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Home My WebLink About0699 . ~ t ~ " ~ . 1• . t 8. UnW default in the performance of the covenants and agrei.Yneats oE this mortg,~ge, the mortgagon shall be entitled ' to coilect the rents, issues aadprofits fran tM pre~nises hezeinbeforo described, but in case of a default in any of the terma of this mortgage, and the filing of a bill to fozeclose this or any other mortgage encumbering the within desccibed prope~ty, the :~ssociation shall immediately and without notice be entitled M the appointment of a Receiver of the mortgaged~e tty, and of the rcnts, issues and proEits tbereof, with the usual power of Receivers in sucb cases, snd such Receiver may be continued ;n possession of the said property until the tii ~e oE the sale thereof under such foreclosure, and until the confirmation of such .ale b~ the Court. 9. lf a oonveyaace should be made by the mortgagora of the premises herein desaabed, or uny part thereof, without the written crn~sent of the Association, and without assumption in regular form of law by ihe grantee of tfie obligations to thr -1s,ociation created by said ~x+omis.wry note and this modgage, then, and in that event, and at the option of the AswciatK?n. :~nd .vithout notice, all sums of mcmey sec~~red hereby shall immediately und concurrendy with such rnnveyance become duc und payable and in default. The Association may deal with successors in interest with refere~ce to this mortgage and the debt herebv ` secured in the same mannrr as with the mortgagois, s~nd may forbear to sue or may e:tend time [ur payment of the debt, securec~ ; hereby, or otherwise act without discharging or in any way affecting the liability of the mortgagors hereunder or npon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this mort ~ge s~nd tha debt hereb secured by forbearing to sue, extending the time for payment of the debt, providing f~ different sn y mon y payments and/or a different interest rate, and by otl~er espress modifications of the contr.~ct, without losing any priorit~• t~e Association has over other morigagces or lienors or holders of any junior interests in the property secured hereby. ~ l0. That in the event the pmmises hereby mortgaged, or any pazt thereof, shall be condemned and taken forpu bUc use t undcr the power of emine~t domain. the Assuciation shall have the right to dem:u~d that all damages awarded for the talcing of or ! damages to said premises shall be paid to the As.cociation, its successors or assigns, up to the amount unpaid a~ thit mortgage and ' mav be applie~d upon the payment or paymeats last payabie thereon. 4 11. It is specifically agrced that time is the essence of this contruct and that no waiver of any obligation h~eunder or of ' the obligation secured hereby shall at any time thetrafter be heid to be a waiver of the tern~s or of the instniment secured hemby. ~ t 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any ldnd should be insti- ; tuted, the Association may st its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby dae ~ and payabk. 13. To the extent oE the indeMedness of the Mortgagors to the Association desczibed hemin or secured hereby, tbe Asso- ciation is hereby submgated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage~ licn or other er~cumbrance on the land described herein which ic paid and(or) satisfied, in ~~•hole or u~ p~rt, out of the ~~f the loan described herein or securecl hereby, and the respectivc lieas of said mortgages, liens or other encumbra~~ces, s lla~~ t~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to thc s:ime e:±ent ihat it would have been preserved and ~vould have been ~assed to and been held by the Association had it bcen daly and regularly assigned, transfemed, set over and delivered unto the Association by separate deed of assigament, nohvithsland- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the p~arties hereto ihat the same will be sa~sfie~ and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, ressonably incnrred or paid at any time by the Association, because of the faileue of the 1ltortgagors to perform, comply with and abide by each and every stipula- tions, a~reements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear inter~st~from date at the rate stated in the note secured hereb~~. 15. That he will~ernu t, commit, or suffer no waste~ impairment, or deterioration of said property or any part thereof; and in the event of the aif 'lure of the MortRagors to keep the buildings on saidpre mi9es and those to be erected on ~?id premises, or improvements therPOn in good repair, the Association may make and pay for such repairs as in its discretion it may deem ne~~essary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this martgage xnd shall st the option of the Association be immediately due and gayable, or payabk in svch monthly °allments az the Associa- tion may determine, and every such payment shall bear interest from date at ihe rate stated in the note secured hereby. 16. That if the Association and the I?tortgagois agree, the Mortgagors will carry a policy or policies of insurance upon j their lives in an anleunt equal from time to time to the amount of indebtedness hereby sec~ued, making said Association benefi- ~ ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ~ and add each such p:?yment to the unpa~d balance of the loan, as of the first day of the ihen c~m+ent month, and it shall become ~ :ciditional indebtedness secured by this mortgage payable upon demand. ~ 1; . That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the Mortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ taid constniction in aocordance with plans and specifiptions filed ~vith the Assceiation, shall constitute a breach of this mortgage, ~ :,nd, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immecliately institute proceedings to foreclose this mortgage. ~ 18. That the abstraM or abstracts of title covering the modga~eci property shall at all times, during the lif~~ of this mort- ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of tide to thr mortgaged pro~erty in extinguishment of the indebtedness secwed hcreby, all right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discreiion, to require that tbe Mortgagon ~y into ihe Associatan in addi- tion to the monthly installments of principal and interest to be paid by the 1lfortgagors under the note secureci by thi~ mortgage, ~ :~n arnount equal to one-iwelkh of the annual installments of any tvices on the mortgagecl premises levied or assessecl by any ~ govemmental authority, and one-t~ceffth of the annual premiums for Fire and Eatencied Covetage insuranee on the mortgagecl ~ ~cemises as hercinbefore reqtured b~• the Assoriation, and the ~iortgagors' failure to make such pa~tinents shall constitute a default i ~ unJer this mortgaoe. Ii~ WITNESS ~~'HEREOF, the said ~Sortgagors hereunto set their hands and seals the day and ~•ear first abo~•e written. ~ a SignQd, sealed and deli~•ered in the presence of: , t!-_~ '/i"i C7L['t_P (SEAL) b r ~ \ _ I ~ John E. Fradd 3 ~ ~-t ~ I - > ~ ~/~itt~~`u-~ - ~ • ~ [~i (SEAL) , ~ • Faustena ~ad~ ~l r y ( SEAL ) a ;r ~ ~ (WITNESSES) (MORTGAGORS) ( SEAL) aoo~ 1y ~ ° R ~ s~s ~ ~ - . _ _ . _ ~ . _ ~