HomeMy WebLinkAbout1928 S. U~~til default in the pcrformance of the co~•enants and agreeineals of this mortgage, the murtgagors shall be entided
c~tiE~t ±he rcnts, issues and pmfits from the premises hereinbeforc> describcd, but in case .~f a dcfault in any of the terms of
:~iis mortgage, and the filing of a bill to foreciose this or any other mortgage encumbering the ~~thin describeci prnperh•, the
~csociation shall immeciiatel~• 1nd ~•ithcut notice be entitted to the appointment of a Receiver of the mortgaged propertj•, and
~~f the rents, issues and profits thereof, ~~~th the usual po~+~er of Receivers in such rases, snd such Receiver may be continued
:n ~:ession af the said proprrt~• until the time of the sale thereof under si~ch forecloswe, and until the confirmation of sucl?
..~le b.~ thc Court.
9. lf a cc~n~~evance should be made by the mortgagors of the prPmiscc herein described, or anv part thereof, ~vithout
~ h~• ~~7itten rnnsrnt of the Association, and ~~ithout ass~imption in rc
~ular form of la~~• bv the grantee of the obligations to the
~..~~cu~tiun crcatecl bv ~id promissor~• note and this mortgage, thcn, and in that e~~ent, and at the option of thr A~u,ci:?tiu,~,
~u~l ~~ithuut noticr, all s~ms of mone~~ secnmd hembv shall immecliateh• and cY~ucurrcntlv ~~~th such rnn~•e~•ance becume due and
E~.~~~:.ble and in default. The Association may deal with successors in interest ~~~th rcference to this mortgage and the debt hembv
.~~cured in the s~me mannrr as ~-ith the mort~agon, and ma~• forbear to s~~e or ma~~ e~tend time for 1~:i~Tnent of the debt, secure<1 e
hereb~•, or othen~•ice act ~~'ithout dischar~ui~ or in anv ~~•a~~ affecting the liabilitv of the mortga~ors hemunder or upon the debt
!~creb~• xecurecl. The Association may also deal ~~•ith the~:~iortgagon and;'or with successon in interest ~~•ith reference to this
:~~urt~age and tho debt herebv securrd bv furbearinQ to suc, extending the time for pa~•ment of the debt, pro~•iding for different
~nunthl~• pa~~ments and/or a d'Jferent interest rate, and by other expreu moclifications of the contr.~ct, ~~~ithout losing ~m• priorit~~
the ~ssociation has over other mortgagees or lirnors or holders of an~• junior interests in the proix~rt~~ secY~red hereb~•.
l0. That in the e~~ent the preKnices h~~mb~~ mortga~ed, or anv part thereof. shall be condrinned and taken for public use
~m~~•r the ~~~~er of eminent domaui, the Assuciation shall ha~~e the nght to demand that all damages a~~•arded for the taking of or `
~l.,tnages to said premises shall be paid to the Association, its succes~n or assi~ns, up to the amount un~aid on this mortgage and '
;n be applied upon the pa~znent or pa~~ments last pavable thereon. '
Il. It is s~cificalh• agr~eci th~t time is the essenm of this rnntract and that no H•ai~•er of an~~ obligation hereunder or of
tl~~• ubligation secured hereb~• shall at an~~ time theceafter be held to be a wai~•er of the terms or of ihe instrument secured hereby.
1?. If forecios»re pmceeclings of an~• sernnd mortgage or serond tnut deed or any junior lien of sny lrind should be insti-
~~~ted, the Association ma~• ~t its option, immediatel~• or thereafter declare this mortgage and the indebtednect secured hereby due
ind pa~•able.
13. To the extent of the indebtcYlness of the ~tortga~ors to the Association described her~~in or secureci hereby, the Asso- ;
~.:.~tion is hemb~• subrogated to the iien or liens and to the rights of the o~~~r?ers and holders thereof of each and every mortgage, !
li~•n or othcr eucumhrance on the land described herein ~~•hich i~ paid an~i(or) satisfied, in .~~hole or in part, oui of the prooeeds #
•f the loan ~escrihcd hcrein or secured herebv, and the resixrti~•~~ liens of said mort~ages, liens or other encumbrances, shall pass
r~~ :+n~i l~e held b~• the Acscx~iation herein as security for t}?e L~ucbtedness to the Assxiation herein describecl or herebv secured, to
~h~• s.?me extent that it ~~•o~ld ha~~e been presen~ed and ~~~ould ha~'e tx~n ~as.u~ci to and been held by the Assocyation had it been
.?uh• and regularl~• assi~ned, transferrrd, set over and delivered unto the Associution bv separate deed of assignment, nofi~•ithstand- ~
:r,, the fact that the same ma~• be s~ztisfied and cancelled of record. it bcing the intention of the parties hereto that the same ~~zil ~
s~~'isfied and c:incelled of ~ record b~~ the holders thereof at or about the time of the recording oE this mortgage.
