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Home My WebLink About2377 8. Until defauh in the ~rforniance af the cove~wnts e~xi ngrci.~rne~its oE this matgage, the mcxtgagas sl~aU be entitlod to cotkct the rc~r?ts~ issues and profib from the ix~cmises he:einbeforo desaibed, but in case oE a default ia any of the ts7ms oE chis mo~tgage, er~d the filing of a bill to forecbae this or any other mortgage rncnmbering the withire described pmperty, the .?s~ociation shall immecliatelv And without notire bc entitkd to the appointmcnt oE a Receiver of the mortgaged~o[~erty. and of the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in pos.vessi~m of the raid properir :a~til the time af thc sa{e themof under such Eorerbaiue, and ~~nti! th« cw~fir:~~.si~r. ^f such ..~le bv thc Court. 9. If a conveyance shouM be made by d~e mortgagors of the premix~s herein described, or uny part theteof, without the wzittcn caue~t of tl?e /Cssee+:~tion~ and K~d~out ass~unptiun in ~rgular form nf law by the grantee of tFie obligations to tbe ~.~aciation c~eutecl b~• +aid pcomissory note and this mortgage~ ther, and in that event, and at the uption of tlie Asu~ciatiun. :md ~~~ttaut notice, all :cums of mmey sec~~red hereby shall immediately and cauc~urentlv with such rnm•eyance becume due and ~~}:+ble anci in default. The Association may deal with successors in interest with reference to this mortgage and the debt hert.~~LY secured in the ~me mannrr as vvith the mortgago~s, and may forbear to sue o~ may extend time (or pnymeot ~~f the debt, see~rec~ hercbv, ar otherw•ise act e~ithout diccha~ing or in any wwu~• affccting the liability oE the mortgagurs hereuncler or upon the debt hcreby secured. The Association may also dral with the Mortgagors ~nd/or with succecsors in interest N~th referenc~ to this ~no~tgage and tho debt herebv secumd by forbearing to suc, extendinq the time for p~yment of the debt~ providing for differe~t monthly ;xi,yments and/or a c~ifferent interest rate~ andby other e:press moclifications of the conYr.?ct. without losing anV (~riorih• the Association has over other mo~igagees or lienors or holcien of any junior interests in the ~operty secured 2~creb~~. l0. That in the event the pmmis~s }~ereby nx?rtgaged~ ar any part thereof, shall be ca~demned and taken forpu blic usc~ undcr the po~~~Y of eminent doawui, the Assuciation shall have the right to dem;?nd that atl clamages awarded for the taking of o~ - damages to said pren?ises shaU be paid to the .~ssociation, its six~cesson or assiGns, up to the amount unpaid on this matgage anci ma~• be ap, lied upon ihe payment or payments last p:?~~abk thtr~on. 11. It is sperifically agreed that time is the essence of this ca~t~M and that no waiver of any obligation hereunder or of the obligation secured ha~eby shall at any time thc~reafter be held to be a waiver of ibe tertns or of the instrument secured hereby. 12. If fureclosure proreeciings of any second mortRage or seco~d tnut deed or any junior lien of uny kind should be insti- h~tcd, the Association may ~t iis option, immediately or thereafter declare this rr~ortgage and the indebtedness sPC?ued hereby due and pn~~able. 13. To the extch~t of the indebtedness of the Mortgagors to the Associahon described hen in or secured hcreby, the Asso- cistia~ u he~rb~• subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage~ licn or other et~cumbrance on the land described lierein which is paid and(a) :stisfied, in whok ot in port, out of ihepr ~~f the loan desaibecl herein or secun~i hereby, and the respecti~-~ liens of said mortgages, lieru or ather encumbrances~ slia~M~ t~ and be held bV the Association herein as security for the indebtedness to the Association herein described a hereby secured~ o thc same ex!ent that it w~ould have been prescr~~ed and ~~•ould ha~~e fxen J~ssed to and been heW by the !l~a~ciation had it been duly and regularh assigneci, iransfernd, set over and delivered unto the Associatian by separate deed of assignment. notwithttand- ing the fact th~t the same may be satisfied and cancrlkd of record, it being the intentia~ o( the partic~s hereto that thE+ same will l~e ra5sfied and cancelled of record by the holders thereof at or about the time of the recariling of this mortgage. 