The URL can be used to link to this page

Home My WebLink About0033 8. Lh~til default in the performance of the covenants and aprecments of this mortgage, the morlgagors shall be er~titied ~ t~~ collect the rents, issues and profits from the premis~s hereinbefore described, but in rase of a default in any of the term~ of ~ this mortga~e, and the filing of a bill to foreciose this or any other mortgage encumbering the within des~ribed property, the ; .issociation shall immediatel~~ ~nd ~vithout notice be entitled to the appointment oF a Receivrr of the morigaged pmperty, and ~ ~~f the mnts, issues und profits thereof, w•ith the usual power of Receivers in such cases, and such Receiver may be continued ~n ~ession of the said propert~• until the time of the sale thereof under such foreclosure, and untit the confirmatian of such ~ .ale b~• thc Court. 9. If a convey-s?nce should be made by the mortgagors of the premises hcrein descrilxd, or any part theteof, without ~ rhe• ~~7itten co~isent of the Association, and Hithout assumptiun in re~ular form of la~v by the grantee ~f the obligations to the ~ \.u~ci:~tion createci b~~ caid pn~missory note and this mortgage, then, :uid in that event, and at the option of tLe Assuciatiu~~, ~ .unl ~~~thout ~wtice, all sums of monev secareci hereby shalt immediately and ce::curmntlv ti~~th such rnnrevance become due :uid ~ ~~~able a~ed in default, The Association may deal with successors in interest azth reEerence to this mortgage and the debt heieb~• } .ecured in the same mannrr as with the mortgagors, and may forbc.u to suc or may cxtend time for Ixi}'rnent of the debt, secure~l ; hereby, or othenvise act without discha u~g oz in any H•a~• afEecting ihe liability of the mortgagurs heceunder or upon the debt ~ ' hereby secured. The Association mav ~O (~P1~ w~ith the Mortgagors anc~/or with successors in interest ~~~ith reference to this ~ ~nurtgage anci the? debt herebv sceurccl bv forbeanng to sue, extending the time for pa,yment of the debt, providing for diEferent ~ monthly pal-rnents and/or a different interest rate, and by other express mcxlifications oE the contract, ~~•ithaut losing nm~ priorih• ` th~ ~ssociation has over other morigagees or lienors or holciers of any jwiior interests in the pro~ertv secured hereb~•. j l0. Th:rt in the event the premises h~•reby n~ortg:~ge~d, or any }~rt thereof, shall be condemneci aud take~t for public ~u " e~,~Jer tt~e pc?«-c~ of eminent domain, the Assueiatiun shall ha~•e the right to demand that all damages awarded for the taking of or ' ~l.?mages to s.~id pmmises shall be paid to the Association, its successors or asci~ns, »p to the amount ~lnpaid on thu mortgage and rnav be npplied upon the pay-ment or payrnents last p.lyable thereon. 11. It is specifically agreed th~t time is the c~ssence of this contract and that no waiver of auv obligatan hereimder or of tt~e ublig~tion seeun~cl hereby shall at an}• time therraEter be held to be a~~~aiver of the ternu or of the instnunent seeurec~ hereby. 12. lf foreclosure procec~clings of anv s~econd rr~ortRage or second trust deed or any junior lien of sny kind should be insti- n~tcd, the Assaciation mav at its aptian, immediately or thereafter declare this mortgage and the indebteclness secured hereby due. .md pa~~able. ~ 13. To the eatent of d~e indebtc~cLiess of the ~tortga~ors to the Assoccition describc~ci hereu~ or secured henby, the Ass~- :;.,tion is hereb~• subrogated to the lien or liens and to the rightc of the owners and holders themof of each and every mortgage, li~~t~ or other c~~,cumhrance on the land described herein which is paid an~l(or) satisfiecl, in whole or i~~ part, out of the procee+ds ~~f the loan described herrin or secured hereb~~, and the respecti~•~• liens of ~.