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Home My WebLink About2826 ~ ~ ~ 8. Until default in the performance ~ the covenants and agreements of this mortgage, the mortgagors shall be er?tided to colkct the raits, issues and profits froan tbc p~emises hereinbeEore described, but in case of a default in any of the ternu of chis mortgage, and tbe filiag of a bill to foreclose this or aay other matgage encumbering tbe within d~scribed property, t6e .~ssociatioa shall immediatelv and without notice be entided to d~e appoi~tment af a Aaceiver of the moitgagedpro~erty~ and uf the rc~ts, issues and pro~its thereof~ with the usual power of Receiv~s in°i~ch oa~es, ~snd such Receiver may be continued ~n ~ioa of tt~ said pro~erty until the tiine of the sak thereof ander such foreclosure, and until the confirmation of such .ale b~• the Court. 9. lf a c~onveyance sbould be made by the mortgagors of the premises herein described, or any part theroof, without ~ he written co~uent of the Association, and without assumptia~ in regular form of law by the grantee of tl~~ obligationt to tbe ~.sociation cYeated bv said promissory note and this mortgage~ then, and in that event, and at the option of the Association. ;~nd ~.~ithout notice, all sums oE mcxiey sec~ued hereby s}~all immediately und concurrendy with such rnnveyance become due and E~a~•able and ia default. The Association may deal with ~ors in interest with reference to this martgage and the debt hereLy ~ secured in the same manner as with the mortgagois, and may forbear to sue or may extend time for payment of the debt~ secure<l I~ereby, or otherwise act v?zthout discha~ mg a in any wav affecting the liability of the nwrtgugcus hereunder or upon the debt ~ hereby secured. The Association a?ay also deal with the~ Modgagon and/or with succeswrs in interest with reference to this tnortgage and the debt hereby secured by forbearu~g to sue, eztending the time for payment of the debt, providing for different monthly payments and/or a different iaterest rate~ and b~ other ezpress nnoclifications of the contrnM, without iosing any priorit~~ ' the Association has over other mortgage~ss or ~enors or ho~uers of any junior iaieresis ui ihe property s~us-~ htrth~•. 10. That in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken for public use under the power of einincnt doawin, the Asa~ciatioa shall have the right to dernand that all damages awarded for ihe taldng of or dama~es to said premises shall be paid to the Association, its successors or ass~gns, up b the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this co~tract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at anp time thereaker be held to be a waiver of the ternu or of the instrument secure~ hereby. 1`~. ]f fcu~closure proceedings of any second modgage or second tnut deed or any junior lien of any kind should be insti- tutcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebiedness secwed hereby due and poyable. 13. To the eztent of the indebtedness of the Mortgagors to the Association described hercin or secured hereby, the Asso- ~ ci.,tion is hereb~~ submgated to the lien or liens and to the rights of the ow~ners and holders thereof of each and every modgage, r li~~n or other et~cumbrance on the land described herein which is paid and(or) satisfied, in whole or ui pnrt, out oE the t ~~f the loan described herein or secun~ci hereby, and the respectivc liens of said mortgages~ liens or ather encumbranees, s ll~ t~ and be held by the Assaciatia~ herein as seairity for the indebtedness to the Association herein described or hereby s~, to thc s:~me e~ent that it ~vould have been preserved and would have been passed to and been heW by the Association had it been ~luh• and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, iatwithstand- ing~the fact that the same may be sacisfied and cancelkd of record, it being the inteation of the parties hereto that the same will t~e sa~sfied and cancelled of record by the holdets thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the oosts, charges, and expenses including lawyer s fees, reasonably incurred or paid at any time bv the Associatior~, berause of the failure of the 1lfortgagors to perform, comply with and abide by each and every stipula- t~ons, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate scated in the note secured hereby. I5. 7'hat he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; j ;~nd in the event of the failure of the Mortgagors to keep the buildings on saidpre mises and those to be erected on said premices, ~ z~r improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ~ nc~crssazy for the proper preservation thereof, and the full amount of sueh payments shall be seeured by the lien of this mortgage ` ~;nd shall at the option of the Assoctiation be immediately due and payable, or payable in such monthly installments as the Associa- ` tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ 16. That if the Association and the Atortgagors agree, the Mortgagors will cazry a policy or policies of insurance upon the"u lives in an arrleunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~iarv thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ;~nd add each such payment to the unp balance of the loan, as of ths first day of the then c~urent month, and it shall become ; ac'.ditional indebtedness secured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, fa~7ure on the Part of the 4fortgagors or ~ their contractors to complete said building in accordanee with Construction Loan Agreement, of even date herewith, or to build i said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ .~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ` ~ i.~tion may immecliately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstraMs of title covering the mortgageci property shall at all times, during the life of this mort- q ~,a~e, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to tt~e mortgaged property in eYtinguishment of the indebtedness secured ~;ereby, all right, tide, and interest of the Mortgagors in ~ and to any such abstracts of tide shaU pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to rc~uire that the Mortgagon pay into the Association in addi- ~ ! iun to the monthly installments of principal and interest to be paid by the :liortgagors under the note secured by this mortgage, - :~n amount equal to one-twelfth of the annual instaUments of any taJ:es on the mortgaged premises levied or assessed by any :;u~~emmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgagecl ~~remises as hereinbefore required b~~ the Association, and the !~tortgagors failare to make such pa~Tnents shall constitute a defaalt ~ u~der this mortgage. - I?~ R'IThESS ~S'HEREnF, the said '.liortgaoors hereunto set their hands and seals the day and year first above written. ~ = Signed, seaIed aod delivered in the presence of: . - ~ _ . ~~i.u~`"V c ~z i _ - r _ _ _ ~i~; (SEAL) _ Robert W. Moyer - . . /l i~~L~'~ ~ ~ . QVi~-r.p't~La~ ~ - (SEAL1 ~ Dolores A. Moyer : (SEAL) - _ (SEAL) (W ITNESSES) (MORTGAGOR51 -'2 ~ sooK~g~ ~?st~$~. ~ 'f