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Home My WebLink About2978 ' ~ 8. Until default in thc ~formancc of the c~venants Aad agrc~xnents of this mortgage, the m~xigagors shall be er+titled tu coIMM the mnts, issues nnd ~x+o(its from the (uemises hereinbefo~a described, but i~ cusc oE a default in any of the terma of this mortgnge, and the filing of a biq to Eo~rclome this or ar~y othe~ mortgage cncumbering the withi~~ described propcrty, the _~\ssociution s1~a11 immediatelv a~d without notice bc entitleci to the Appointment uE a Receives of the mo~gagedproperty, and of the t~ents, issues und pn~Eits thereof, with thc usual power of Rcceivers in such r.~ses, snd such Recei~~er may bc continued e in poasessia~ of the said propert~• until the time of the sale thcreof ?mdes such forechuure, and u~til the confirmatiai of sucl~ ' .ak b~• thc Court. : 9. lf a conveysuxe slwuki be made by the mortgagors of the ~emis~~s herein described, or any part thereof, without ~ th~• w~ritten crniscnt af the Association, and ~~ithc~ut :usumption in regular form of lu~v bY the ~rantee of the obligatio~as to tht~ 1...u~ciution cmated bv a~id promissory note and this ~nortgage, then, and in that eveot, and ut the uptKN~ of ~i?r Asu~ciatiun. :ind ~~~ithuut ~wtice, all sums of mone}• sec»ired I~ereby shall immediately and cu~x~irmndv ~tith such rnnveyance beeume due und ~~a~:~ble a~xi in default, The Associatia~ may deal with successurs i~ interest ~vith reieoence to this mo~rtgage and the debt herebv ~ secured in the same munnrr as H~ith the mortgagurs, and may forlxar to sue ~r may extend time for ~xiyment cd the debt, securecl ~ hereby, or othenvise act ~~~thout dischar~*,mg ar in uny ~va~• a[(ectuifi the liabilit,y of the mortgagurs hemunder ur upon the debt ' hereby secumd. The Association mav also deal wit1~ the Mortgagurs And/or ~?~th succcsson m interest with reference to this ~ murtgage and tho debt hcmbv secureci by forbearing M suc, extcnding the time for paymemt of the debt, provid'uig for diffe~rnt ; monthly pc?yments and/or a different interrst rute, and by other express mcxlifications oE the contr.~ct, ~vithout losin•~ an~• priorit~• ~ the Association has over other morigage~s or lienors or holclers of any jimior interests :n tlee ~prrty secumd here~~•. ~ ~ 10. That in the rvent ~he pn~miscs hcreby nx~rtgaged, or uny ~art thereof, slwll be condemned ~nd tal:en for public ucP ~ ~eu~kr the po~vrr of eminent dom3u~, the Ass~?ciation shaU have the ri~ht to dem:?nd that pll damnges awarded for the tati.-ing of or ~ dama~es to saed premices shaU be paid to the Association, its successors or assi~ns, t~p to the amount unpaid on this mortgage and ~ mav be npplied upon the pa~Tnent or pa1'~nents last ~yable thereon. ~ 11. It is specifically agreed th~t time is the esu~nce of this contraM and that no waiver of any obligntion hereucdet or of the obligation seeurecl hereby shall at any time thc~e~after be held to be a~vai~~es of the ternu or of the instrument secured hereby. 1? lf EorecMsure proccexlings oE any secand mortgage or second tnut deed or any junior lien of any ldnd should be insti- tuteci, the Associaticx~ ma~~ :?t its option, immediately or therrafter declac~e this mortgaQe and the u~debtedness sPCUred hereby due s and pa~~abk. ` 13. To the extent of the indcbtedness of the 111ortgagors to the Astaci~tan dt~cribed her~•in or secured hcnby, the Asso- ~ ciation is hereb~• subrogated to the lien or liens and to the rights of the u~~~ners and holden thereof of each and every mortgage, lien or other eucumbrance on the land described herein ~•hich ic paid and(or) satisfieci, in ~~~hole or in part, out of the pro~ ceeds .~f the loan described herein or serure~i herebv, and the respeM~vc ~~ens of ~id mortgages, liens or other encumbrances, st llpass : to and hf held by the Association hprein ~s securitv for the indebted~~eu to the Assxiation hetein described or hereby secured, to F thc s:ime er!ent that it ~~~o~dd have Ucen preserved and ~~•ould have been pas.