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Home My WebLink About1552 8. Until default in the perfonnance of the covenants and a~nrments of this matgage, the mortgagors shall be er?tidecl a~ collect the rents, issucs and profits from the premises hereinbefore described, but in rase of u default in any of the term~ of this mortgage, a~d the filing of a bill to foreclose this or any other mortgage er~cumbering the within described property, the .lssociation shall immediateli' 1nd without notice be entitled to the nppointment of a Receiver of the mortgaged property, und ~1f the rents, issues and pro~its thert~f, with the ~cual power of Receivers in such rases, and such Receiver may be continuecl ~n poa,ession of the said propert~• imtil the time of the sale thcmof u~der such foreclosiuc, and until the confirmation of such .:~le bv the Court. 9. lf a cwnvevance shuuld be made by the mortgagors of the premiscs herein dcscribed, or any part thereof, ~vithout th~• ~vritten consent of the Association, and ~+ithout assumption in n~ular form of 1.1w by the grantee of the obligations to the ~..uciition creutecl h~• caid promissor~• note and this mortgage, then, and in that event, and at the option of th~• Ass~~ci:~tiun. .~n~l ~vithout notice, all sums of monev secart~~ hemby shatl immcdiately and c~ucurrendy with such con~•eva~xe becume duc and ~x~}~uble and in default. The Association may deal with successurs in interest with reference to this mortgage s+nd the debt hereb~~ urured in the s.zme mannrr us W~ith the mortgagors, and ma~~ fort~e:u to suc or may extend time k?r ~xiymcM of the debt, secure<I hereby, or othen+~ise aM without dischargmg or in ~nv ~~•n~~ affecting the liability of the mortgagurs hereunder or upon the debt hcreby securcd. The Association mav nlso deal with ihe~ Mortgafiors and/or with succ~essors in interest with reference to this ~nortgage and tho debt hcrebv urureci bv forbr.?ring to sue, extending the time for payment oE the debt, providing for different mo~ithly paytnents and/or a iiifferent interest mte, and by other express moclifications of the contr:ict, ~.•ithout losing nn~~ priorit~• the ~ssociation has over other morigagees or lienors or holclers of any junior interests sn the pru~x rty secured hereby. 10. That in the event the pmmises hereUy mortga gecl, ar uny part thereof, shall be ~ronde~nned and taken fur publie i~ce ~incler the jw~vrr of eminent domain, the Assuciatiun shall have the right to demand that all damages aw~arded for the taking of or ciamages to s~id pmmises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on thu mottgage and mav be zp~ lied upon the pa~~ment or payments last pa~•able thereon. 11. It is specificaliy agTeed thst time is the essenm of this contraM and that no ~w.?iver of any obligation hereunder ur of the ubligation secured hereby shall at am Nme themafter be held to be a waiver of the terms or oi the instrument secured hereby. ~ 12. If foreclosure procredings of any second mortgage or second tnut deed or any junior lien of any kind should be insti- _ tutrcl, the Assoeiation may at its option, immediately or thereafter deelare this mortgage and the indebteciness seeured hereby due ~ ,md pa~•able_ 's 13. To the exteut oF the indebtedness of the ~fortgagors to the Associ.ltion described herein or securecl henr6y, the Asso- ~ ~~.~tion is hemb~• subrogated to the lien or liens and to the rights of the ow~nen and holders thereof af each and every mortgage, ~ 1i~•n or other ei~cumbrance on the land described herein H~hich is paid an~l(or) satisfied, in H•hole or in part, out of the proceecls ; ~~f the loan described herein or securecl hemby, and the respecti~~~ liens of slid mortgages, liens or other encumbrances, shallpass 1 r~~ :~nd be held bv the Acsociation herein as security for the indebteciuess to the Assxiation herein described or hembv secured, to } the• wme cr!ent diat it ~~•ouW have been presetved and ~~•ould ha~•e been ~as~cd to ~nd been held by the Association had it bc~i ~ ~l~ilr and ret;ularlv assi~ned, transferrrd, set over and delivered unto the Associ:~tion by separatc deed oE assignment, nohvithstand- ; in~ the faM that the same mav be satisfied and cancelled of record, it bcing the intention of the ~rties hereto that the same ~vill ~ t+e sa5sfied and cancelled of~record by the holders there~of at or about the time of the recording of this mortgage. 