may be-oontinued ~n ~ tl~+ said ~oparh• ~ntil the tLne af the uk thereof uncler ~ch Iarcbsttre, ancl until the confinnation of such v+k M the Oourt. 9. lf a~v~y should be made by tl~e mortgagas oE the pamiscs hers~n de~scribed, or any part thueoF, wit}~wt the vvrittea caasent of th~e Associatioo, and v?ithout assumpticx~ in regular fam of !aw by the qra~tce oF tFie oblig~tions to tl~e ~~arciatian created bv said promisw~y note and this matgage, then, and ia tluit event, and at the option c?E the Ass~~ciation. :uxi ..~thout notice, ill swns of r~+oey sec~~nd haeby shaU immcd'utely and concurrently with such conveya~xe beoome due and payabk and in defauh. The Assoc~tian m~y deal wtth auceessors in intetest with reference to this mortgage aad tbe debt hereb m secured in the same manmr as v?ith the mo~tgagars. and may forbear to sue or m~y e:tend timc for paymrnt of the debt, hercby, or otherwice act witFaut discha~gu~g or in any v?~ay affecting the liability of the mortgagora hereunder or upoa tbe debt hereby secund. 'I1~ A,swciation may abo dral with the Mortgagon and/or with successors in interest with reference to t}?is nxmga~ge and the debt herebY ~s~ecured by forbwring to sue, extend'n~g the time for p~yment of the debt, ~xoviding for diffe~+ent ~~h' WY'"~*~ts and/or a differeat iaterest rate, and by otber a~x~ss modiRcatioas of the contract, without losing any ~xiorih• the As~ocistioa hos ovrr otl~er moctgagees or lienors or holders of any jimior interests in the propertv secured hereby. 10. 'I"h~t in tbe event the Exra~ises herehymc~tgag~d, or any part t}~eroof, slwll be c:oodemned and taken forpu blic use ~u~Jcc t6e power of eininent danain, the Asa~ciation s1w11 have the right to ck~na~xl that all damages awarded for the ta]aing of or damages to said pmnisex shall be p4id to tbe Assoriation, its successors or assiQns, up co the amount unpaid on this matgage and ~ a~a ~ ~y~c ~ ~y~c~ ~ ~y~w~ t~. 11. It is specif'xally agreed thst time u the esse~x~e of this contract and t~?st no waiver of any obligution hereunder or of the obligaUion secimd haeby shall at any time tl~araher be held to be a waiver of the terms ar of the instr~unent aecured hereby. 12. lf foreclosure proceedings of any second mozt ge or seoond trutt deed a~ aay innior lien of any kind should be icuti- h~ted, the Association may st its option, ima~ediately o~ t~hrre~ker deciare this mo~tgage and the indebtedness secured hereby due and payable. 13. To the eztent of the indebtedness of the Mortgagors to the Association described hesein or sec~~rod hereby, the As~o- cistion is hereby svbrogate~d to the lien or lieas and to tbe rights of the ov?~ners and hoklers thercof of each and e mortgage, iien ~ otber er~cumbra~e on the land de,scribed l~erein which is paid and(or) saticfied, in whole or u~ part, out of~ ~~f the ban described herein or secured hereby. aad the re~ectivr liens of said matgages, lieos or other encumbrances, s llw~~ass to and be he]d by t6e Association hetein as~sec+uity for the ~ndebted~x~s to the Ax.cociation herein desctibed or hereby sectu~ed, to the s?me ex!ent ihat it would l~ave bee~~ prese~ved and wouW L~ve beee~ pused to and beea held by the Assocyatia? had it been aWy and regularh• assi~aed. ~an~errra• sec mrer ana aeliverea u~,to ~he A~~ociaaan by separate aeea of a~ign~t, noc.~?;th~na- ing the fact that the same may be satisfied and canceUed ~ r~c.brd, it being the intention of the partia hereto ihat ihe same will be sa~ed and car~odkd of ieoad by tbe hoWeis thereof at or about the time of the reco~d'mg of this matgage. ( 14. To pay all and singular the costs, charges, and eacpenses mduding lawyer s fees, reasona u~cuacd or paid at any j time by the Association. because of the failure oE the 1?iortgagors m P~Or'n• ~P1Y with and abide~y.e,ach and every stipula- tions, agreeme+its, conditiau and oovenants of said pramis.cory note and this deed, or either, and evcry such payment shaIl bear interest from date at the rate stated in the note secured hereby. 15. That he willpernu t, cotnmit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in ihe e~~t of the failiu~e of the Mortgagors to keep the buildings on saidp~emises and those to be erccted on said premises, cu improv~e~nents thereon in good repair, the Association may . make and pay for suchrepa~s as in its dis~etion it may dcem necessarp for the prnperpn~e rvation thereof, and ihe full amount of such payments shalt be aecur«i by the lien of this mortgage :u~d shaD at tLe option of the Association be imznediately due and payaWe, or payable in such monthly installments as the A.ssocia- 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 ~?tu~tgagon agree, the Mortga ors will carry a policy or poL'cies of insurance upon ~ cheir lives in an ar~mt etiual from tume to time to the amount of indebt hereby secured, maldng said Axsociation beriefi- e i ceary ther~u~der, and that the said Association maypa y the premiums Eor suct, insurance (in the event the Mortgagors ~ not), ! and add each such pn)Tnent to the unpaxi balance of the lo~n, as of the fiist day of the then curr~nt ma~th, and it shall beiome ~ additional indebtedness secvred by this mortgage PaYable upon demand. ~ 17. T'hat in the event that this moiigage be given to secure a constnictian loaq fa7ure on the part of the Mortgagors or ~ their contractors to complete said build'mg in accordance with Constructia? I.oan Agree:nent~ of even date her~ewith, or m build said construction in aocordannce with plans and spectifications filed Krith the Association, shall constitute a breach of this matgage, 1 and, at the option of thE Associatioq immediately matwe the entire amount of pruscipal and interest hereby secvred and the Asso- ciation may irnmediately instiiute p~oceedings to foreclose this mortgage. 18. That the absitact or abstraMs of title co~ ering the modgaged pi'o~erty sha11 at all times, during the life of this mort- ;age, remain in the possession of the Association and in the event of the forerlosvre of this mortgage or other transfer of title to the mortgaged praperty in e:tinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Associatia~ shall have the right, nn its ciiscretion, to require that the Mortgagors pay into the Association in addi- t~on to the monthly installmc~?ts of principal and interest to be paid by the !liortgagors under the note secur~ed bv this mortgage, :~n amount equal to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or aaessed by any go~~ernme+~ta! authority, and one-twelfth oE the annoal premiums for Fire and E.~tended Coverage insurance on the mortgaged rrcmises a~ hereinbefore required b~ the Association, and the ?lfortgagors' failure to make such payments shall constitute a default und~z this mortgaae. I:~ WITr'ESS ~YHEREnF, the said ~tortgagors hereunto set their h~ncls and seals the day and }~ear first above ~vritten. ~ Signe~d, sealed and deli~~ered in the presence of: ~ ~ ~ ~ ~ t,~~~"" Adrian J. Bel ''l'~ (SEAL) ~ ~ , ~ (c ~1=~" (SEAl.) ~ ' Eleanor A. Belt ~ (SEAL) ~ ~ ~ _ - (SEAL) (W ITNESSES") (MOt TGACAR5) ~ ~?189 ~1258 ~ ~ ry . . _ ~ ~ f . ' ~ r;~~. - -