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8. Unti! default in the perfornwnce of the rovenan:s a~d agrccinents ~f this mortgagr, thc mortgagors sball be entitkd ~
ta co~kct the re.~?ts, issues and profits from tbe premises i~ereinbefora described, but in cese of a default in a~ay of tbe terms of
tbis martgage, and tbe filing of a bill to foreclase thb a any other mo:tgage c~bering the within descxibed property, the ~
~sociation shall immediatel and without notice ba eatitkd to the appointme~t of a Receiver of the moitgaged~o~e
rty~ and }
of the rents, issues and pro~its thereof. with the «suslpo wer of Receivers i~ such cases, snd such Receiv~er mav be c~o~tinued
in pos~essiwi of the said poopert~• until the time oE the sak themof undc~ such foreclosure, anci until the confim~ation of such
.ale bv thc Court.
9. lf a cot?veyance should be mack by the mottgagois oE the premis~ herein descxibed, or anypart thereof, without
the written concent of the Associatio~, and without assumptiun in t~egular form of law by the grantee of tfie obligatio~u to the
~~cociation created bv said promissory note and this modgage~ then~ und in that erent. and at the ~ption of the Asu~ciatN?n.
;md ~vithout notiee, al! sums of mmev sec~~red hereby shall immediately und concumentlv with such ecu~veyance become uue and
pa)~aWe and 'm default. The Associaition way deal with successors in interest with rsfcrence to this mortgage and the debt herebv ~
~erured in the sa~ae mannrr as with the nwrtgagocs, and may forbear to sue or may eute~d time fur ~yment of the debt, secureci
herrby, or otherwioe act wit!?out discha~gmg or in any wey afEectireg t}~e liahility of the mortgagcus hereunder or upon the debt
hereby sec~ued. The Associatiun may atSO d~) with the Mortgagors and/or vrzth successors in interest with r~eference to this
mortgage anci tha debt ~zreby serureci by forbearing to sue, estencling the time for payment of the debt, ~oviding for diffarnt
monthly payir~ents and/or a difEereat interest rate, and by otber exp~s rrwdificatioas af the c~ontract. without bsing anp ~xiorih• "
the Association bas over other mo~tgagees or lieno~rs or hoklers of any jw~ior interats ;n the propedy secured herebv,
IQ. T!~zt ir: the e~t the ~..~+nice.e Mrehr mortgaged, or ~ny ~nrt thereoE. shaL' ~;.~.~...:.c.a. a::~ ::.k~ f~r~u
blic use
under the powcr of eminent danain, thc A~suciation shaU have the right to dem;?nd that sU damages awankd for the taking of o~
<lamages to said pre~nises sha11 be paid to the Association, its succ~rs or assi~ns, up to the amount unpaid on this m«igage and
mav be ap~~lied upon the payment or pavments last payable then~on,
11_ It is specifically agreed that time is the ~csence of this contract and that no waiver of any ubligatan ha~eunder or oE
the obUgation secured hereby s1~a1] at any time thereafter be held to be a waiver ~ the tams ~ of the instrument secured hereby.
12 If foreclosure proceedings of any second mortgage or seoond irust deed or any junior liea of uny ldnd should be insti-
tuted, tbe Associatian may at its option, immediately or thcreaket declare this mortgage and the indebtei,ntss secured hercby due
and payable.
13. To the extent of the indebtedness of the 1Nortgagors to the Ass~ciati_-n described hemir~ or secured herc~by, the Asso-
c;ation .is hereb~ subeogatesl to the lien or liens and to the rightc of the owners and holders thereof of each and e moitgage,
lien or other et~cumbrance on the land described herein which is paid and(or) satisfied, in whok or in pcut, out oE t
~?f the loan described herein or securc~i hereby, and tbe respectivc liens o( ~aid morigages, liens or other enc~~mbranc~s, s~~
ro and be heW by the Association herein as secunty for the indebtedness to the Association l~erein described or hereby s~e~c~uecl, to
the ramr ex!ent that it wu~Jd have beer~ preserved and .~^ould have bee~~ passed to and 1~? held by the Association had it been
duly anc! segularly assiqned, transfrrrc~3, set over snd delivered unto the Associatic?n by separate deed of assignment, natwitl~stand-
in~ the fact that t~e same may be satisfied and rancelkd of c+c~~ord, it being the intention of the p~uties hereto that the same will
be sa~itfied and caneslled of record by the holders thereof at or about the time of the necording of this mortgage,
14. To pay a11 and singular the costs, charges, and ezpenses including lawyer
s fees, reasonably incurred or gaid at any
time by the Association, because oE the failure of the liottgagors to perform, comply with and abide by each and every stiputa-
tions, aqreements, conditions anci ec~venants of said promissary note and this deed, or either, and every such paymeni sha1) bear
interest froa~ date at t}~e rate statecl in the rwte secured h~ebv.
