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Home My WebLink About1862 S i 8. UnW default in thc perEom?ance of the cuvcaants and a~,moements of this martgage, tbe martgagors slull ba entitlcd to collect the rents, issues aYSdpm fits fran tbe premiaes bstejnbefore described, but in case of a default in any of tbe tern~.? of this mortgage, and the filing of a bill to faedase th~t ar an~r otber mat~ge eocwnbering the within described pcope~rty, tbe -~ssociation shail immecliateiv and without notice be e~titkd to the appointment of a Receiver of the moztgagedp~ope rty, and uf the rents, iss~~es and pro#its theraof. with tbe usval power of Receivers in such cases, :ind si:h Reoeiver may be cant~nued ?n posoession of the cud property until the ~ime of the sale thercof under such Eoreclos~ue, anct until the confirn?ation of such ,alc by the Cowt. , ~ 9. lf a con should be made b the mottgagas oE the premixx~s hrrcin de.scribed, or anypart thereof, without ` y ~ th~• written ca~ent o the Association~ and without ussumption in rc~nilar form of law by the granMe oE tTie~ abligations to the * ~~u~ciation creuted by said promissory note and this mortgage~ then, and in that event, and at the uptioo of the Associ:ttwm, ~ :~n~l ~?~thout notice, all sums of mcmey sec~~red hereby shall immecliately a~d concurrrntly with such rnnveyar~ce be+c,~ome due ancl i~a~~able and 'm default. The Association may deal with succeuors in interest with reference b thit matgage aad t6e debt hereky ~ secured in the same mannrr as with t:?e mortgagocs~ nnd may forbear to sue or may extend time far payment of the debt. sesun~ci ~ hemLy, or otherarise act uzthw~t dischar~ing or ia any way s~ffecting the liability af the mortgagcxs hereunder or upon the debt ; hereby secuied. The As9ociation raay atso deal with the Mortgagon and/or with sucrt~ssors in interest with referenc,~e to this ,nortgage and the debc hereby xxun~ci by forbearing to sue, extending the time fw p~yment oE the debt, jxovid~g for diffe~t monthty payments and/or a diffetent interest rete, and by other express modiKcc~tions of the cantract, without bsing any ~iorih• f the Association has over other morigagees or lienors os holders of any junior interests in the property securecl hereby, ! l0. Tha? in tha event the prcmises hereby nwrtgaged. or any p:ut thenwf, shall be casdemned and taken forpu blic use ~ undcr the power of eminent dom:~ui, the Ass~,ciation shal~ have the right to demand that all damnges awsrded for tl~e talting of or damages to said ~emi9es slwp be paid to ihe Association, its saccessorx or assigns, up to the amount unpeid on this nwrtgage and ma~• 6e applied upcm the payment or paynxmts last payable then~on. 11. It is specifka!ly agreecl that ~ time is tbe essence of this contract and that ~o waiver of any obligation he-reunder or of the obligation secured hereby sha11 at any time thereaEter be held to be a waiver of ihe ternu or of the instniment seaued hereby. ' 12 lf foreclosure pmceedings of any second mortgage or second tnut deed or anp junior lien of any kind should 6e insti- ~ tuted, the Association may at its option, immediately or theresfter declac+e this martgage and the indebtedness x.cured hereby due ~ and payable. + 13. To the exte~~t of the indebtedness of the Mortgagors to the Association destxibed herc in or secured hereby, the Asso- c~ation it hereby subrogated to the lien or liens and to the rights of the owners and holders thereo~ of each and every mortgage, ~ licn or other er,cumbrance on the land described herein which is paid and(or) satisfied, in whole or in pa~t, out of thep ~ ~~f the loan described hemin or secur~ hereby, and the ~ctivc liens of said moitgages, liens or other encumbrai~s„ s_lia~~axs m ae~d be held by the Association herein as secun for the indebtedness to the Association herein described o~r hereby secured~ to thc wme es!ent that it ~~~ould have been p~and ~~ould have been rasseci to and been hekl by the Astociation had it 6een dul~~ and regularly assigned, transferred, set over and delivered unto the Association Ly separate deed of assignment, notwithstand- in~ the fact that tbe same may be satisfied and cancelle~ of rei.