~id mortgaRt~s, liens or other encumbrances, shallpa ss :u?d i,e held b~• the Assuciation herein as securitv for the indebtedness to the Assxiation herein describecl or hereby secured, to th~~ ~me cr!cnt t~?at it «-o~dd ha~•e txen preserveti and ~~•ould ha~•e been passeYl to anJ been held by the Association had it been ~lult• and m~ularh• assi~ned, transfermd, set over and delivered unto the Asscx•i:~tion by separate deed of assii;nment, nohvithstand- ~n~ ihe fact that the same mav be satisfied and cancelled of record, it tx~in~ the intention oi the p:uties hereto that t6e same ~vilt t~~ sa~sfied and r.incelled oF~rccord by the hoTders theteof at or about the time of the r+ecording of this mortgage. I4. To pa~• all and sin~ular the costs, charges, and expenses inclading lawyer's fcrs, reasonably incurred or paid at an}• ti~ne bv the Association, bec•aiur nf thc f:~ilure of the ~fortgagnrs to perfonn, complv ~+~th and abide bv each and everv stipula- huns, a~reemcnts, conditiuns and rn~•enants of said promissory notc antl this det~cl, or eithcr, ancl everv such payment shall be~ar ' ~nterest from date at the rate statc~cl in the note seeureci heieb~•. ~ ~ 1i. Th.it he ~~•ill perniit, commit, or suEfer na w•aste, impainnent, or cleteriuration of saicl pro~x>rtv or an~• ~ur! thereof; ~ncl in the c•.•ent of th~ faiture of the \fort~ag~~rs to keep the buil~lin~s s~n s.1id premises and those to be erected cx~ s:iid premises, ~~r m~pro~•ements thereon in goal repair, the AssociaGon may make and ~y for such repairs as in its diu~retion it mav deem ~~crescarv for the proper preservation thereof, and the full amount of such pa~~ments shall be secured bv the lien of thic mo~rtgage .~nd shall at the option of the Association be immeciiatet~• due and payable, or payable in such monthly installr.:^^t~ *tin Acvx~ja_ i ti~~n ma~• detcrmine, :~nd e~~en• such pa~~ment shall bear interest from date at the rate stated in the note secured hembv. 16. Tl~at if the Association and the \tortgagors agree, the ~tort~agon will cam' a policy or policies of insurance upore ~ th~•ir lives in au arrib~mt equal from time to time to the amount of indebtedness hereby sccured, making said Association benefi- ~ i.?r~• theret~nder, and that the said Association may pay the premiums !or sucli u~sarancr (in the event the \iort~agors do rwt), ~ tnd~ add each such p:nTnent ta the un~id balanoe of the loan, as of tli~ first day of the then ciumnt mor~th, and it shall brcome ~ :~cl~lit~unal indebtedness securrd by this mortgage payable uJx~n demand, ; 1~. That in the e~•rnt that this mort~~ge be gi~~en to secure a cc~nstn~ctinn loan, failu~e on the ~rt of the ~tortYa~ors or : tl~r•ir cYmtr.utors M cororlete said boilding in accordance Krith Constn~ction L~~.in Agreement, of e~•en clate here~vith, or to build ~.iici cY~nstruction in ,-.ccordance ~~~ith plans and specifications filecl ~~•it}i the Ass~x•iation, shal! constitute a Ure~ch of this mnrtgaRe. ~t+cl. :~t the o~~tion of thc Asscx~iatiun, im~nc~3iatelv mative the entim amotmt o[ principal and intrrest hercby sec~vrd and the Assc~- ~ i.~t~un mav immedi:?telv institute prrxr`eciin~s to~foreclose this mor!~a~e. ~ 1S. That the abstraet ur ab:tracts o[ title c~~•erin~ the mortGa~~etii pro~~ert~• shall at all times, during the life of this mort- •_.~~~e, remain in the posse~siun of the~ Acscr;iatiun and in the event of th~~ f~re~closurc t~f this mortfiage or other transfer of iitle to ~ shr m~rtfi.i~ecl pro~erty ir~ ~xtingt~ishment of ihc indebtedness securcrl };crcb~•, all ri~ht, tide, and interest of tht ?~iori~aoars in ~ u~d to an~• su~h abstracts of tide shall p:~ss to the purci?aser or ~rantee. ~ ~ 19. The Associatir~n shall ha~•e the right, in its discrction, to rcc~uire that the \tortg:~gors ~.iv into the Association in addi- ' ;t•~n to thc~ monthh• installments of principal and int~rest to be p.tid ~n• the \ic~rt~agors under the note serured bv this moriga~e, ~ ~n .unoi~nt equal to ~ne-h~~eifth of the annual inst:,llments of an~• tax<•s or~ thr mortga~ccl rmmises levir,~ : t assess~~cl b~• anv ~u~~rmmeutal auth~rit~•, and anr-t..~elfth of the annual premiams for Fire and E~te~idc~cl Coverafie insi~r:?nm on the mort~a~~d ~ ~~remicc~s :~s h~~rcin}x~fore r~v~uirr~l l~~• the A>+~Kiativn, .~nd thc \t~~rt~~~urs fa~lnre to makc such ik~~-me•nts shall a~nstitute a dcfault } ~nuler thic moric;a~e. ] 1\ \~'IT\ESS ~1"[II~.RF.(1F, th~ ~.tid \f~rt~a~~,rs he•munt~~ ~ct th~•ir leu~~lc :~nd senls the ci,~t• aod ~•e~ar first aho~•e »•ritte-n. ~ . . ` ~t~n•Yl, ••_-al<-cl :ir3d clt~i~•erecl ir~ t}ie ~3reKe~ric~e• ~f- s ~ ~ ~ ~ ~ ' • ~ ~.t~'~-L~ ~ - ~ ~ ~ ~ / • ~ ~ t ~ ~ tSE4i.l / ~ ~ . John C. Hudgens, J~. - E ~ ~ ~ ~ ' i • ~ ~ ' '~-,,i . ~ . ,7''~.~ c_ r~„t «tf • l,s~ k:. , SEAL ) 4 - Noe1 P. Hudg s ~ ; ~ . ~ ~ ~ . ~ ~ , st~.A~.> ; ~eo~ige Bennett, Jr. ~ ~YVIINESSFS' • ~"t ` "'~'tis1~ - 11c..-"~ > ~i.' ~$EAI.) f Patricia"'~Lf'~'~Eti.' _ 4 t soa~197 ~ ; S