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Home My WebLink About0943 • . 8. Until default in thc perEormance of the covenants and agrcaments of this mortgage, the morigagon shall be entided rnllect the rec~ts, issues and profits from the premises hereinbefore described, but in case of a default in any oE the term~ of this mortgage, and the filing of a bill to forerlose this or any other mortgage eacumbering the ~lthin described property, the .~ssociation shall immcdiatelv and withcut notice be entided to the appointment of a Receiver of the mortgagedprope rh~, and uf the rents, issues and pmfits thereaf, with the usual power of Rc~ceivers in such cases, and such Receiver may be rnntinued ~n Possession of the said pcopert~• until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale b~• the Court. 9. lf a conveyance should be made by the moztgagors of the premiscs herein described, or any part,thereof, without ~ !he~ ~?~ritten ccnuent o~ the AssociaNon, and Hit~ut assumphon ~n rep~ular torm ot !aw bV the grantee ofi ti~° obtl~,aUuus tu ii~r ~ ~.u?ciation created bv said promissorr note and this mort gage, then, and in that event, and at the uption of the Asu~ciatiuu. £ ~ncl ~~ithout naNce, all sums of monev sec~~red hemby shall immediately and concurrendv a~th such rnn~•eva~xe become due and ; }~a~•able and in default. The Association may deal with successors in intemst ~vith refenemce to this mortgage and the debt herebv j .ecured in the szme mannrr as ~•ith the mortgs~, ~d ~may forbear to s~~e or may extend time for pa~Tnent of the debt, securec~ # hercby, or otherwise act N'ithout discha u~g or in an{~ ~s~av affecting the liability of the mortgagurs hereunder or upon the debt : hereb~• secured. The Association mav a deal with the~ Mortgagors and/or W~th successon in inlerest w~ith reference to thu ~ ~nortgage and the debt hcrebv secured by~ forbearing to sue, extending the time for payment of the debt, providing for different mont}il~ pa~Tnents and/or a diffeieat i~itctrst rate, and b otber expr+rss mcxlifications of the contr.~ct, ~~•ithout losin an~• priorih• e y the Association has over other morigagees or lienon or holders of any junior interests in the property secured here y. } 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken far public iue undcr the po~~~er of eminent domavi, the Assuciation shall ha~~e the right to demund that all damages aw•arded for the taking of or ~ <lamages to said premises shall be paid to the Association, its successon or assigns, up to the amount unp~id on this mortgage and ~ ma.• be applied upon the payment or ~rayznents last pa~able thereor?. 11. It is specifically agreed that time is the essencr of this contract and that no waiver of anv obligation hemunder or of r the obligation secured hereby shall at an~ time themafter be held to be a waiver of the terms or of the instrument secured hereb~~. ' 1?. If foredosure proceeciings of any secc?nd mortgage or second trust deetl or any junior lien of any kind should be insti- tuted, the Assaciation mav at its option, immeciiately or thereafter declare this mortgage and the uidebtedness sexiued hereby due :~nd pa~•able. ~ { 13. To the ectent of the indebtedness of the ~lortgagors to the Associltion described herein or secured hereby, the Asso- ~ c;.~tion is hereb~ subrogated to the lien or liens and to the rights of the oH~nen and holders thereof of each and every mortgage, ~ lic•n or other er~cumbrance on the land described herein Which ic paid and(or) satisfied~ in H•hole or in part, out of the proceeds n ,~f the loan described herein or secured hereb~•, and the resPerti~~c liens of said mortgages, liens or other encumbrances, shall~ t~~ and he held b~- the Association herein as security for the indebtednect to the Assxiation herein describeci or hereby serured, to thc~ same extent that it ~arould ha~•e been preserved and ~~•ould have been passed to and been held by the Association had it been ~luh• and regularh• assi~ned, transferred, set over and delivered unto the Associatian by separate deed of assignment, nohvithstand- in~ the faM that the same mav be satisfied and cancelled of record, it being the intention of the parties hereto that the same w~ill l~e sa~fied and cancelled of~record by the holders thes+eof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and e~penses induding la~yer's fees, reasonably incurred or paid at anv ~;.,,P h.. ~h.