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Home My WebLink About2435 8. Until clefauh in the pciiora~anoe af 1he cov~e~nts a~xl agmmeols of th[: mortgage, the maiaagats ~ll be eotttled a? colk+ct the rc~ts, issucs and~ its from the p~+e~ni~a l~eceinbefore cloxYibed, but in cose of a. dcf~uh in any oE tbe temu~ ~,f thu mo~tgage, and the filing o~ s biq to fonrlose thh ar a~np other murtgage cncumbe~ing tbe withln cie~cribed p~ty, t!rc .~s~ociation sl~all immerliatclv and without ~wtice be entitkd to the appointment oE a Reccivc* ~ the matgagedp~ope~ty, and _ uf the rents, iin~es and pro~ib thereof. with tbe usualpo wer of Reccivers ln such ca~es, ~d such Recciver may be -oo~itinual ~n poasessbn of the saJd p~vperty until the time of the :ale therrof w~cier ~cM forecbsurr, and uotil the co~firnwtio~ of a~ich .ale bv thc Co~ut. 8. lE a c~nveyance should bc ros~de by tLe matgagan of the premix~ herrin describcd, or any patt thueof, without th~ writtea conse~t of the Association. a~d w~thout ussum~Kion in n~gular form of law by the grantee of tFie oblig,ations to the ~..K~cwtion craated bv caid promissory note and this matgage. then~ and io that eve~t, and at the c~tion uf the Associatk,n. ,~o~l ~~~tFwut notice. a~l sums of mcx~ey ser~red hereby shAU immed'utely and concurrendy with such rnnveyar~ce become due and ~~a~ able and in deEault, T6e Association may daal wlth stiocessors in interest with reEerence to this mortgage aad the debt hercby secured in the same mannrr as with the mortgagors, and may f~bear to sue or may extend time [or tmyment oE the debt, senireci hemby, or ot~~crwise act witlwut disctwrgmg or ia any way affecting the liability of the mortgagws hereunder or upon the debt hereby secured. The Association may alto deal with the Mottgagora and/~ with succcssors in i~terest with reference to thi~ nx~rtgage and the debt hereby secured by forbearing to sue, extending the time fo~ payment oE the debt, ~xoviding for different montbly payments and/or. a different interest rate. and by other express moclif'catioas of the contr.~ct, without losing any priorih• the Association has over other mortgagees or lienors or holde~s of any j~mior intereses in the property secured hereby. 10. ThAt in the event the pm~nises hcreby mortgaged, or any part thereof, shall be oondemned and taken forpu blic use under the power oE eininent domain, the Assuciation shall have the right to demand that all damages awarded for the talong of or damages to said prernisat shall be paid to the As.9ociation, its successors or assiqns, up M the amount unpaid on this modgage and mav be applied upon the payment or payments last payable thereon. 11. It is -specifically agrecd that time is the ~ssence oE this contrad and that no waiver of any obligatiai ~nder or of the obligation secured hereby shall at any time thereafter be hdd to be a waiver of tbe terms or of the instrument secured hereby. 12. If foreclosure pmceedings of any second morig+xge or seoond tnut deed or any junior lien of any ldnd should be insti- tuted, the Association may st its option, immediately or thereafter declare ihis mortgage and the indebtedness sr.curEd l~ereby due and paysble. 13. To the eactent of the indebtedness of the 1lfortgagors to the A.csociation dexribed hemin or secured hereby, the Asso- ciation it hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every moztgage, lien or other ericumbrance on the Iand described herein which ic paicl and(or) satisfied, in whole or i~i part, out of thep ~~f the loan described herein or secun~ci hereby, and the respactivc liens of said mortgages~ liens or other enc~unbrances, st~~ t~ and be held by the Association herein as secun for the indebtedness to the Association her~n described or hereby senmed, o the same e~c!ent that it ~vould have been pr~~v d and ~~~ould }~ve been paueci to and been held by the Association had it been duly and regularl~~ assigned, tra~uferred, set over aad deUvered unto the Association by~ sep4rate deed of assignment, nohvithstand- ;ng the fact that the same may be satisfied and cancelled of record, it being the intenti~ of the parties her~to that tho same will i~e sa~sfied and canc~lled of record by the holders thereoE at or a6out the tinu of the reoordiag of this mortgage. 14. To pay all and singuiar the costs, charges, and expenses including lawyer's fees, reasonably incuaed ot paid at any time by the Association, because of the failure of the I?iortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear inteirst from date at the rate stated in the note secured hereby. 15. 'I'hat he will~tm t, commit, or suffer no waste, impai~nent, or deterioration of said property oc any part thereof; and in the event of the af ilure of the Mortgagors to keep the buildings on saidp and those to be erected on said premises, or improvements thereon in good repair, the Association roay make and pay of r s~ re~rs as in its disa~etion it may deem nc*cessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in t3ie note secured hereby. , 18. That if the Association and the 1ltortgagors agree, the I?~ortgagors wiII cazry a policy or policies of insursnce up~ ` their lives in an a~unt equal from time to time to the amount of indehtedness hereby secured, malvng raid Association benefi- ; c;ary thereunder, and that the said Associatian maypa y the premiums for such insurance (in the event the Mortgagors do not), ; and add each s~x:~ pa~~ment to the un~ balance of the loan, as af the fint day of the then current month, and it shall become ~ additional indebtedness secured by 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 I?lortgagors or ~ their contractors to complete said building in accotdance with Cor~struction Loan Agreeznent, 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, ~ and, at the option of tix Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage, ~ ~ 18. That the abstract or abstraMs of title eovering the mortgageci property shall at all times, during ihe life of this mort- - ~,age, remain in the pcusession of the Association and in the. event of the fareclosure of this mortgage or other transfer of title to thr mortgaged pro~~ty in extinguishment of ihe indebtedness secured hereby, all right, tide, and interest of the Mortgagors in :~nd to any such a6straMs of title shall pass to the purchaser or grantee. ' ~ 19. The Association shall have the rig6t, in its discretion, to rec~uire that the 1liortgagors p~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ?lfortgagon under the note secured by this mortgage. :~n :imount equal~to one-twelfth of the annual installments of any taxes on the mortgaged pmmis~s levied or assessed by any~ ~ hovemmental authority, and one-twelfth of the annual premiums for Fire and E~tended Coverage insurarice on the mortgageci ~ remises ~s hereinbefore required b~~ the Association, and the !1lortgagors' failure to make such payments shall constitote a defaalt ~ undor this mortgage. I:\ WITNESS ~t'HEREnF, the said ~tortgagors he~eunto set their hancls and seals the da~• and year first above written. ~ ~ SignQd, sealed and dclivered in the presence of: • ~ / ~../1%~'.t.~.t-~~~" ~~t~l. Ru ll L31r~/ i ~ (SEAL) ~ ` ` ~I~~~~ ,(ZC. t.ec ~ - ~ • ~erta Laird (SEAL) ~ ~ ~ ~ (SEAL) ~ ~ (W I iNESSESI (Mpt TGAGORS) ~ $~AL ~ aoox 1$9 2~ ~ ~ ~ . _ ~.m , _ _ ,