14. To pay all arid sin~lar the rnsts, charges, and ezpenses including Iawyer's fees~ rera.;onablv incumed or paid at am• time bv the Association, beca~ue of the failiue of the \tortgagors to perfonn~ comply with and abide by each and every stipula- tions, a~rements~ conditiau a~xi co~•enants ~f said promissory notc and this derd, or either, and ev~ry such payment shall bear interest from date at the rate staled in the note serured hembv. 15. That he will~rnu t, commit, or suffer no waste, impairment, or deterioration uf said property or any part t}~ereof; :~nd in the cvent of the a~f 'lure of the 1ltortgagon to keep the builciings cx~ saidpremises and those to be ereeted on s~id premises, ~ ur impro~~ements thereon in good repair, the Association may make and pay for such rt~airs ac in its disrretion it may deem - ~ecessary for the proper preservation thereof, and the fiill amount of such payments shall be secured by the lien of thiS mortgage ~ and shall at ihe option of the Association be immediately due and payable, or jrayable in such monthly installments as the As~ocia- tion may determine, and every such payment shall bear interest from date at the rate stated in the note serured hereby. 16. That if the Association and the \tortgagors agree, the ~tortgagors will carsy a policy or policies of insurance upon their lives in an ar~eunt equal from time to tirne to the amount oE indebtedness hereby secured, making Said Associatan benefi- ciarti• thereunder, and that the said Association may y the premi~ms for such i~uurance (in the event the ~tortgagors do not), i ~nd add each such pa~Tnent to the un~ balance o~ihe loan, as of the first day of the then civrent month, a~d it shall become additional indebtedness secureci by t mortgage payabk vpon demand. 17. That in the event that this mortgage be given to secure a construction loan, fa:lure on the part of the :ltortgagors or their contractors to complete said building in accordanee with Construction Loan Agreement, of even date herew~th, or to b~ild caid construction in accordance ~vith plans and specifications iiled ~+~ith the Association, shall constitute a breach of this mortgage, :,nd, at the optia~ oE the Association, immediatelv mature the entire amotmt of principal and interest hercby secured and the Asso- ciation mav immediatelv institute proc~eedings to foredose this mor!gage. ~ 18. That the abstraM or absiraMs ~f tide co~~cring the mortga;eci pro~x~~ shall at all times, during the life of this mort- ~_a~e, remain in ihe passession of the Association anci in the event of thc forcdosure of this mortgage or other traruEer of title to the mortgaged propcrty in eztinguishment of the indebtedness sectue~l };crcb~•, all right, tide, and interest of the Mortgagors in and to any sach abstracts of tide shall pass to the purchaser or graritee. ~ I9. 'I'he Association shall have the right, in its discretion, to ra~uire th~t the ~tortgagors j?a~• into the Association in addi- ~ ~~on to tlie mo~thly installments oE principal and interest to be paid b~• the ~tortgagors under the note sec~ued bv th~s mo?tgage, - .~n :?momit eqnal to one-hvelfth of the annual installments of anv tlres on thc morrtgagecl premises levied or asscssed b~• am• # ~u~•emmental authority, and one-hcelfth of the annual premiums for Fire and E.dended (',overage insurance on the murtgaReci i ~,remi~ .~s hrreinbefore requin-d_ b~• the Asuxc~tiun, and the ~(ortgagors' fa~lare to make such pn~~ments sh~ll rnnstitute a default ~ u*~der this cnort~a~e. - ~ I~ ~t'1T\ESS ~YIIERE(~P, the saicl ~tortgagors hereunto srt th~•ir hands and seals the da~• and ~•rar first~abo~•e «-ritten. ~ Signtci, sealed and deli~•ered in the presence of: ; / ~ ~ ; r"_ 'LtJ ( i • (SEALI Lee M. H , a~e man _ ~j--~.~ _ ~.l'1--~_-•--~~ il,~e%~~/r't ~/~-t'? (SEAL1 Dorothy I.ogan, 'd single woman (SEALI ~ ( SEAL) ( W t iNESSf S) iMORTGAC#S) ~oo~ 193 ~3?5