• Accnriatinn h~~~~w nf thP failnre of the \tortQat*ors to perform. eomulv ~~~th and abide bv eaeh and even~ siipula- t~uns, agreements, conditions and covenants of said pmmissory note and this deecl, ar either, and e~~en~ such ~vment shall bear ~ ititerest from date at the rate stateci in the note secured herebr. 15. That he K~ll pernut, commit, or suffer no waste, impairment, or deterioration of said pmpert~~ or am• ~~art thereof; mci in the event of the failwe of the Mort~agors to keep the buildings on slid premises and those to be erected on said premises, E ,r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem neti-essarv for the proper preservation thereof, and the full amount of such pavments 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- > tic~n mav determine, and everv such payment shall bear interest from date at the rate stated in the note secured hereb~•. ~ 16. T7?at if the Association and the \fortgagors agree, the I~iortgagors will carry a policy or policies of insurance upon ~ rhrir lives in au ar~leunt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- Y i ~.:an• thereunder, and that the said Association may gay the premiums for such insurance (in the e~~ent the ~tort~a~ors do not), ? ~nr' add each such p~~-ment to the unpa id balance of the loan, as of th~ first day of the then current month, and it shall becomc r .~c?diteonal indebtedness sctivrc~ Uy this mortgage payable upon demand. ~ l ~.?}?at in the event that this mortgage be given to secure a construction loan, failure on the pact of the '.llortgagors or ~ 'i~eir contractors to complete said building in accordance with Construction Loan Agreement, of e~~en date hereH~th, or to build ~:~id construction in accordance ~~~th plans a~d specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ ~ ,T~cl, at the option of thc Association, immediatel~ mahue the entim amount of prineipal and interest hereby seeured and the Asso- ~ ~ i.~tion may immeciiatel~~ i~utiiute proceedings to foreelose thic mor!gage. ~ ' y l~s. 'I'hat the.aUstract or abstracts of title covering the mortga~eci propert}• shall at all times, during the life of this mort- ~ _.s~,e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to : ~ ~i~c• mortga~ed property in extinguishment of the indebtedness securc'd ~.ereby, all ri~ht, tide, and interest of the Mortgagon in ~ ° u~d to any s~ch abstracts of title shall pass to the purchaser or grantee_ $ 19. The Association shall have the right, in its di.ccretion, to rec~uire that the \tortgagon pay into the Association in addi- , ~ ~,~m to the monthl~• installments of principal and interest to be paid b~• the ~fortgagors under the note secured bv this mortgage, ~ .:u :~momit equal to one-h~-elfth of the armual installments of an~• tas~s on the mort~aged premises levied or :usessed by am~ ' _ ~~u~~enimental authority~, and one-t~~elfth of the annual premiums for Fire and Ectended Cover~ge ins~~rance on the mortgagecl ~ I~remises a?s hereinbrfore requirecl b~• the Asscx•i.?tion_ and the ~tortga~ors' fa~lure to make such payments shall constitute a default ' ui~drz this mortsa~e, ~ ~ I\ N'IT~ESS \1'HERE(1F, the said ~tortga~nrs hercunto set their hnnds and seals the dat• and ~•ear first above ~vritten. ~i~necl, sealed and dcli~•ered in the presence of: - ; ~ G ~~G ~ (SEAL) ~ • Jame,~ R. illis ~ . ~Q cs Gf~'~~~~~`ni.~ ~ ~J ~v+~-c~ ~ ~ Frances E. Willis _ : - (SEAL) _ F :_r ~ ~ L - (SEAL) ( W ITNESSES: (MORTGAGORS) ' E00~ ~~O f11t~ . : , = _ . - : . . :