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Home My WebLink About2447 8. Unta defauh in the performanee d the eo~nt: aai a~ea~rnents uf ~his mo~tgagc, the m~tgagaa shaU be a~titbd a~ eolkrt the ronts, iuues and its hom the pma?i~es bereiabeforo ikx~cibecl, but in case of • default in aay d tbe tenns d 0 thi~ matga~, and tbe filing a bill eo fo~rclas tbM at u~ othee moetgage cncumbe~ing the within described peope~ty, tl~e .~saociation :hall immcciiatelv snd without notice be e~tit~ to tM appointmcnt of a Receiver of the mortgagedp~op~rt , and of the tents, issues and pro#it~ themo(, with the usual po~wet of Receive~s in such c~ses, and such Receivcr may be-oo~tinued paasession of the said ~xoperty until the time af the sale thereof wxler such foreck~surc, and until the con~irmatiuo of such .alc bv thc Court. 9. If a eonveyancc shouW be made by the mo~tgagas of the premises hercin described, or any put thereof. without thP written ca?sent of the A~ocistior?, and w~thout ass~unpti~n in regutar form oE law by the grantee of ti~e obligataru b the~ ~s.wciati~ created bv said promissory note and this mortgage, then, and in tlwt everit, and at the uption of the Assucis~tion. :uxl a~thout notice, a~l sums of mmey serued hereby shall immediately and concur~endy with such rnnveyar?re beoome due arnl ~ayuWc and in defauh. The Association may deal with succeuors in interest with mEerence to this mortgage and the dcbt herr~ebv secured in the same ms?nnrr as with the mortgagors, w?d may forbear to sue or may extend time for ~x?yment of the debt, securec~ hercby, oc othtYwice act witlwut disc}~argu~g or tn any way affecting the liability of the mortgngurs hereunder or upon the dtbt hereby scc~urd.- Tfie Association may also deal with ihe Mortgagors and/or with successors in interest with reference to this mort~age und the debt hereby sfcured by forbearing to sue, ~tending the time for payment of the debt, iu~oviding for different monttily payments aad/or a differer?t interest rate, and by other express modifications oE the contrnct, without losing any priorih• the Associatio~ has over other modgagees or lienors or holders of any jwiior interests in the property serured hereby, 10. That in the event the premises hereby mortgaged, or any part thereof, sl?all be condemned and taken forpu blic use ~mder tbe power of eminenE domain, the Assuciation shall have the righi to demand that all damages awarded for the taking of or damages to said p~ernises shall be paid to ihe Association, its successors or assigns, up to the amount unpaid on this matgage and mav be applied upon the payment or pa~~nents last payable thcreon. - 11. It is specifically agrecd th3t time is the essenee of this contruct and that ao waiver of a~y obligation hereunder or of the obligation secu~ed hereby shali at.any time thereaker be held to be a waiver of the tenns or of the instrument secured Lereby. 12. If foreclosure proceedings of any second mortgage or seoond tru4t deed or any junior lien of any ldnd siwuld be insti- tuted, the Association may st its option, immediately or thereafter declare this mortgage and the indebtedness sr.cured hereby dne and payabk. 13. To the extent of the indebtedness of the Mortgagors to the Association desczibed herein or seciued hereby, the Asso. ciation is hereby subrogated to the lien or liens and to the rights of the ovmers and holders ther~a# of each and ev mortgage. r~ lien or other er~cumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of ~x~~eeds ~~f the loan desc7ibed herein or secun~cl hereby, and the respectivc liens of sai3 mortgages, liens or other encumbranc~es, ~ tn and be held by the Assoc;ation herein as sec,vrity for the indebtedness to the Association herein dcscribed or hereby sec~red, o the same ex!ent that it ~vould have been preserved and N~ouW have beea Passed to and been held by the Association had it beea cluly and regiilarl,v assigned, transferred, set over aad delivered unto the Association by separate deed of assignment, notx~thstand- ing the fact that the same may be satisfied and cancelled of tecord, it being the intentim~ of ihe ~arties hereto that the same will be sa5sfied and cancelled of reoord by the hoWers thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costt, eharges, and e:penses including lav?yer's fees, rea.wnably incurred or paid at any time by the Association, because of the failure of the 1liortgagors to prrform, comply with and abide by each and every stipula- tions, agr~ements, conditions and covenants of said protnissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secur~ed herebv. 15. That he will~nu t, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; and in the event of the af ilure of the Morigagots to keep the buildings on said~e mises and those to be cYrcted on said pre~nises, ar impimc~nents thereon in good repair, the Association may make and pay fos such repairs as in its disa~etion it may deem necessary? for the ~oper preservation thereof, and the full amount of such payments shall be secnred 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 the note secured hereby. 16. That if the Association and the rtortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an a~unt equal from time to time to the amaunt of indebtedness hereby secured, making said Association benefi- ! ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagars do not), ~ and add each sach payment to the unp~ balance of the loan, as of the first' day of the then c~vrent month, and it shall become ~ : dditional indebtedness secured by this mortgage payabk upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~fortgagors or ~ their contractcrs to complete said building in accordanoe with Construction I.oan Agreement, of even date herewith, or to build ~ said constniction in aocordance with plans and speciEications filed with the Association, shall constitute a breach of this mortgage, and, at the option of thr Association, immeciiately mature the entire amount of principal and interest hereby secured and the Asso- ` c•iation may immeciiateiy institute procc~.~dings to foreclose this morlgage. ~ ~ 18. That the abstract or abstraMs of title covering the mortgageci property shall 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 mortgage or other transfer of title to ~ the mortgaged property in eztinguishment of the indebtedness sectued hereby, all right, titie, and interest of the Mortgagors in and to any such abstraMs of tide shall pass to the purrhaser or grantee_ 19. The Association shall have the right, in its discretion, to require that the \tortgagon p~y into the Association in addi- tion to the monthly instalmentr of principal and interest to be paid by the !lfortgagors under the note seciued by this mortgage, an amount equal ta one-twelkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~o~-e+-amental autLority, and one-tweUth of the annual premiums for Fire and Ectended Coverage insurance on the mortgaged ~ E~remises as hereinbefore required by the Association, and the !1lortgagors' failure to make such pay~nents shall constitute a default »nder this mortgage. ~ II~ WITNESS ~~'HEREnF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ 5ignsd, sealed and deli~•ered in the presence of: ~ ~ ~ . ~ ' Russ Laird ~ ~SEAL) ~ ~ ~ ~ ~ ~ _`-t~ z.C.{ c2! t~ ( SEAL ) ~ Roberta Laird ~ ~ ~ ( SH Al,) ~ ~ cwnr~ssES~ INWRiGAGOfS; (SEAL) ~ ~ ~ ~ ~ ~ ~ ~ ~ > x~ ~ . y~ m`2Y-~i ~ :~k.~"~;x,c_ . . 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