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Home My WebLink About1305 3. Uniil dcfault in thc prrforniaace uf the c~~~cnants and a~;~r~~~x~nts o[ this mortRxg~~, tl~ nwrigsgors st~ll l~e eyiiid~~l collcrt the rents, issues :znd pmfits (rom the ~emiscs hereinbe(oro drscriLeci, but iu r.ue of a deEuult in any of the trrms uf this mortg:+ge, aixi the filin n[ n biq to forcrkue this or uny Mhe~ mortgage encumbe~ing the within describc~ property, the .\sx~ci~tion shull immcvliatc~v and withcut nuticc: bc entitled to the a~x?intment of a RecriviK of the rnortRaged~u~operty, an<l uf thP rents, issues and profits tl~emuf, with the 14cua1 poweY of K~~cYivers in such c:~ses, and such Receiver rrwy br canti~iu~c1 ~n ~r.wessKa? of the sxici pn?pert~• until thc time uf the sale the~cuE undPr such forrclosare, and until tt~e eonfinn:?~iiN~ ~?f s~K•1? .air b.• thr Coutt. 9. lf u cum•e~~au~ce should tx~ mad~ by d~c murtgagors of the pmmis~~s heicin drscribecl, or anV part therrof, ~vit}~ou1 +h~• ~~Titten c~nuent i~f the Assix•i:~tiuu, and ~~it~uut assumptiun in ~ular forni ~?f law bv the ~rautce of d~a obliRations to the ~.wxi:?tiun rreateti~ b~~ c:tid Fxumissory iwte and this murt •:~gc, thcn, •~ne1 iu tlu~i rvrnt, and :?t the upt:~N~ ~~f tl~e- Asa~~ci:~ti•?n. ~u~l ~~•itlw~ut ~wtice, all .ums of mo~cv sec~~m~l hcmby sha~l i~mn~viiately and an~curmndv w~th ~uch cYU?vc~:uK~e becumc d~~e and ~~.i~:~blc aiKl in default. The Association may deal with successors in interest ~vith refcrrncr to thic murtgage and the debt herebv .rcured 'ai the s:?me ma~inr~ as with the mort~;agurs, :?nd may forlx~ar to s~~c o~ may extrud time (ur ~~;~y~nent uf the debt, sccurc~i hembr, or ofhenrise act ~~•ithout discha u~g ~x in anv wav affecting the lia!?ility of the tnortgagurs here«nder ur upun the d~t i~cmbr scY~ue~l. The Associatia~ may p deal ~~~ith the~!liortgagors andior with succrssors in interest K•ith reference to thic ~nort~age and tho detu hemL~• srcun~l bv [orhraring tci suc, extending the time for pati•m~nt of the debt, pro~•iding for different ~nout~lv paymcnts and/or a differcnt intemst mte, and bv other express m«liEir•?tiu~u oE the cuutract, ~~•itl~uut bsuig anv prioritr the :lssociation has a~~er other morigagees ur lienora or ho~ders of anV juu~or intr~ests in the l~~u~x•~i~~ securc~cl herebv. 10_ That in the c~rnt the pmmiscs h~~rcl?v nx~r*_~s~~!, :t p.1rt thereof, shall be i~ndemnecl aud taken for public uc+• undrr ttie Ew~~'rr of eminent domam. d~e ~iux•iatiun shall ~a~•e thc ri~;ht tu dem:u~d ttG~?t all damages a~~•arded for the takin~ of or ~iama~c~s to s~Ni pmmises sh:ill be paic~ to the Accaeiation, its suecresors or as.ciGns, up to thc :unount unpaid on this mentgage anci mav he ap,~Gecl upon the pa~•ment or pa~~ments last ~a~~able thrreon. 11. It is specificalh• agreed that time is the essencr of thit ccH?lr:~M and that no ~vaiver of unv obligation heceunder ur of the ubligation secored hereb~• shall at am• time themafter be held to be a«-aiver of the tern?s or uf the instrument secureci he~eby. 1?. If foreclosurc proct`ttilinRs oE am• sernnd mort~a~e or second tnist dceci or any junior lien oi r.ny ldnd should be insti- t~~t~~ci, the Association mav at itc optio~, immediately or themafter declarc this mortgage and the indebtedncsc spcured hereby due :u~d pat-abk. 13. To the extcut of the indebtedness of the ~lortga~ors to thr Accaciation described hereiu or sec~~red l~cnby, the Asso- ~ i.~tiun is hereby subrogated to the lien or lie~u and to the rightc oE the uN~rrs and holders thcrcof of each and every mortgage, li~~n or other eucumhrance on the l~nd descrihed herein which i. ~~aid an~l(orl saticticcl, in w~hole or in pad, out of the ceedc ,~f the laln described hemin or sero?c~i hcreb~•, and the resTx~cti~•~• 1i~ns of snid mortgagcs, liens or othcr encumbrances, s 11~ss t~~ :~nd I~e held br the Association hercin :u secaritv for the indehtrciness to th~ Assxiaticm herein describeci or herebv secured, tO thr same rx'.ent th:rt it ~~•oidd hare lxrn presen•ed and ~~•ould ha~-~ heen pa~a~d to and beca hcld by the Association had it been :l~~k and re~ul:uh• assi~ned, transferred, se•t o~•er and deli~~end unto the Assix•iation by se[aarat~ cieed of assignment, nohvit}utand- ~n~~the fact that the same mav be satisfied and cancelled of record, it bcing the intention of the parties hereto th~t the same ~vill }~e s:~tisfied and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage. 1~l. To ~uy all and sin~ular the costs, chargcs, anc~ e~penses including Iawyer s Eees, reasonablv incurred or paid at an~• tin~e b~• the 4ssu^iation. hec:u~sr of th~ (ailure of the ~fort~agors to perfann, comply «ith and abide by each and eti•ery stipula- t~urts, agreements, conditiu~~c and rn~'enants of s~id pmrnissory notc and this deed, or either. aod everv cnch i?avment shall bear lnterest fmm date at thc rate statc~l in the note secured hereb~•. 