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Home My WebLink About0288 8. Unti) defa~dt in thc performance of the covenauts a~~d akrcrme~ls oE this mortgage, the mutigag.us shall be entitlrc! to colkct the mnts, issues and pco[its from the premises hereinbeEo~a described. 6ut sn case of a defauh in any of the ten~u af this mortgage, and the filing of a biU to €oce~lose this or any other mortgage encumbering the within described property, the :?ssociation shail immeeliatelv and wittwut ncitire be e~titled to the appointmeM oE u Receiver of the mortgaged pro~erty, and ~~f the ~ents, issues and pm~its thereof, H~th the us~wl power oE Rct~eivers i~ such cases, a~d such Receiver may be routinucc! ~n pos,~essia~ of the said propect~• until the lime of the sak t~cof under sucb forecMsum, and unti) the rnnfirnnati~N~ of suc6 .alc bv tM: Court. 9. If a cv~nveyancr stwuld be ~nade by the mortgagors of tl~e pmmis~~s hemu ciescribed, or any part thereof, withaut th~• ~~Titten ea~cent of the Auociati~m, and ~~ithc~ut :usumption in n~ular forsn of law by d~e grantee of the oblegatiu~u to th~ ~~u~C1A~1(Nl C1iwl~f(~ ~Y caid Exomissory note and this nwrtgage, thcn, und in that event, and at the uptia~ uf tLr Asu~ciatiou. .,nci ~vitFx~ut ~x.tice, all .wns of money ser,recl hemby shalt immccliately and concurrrndy with such rnm~eyance becv~me dae und ~~:~yablc and in default. The Associatior~ may deal with successurs in intemst ~vith reference to this mortaage and tbe debt herebv .ecured in the same mannrr as w•ith the r~wrtRaguts, and may forlx~ar to sur or may ~~tend tirnr for ~wyment of the debt, secun.~il henby, or othec~•ice aet H~thout discha~ uig ar in anv ~~:~v affectui~ tl~e liubility of the ~nortgagurs hereunder or upon the debt ~ h~reby securi~ci. The Associatiai mav also dtal vkith the~\to~tgagors and/or with successors in interest «•ith reference to this nN?rt~age and tho dcbt herrbv sccurec~ bv forbearing to sue, extending the time for payment of the debt, providing toc different mont~ly pa~Tner?ts and/or n c~iffennt interest rute, and ~y otber express moclifieations of the contr.~M, ~~•ithout bsing any ~uiorih• the !~ssociation has over flthe~ morigagees or lienors or holclcrs of any jwiior interests in the ixoperty sec•ured hrmb~•. 10_ That in the c~rnt the pmmisec hereby mort~aged, or any part thereof, shaA be cooderniied and takeu for publie ~ur iwctcr thc po~vrr of rninent domau~, the Assix~:atiun shall have the riRht to dem:md that all damages aw•arded for the taking of or ~iama~es to s~ic1 pmmises shall be paid to the Assaciation, its succesaors or assi~ns, up to the amount un}~aid on this mort~~e and mav be zp;~lied upon the payment or ~ayments last pa~able thereon. 11. lt is specifically agreecl tl~.~t time is the esse~ec~ of this ecx~tract aud that no w:~iver of any obligation hereunder or of the obUgation secured hereby shall at any time thereafter be held te be a waiver of the ternu or of the instnunent secured hereby. 12. lE foreclosure procecxlings of any second mortgage or secund tnut deed or any juna: lien of ~ny kind shou]d be insti- t~it~i, the Assoeiatic~n mav :+t its optiQn, immecliately or themaEter deelare this mortgage and the uidebte<inPcc sreured hereby due ;~nd payable. 13. To the extent of the indebtedness of the ~tortgagors to the Assoceition described hen•~n or sec~~reci herr6y, the Asso- ~i.ition it hrmby subrogated to the licn or liens and to the rights of the ow~nen and holders thercof of e?ch and evcrv mortgage, lien or other eucumbrance on the land described herein which i~ paid an~l(cx) satisfiecl, in ~~hole or in part, out of the proceeds ~~f the ban described herein or secured hcrebv, and the res}~M~~'~ liens of said mort~~ges, liens or oth~~r cncumbrances, sh llpass n~ :uxi he heki bv the Association herein as securitv for the indebtrdness to the Ass~ciation herein described ur hereby sec~ired, to ' th~~ s.?me ex!ent ti~at it a~•ould have bee~ preserved and ~~-ouW ha~•e hee~ p:essecl to ancl been he~d by the Assoc~ation had it ~xen ~lulv and regularty ass;qned, transfermd, set over and delivered unto thc Asu~ciation by separate deed of assignment, nuhvithstand- inQ the fact that the same may be satisfied and cancelled of re!