~ord, it being the intention of the ~vties hc~reto that the same will he sa~sfied and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage. i4. To pay all and singular the costs. charges, and eacpenses inclading lawyer's fees, reasonably incurred or paid at any ~ ~r time by the Association, ber..ase of the failure of the 111urtgagors to perfonn, compiy with and abide by each and every stipula- # tions, agreements, condit:ons and covenants of ~id prnmissory note ~nd this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secu~ed hereby. ~ 15. That he willper~nit, commit, or sufEer no waste, impairment, or deterioration of said property or any part thereof; ' and in the event of the sf ilune of the Mortp,xgors to keep the buildings on s:tid premises and tiwse to be erectexl on ~iid premises, ~~r improa~ements thereon in good repa;r, ij~e Association may make and pay for such repairs as in its dia~retion it may dee~n nrcessary for ihe proper preservation iher,eof, and the full amount of such pc~yments shall be secured by the lien of this mortgage .~nd shall at the option of ihe Association•be immediately due and payable, or payable in such monthly uutallments as the Associa- • t ion may determine, and every such payment shall bear interest frora date at the rate stated in the note secured herebv. 16. That if the Association and ihe 1ltortgagors agree, the Mortgagors will carry a policy or policies oE insurance upon thrir tives in an ardbunt equal from time to time to the amount oE indebtedness hereby secured, making said Acsociation benefi- { c~ian~ thereander, and that the said Association may pay the premiums for such insurance (in the event the ?~tortgagors. do not), ~ and~ 1dd each sach ps~~ment to the un~ balance of the loan. as of the first day of the then aurent mont6, and it shalt become additional indebtedr?ess secureci by mortgage payable upon demand. . I7. That in the event that ihis mortgage be gicen to seeure a eonstn~ctioa loan, failure on ihe Part of the ti~ortgagors or their contractors to complete said bnilding in accordance with Consinictian Loa~~ Ag~ement, of cwen date herewith, or to build taid construction in accordance with plans and sperifications filed ~~~th the Association, shall constitute a breach of this martgage, .ind, at the option of the Association, immediately mature the entire amount of principal and interest hercby serured and the Asso- ciation may immediztely institute prnceedings to foreclose ihis mortgage. • 18. Z'hat the abstract ar abstr:~cts of title eovcring the mortgageci property shall at all times, during the life of this mort- ;a~e, remain -in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tit~A to the mortgaged property in extinguishment of the indebtedness secumYl hereby, all right~ ritl~ and interest of the Mortgagors in and to any such abstracts of title shatl pass to the pumhaser or grantee. • 19. The Associatian shall have the right, in its discretion, to reqnire that the A~ortpagon pey inb the Association in addi- tion to the mont}ily installments of principal and interest to be p:iid ~y the '.liortgagors nnder the note secured b_y this mortgage, .~n amount equal to one-twelfth of the annual installmenis of any tlces on the mortgaged premises levied or assessed by anv ~,o~•ernmental authority, and one-tweffth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~,remisec as hereinbefore required by the Association, and the ~tortgagors failure to ma1:e such pa~Tnents shall constitute a default undrr tleis mortga~e. 1~ WITNESS ~1'HEREnF, the said ~iortgagors hereunto set their hancis and seals the day and ve~r first above written. Signa+d, sealed and deli~ered in the presencc of: ! ~A ~ ~ ~ . ~ _ _ . K~ Jf , C ~ (SEAL) I seph ~ errito - , ~ _ ~~"`7 ~ ` Ls-'L_ (SEAL) He C Ter to . ~ - ~~~'J/LG ( SEAL ) ~ (1NITNESSE51 (ARCRiGAGCHtS) ( S~AL~ _ ~ - ~~~93 18fiQ