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Home My WebLink About1187 8: Until def~ult in the performance of the covenunts and agrcrments uE this mortgage. the morlgagora shall be entided tu colkct the rents, issues and ~ro(its from the premises hereinbefora described, but in caso af a.default in any of the ternu o( this mortgage, and the filing o~ a biQ to forecloae thLs or any other mortgage encumbering the within descdbed property. the .lssociution s1wU immc~liatelv nnd without notice+ be entitled to the uppointment of a Receiver of the mattgagedpro peny, and uf the mnts, issues nnd pro~its thereof, with the «sunl po~ver af Receiven in such cases, snd such Receiver may be continued ~n poa~ssion of the suid propert~~ witil thc time of the sale thenwf under such foreclosurc, And until the car?firmation of such .:tk bv tlx Court. 9. lf a convey~u~ce shoidd br made by the mortgagors oE the premiscs hemin described, or any part thereof, without the• ~vritten crnuent of the Association, and ~vithout assumptiun in regular Eorm of la~v by the qrantee of the obligations to the ~.u~ciation cnmtecl bv said ptnmissory note and this mortgage, then, and in tlwt event, and :~t the option of the Asa~ciatiun. ,~n~l .~~tix?ut notice, all sums of money sec~~recl hrmby shall immcdiately and rnncurrently ~ith such rnnveyance becume di~e and ~~:i~:iUlr and in defuult. The Association may deul with successors io interest with reEemnce to this mortgage and the debt herebv .ecu~eci in the same munnei AS with thc mortK:?gors, and mny forbcar to soc ar may extend time fur ~rayment of the debt, securecl hem6v, or othcr~vise act ~rithout d'uchacg'uig or in any ~~~ay nffectin~ the liubility of the mortgagurs hereunder or upon ihe debt hereby securrd. The Association may also deal with the MortgaRors and/or with succc~ssors in interest with reference to this murtg.lgc and tho debt herebv secureci by forbearing to suc, extending the time for payment of the debt, providing for different munthly pa~~ncnts and/or a difEerent interest rnte, and by other express modificntions of the contract, without bsing nny priorit~• the Assoriation has over other mortgagecs or lienors or holciers of any jw~ior interests in the property serured hereby. 10. Thnt in the c~•ent the pmmises hc•reby mortgagecl, or :my part thereof, shall be condernned and iaken for public use un~irr the jiower oE entinent domain, the Association shnU huve the rifiht to demand that ~ll damages aw:arded for the taking of or ~lama~es to s~id pmmis~ shall be paid b the Association, its successors or assiGns, up b the amotmt tmpaid on this mortgage and m:~r be ~ppliecl upon the pa~~ment or payments 1.1st pa~•able thcreon. 11. It is speciEically agreed that time is the essenm of th~s cont~act and that no w:+iver of any obligation hereunder or of the obligution secured hemby shall at any time thereafter be held to be a waiver of the terms or of the inshument secured hereby. 12. If foreclosure pmcredings of any second morignge or second tnist deed or any junar lien of nny ldnd should be insti- t~rtcd, ihe Associatian ma~~ at its option, immediately or themafter declare this mortgaQe and the indebtedness seci~red hefeby due :ind pa~•able. ~ ' 13. To thc extent of the indebtcciness of the lfortgagors to the Association described herein or sec~necl henby, the Asso- ~ iation u hereb~• subrogated to the lien or lie~u and to the right~ of the oH•n~rs and holders thereof of e,ach and every mortgage, li~~n or other eucumbrance on the land describeci herein which is paid and(or) satisfied, in ~vhole or in ~rt, out of the proceeds ~~f the loan describeci hemin or secured hereb~•, and the respecti~~~• liens of said mort~ages, liens or othcr encumbrances, shall~ss rt~ and l,e held h~• thc Acsr~ciation hercin as security for the indebtrdness to the Assxiation herein desrribeci or hereby secured, to th~• same ca!ent that it ~~•auld ha~•e lx~en presen~ed nnd ~~~ould havP heen Passi~d to and becn held by the Association had it been ~lul~~ and rrgtdarl~~ assigned, transfermd, set over and deliver~ed unto the Associ:dion Uy separate dced of assignment, notwithstand- ~n~ the fact that the sa~ne mav be satisfied and rancelled of record, it bcin~ the intention of the Crarties hereto that the same will l~e s:~5sfied and cancelled of~record by the holders thereof at or aboat the time of the recording of this mortgage. 