~rd to and been held by the Association had it been i diil~• and regularl~• assigned, transferrecl, set over and delivered unto the Ass~ciation by sepamte deed of assignment, nohvithstand- ~ inR the fact that the same may be satisFied and cancelled of record, it bc~ing the intention of the p~uties hereto that the same wi11 be sa3.died and cancellecl of rccord by the holders thereof at or about the time of the rerording of this mort~age. 14. ?o pay all snd sins;ular the costs, charges, and expenses including lawyer's fees, reasonably incurred or ~raid at anv time bv the Accociation, lx~r.?use of the failure of the \tortgagors to perform, corr.ply with and abide by cxch and twery stipula- j tions, ~iermments, conditions and rn~•enants of ~.~ici promissory note and this deed, or either, and e~en such payment shall bear = interist from date at the rate statecl in the note secured 'nereb~-. ~ 15. 'I'hat he ~s711 permit, commit, or suffer no waste, impairment, or deterioration of said propertv or an?• part thereof; ~ and in the c~~ent of the failure of the \tort~agon to keep the bt~ildin~c .?n slid premises and those to be erectecl on said premices, ur imExovements thereon in good repair, the Association m:~~~ make and pay for such mpairs as in its disc~retion it mav deem necrssarv for the proper ~=reservation ihereof, and the full amount of such pa~-ments shall l~e secured by the lien of this mcxtgage j and shall at {~~e option of the Associatan be immediately due and payable, or payable in such monthly installments ac the Associa- ; tion ma~ de.~rmine, and every such payTncnt shall bear interest from date at the ratc stated in the note secwed hemby. ~ 16. 'I't~at if the Association and the ~tortgagors agree, the liortgagors w~ill carry a policy or policies of insurance upon ' their li~~es in an arri~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- > c•ian• ihereuncler, and that tl~e said Assoeiatan may pay the premiums for sueh iacuranee (in the event the \fort~;agors cio nnt). and add each such ~~Tnent to the un~aid balance of ihe loan, as of the first day of the then ciumnt month, and it shall Fxcomr ~ additional indebteciness secured by th'u mortgage payable upon demand. 1~. That in the event that this mortgage be given to secure a constmction lazn, failuce on the part of the ~tortgagors or their contr.ictors to complete said builciing in accordance ~~th Co~utn~ction Loan Agreement, of ever~ date here~vith, or to build said cY~nstruction in accordance ~~~th plans and specificatious filecl ~~•ith the Association, s}iall co'hite a breach of this mortgaRe, ancl, at the option of thc Association, immediately mature the entim amount of princi~l and interest hercby secured and the Ass~- ~ i~tion may immediatel~~ instiiute proceec)ings to foreclose this mor!~age. ~ 18. That the abstraet or abstracts of tiNe eovering the mortga~eci properh• shall at ail times, cluring the life of this mort- 3 ,a~e, remain in the possession of the Association and ui the event of the forecli>sure of this mortga~e or other tra~ufer of tide to 3 thc morigagecl property in extinguishment of the indebteciness secure~l herc~t•, al) ri~ht, titk, and interest of the l~tortga~ors in and to an~• such absiracts of title s}w11 pass to the purchaser or gr.intee_ 19. The Association shall hati~e ihe right, in its discretion, to rec~uire that the 11art~:igors pa~• into the A~cociation in ad~ii- tion to the monthlv installmcnts of principal and interest to be paid b~• the \tortgagors under thc note secured bv this mortga~e, an :unount t~ual to one-hselfth of the annual installments of anv ta~cs on the mori~a~ed premises le~•it~cl or usscs.x~d b~~ am• ~o••e~~mental authorih•, and one-h+•elfth of the annual premiums for I~ im and Ectende-d Covcrage insuraucr on the mortgaged , rrctinises as hereini~rfore required b~- the AsuK~i.~tiun, .~nd the \tortfi3~ors fa~lure to make such pa~•ments shall rn:~stitute a default ~ ~xidcr this sr.ortfia~c. ~ ~ I\ ~\'IT\ESS ~~'HERE(1F, the caid ~tori~a~nrs h~•muni~i sct th~ir han~ls anil seals the d:i~• and ~•r.u first ahot'e ~critten. = . ~ _ ; Sign~i, sealccl and dcli~• d in thc prescncc of: ~ ~ ~ ~ ~ / - ~ ~ • ~--~_x • ~ ,,_.~~%'-Z'Y L'v ' `~/"`j4X C~' . ~ (SEAI.1 , ; ~ Earl A. Haffner ,~,`~a~ J • - ~t c~ (SEAI.) • Lucille Haffner ~ i SEAI. ) ( SF AL ) ,witNESSES; ;MOrtiG~GORS) _ _ ~o~K193 2~75