~ord, it being the intention nf the p~uties hereto that the same will ' 2?e sa5sfied and cancelled of record by the h~lders tl,ereof at or about the time of the recording of this mortgage. 14. To pay al) and s:o~ndar the costs, charges, and expenses includiny, lawyer s fees, reasonably incurrecl or paid at anv t;me bv the Asscciation, bcti:~usr of the f:iih~re of the :11ortRagors to perEonn, comply w~th and abide bv each and every stip~la- tioas, ~~reements, conditia~c and rn~eaants of ~id promissory note and this deeci, or either, and everv such pavment s}u~ll brar interest fmm date at the rate state:l in thr note secured hembr. 15. ?hat he will]~? it, cwnmit, or suffer no waste, impairment, or deteriora!ion of wid propertr or an}' themoi; :~n~l in the Fvent of the sf ilure of the iiort~agors to keep the buildin~s on said premises and those to be c+reeted cx~ x?id premises, ~~r improvements thereon in cood repaii, the Association may make and pay for such mpairs as in its discretion it may deem ~ nc~cestary for the proper presenation thereof, and the full amount of such pa~Tnents shall be secured by the lien of this mortgage ! .ind shall at the option of the .~s.sociation be immediately due and payable, or payable in such monthly installments as the Associa- t~on may detcrmine, and everv such payment shall bear interest from date at_the rate stated in the note secured hembv, 16. That if the Ascociation and the ~tortgagors agree, the \iortgaRois will carry a policy or policies uf insurance upon ~ thrir lives in an arri~unt eq~kal from time to time to the amount c+f indebtedness herebv secured, making said Association benefi- ~•ian• thereurx~er, and thzt the said Association may pay the pmmiams for such insurance !in the e~•ent the \fortgagors do noi), ~ an~l add each such Enrrnent to the un[~aid balance of the loan, as of the first day of the then ciirrent month, and it shall tx*come addiliona) indebtedness secureci by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constn~ction 1a?n, failure on th~ ~rt oE the ,fortgagors or their contr.utors to complete said building in aocorcLznce w-ith G~~utruction La1n Agreement, of even date here~~~th, or to ~uild ~:~id construMicm in aecwrdance ~~~th plans and specifications filecl a-ith the Association, shall eonstitute a brcach of this mwtgage, .~~~cl. at the option of thc Assoeiation, immecliatelv mati~re the entim amount of ~ rineipal and interest hereby seeured and the Asso- - c~i.~tion mav immediateh• institute praceedings to foreclose thu mortgage. ~ 13. That the abstraM or ab.ctracts of title corering the mort~Ga~eci property shall at all times, during the life oE this mort- ~,.+~,t•, remain in thP possession of the Associatic~n and in the event of thc fareclosure of this mortgage or other transEer ef title to ~ th,~ mortgaged property in extinguishment of the indebtedness secured }.ereb~•, a~l ri~hi, tiHe, and interest of the ?1lortgagors in .ind to any such abstraMs of tide shall pass to the purchaser or grantee. ~ l9. Thr Association shall have the right, in its discretion, to m~uire th:it the \tortg:~gors ~ur into the Association in addi- tr~m to th~ monthh~ installments of principal ancl interest to be paid bc the ~iort~afiors under the r~ote secured bv this mortga~e, _ ~ .,n :imount equal to one-h~•clfth of the annual installments of anv ta~cs en the mortga~ed premises lcsicd or :ust~ssecl bt• am~ ~ ~~~~•ernmental authorit~•, and one-h~•elE.h of the anm~al premiums for Fire and E~tcncie~i Ca~•crage insurancY: on the mortgaRecl , ~~remise; as hereinbefom re+~~iire~l b~• the Ass~x•i:iiiun, and the ~turt~a~ors' fa~lnre to make s~~ch pa~-ments sh_ill c~nstitute a default ~ ~ i,mi~ r this ~nortCa~e. _ ~~'I'f\ESS ~~'IiEREC>F, the s.1id ~1nris;a~nrc ht~reanto cc~t th<•ir }~~nds and seals the da~• and ~•ear first abo~~e ~~~ritten. ' ~ . . ~ ~ yi~ned, selled and delicered in the presence of: ~ ~ ~ > - / ~~'i--` ~ ~ , _ . ~ L. - ~ ~ f"c ~ ; ~iC/L j~ f)v/ .l~-(G/ ~~i3tv~EA1.1 i ~R ~ ~ ~ '1 ~ ~ h ~V. LaC~an~' ~ ~ ' s / ' "CC ~ G~~(SEAL) ~ ~.~~..-l~. ~ _ : ~ yllis R. La~hancP ~ ~ ~ ~ ~ ~ ( SEA1.1 f ~ (~~AL~ t W I TNESSES) +lMORTGAGa7R5f ~ ~oox 194 288 ~ ~ ~ . - " . : - _ -