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HomeMy WebLinkAbout2835 . . ~ . ~ 8. Until default in the performance of the covanants aud agrecme~ts of this martgage, thP mortgagors shall be entitleci ~ cvit~~t the rents, issues and prafits frlm the pnmises heminbefora c~~hed, but in egse of a default ia anv of the ternu of _ this mortgage, and the filing of a bill to fo~eclose this or any other mortgage encumbering the within deocribed pmperty, the .1s9ociation shaq immedintelv and without notice be entided to the appointment of a Receiver of the mortgagedproperiy, and uf the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, and such Receiver may be co~tinued ~n ~ession of the said properh~ until the time of the sale thereof under such forecloaure, and until the confirmation of such ,ale b~~ the Court. 9. If a conveyance should be made by the mortgag~s of the premises herein descsibed, or any part thereof, without t h~• ~vritten crnuent of the Association, and w~thout assumption in regular form of luw by the grantee of the obligations to the ~.~ociation created bv said promissory note and this mortgage, then, and in that event, and nt the uption of the As.x~ciata~n. .~ncl ~~~tlwut notice, all sums oE monev sec~~red hereby shall immediately and concurrendy with such rnnveyance betc~omleL d-ute~ ~a~n~d ~ 1 L ~a.~.a .:~Ii w~e~w....e f~.ie nnfl~OSQP A~1l~ ~~v [7P~Y ~1PlE~V ~~:i~~auiC ai~ii ID ii~I3iili. ~Ii2 ii;a::::.::::::1 :~::si ~it::ts o:i:.:,:.w;::s i:a ~,ss_=:a • - . a_;~ ~ecured in the same manner as with the mortgagois, and may forbear to sue or may extend time for payment of the debt; ~curec~ }:ereby, or othemise act without discha~ging or in any ~~av affecting the liability of the mortgagurs hereunder or upon tl~e debt ~ i~creby secured. The Associati~ may also deal with the Mortgagors and/or with successors in interest ~vith reference to this ~ murtgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ~nunthly payments and/or a d'Jferent interest rate~ and by otber e:press modifications of the contr.ict. ~~~ithout losing nny priorih• the Association has over other mortgagees o: lienors or holders of any junior interests in the property secured hereby, 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken fur public use <<nder the power of eminent domau~, the Aswciation shull have the right to dem:~i~d that all damages awarded for the taldng of or damages to said premises shall be paid to the Association, its successors or assiGns, up to the amount unpaid on thu mortgage and ma.• be ap~ lied upon the payment or payments last p~yable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby 1~. lf foreclosure proceeciings of any second modgage or second tnut deed or any junior lien of any ldnd shouki be insti- tuted, the Association may st its option, immediately or thereaRer declare this mortgage and ihe indebtedness secured hereby due :md pa~~able. 13. To the extent of the indebtedness of the Nortgagors to the Aswciltion described hereui or secured hereby, the Asso- c i.~tion is hereb~ subrogated to the lien or liens and to the rights of the ow~nen and holders thereof of each and every mortgage, lien or other encumbrance on the land described herein-which is paid and(or) satisfied, in w•hole or in part, out of the p~'eeds ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages. liens or other encumbranc~s, st p~ t~~ and be held by the Association herein as security for the indebtedness to the Assflciation herein describecl or hereby secured, to thc s:ime ex!ent that it ~vould have been preserved and ~~•ould have been passecl to and been held by the Association had it becn ~3uly and regularly assigned, transEerred, set over and delivered unto the Association by sep~l~e deed of assignment, r~ohvithstand- ;n~ the fact that the same may be satisfied and cancelled of record, it being the intention of the p`uties hereto that the same will l~e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, chuges, and expenses including lawyer s fees, reasonably incurred or paid at anv time bv the Association, berai~se of ihe failure of the ~fortgagors to perfonn, comply ~vith and abide by each and every stipula- tiuns, agreements, conditions and covenants of said pmmissory• note and this deecl, or either, and every such payment shall brar interest from date at the rate statecl in the note secured herebv. ' 15. That he ~vill permit, commi~, or suffer no waste, impairment, or deterioration of said property or any part thereof; ;ind in the c~•ent of the failure of the Mortgagors to keep the buildings 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 discYetion it may deem ~ necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage _ :~nd shall at the option of ihe Association be immediatel~ due and payable, or payable in such monthly installments as the Associa- ~ ti~n may determine, and e~~ery such payment shall bear interest from date at the rate stated in the note secured hereby. . ,r ~e-: 'c - ' ' - ~ .L_ ~._is-~~~ ~t.. ~;r~~a,..._...~ ~~il s ,,..1:..~ nr r,.,l:~.oe nf ine»r:~n~w mm~ _ i 1V. 1/IJ~ ~l li~C l1JJVa:i.iiiiiii 8iifa a~ia. .•lwa~ub...o wb.....~ : d~=s-+... ' j r=--~ = a=-===' _ ~ ~ their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, malcing said Association beriefi- ~ iar~~ ihereunder, and that the said Association may pay the premiums for such insurance (in the event the !1{ortgagors do not), ; ,~ncl add each such p:?~Tr?ent to the unp~id balance of the loan, as of the first day of the ihen current month, and it shall becomc ~ :uldilional indebtedness secure~ by this mortgage payable upon demand. ~ ~ 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the ~fortgagors or ° y '};eir contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ ~.iid consiruction in accordance ~vith plans and specifications filed ~+•ith the Association, shall constitute a breach of this mortgage, " .:ud, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ~ iation may immediately institute proceedings to foreclose this mor:aage. ~ ~ 18. That the abstract ur abstracts of tide covering the mortgagc~ci prnperty shall at all times, during the life of this mort- ~ •_.i~e, remain in the possession of the Association and in the event of tl~e foreclosure of this mortgage or other transfer of title to ~ tl~r mortgaged property in extinguishment of the indebtedness secured hcreb~•, all right, title, and intemst of the Mortgagon in ~ .ind to an~• such abstraMs of tide shall pass to the pumhaser or grantee. ' ~ 19. The Association shall have the right, in its discretion, to require that the \tortgagon ~u~ into the Association in addi- ~ !inn to ihe mnnihly installments of principal and interest to be paid b}~ the \fortgagors under the note secured by this mortgage, ~ .~n :imount equal to one-hvelfth of the annual installments of anv taxes on the mortgagecl premises levied or assessecl by am• ~*orernment.il authority, and one-h~•elfth of the .~nnual pmmiums for Fire and Extended Coverage insurance on the mortgagec~ ~4 ~~rcmises as hereinbefore required b~~ the AsscKiation, :ind the ~fortganors' failare to make such pa~Tnents shall constitute a default undcr this mort~age. I\ «'ITtiESS \~'liEREC1F, thc said ~tortgagors hereunto sct the~ir hands .~nd seals the day and ~•ear first above ~~•ritten.' ~ign~d, sealed and deli~•ercd in the presence of: - ~ _ ~ o-~~ ~ ~~z~ ~ ~I .1Ic'.~-t-~SEAL) - l7 . Helen R. Carpenter ~ . ~ ZCI!~~~~~Q~ _ (SEAL) ~:l * ~ Jli~i~~ i - _ ( SEAL) ;MOQiGAGORSJ r:: ~WITNFSSES) i;;? -;3 ;