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Home My WebLink About0879 F 8. Until default in the perforaiance of the covenants and agirec~rnents of this mortgage, the mortgagors shall be entided to collect the rents, issues and profits from the premises hereinbefore described, but in c~of a default in any of the term~ of this mortgage, and the filing of a bill to Ea~eclose this or any other mmtgage eneumbeti~the within d~tcribed property, the .~ssociation shall immediatelv and without notice be entided to the appobiFment of a Receiver of the mo~tgaged pr~perty, und of the rents, issues and proEits thereof~ with the usual poN•er of Receivers in such cases, and such Receiver may be continued 3 en pos~ession of the raid pro~• until the time of the sale there~f nnder such foreclosure, and until the confirmation of such .ale b~• the Court. ~ n u.. ..e e~.,...la 1.e .,,~ao 1,., ~M .,,.,.to~o.m ~i tM nrPm:c~•e hPrrnin described_ or anv nart thereof_ without u. aa N LUlttl. ~cit{t~. - p-o a • • the written consent o~ the Association, and v?it~out~assumption in regulur form of law by the grantee o~ the obligatians to the ~~WCiation created bv said promissory note and this mortgage, thcn, and in that event, and at the option of the Associatiun. i :ind ~vithout notice, all sums of money sec~~red hereby shall immediately and concurrendy K~th such rnm•eyance become due and E~ayable and in default. The Association may deal with successors in interest with reference to this mortguge and the debt hereb~~ secured in the same manner as ~•ith the mortgagors, and ma~~ forbear to sue or may extend time fur payment of t6e debt, securecl hereby. or otherwise act without dischargmg o~ in any K~ay affecting the liability of the mortgagurs heceunder or upon the debt hereby secured. The Association may also deal v~~ith the Mortgagors and/or with successors in interest with reference to this inurtgage anci the debt hereby secured by forbearing to sue, e:tending the time for paymen~ of the debt, providing for different . ~nonthly payments and/or a different interest rate, and by other express malifscations of the contr,ict, K~ithout losing any priorih• the Association has over other morigagees or lienon or holders of airy jwuor interests in the property secured hereby. 10. Th1t in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use ~,ndcr the poH•er of eminent domau~, the Assuciation shaA have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be np~Iied upon the payment or payments last payable thereon. 11. It is specifically agreed th~t time is the essence of this contraM and that no waiver of any obligation here~~nder or of the obligation secured hereby shall at any time thereafte~ be held to be a waiver of the terms o~ of the instrument secured hereb~•. 12. If foreclosure proceeclings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tiitcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness sec~red hereby due .;nd pa~-able. 13. To the extent of the indebtedness of the ~lortgagors to the Association described herc~i or secured henby, the Asso- c•iation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in ~+•hole or in part, out of the proceedc ~~f the loan described herein or securecl hereby, and the respecti~•c liens of said mortgages, liens or other encumbrances, shallp~ t~ and be held by the Association herein as seQUity for the indebtedness to the Assxiation herein described or hereby secured, to , the same ex!ent that it ~?ould have been preserved and ~vould have been Passed to and been held by the Association had it been ~ ~luly and regularh• assigned, transfermd, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing t}ie fact that the same may be satisfied and cancelled oE record, it being the intention of the p:uties hereto that the same ~vill 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 all and sinb lar the costs, charges, and expenses including lawyer's fees, reasonablv incurred oL paid at am~ time by the Assoc~atton, I~era~ue ot the taifure ot tne Aiu[t s urs io riunu, cuiu i wii~? a?iu ai,i.:e u rac :~~u (:~Ci ~ JU t~~ ~ t~ P~ r 3-~ tions, agreements, conditions and covenants of said promissory note and this deed, or either, and everv such payment shall be~ar interest from date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no tvaste, impairment, or deterioration of said property or an}' part t}?ereof; ; and in the e~•ent of the failure of the 1liortgagors to keep the buildin~s on s.1id premises and ihose to be erected on said premises, ~,r impro~•ements thereon in good repair, ihe Association may make and pay for such repairs as in its discretion it may deem ~ necessary for the proper presErvation thereof, and the full amount oE such payments shall be secured by the lien of this mortgage ~ :~nd shall at the option of the Association 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 \tortgagors agree, the A4ortgagors will cazry a policy or policies of insurance upon their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ; cian~ ihereunder, and that the s~~id Association may pay the premiums for such insurance (in the event the ~ltortgagors do not), ~ :~nd add each such ps~~nent to the unpaid balance of the loan, as of the first day of the then c~vmnt month, and it shall become € additional indebteciness securecl by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of ihe ~fortgagon or ~ their contractors to complete said building in accordance with Construction La~n Agreement, of even date here~vith, or to build ~.~id construction in aocordance «~th plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, " ;md, at the option of thc Association, immediately mature the entire amoimt of principal and interest hereby secured and the Asso- ~ ciation may immeciiltek institute proceedings to foreclose this mortgage. ~ ~ 18. 'I'hat the abstract or abstracts of title covering the mortga~,eci property shall at all times, during the life of this mort- ~ <,.?ge, remain in the possession of the Association and in the event of the Eoreclosure of this mortgage or other transfer of Nde to ~ the mortgaged property in extinguishment of the indebtedness secured }~,ereby, all ri~ht, tide, and interest of the Mortgagon in .~nd to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. The Asiociation shall have the right, in its discretion, to require that the ~lortgagors p:iy into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ~ .~n amount equal to one-hvelfth of the annual installmentr of any t:ixcs on the mortgaged premises levied or assessed by an~ ;;overnmeatal authority, and one-hvelEth of the anmial premiums for Fire and Extended Coverage insw~ance on the mortgaged ~ ~~remises as hereinbefnre rec~iured b~~ the Association, :md the ~tortgagors' failure to make such pa~~nents shall constitute a defa~dt undrr this inortga~e. ~ IN ~~'IT\ESS ~~'HEREnF, the said ~lortgagon hereiinto set the>ir hands and seals the da~• and ~•ear first above ~vritten. r} . . ~igned, sealed and delivered in the presence of: ''3 . ~ / ' / ( J/C/y / ' i.. `M_ l / N • ~ cJ ~-~--~SEAL) ~ , ` ' Hu ert L. Wells ; / L~) - ~ ~ 1 ~ _ J 2~,~-•~ ~ ~ cf-.. /J ! ~ L x ( SEAL) / / T~~. ~e1~ McM. Well~ , = (SEAL) ( SEAL) j W I TNE SSES) (MOR TGAGORS) ~S ~ _ = ~oaK 198 PA~E 8?$ . _ _ - - , v - -