14. To pa~• all and sin~~ilar the costs, charges, and e~penses including lawyer's fees, reasonabh• incu~ted or paid at an~•
c;n~e hv the Association. ixtiausr of thc~ failure of the '.1lortga~ors to perfonn, complv ~+~th and abide b~~ each and everv stipula-
~~~~ns, a~reements, conditiunc and rn~•enants of said promissor~• notc and this deed, or either, and e~•en• such pa~~ment shall bear
:nterest from date at the r:,te state~cl in the note s~~cvred hereb~•.
~ 1~. That he ~~•il1 Perniit, commit, or suffer no ~~•aste, impainnrnt, or cleteriur3tion ~~f said proPert~~ or ant• i~art thereof:
~ ;n~l in the ~~•ent of the fiil~re of the \fort~a~ors to keep the buildin~~ on c~id premises and those to be erected on s~id prrmises.
' ~r i~npro~•ements thereon in goc~ repair, the Association ma~• make and pav for such mpairs as in its discmtian it ma~• deem 2
; ~,~•crscar~• for the proper Presen•ation thereof, and the full amount of such pa~-ments shall be secured bv the lien of this mortgage ~
's :nd shall at the option of the Associatio~ be immeciiatel~~ due and pa}~able, or pa~~able in such monthlv installments as the :lssocia- ;
~ t ~:+n mav detcrmine, and e~~er~• such pa~~ncnt shall bear interest from date at the rate stated in the note secured hereb~•. ~
S 16. 'Ihat if the Associzt~on and the \fortgagors agree, the \tort~agors ~~•ill carry a policy or policies of insurance upon ~
3 ~}~f•ir li~•es in an am~unt equal fram time to time to the amount of uidebtedness herebv secured, mal:ing said Association benefi- ~
- ::u~ thereunder, and that the s:?id Association mav pay the premiums for suc}~ insurancr (in the event the 1tort~agors do not), _
:ncl acld each such p1~-ment to~the unpaid balance of the loan, as of th~ first da~• of the then curmnt month, and it shall becomc _
:c?,litional indebtcdness secureci U~~ this mortgage payable upon demand. i
ti I~. That in the e~•c•nt that this mort~ave be ~i~•en to secure a comtn~ction loan, failure on the j~art of the \tortga~ors or ;
•~,~•ir cY~~h-aetc~rs to eomplete said buildin~ in acrordanee K~th Constn~etion Lc~:in Agreemt•nt, of e~~en date here~~•ith, or to build 3
` ~_,~<1 cunstructir~n in accurdance «-i.}? pians and sFx~cifications filc~cl ~~•iih the Association, shall cons6hrte a breach of this mortgagc,
.~<<3, ,?t the uPtion ~f thc Association, immediaielv matiue the entire amount of princi~al and interesi hercb~• secured and the Asso-
i.~tinn ma~• immecliatel~• iustiiute Pr~x•ecdin~s to forerlose this mur!~a~e. ~
- l5. That thc ab~tract ur ab~tracts of title co~-crin~ the mort~a~~eci prol~ert.• shzll at all times, cluring the lifc of t1~is mort-
~ i<,r~, re:nain in the possession ~f che as~~~ati~m and in the e~~ent of the fcueclosure of this mort~a~e or other transfer of tide to
m,~rt~.i~rd j~rojx•rt~• in extin~uishment af the in~lebtedness secure-cl }~creb~•, all ri~ht, title, and interest of tLe ~tort~agors in
r :r,d te ane such ~bstracts of title shait ~ass to the purchaser or grantee.
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~ 19. The As~cx~iation shall ha~~P the riaht, in its diseretion, to rcY~uire th:it the \1ort~:~~;ors pa~• into the Assoeiation in addi-
m to th^ munt}~h• installments of principal~and inter~st to be P~id b~• the \tort~a~ors tmder the note secured br this mact~a~e,
.tmount rqual to one-hti•elfth of the :,nnual installments of am t.ixes on the n:ort~a~ed premises leviecl or asscsscd b~~ an~•
~ ~_;~~enimeutal authorih•, and one-h~~elfth of the annual ~xemiums for Fire and E~tendecl Covera~e insuranre on the mortga~c~
~~rc•mise7s ;~s he~rcinl~forc• rer;tiire~! h~• the AssrKi:~;ivn, :~nd the \fort~_i~ors' failnre to makc such pa~-ments sh~ll cY~nstitute a default
- itT~(~CI 111tS ]IlfiC}~';1~P, !
~~'IT\ESS \1'HL•'RI:(~I'. t}~c~ t.iid \i~rt~,i,nrc h~•rcuntu .ct the~ir h:m~ls :~t~d st•als the da~• and ~•e~ar first abo~•e ~~-ritten.
_ S~~n~•d, sesl~•d and ~.:~licercd in thc ~rc~cncc ~f: ,
. ~ - r-'~ f .
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' i , G ~ ~ c _ 'r1 ~I/~~ ~1.~~'1..1/` CjL ~{,~`.1~I .1
~ . - ~rancis W. Williams
~ . ~z ._~"1.~~~~«~-~.~
Irene L. VVilliams
- ~ SF.ALI
~ SEAL)
- . NiTNESSES~ :.MORTGAGORS:
so~K 197 PA~E 1926
. ~ , _=LL