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Home My WebLink About1458 . i S. Until drfault in the perfo~n~ance of t}?e rnvruants ~n~l a~;rcti•~ncnts oE this murtg~ge, the mortgagurs shall be entitled t+~ coltect the rents, issues a~id pmfits fn~m the pre~nises hereu~before descritx~cl, but in rase uE a def:~ult in any of the term~ uf this mortR:ige, and the filin of a bill to forecluse this or anv other mortgaKr encurnlxring the ~~•ithin descrilx~cl property, the \ssociation shall imm~~liatc~v and withcut natirn t~ entidecl to the ap~x~intment of a Recei~•cr of the mortguged property, nnd ,:f the rents, issues and proEits theree~f, ~+~ith the «sual po~~•c~ c~f N~reivers in such cases, :?nd such Receiver may be continued ~n ~x~ession of t}:z :a:d p:::jzcrt~• ~u~ti) thc~ time uf the sale thereuf under such foreclosiue, and untii the con(irniatiun of sucL .,~ic bv thr Court. y. If a c~nve~~;?nc~ shoidd be made by die mortgagurs uf the p~t•mis~~s hercin dc~scriberJ, or an~~ part thereof, ~~~ithout th~• written cvmunt of the Ass~x•iation, umi ~~•itl~out assumptiun in rr~ular form ~~f la~e hv the grantce i?f th~ obliRatiau to the ~..~K•c~tion crratrcl b~• said pmniisson' note and this mort ~.~gc, thcn, und in that cvent, and .~t thr uptiun of thr As.uK•i.diuu, .~n~l ~~•ithc~ut nutice, all sums u[ mone~• sc~c•~~rc~l hrmbv sha~l unmr~cliatelv and c~mcurrentlv W~th such rnnvevan~r bcti~~me due und ~~,~~~.~ble a~zd in default, The Association may deal with successurs ire interest with reFerence to this n?ortg•a~;c and the clebt hereb~• } ,ecured in the s.~me mannrr as v?~ith the mort~agurs, and may forbrur to sue or may extend time fur Ixt~~ment c~f the debt, sea~~1 s hercby, or othenvue act µ•ithout dischargu~g or in anv affcrtui~ the li.ibility of the moct~ugurs hereunder or upon the debt ~ l~~reby scc~u~Yi. The Association rnay ako deal ~vith the~ \iortgagors andior ~vith succ~ssors in intere~t ~~•ith reference to this iiSUI'I~;:1~P and thc~ debt herebv securtYl I~v forbearing to su.~, extencling the time Eor payment of the debt, Pm~•iding for different , ~nunthl~~ p:?~Tnents andjor a differrnt interest rate, and bv other express m~xlificatio~u of the coutr.?ct, ~vithout losin~ an~• priorit~~ ihe Assoeiation has over ~ther morigafiees c?r lienors or hu~ders of auy jw~ior interests ~n the rro~x•rh• sc~•un-cl herebv. ]0. Th:it in tho event thc pmrnise~ hemhv mortgaGcd, or any part thereof, shall be ~rondernncd .uiJ taken ior wblic t?se nnclcr tLe Ex,~~•rr of emuirnt domain, the A~.uxiut~un shall ha~•e the ri~i?t to demand that all damages aw~arded for the t~ing of or ~IamaGes tu said pmmises shall be paid to the Association, its successors or a~si~~es, up to the amount unpaid on this mortgage and ma~• be ap~ lied u~n the pa~•ment or ~vments last I~:~vable thereon. 11. It is specifically agreed that time. is the essencr of this contract :?ud that no ~~•ai~•er ~f anv uUligation hereunder or of ~ the uhligation securecl herebv shal) at anv time themafter be held to be a waiver of the terms or of ihe instnunent securc•d herebv. ~ 23. If foreclosure pmceeYlin~s of any sernnd mcrtQage or second tnut deed or any junior lien oE any ldnd shoiild be insti- ; tuteci, the Ass~xiation mav at its c~ptiun, immediately or thereafter deelam this mortgaGe and the nidebtedness sPCUred hereby d~e .~nd payable. 1'3. To the extent of the indebteciness oE the \tortgapors to the A~~occition describe.d her~•iu or securecl hen•by, ihe Asso- ~ ~ i.~tian is herebv subrogated to the lien or lie~u and to the riRhts of thc u~~•m•rs :?nd holders thereof of each and every mortgage, ~ !icn or other e?ecumbr.ince on the l;ind described hemin which i~ ~r.iid an~llor) satisfieci, in ~~•hole or in part, out o( the~r oceeds ,~f the Inan descril~ herein or securecl hereb~•, and the reslxrti.