HomeMy WebLinkAbout0427 8. Until default in the performance of th~ covenants and agrcrments uf t}us mortgage, the mortgugors shuU be entided ;
t~~ rnUecE the rents, issues and prafits from the premises hereinbeEora described, but in case of a deEault in any of the terma of •
this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within described property, the .
.~ssociation shall immediatelv and without notice be entitled to the appointment of a Receiver of the mortgaged pr~perty, and ;
of the rents, issues and profits thereoF~ with the LLsual power of Receivers in such cases, and such Recciver may be continued ;
,n ~oa~ession of the said pcoprrt~~ until the time of the sale the~eof under such foreclosure, and until the confirm~tion of such
,ak b~• the G~urt. . . ~
9. If a convevance should be made by the mortgagors of the pmmis~~s herein described, or any part thereof, ~~ithout ~ ~
thr written crn~.cent o~ the Assoeiation, and ~~~thout assumption in regular fornt of L1w by the grantee of the obligations to thc~ ~
~...u?ciation created bv caed promisson~ note and this murt *agc, then, and in that event, and at the uption af the A~.u~ciatiun, ~
,?nd ~~~thaut notice, :~ll sums of monev seca~ecl herebv sha~l immt~ciiately und coneurrently Htith sueh crm•evanee lx~~me due uncl ~
E~a~•uble and in default. The Association may deal with successors in intemst ~vith reference to this mortgage and the debt herebv t
secured in ihe same mannrr as w•ith the martguguis, and may forbcar to sue or may extend time (ur ~x~}'Inent of the ilebt, securecl t
hemby, or otherwise act H~thout dischar~; u~G or in any ~~•a~~ affecting the liability of the mortgagurs hereunder or upon the debt i
t~ereby secured. The Association may also deal with the ~lortgagors and/or ~szth successon in intcrest ~+~th reference to this i
~nortgage and tho debt hcrebv secured by forbearing to sue, extending the time for paymrnt of the debt, providing for different ;
monthl~ ~rayments and/or a different interest rate, and bv other expmss moclifications of the contr;ict, without losing anv priorit~• ;
the Association has over other morigagees or lienurs or ho~ders of any jwiior interests in the pn~perh secured hrreb~~, ~ ~
10. That in ihe event the pmmises hcmbv mortgagecl, or any Part thereof, shall be condernned and taken [or p~~blic t~ ~
i~ndcr the ~~ver of eminent domau~, the ~asuciatiun shall have thc right to demand that all damages a~~•arded for the tal:ing of or ~
damafies to said pmmises shall be paid to the Association, its succes.wrs or assiGns, up to the amount unpaid on this mortgage und
ma~• be ap,
lied upon the payTnent or payments l.~st p:i~-able thereon. ~
11. It is sPecifically agreecl that cime is the essence of this rnntr~ct and that no waiver of any obligation hereunder or of ~
the obligation secured hereby shall at any time thereafter be held ro be a waiver of the terms or oE the instrument secured hereby.
12. lf foreclosure procec~clings of any second mort~age or second tnut deed or any j~nior lien of uny kind should be insti-
tuted, the Association may at its option, immecliately or thereafter declam this mortgage and the indebteciness secured hereby due
and pa~•able.
13. To the ectent of the indebteciness of the ~fortgagors to the Association described hemi~i or secared l~enby, the Asso-
~•iation is hereb~• subrogated to the lien or liens and to the rights of the uw~ners and holders thereof of each and every mortgage,
lien or other eneumbr.ince on the land deseribeci herein which is paid an~l(or) satisfiecl, in ~~~hole or in part, out of the pmeeeds
~~f the loan described herein o~ secured hereb~-, and the respecti~'c liens oi s.1id mortgages, liens or other encumbrances, shaUpass i
t~~ and I,e held bv the Association herein ~s securitv for the indehte~~urss to the Association herein described or hereby securecl, to f
thc same eclent that it ~vould ha~~e bcen preserved and ~vould ha~•e been passc•cl to :?nd been held by the Association had it be~er? ~
tlul?• and regularl~• assigned, transferred, set over and delivered unto the Associ.ation by separate deed of assignment, nohvithstand- ~
in~ the faM that the same mav be satisfied and cancelled of tecord, it bcing the intention of the p.uties hereto that the same will ~
l~e sa5sfied and canceUed of~record by the holders thereof at or about the time of the rerording of this mortgage. _
14. To p:ry all and singular the costs, char~es, and expenses including lawyer's fees, reasonably inciured or ~raid at am~ ~
time lM the Association, 1xr:uise of the failure o( the Vortgagnrs to perfonn, complv ~s~th and abide bv e~ch and every stipula- _
tiuns, :igreemcnts, conditions and rnvcnants of said prcnnissori' notc :md this decd, or eithcr, and cverv s~~ch pavment shall be~ar
interest from date at the rate statE~cl in the note securecl hereb~•.
