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Home My WebLink About2549 ~ 8. Until dcfault in thc perfomnauce oE the covenunts and agre~ynenls of this mortgagr, the nwrtgugors shall be entitlcc! t~? collcct the re~ts, issues and ~o[its from the premises hereinbeEoro describcci, but in case uf a default in any of the trrnu uf this ~wstgage, and the filing of a biU to focrdaae this ar any otber mortgage encumbering thc withu~ described propc~ty, the .~s.oociation shaA immecliatel~• ~nd without notice be entitleci to the Appointment of a Receivc~ oE the mortgaged pnpert~~, anct uf the re~ts, issues and prutits thereof, H•ith the usual power of Rrreivers in such rases, a~d such Receiver may be continuecl ~n pos;ession of the said prupert~• until the time of the sale themof unde~ such [oreclcxure, and until the cv~nfirmatiai of suc•h .alc b~~ the Court. _ 9. If a cum~evance should be ~~ade by the mortgagors of the prr.mu~K hercin described, or a~~y part thereof, without rh~~ ~vritten crnuent o~ the Association, and ~~ithc~ut assumption in rrs,n~lar form of la~v by the ~ra~tee of the obligatirn?s to the ~.u~ciation cnateci bv wid promissory note and this murtguge, then, and in tl~~t event, and at the option of d~r Asu~ciatN~u. .~u~l ~~-it}wut iNiticc~, all suou of mone~~ secared hereby shAll in~~me~ciiately und aa?currc~ndy H~th such rnm•eyaix~: bec~~me d~~e aod ~~.?~:~blc and in default. The Association may deal with successors in interest a~th rcEcrrnce to this murtgage and the debt herebv .ecurcd in the same mannrr as H•ith the mo~tRagors, and ma~ f~rtxar to sur or may extend time fur pay~mcut ~?f the debt, secu~~~cl hercby, O~ A~FICM'1Sf ~C~ ~~7~}Wll~ (~ISC~IaIgLI~ tN IIl ~Il~• ~~•a~• affcctuiR the liability of the mortgagun i?emunde~ or upon the debt hereby sccureci. The Assoeiation mav also dral N•ith the Mortgagors and;'or with suecesson in interest ~vith reference to this ,n=?rtgage and tho debt hcr.~v sc~~red bv forbearing to sue, ~xtending the time for paymeut of the debt, pro~~iding for different monthh ~xi~~ments and/or a different intemst rate, and bv other cxpress m~xlifications oE the contr.~ct, ~~•ithuut bsing am~ priorit~- ; ih~~ ~s.sociation has over other morigagees or lienors on c~~~ders of anY jtu~ior interests in the pro~x~rh securc~cl herebv. ~ 10. That in the c~rnt the pn~nisec herebv mort~;a~ecl, or anv ~rt therc~f, shall be .,ondemned au~! takeu Eor publie «se un~lrr the po~~•~~r of eminent domau~, the Asux•iation shall ~wve thc right to demund that all damages awsrdrd for the taking oE or ~l~mages to said pmmises shall be paid to the Association, its successors or assi~~~s, up to the amount unpaid on this mortgage and n,a~• be spplieci t~pon ihe pa~~ment or pa}~ments last ix~~•able thema~. 11. lt is specificaUy agreeci th~t time is the cssenc~e of this contract and that no ~~:?ive~ of anv obUgatiwn hereunder or of tt~e ul~ligation secured hereb~• shall at am~ time thereafte: be held to be a H•aiver of the terms or of the instrument secumd hereby. 1?. lf foreclosure procet~clings of am~ second mortRage or second trust deed or any junior lien of sny lcind should be insti- tntc~, the Association mav ~t its aption, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ; .md pa~•a~:~. $ , 13. To the extent af the indcbtc~ciness of the 1lortga~ors to the Ascoc's~tio~ describcd hemin or sccurecl l~cn~by~, the Asso- . i.~tion is hereby subro~ateci to the lien or lieru and to the rights of the uw-ne•rs anci holders thereof of each and every mortgage, ~ li~•n or othrr eucumbrancr on the land described herein ~hich ic paid and(orl satisfied, in ~vhole or in part, out af thepr oceeds ; ~~f the loan described hemin or secured hercb~•, and~the ms~xrti~'r liens o( said mortgages, liens or othcr encumbrances, shall~a ; t~~ and be held b~• the Aunciation herein :~s secy~rit~• for the indebteclnrss to die Assxiation herein describecl or hembv secured, o ; th~• s.?me ex!ent that it ~~•ould have been prese~ed and ~~•«dd have heen pusecl to and been helcl by the Assocyation had it been ; ~luh• and regularh- assi~ned, transferrrd, set o~er and delivered unto thc ~lsscx•iation by separate deed oE assignment, noh~•ithctand- ~ in~ the faM that Ihe same ma~• be satisEied and cancelled of rpcord, it bcin~ the intc~ntion of the parties hereto that the same ~vi11 ; l~r sa~sfied and rancelled of~record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all 1nd sin~ul~u the eosts, charQes, and expenses inclading lawyer's fees, masonabh• ine~Ureci or paid at am• time b~~ the Assc~ciation. heca~ue of che fi?ilare of the ~tortguQors to perfonn, comply ~~~th and abide bv r.?ch and everv stipula- t~~ms, a~eements, rnnditiuns und rn~•enants of said promisson~ notc anzl this dc~ed, iv either. and cvcrv such pa~•ment shall bear iuterest from date at the rate stated in thr note secured hereb~•. 