14. To p:~~ all and singular the costs, char~es, and expenses including lawyer's fees, reasonably incurred or paid at anV time bv the Association, heca«cr of the failure of the 1fortRagnrs to perfonn, comply ~~~th and abide by each and every stipula- ti~~ns, agreemcnts, conditions and covenants of said promissory note and this deed, or either, and cverv such pavment shall brar interest fmm datP at the rate stated in thc note securecl hemb~•. 15. 'That he ~~1ll permit, commit, or suffcr no waste, impairment, or deterior:?tion of s:~id propcrt,y or any part thereof; .md in the c~•ent of the f3ilure of the r~ortfiagors to keep the buildinRs on said premises and those to be erected on said premises, ~~r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ncressarv for the pmper preservation thereof, and the full amount of such pa«nents shall be secured by the lien of this mortgage .~nd shall at the option of the Association be immediately due and payable, or ~ayable in such monthly installments as the As.9ocia- ti~m mav determine, and everv such payment shall beaz interest from date at the rate stated in the note secured hereby. ; 16. That if the Association and the ~tortgagors agree, the 1ltort~agors will carry a policy or policies of insurance apon ~ their lives in an arrie~int equal from time to time to the amount of 'videbteciness hereby secured, making said Association benefi- ~ ~ isn• thereunder, and th:it the said Association may pay the pmmiums for such insuranoe (in the event the \tortgagors do not), ~ ~nc~ add each such pa~-ment to the un~aid balance of the loan, as of th~ first day of the then ciirmnt month, and it shall become i <<1~3itional indebtedness securc~ by this mortgage pa~•able upon demand. ~ 1:. That in the e~~ent that this mortgage be given to secure a constn~rtion loan, failure on the Part of the ~fortgagors or t r},,,;r c~ontr.u!ers tQ co^:plete said building in accordance with Constn~ctiun Loan Agreement, of e~•en date here~~~th, or to build ~ .aid c~nstniction in accordance with plans and specifications fited ~~~ith the Association, shall constitute a breach of this mortgage, ~;~d. at the option of thc Association, immediateh~ mah~re the entire amount of principal and interest hercby secured and the Asso- ~ i.ition ma~~ immediatek instiiute prrx~ecdings to foreclose this mor;~age. ~ 18. That the abstraM or abstracts of title co~•cring the mortga~eci properh• shall at all times, during the life of this mort- _.s~,~, remain in t6e possession of the Association and in the event of the foreclosure of this mortgage or other transfer oE tide to ~ti~~• mortga~ed propertv in extinguishment of the indebtedness secarc~ci hcrebv, all right, tide, and interest of the ~iortga~ors in ~ ~nd to an~• such abstracts of tide shall pass to the purchaser or grantee. ~ ; 19. The rls~ciation shall ha~~e the right, in its discretion, to rcc~uire th:~t the \tortgagon p:ry into the Association in addi- ` t~, ~n to ihe monthlv installments of principal and interest to be paid b~• the ~fortgagors under the note sccureci bv this mortga~e, t .unount equal to one-hselfth of the annual installments of am• taxcs on the mortj{agcd premises leviecl or assE~sse~ bv am~ ~~~rveq~men~al~a~uthorih~, and one-h~•elfth of the annual premiums for Fire and Extended Covera~e insurance on the mortgagecl i~remises as hertinbeEore rc~~uired b~~ the Ass~x•iatiun, and the \tart~a~ors' fa~lure to make such pa~•mer?ts shall a~~~ctitute a default ~ :,nd~tiQ~(S t~e~tga~e. I\ «'(T~ESS ~l'IiERE(1F, thc said ~fortga~~~r~ he•rcunt~ti srt th~•ir h~nds a~id x~als the da~• :?nd vcar [irst alw~~e ~~Titten. ~ ~ ~i~*n"t~, s~led and deli~•ered in the pre~ence of: - ~ F • / % • ~ . ~ , r / ` ~ r G~t~ t~.~ ~~j~ ~ csF:~[.? ~ ~ - ~ Henry Fran is ~ ~ f ' ~ 4 ~ . • / ~.c~,c~ . •.~a, ?~.C< /~--~LL- ~-~c.c. . (s~~Ll ~ ~ Ida M. Francis , ~ ~ ? ~ p~''•, ~ ~ ~ta`e ~ ~e~+ 7ork . 4 ~ ~ Comnty of 3ntfo2l[ , ti~`..J. ~~g~:~I.~ ` ' ~t.a_t~ i ~ ~~3 *~C C~ / 9 ~ ~ BDOK~t~ P~CEu~ ' ) = 't ~ ' . ~ v,' -E :NITNESSES; ` (MORTGAG4Rf~" • ~ w ~ g6/~I.) ~ ~r~ - : . : . : r • ~ ' 7 w. • ~ / ~~~k ~y•• C,~f ~ / n~~.i ~ . . . . ' '1 ' ~ Q t ~ ~ ~ ~ ~ +~y ~ C.... . . ' - ' ' • I ~ ~ S ~-.3C ~3 sX-, _ry - _ -