~~• liens of said mortgaRes, liens or other encumbranees, shallpass ~ r,~ :~~?d t~e held b~• the Association herein 1s securitv for the indebttYlncys to the Association herein cleuribeci or herebv secured, to ; t}u~ same ex'ent that it would ha~~e Ueen presen~ed and ~~•ould h~v~ tx~en rascc~cl to ancl bee~n held b~ the Association had it been _ ~hih• a~id re~ularh• assiGned, transFerred, set over and delivered unto the Asscx•iation by separate deed of assi~me*~i, ~c+h~•ithstand- inQ thc fact that the same mav be satisfied and cancelled of record, it l~in~ the intention of the parties hereto that the same ~vill t~ satisfied un~l cancelled of~record by the holders thetrof at or about the time of the recording af this mortgaRe. ~ 14. To pav all and singular the costs, char~es, and expenses including law~y~er's fees, reasunablv inc~ured or paid at anv r~{~~P bv the Associalion, I~ec•~usr of thP f:~ilure of the ~iort~a~ors to perfonn, comply ~~~th and abide bv e:~ch and ever~~ stipula- ~ twns, a~reements, conditiuns and rn~•enxnts of s:iid pramiscory note and this deed, or eithrr, .in~l everv such pa~•ment shall l~ar ~ntcrest from date at the r:~te statcd in the ~~ote secured hereb.~. ~ - 13. 'Th:it he ~~•ill pern~it, commit, or suffer no waste, imPainnent, ur cleteriuration ~?f +:~id pn,pertv or am• ~~art thereo[; cn~i in th~ t•.•c~nt oE the f:iilure of the ~tort~agors to l:erp th~ builcliu~c ~~n ~:iid premises and those to br erected cx~ s:~id premises, ~x ~~r ~inj~ro~•ements thereon in gcwcl repair, the :~ssuciation ma~~ make and p:?v for such repairs as in its discretion it mav deem ~ nerescarv for the proper presen•ation thereof, and the full amount of such p:?~-ments shall be secured by the lien of this mortgage .in~l shall at the option of the Association be immecliately due and pa~~able, or pavable in such monthlv i~utallments as the Associa- - ti~m mav detc~rmine, and e~•en• such pa}7nent shall bear interest from date at the rate stateci in the note secured hemby. 16. That if the Ass~~ciatiun and the ~iortga~ors a~ree, the \tort~a~ors will carry a policy or policies of u~surance uJxm th~~ir li~•es in au ~r~vunt e~~?~al from time to time to the amount of indt•btedness hereb~~ secured, making said Association benefi- i.?n~ th~reuncler, and that tl?e ~.+id Assc?ei:ition mav pa~• the preniiunu [or sueh insur~ncr (in the e~•ent thP ~fort~:+~ors do not), ~nd add e.uh such p:i~-mt•n! to the un[~id balanc~~of the It~an, as oE thr first day of the then current month, and it shail becomc _ .ulditi„nal indebtcdness securcd by this mortgage pa}•able ujx~n demancl. I:. That u~ tl?e event th~t this mort~age l~e ~i~•en to secure a constnictirn~ loan, failure on the part of the \tortga~ors or !hc~ir ~Y~ntr.~rt~~rs to coml~lete said building in accordance «-ith C~~nstnirtiun Lo.?n ~s;reemrnt, of e~•en clate here~~•ith, or to b?~ild :aid r~mstruetiun in am~rdanee ~vith plans and s~crifieatiuns filecl ~~~ith the As.~x•iation, ~Lall c~nstitute a breaeh of this mortga,~e, ~ud, at the oj~tion of thc :~.s~x~iatiun, immcdi;itelv mature the cntire• amoiuit ~~f ~~riucipal and int~•rest hercb~• serured and the Asso- ~ i.itinn mav immc~iistc•h• institute ~r~xeedin~s to forecDuse inis m~~r'.~a~;e. ~ 1`i. 'l~hat thc :+hstr;ict ~~r ahctrat•ts ~f title co~rrin~ the mort~:~~~~Yi pro~x•rtt' sl~:~ll :~t all times, durin~ the life of this mu~t- 's~ ~_,~~~c~, remain in thc Fw~st•~siun ~f thc• Ass~x•i:~ti~~n .~n<l in the e~•ent ~~f tli~~ fnrec•lr~snrc of this mortt;a~e or uther trans(er of title to ; th~~ nr.irt~.i~f'lI llil~jx~ctv in extiri~uishment uf thc~ inil~~bte<iness sc~curc,l Lcrrh~•, al! ri~ht, title, and interest uf the ~fnrt~.~~ors in ~ " uul tu an~• such abstractc of title shall I~.iss tu thc purch:ucr or grantce. : 19. The Assoc•iatiun shall ha~•P the right, in its di~cretion, to rcti~uire that th~ ~turt~.~~ors into the Association in addi- - !n~n to th~ m+~nthh• inst:~llments of rrinci4~.?1 anel intcra•st b be i~.iid L~- thc• \1~~rt~.i~~~rs under the note scY~ueci b~• this mort~a~e, .~n .~nwunt equal to onc-h~•elfth of the annu:~l installmc~nts of an~• t,~~e~s on ih~~ murt~;~~~e~! pre~mises Il'~'i(Y~ or asseysc~cl h~• :ui~• ` ~~~~rnim~~nt;~l authurih•, :ind ont~-h~elfth the anm~al E~remtium~ fur I~in• :irl<~ I:Cfenc~c~I CuYFi.1fiP ii~si~r.~nie ~m the mortga~~vl ~ = i,r~~mi:rc }~rrc~it~ix•i~~re n~;uirrd i~~~ the AtiblKl.i~lfql_ .111(1 ~IIC Vur' f.ulnre• t~i mal.r cuch ~~:i~•in~•nts s}i.?11 cymst~,ute a dc~fault s ti ~ ~tin~lc•r r!us tnurt~.+~e. 1\ ~~'I'[ \ESS ~t~111~:1i1'(~i', thc• :.iicl \(nrt~.i~,~n ~i~ rc•unt~~ .i~t t~irir L.~ni1s ,inil si~.~ls tj~e cl.i~~ ancl vr.ir first c~lw~•c ~~~rittc~n. T+z 1 ~ikne~<l, •t,~le i! :intl eielit err~l in the ~tcye n~ t~ ~~f : i _ ± / ~ f ~ ~f-6 ' ~ 1SF.AI.i ' Fre erick Fulfor ; # ~`'.._.t ,.=~i:~ r~.•~~ 1~' c: r;~~ ~ `-j ~~~_~i~:i iSf:.~t.~ f = 1~'[argaret Fulford ~ ~ - ~ - ~ til•:.~1.1 : _ `i + ~ ( SF.A1.1 "z h:tNES5E5 VOQ1(;~GORS; - ( f _ ; e~R~ 1~6 ~ 1458 _ ,