1~. "I~hat ~e ~~~ll permit, commit, or suffer no wacte, impairmeot, or deteriuration of said pronertv or an~• p:ut ihereof: .:r~d i~~ the e~•ent of the f.iilure of the '.lfort~aQors to keep the huildinQs un caid premises and t}n~se to be crctted a~ s:?id premisec. ~ u~mpru~•ements thereon in g~wcl rep:iir, the Assnciation ma~ make ancl Iuv for sueh repairs as in its diseretion it mav deeni ::e~cescan for the proper preservation thereof, and the fuil am~~mt of cnch pa~•mentc shall securecl hy the lien of this mort~age ~n~l shall at the opteo+i of the Associatioa be immeciiately due and payable, or ravable in sach monthly iactallments the Associa- ~ t i~~n ma~~ dc~trrmine, and e~•erv such pa~Tnent shall bear inierest from datc at the rate stated in the note secured herebt•. i 16. TL:zt if the Association and the \loriga~orS agree, the ~tort~a~Gors ~vill cam• a~licy or ~licies of n?surance ufx~n ~ thrir 1i~~es in an arr~?u~t eqi411 from time to time to the amaunt of indebteciness hereby seci~recl, mal:ing said Association benefi- ` ~.uc thereunder, and that tl~e said ~ssociation may pa)• the pre~niums for such insucance (in the e~•ent the \Sort~a~ors do not), :n~ add each tuch p_i~-ment to the un~aid balance of the loan, as _ f th~ first day of the then airrrnt month, ancl it shall becomr .~~?clitiuna2 indebtcdness secumd b}' th'~s mort~age payable upon demand. 1.-. That in the erent that this mort~a~e be givcn to secure a constn~ction loan, failure on the p:ut oE the ~1ort~agors or ~ ~L<~ir ~~ntractors to complete said buildin~ in accorclance ~~•ith C~nstructiun Loan At;reemcnt, of even d~te h: m..-ith, or to build ~.~i<? cti~nstr~~ction in accordance w-ith plans and s~x-ctifications fil^d ~~•ith the ~ssociatiun, shall constitute a breach of tF,is mortga~r, ~ .r~;l, :~t the option of thc Asscx~iation, immecliateh mature the entirc• :?mount of principzl and interest hcrcb~ secured and ihe Acu?- i.~tion ma~• immediateh• instiiute procecclings to foreclose thi5 mot!~age. ` ly. That the abstract or ab~tracts of title co~-ciin£ the mort~a~,c~ci p?.~ix~rt.• shall at all timcs, during the life of this mort- _ i~~c~, remain in the possc~ssion of the As;ocu~tion and in the e~•ent oE thc• foreclcKUre uf this mort~age or other tr~nsfer of title to ~ti:~- rnartFa~cd pruEx~rtv in ~xtinguishmcnt af the indebtecine_ss sccureYl t,creh~•, all ri~ht, Sitl~~. ~nd interest uf the ~tort~agors in ,~~d to anv such abstracts of tide shall p:i;s to the purchsser or grantee. l9. 7'he ~ssc~ciaticro shall ha~•P the right, in its di_scretion, to rer~uire th:~t the ~lort~:~~nrc into th~ Association in addi- m Io th~ m~~nt}~I~• ir~stallments of prineipal and int~~rest ta be p.~id i~t• the \furt~afiors i~nder the note secured bv thic mortgi~e, .itnount c-qual io one-t~~•elfth of the ~nnu.il inst:illmenis of an~• t:i~~•s on tl~~ mortg:~~c~l Premices le~•ic~cl or assessc~ bv am• ~„~rn~mc~isLil authorih•, and one-t~~elfth of the anns~al premiumc for Fim anci E~tended Cocerat!e insui.uice on ihe mortgageci -~r~•~nis~s a~ F~rreintx~f~~rc• rc~~~iimr! h~• the• A•.rK i.?si~~n. .~nc! the• ~fort~.?~~urc' f:ul~~re t~~ m:?ke~ ~~~ch pa~-rnc~nts sh-aH rnnstitute a ciefault ..:;?cr '1ii+ u~~,rt~;.?~~c. ~ ~ ~ - I\ ~t'11:\ESS ll'fIf:KFt~F', th~ caid \1~~rt~a~~~~rc h~~re~~nt~~ .~~t thrir hancl~ :uid sc:?Is the ~1.~~' and ~•car first above ~vtilter~: ' ~~~n~~~l, sr.,l~~d :ind d~•li~crcd in the pn~u~rec~~ of: T. J. ASSOCLATES, INC~ ~ i~0~!1~12?- 5 e~rpo~ti~a ~ 1'r L~ BY : ~l~ ~ ~ ~f~~"` - - ' f . ~~.Ai.l ~J~fie Y. Kelly, Pr uYt ~ . ' - / ~ - ~ - ~ Att~St: % ~ . ' ~r r ~ . .~~~F,SEA1.1 ~ William F. Kelly, SQCrn a~ ~ ~ . ,;E:.~i.? . ~ ~ ~ N~ TNESSf 5 ;1MORiC~AGOfS' r~ ~ - K 1~4 1305 ~ QU~!( ~ _ ~ _ _ y; ~ _ - _ , _ . , rw~. ~ :