1~. 'Th:d he Nill permit, commit, or suffer no ~caste, impaim~ent, or ~leteriuration of wi~i ~roperi~• or an~• part there~f; < :in~i in the e~•ent of the failure of the ~tort~a~e~rs to keep thP baiklin~c on caid ~remises and those co br erecteci on ~:~id pmmisec. ~~r ;mpro~•ements thereon in good r~pair, the Association ma~• make and pay for such re~ai~ as in its discretion it tnav deem n~~crscarv for the proper presen•ation thereof, and the ful! amonnt of such pa~•ments shall be secured bv the lien of this mortgage ~i .~nci shall at the option of the Associatioa be immecliatek due and pa~•aLlc, or pa~•able in such monthly installments as the Associa- ; ti~~n mav detc•rmine. :~nci r~•erv sueh payTnent shali bear interest from date at the rate statecl in the note seeurecl herebv. 16. That if the Association and the ~tortfiagors a~ree, the ~tort~agors «•ill cam a policy or ~licies of insurance ulwn ~ thrir lives in an arrivunt eq~a11 from time to time to the amount of indebtedness hereb~• sec~red, making ~id Association bencfi- _ •~.i?~~ ihere~inder, and that t6e said Association mav pa)• the premiums for suct~ insu~ance (in the e~•ent th~ ~~Of[~1QA[5 (~O ilOt), ,n~l add each such ~«ncnt to the un[~a ~d balance of the loan, as of th~ first dav of the then curmnt month, and it sha11 becomc ; ~ .ulclitiunal indebteciness` sect~red bv this mortgage payable upon demand. ; ~ 1~. That in the e~•ent that this mortgage be gi~'en to uc~~rc a constn~ction loan, failum on the Part of ihe ~tortga~ors or ~ th~ ir contr.ictors to complete s~id bi~iidin~ in accordance ~~•ith Constniction Lo.~n Agreemrnt, of even date here~vith, ~r to bi~ilci ~ ..ii~l constructe~a in accordance ~a~th plans and specificatians filecl o~ith the Accnciation, shall constit~rte a brrach oE this mcxtgagc~, f ,,~~1. :?t the o~tion of thc Assoriation, immediatela~ mahue the ~nt;m amount of principal and interest hcrcby secured and the Asc~?- ~ ~ i.+ti~?n ma~• immedi:itek institute pr~xreclinfis ta~foreclose this mo?!~a~e. ~ = 15_ That the :?bstriM or ab:tracts of tide rnverin~ the mort~:r~eci pm~x~rt~• shall at all times, during the life of this m~?rt- ~ remain in the posse~siun of the :lsscx•iatiun and in the event of ih~~ (~reclosure of this mort~age or othcr trsnsfer of tide to F !h~• mort~a~cd ~~ro~ertv in cxtinguishment nE the indcbtecinecs secure~t }:creb~•, ail ri~ht, title, and interest of the ~forttia~ors in +n~l to ant• such abstracts of title shall pass to the purchasc~ or gr.intce. 19. The Asux~iation ~hall ha~•e the ritiht, in its discrc•tion, to rcy~i~ire th:d the \iortg:~~ors jxr~ ;nto the A~ux~iation in addi- a ~;,~n to thr month}~• installmcnts of priucipa) and i~iterest to l~e p.~id b~- thF ~t~~rt~agors under ihe note securecl ln• this mort~a~e, ~ ~c~ .imo~~nt e~ual to or.e-h~•elfth of the ar.nual installments of an~• t.~~cs en the n:urt~afic~l premiscs le~•ii~cl or a~se~ss~Yl h~• am• ; ,~~~c~rnmenCii authorih-, ar~d one-h~clfth of the annual premiums fur Fire and E~t~•ndcYl Covera~e insur:~nce ~~n tl~e mort~a~c~ ! -,r~•micrc :~ti T~~•reinhefnre riv~uin•d b~• !he A~~+K•i.~tiun. .~ud the \fi~rt~.~~ur.' fa~lnm tn m.~ke such ~x~rmentc ~h_ill evn~~tituti~ a dcfaul~ ~ ~:u~lcr tl~~~ :ii~~r.~a,c_ 1\ ~~'tT\ESti ~~-FIt~:RE(~F'. tt~e~ ~.:ici ~t~~rc~a~~~~rc h~•ie•~~ntu c~•t th~~ir li;~n~ls .uic1 u~als the ~i.~~• and ~~~ar Eint a1xn~~ w•ritt~~n. ~ ~i~ir_Yl, .c:~lc<! .?nd de•li~rmd in thc prc~cncc nf: ~ \ ~ ~ y-y / ~ ~ 'I~ i, ~L~.L ~,~~L,nl~'1 / /,C~i.~ilc)~ISF.~I.1 ~ ~'J es Lamar Middleton ~ , ~ 1~~,~:~ : ~~r_ -~r-~% ~ C ~ ~ht~(~~c~a-,~~~F.~?~., ~ Robyn ~ iViiddleton ~ ~ ~til•:A1.? ~ ~ ~ t tiE~I. ) ,'NiTNES5E5 MORIGAGOOS' ~ k ~ 6~~K ly4 2548 ~ . . ~ ~ . . . - - - =