15. Th:~t he ~~~ll pennit, commit, or suffer no waste, imp:iirment, or ~leterioration of said property or an~• ~~rt thereof;
and in the evc~ret oF the failure of the :1~ortgagors to keep the buildinQs on said premises and those to be erected on ~:~id premices.
ur impro~~ements thereon in go«1 repair, the Association may makc ancl pay for such repairs :u in its disrn.~tion it may deem
; necessary for the proper preservation thereof, and the full amount of such pavments shal) be secured bv the lien of thi4 mcxtgage s.
j :+nc~ shall at the option of the Association be immediately due and payable, or payable in such monthl~ inst111ments as ihe Associa- }
~ tion may determine, and e~~erv such payment shall bear interest from date at the rate stated in the note secured hembv. ~
16. 'Tl~at i[ the Association and the \tortgagors agree, the '.ltort~a~on will carry a policy or ~licies of uisurance uixm ~
~ thrir lives in an arrit~unt ecl~?al from time to time to the amount of uidebtedness herebv seciued, making said Association benefi- ~
~ .ian• ihereunder, and that the c~id Association.mav pay the premiums for such insurancc (in the e~•ent the ~IortGagors do nctt), 3
~ :~nd add each such p~}Tnent to the un~a id balance~of the loan, as of the first day of the then curmnt month, and it shall becomr ~
,~dditdonal indebtedness secured bv this mortgage pa}•able uixm demand. -
~ 17. That in the event that this mort~a~e Uc gi~~en to securc a constn~ction loan, failure on the part of the ~iortga~ors ur ~
their contractors to complMe said buildin~ in accordance «tith Constructiun Loan A~reeme•nt, of c~•cn clate herew~ith, or to build :
w~id n~nstruction in am?rdance ~~~th plans ~nd specifir.~tions fileel ~~•ith the As~ociation, shail constititte a breach of this mortgagr,
.ind, at the option of thc Asscx~iation, immediatelv mature the entim amo~mt of principal and interest hercby secured and the Asso-
ci.?tion mav immediatel~• instiiutr pr~xrcYlings to foreclose this more~age. ~
1S. That the abstraM ur ab.tracts of title co~•cring the inort~a~~~~ci t~rol~erty shall at all times, during the life of this mort-
~_a~~, remain in the posscssiun of the Assc~cialion and in the evrnt of the (c~nrlusure of this mort~a~e or othcr transfer of tide to
the rnortga~ed propertti• in extin~uishment of the inelebtedness s.~cureYl l;creh~•, all ri~ht, tide, and interest of the \tr~rt~a~nrs in
and to any such absir:icts of title sh~fl p:us to the purchaser or grantce.
19. The Ascoeiation shall have thc ri~ht, in its discretion, to re~~uire th.?t th~ \iortR:~~ors ~k~y into the Assoc•iation in addi-
h~in to the~ mont~h• installments of principal and iuterest to lx~ paid b~~ ihe Vort~a~ors under tLe note securecl bv this murt~a~e,
.~n .unow~t equal to one-h+•elfth of the snnual installments oE an~• ta~~~s cm th~ murt~*:st;eti pre~mises le~•ie~cl or acs~~su~cl 1?~~ am• ~
tiu~~ernment:il authorih•, and one-h~~elfth of the :u~nual premiums fur Pire ancl Eztc~ncle•el Ccz-.-era~. iusurancr on the mortKa~;~~ ~
~~remises as hereintx~f~xe rc~~uircYl h~• the~ A~s~Ki:itiun. and the \lurt~a~or~ fa~lnr~• t~~ make s;ich pa~ments sh.~ll cui~stitute• a default
unclcr this cnort~a~e. ~
I\ ~1'IT\ESS ~1'HF•.RE(>F. th~~ ~.si<I ~i~frt~a!~nrc h~~munt~~ u•t 1h~•ir I~~n~ls :inil se.~ls th~ da~• ancl v~•ar first :~}x~~•~ ~~•rittcn.
~ tii~ntYl, se~lyd and dcli~~cr~d in thc pre~~•ncc ~f:
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