15. That he willp ~.nnt, commit. or suffer no waste, impairment. or deterioration of said propertV or any part thereof;
and in the event of the af ilure of the MoriRagois to keep the buildin~s on saidprem ises and t}wse M be erected on said prem~ses,
u: impro~~ements thereon in good repair, the Association may make anci pay Qf
r such repaits as in its discretion it may deem
necessary for the proper preservatian the~+eof, and the fuli amount of such pa.vments sh~ll be secwred by the lien of this mortgage
and shall at ihe option of the Association be iminediately due and payable, or gayable in soch montlily i~utallments as tbe Assocsa-
tion may determine, and every such payment shzD bear interest from date at the rate stated in the n~te serwed hereby,
16. That if the Association and ihe Atortgagors agrce, the ~1~ortgagors will carry a policy or poticies of insurance upon
their lives in an a~unt equat from time to time to the amount of indebtedness hereby secured, malcing said Association benefi-
~•iary ihereur~cler, and that the said As.sociation may pay the premiumc for such insnrance (in the event the \iortgagors do not),
and add each such pn~m~ent to the unp~id balanc~e_ of
the loan, as of the first day of the then curtent mm?th, and it shall become
additional indebtedness secured by this mortgage payable upon demand.
17. That in the event that this mortgage be given to secure a constn~ciion loan, failure on the part of the ;1lortgagors or
their contraMors to camplete said builciing in accorrlanc~e with Constnution Loan Agreement, of even date herewith, or to build
said construction in accordance with plans and specifirations filed ~~•ith the Association, shal) constitute a brNach of this mortgage,
and, at the option of the Association, immediately matur~e the entire amount of Ixincipal and interest hercby sectu+ed and the Asso-
t iation may immecliately institute proc~eedings to foreelose this morteage. '
18. '17~at ti?e abstract or abstracts of tit1P rnvPrin~ the mc?rtga~eci prnjx7ty shall at all times, during the life of this mort-
~age, remain in the poasession of the Association ancl in the e~-en, of the farc~losure of this mortgage or other transfer of title to -
the mortgaged property in e:tinguishment of the indebtedness secured hereby, all right, title, and interest of the 1liortgagors in
and to any such abstracts of tide shall pass to the purchaser or grantee.
19. Tbe Association shalt bave the rsght, in its discretion, to r~equire that the 1liortgagors ~ey iRto ihe Association in addi-
tion to the monthly in'stallments of principol and interest to be paid by the ~tortgagors ur.der thc note secured bv this matgage,
.~n amount equal to one-twelftL of the annuat installments of any tlzes on the mortga~ecl premises levied ar assessc~d by am•
~overnmcnt:.l authority, and one-twelfth of the .~nnual premiums for Fire and Ettended Coverage insurance on the mortgageci
rremises as hc~i,?before rc~u;red b. the Associ:?tiun, and the \iortgagors' failure to make such paymeats shall c~onstitute a defa~lt
?mcler this rnortgage.
Il~ WI?NESS ~t'HEREnF, thc said \tortga~ors hcrci~nto set tFmir hancls and seals the da~~ and vear first above written.
Signecl, sealcd and deli~•ered in the presence of; ~
' ' - - . ~ %~~-C'7 -'r" ~ ` (SEAL)
~
j orge A / Taib ~ ~ _ ,
~ ' ~
~r--~- ~`~zc'- t.~- c...~~~~ SEAL)
Claire H. M. Taibl
~ (SEAL)
twirNESSfs) - ( SEAL1
lAAdkTGAGORSf
~ eooK 193 18?6
~ _