14. To ~y all and singular the costs, charges, and expenses including lawyer's fees, reasonabh~ incivred or paid at anv ~ tim~ bv the Association, hecause of the~ f:?ilure of the ~tort~agors to perfonn, comply ~a~th and abide bv each and everv stipula- ~ t~u~~s, .i~reements, conditia~s and cm•enants of s:?id promissory notc and this dc~eci, or Pither, and everv~ such pa~ment shall bear = :nterest from date at the rate st3te~cl in thr note seeureci hereb~•. 15. 'I'h8~ I1P will permit, commit, or suffer no ~vaste, impairment, or ~leterioration of said propeti~~ ~~r am• part thereof: inci in the e~•ent of the faili~re of the ~iortgagorx to keep the buildin~s on said premises and those to br erected on ~:~id prem~ces, ~ ,~r impm~•ements thereon in good repair, the Association may make and pay for such mpairs as iu its dixTetion it ma~ deem ~ nccessarv for the proper preservation thereof, and the full amount oE such payments shall t~ serured by the lien of ihis mortgage ~ {~id shall at the option of the Association be immediateh• due and pa}•able, or payable in such monthly installments as the Associa- ~ ti.m ma~~ determine, and everv such pa~-mcnt shall bear interest from date at the ratc stated in the note secured hereb~~. ' 16. 7'hat if the Association and the \tortgagors agree, the ~fortgaRors w~iU carr~• a policy or policies of insurance upon ~ ~ rhe~ir lives in an arr~iint eq~~.~l from time to time to the amount of indebteclness herebv sectued, making s.1id Association Uenefi- F ~ iar~~ thereunder, and that the said Association may pay the pmmiums for si~ch insurance (in the e~~ent the \tortRaQors do not), ~ ~ncl acld each such pa~~ment to the un~a id balance of the loan, as of the first day of the then curmnt month, and it sha11 become ,~~l~liti~~nal indebtcdness secured by th'u mortgage payable upon demand. : l~. That in the event that ihis mortgage be gi~~en to secure a cnnstn~ction 1oan, faili~re on th~ Iurt of the ~tort~a~ors ~~r ~ ?h~~ir ~rontr:utors to complete said building in accordance ~eith Constn~ction Loan A~reemcnt, of even date here~~•ith, or to build k ..~id cy~nstruction in accordance H1th plans and specifications filed ~~•ith the Asscxiatian, shall constitate a breach of this mort~a~e, _ ,ncl, at the option of thc Association, immediatelv mature the entire amount of principal and interest hercby secured and the Asso- ~ ~ iatiun may immecliateh~ institute proceeclings to~foreclose this mor!~age. ~ R ' ~ lg. That the abstract or ab:tracts aE title coverin~; the mort~a~eci prol~eriy shal) at .ill times, during the life of this mi?rt- ~ _.~~~t~. remain in the possession of the Associatinn znd in the event of the f~reclasure oF thic mortfia~;e or other trancfer of title to - ~ t}~~• mnri~.iged proPerty in extinguishmcnt of the indebtedness secured ~~creb~•, all ri~ht, tide, and interest of the ~tortgagors in +nd to am• such ahstr.icts of title shal! in.iss to the pumhaser or grantce. ~ 19. The Assaciation shall ha~~e the right, in its discretion, to reciuire that the \iortgagon pay into the Assoc•iation in addi- ~ !~~~n to the monthlv installments of principal anci interest to be paid b~• the ~t~~rt~;~5ors i~nder the note secured bv this mortgafie, ~ .~n .imount ~ual to one-h~~elfth of the annual installments of am• taxes c>n the mort~agc~l premises le~~ic•d or assesseci bv anv ~ ~~u~~en~mental authority, and one-t~~~cl[th of the annual premiums for Fire and E~tcnded Covera~e iusurancr on the mortga~~ ~ ~~mini-QS :+s hereinl~efure requir~d h~• the Ass~K~i.~ti~~n, and the \t+~rtfi.~~urs' fa~lur~ to make such pa~•ments shall cv~ustitute a de~fa?~it ` ~ ,r~cirr this mort~a~e. I\ ~'l'[T\ESS \~-IiENF:(~F, tht• caid ~t~~rt~a~~rs hi~re~~nt~~ ~et th~~ir hancls an<I x;~ls the cl.n• ancl t•e.ir first a1x~~•e ~t~ritten. - ~ign:~cl, sealcd ~nd deli~•crcd in thc prescncc of: ~ _ ~ ~ t~ ~i',',~ . ~j ~ ~ ;l , /~Y 1~~.~'~ i~--, i'/ f (SE??1.! ~ ~ Colin M cKenna - ~ ~x , C~~Z-r-"~-• ,i/ 6~ ~~C -~''`~y--~`--~(SEAL) ~ - Ma y McKenna + tiN:A1.1 E; 1 SEAI.) S; ;WiTNESSES; ,MORTGAGORS; ~ ti ~ pi~;n~ 1549 ~ ; ~ ~ - 3 _r_ . _ . , _ ~