The URL can be used to link to this page

Home My WebLink About1426 ; ' i the rforniance of the covenants and a r~r~nents of this mort a e, the mortgagors shall be entided ~ 8. Until ciefault u ; t~~ collect the rents, issues and pmfits from the premises hereinbefore described, but in case of u default in any of the terma of ~ this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the ~~~ithin described property, the i .~ssociation shall immediatelv and ~rithcut notice be entided to the nppointment of a Receiver of the mortgaged pnperty, and ~ ~~f the rents, issues and pro~its thereof, w~th the ~sual power of Rereivers in such rases, snd such Receiver may be continued ,n ~ession of the s:iid propert~• untit the time of the sale the~eof tmder such foreclosure, and until the confirmation of such ~ .:~lc b~• the Court. ~ 9. IE a conve~~ance should be made by the mortgagors of the premis~~s herein described, or anti• part thereof, without , ~ h~• ~eritten c~~sent of the Association, and ~~ithout assi~mption in regular form of law bv the grantee of the obligations to the ~.u~ciation created bv said promissory note and this mortgage, then, and in that event, an~ at the option of the Assuciati~~u. ~n~i ~~tith~~ut uotice, al) sums of monet• secnreci hereby shall immediately and concurmntly with such rnnre~•ance bec~me due and i~a~~able and in default. The Association may deal with successurs in interest ~vith refere~ce to this mortga~e and the debt hereb~• seciued in the same mannrr as W~ith the mortgagots, and may forUear to sue or may extend time for ~xi~Tnent of the debt, securecl hereby, or other~+•ise act ~»thout discharguig or in an}' af[ecting the liability of the mortgagurs hereunder or upon the debt hcrebp secured. The Association may also deal with the I~iortgagors and/or with_ successors in inierest ~~~ith reference to this ~nurtgage and tho debt herebv secureci bv (orbearing to sue, extendu~g the time for payment of the debt, providing for different monthly pavments and/or a different interest rate, and by other expmss modificatioiu of the contr.?ct, ~vithout losing anv priorit~~ the Auociation has over other morigagees or lienors or holders of any junior interests sn the pro~riy secured hereb~•. 10. That in the event the prcmiscs hcreb~• mortgaged, or anv part thereof, shall be condemned and taken for public i~sc ; undcr the po~~•er of eminent domau~, the Asse?ciation sha[l have the nght to demand that all damages awarded for the tal:ing of or ~ ~3amages to said premises shall be paid to the Association, its snccessors or assigns, up to the amount unpaid on this mortgage nnd ma~• be ap~ lied upon the pa~~ment or pa~znents last ~z~•able thereon. 11. lt is sPccifically agreed th~t time is ihe essence of this contract and that no ~vaiver of anv obligation hereunder or of tt~e obligation secumd hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hercb}. ~ 12. If foreclosure proceeclings of an~• second mortgage or second trust deed or any junior lien of sny ldnd should be insti- ~ tuted, the Association may at its option, immeciiately or thereafter declare this mortgage and the indebteclness sercured hereby due ' and pa~•able_ 13. To the extent of the indebtedness of the ~lortgagors to the Associ:ition desczibed hercin or secured hereby, the Asso- c~i.ition is hereb~• submgated to the lien or liens and to the rightc of the o~~~ners and holders thereof of each and every mortgage, licn or other ei~cumbrance on the land described herein w~hich is paid and(or) satisfied, in ~rhole or in part, out of the proceecis ~~f the loan described herein or securecl hcreb~•, and the respecti~•e liens of said mortgages, liens or other encumbrances, shallpass t~~ and be held bv the Association herein as securitv for ihe indehtedness to the Assxiation herein describeci or hereby secwed, to ; the ~me estent that it ~eould ha~~e been preserved and ~~•ould ha~•e been pasced to and been held by the Association had it been ~luh• and regulariy assigned, transfermd, set over and delivered unta the Association by separate deed of assignment, nohvithstand- ~ ing the fact that the same may be satisFied and cancelled of record, it bcing the intention of the p:vties hereto that the same ~vill t~e sa5sfied and rancelleci of recc»ci by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including la~ayer's fees, reasonably inc~ured or paid at am• ~ time bv the Association, l~ec:wsr of the failure of the Vortgagors to perfonn, comply ~~~th and abide b~~ each and everv stipula- ' I tiuns, agreementc, conditionc and co~•enants of said pmmissory notc and this dec~ci, or either, and everv such pavment shall bear ~ ; :nterest fmm date at the rate stated in the note securecl hereb~•. ~ ~ 1~. Th.+t he ~?-ill permit, commit, or suffer no ~vaste, impairment, ur cleterioration of wid prorert~~ or any part thereof; ' .mcl in the e~•ent of the failure of the !1tort~agors to keep the buildings on ~.~id premises and those to be erected on said premises. ~ ~~r impro~~ements thereon in good repair, the AssociaUon may make :ind pay for such repairs as in its discretion it may deem ~ ncressary for the proper preservation thereof, and the full amount of 4>>ch pa~~rnents 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- ~ ti~n mav determine, and ever~• such ~~~nent shall bear interest from date at the rate stated in the note secured hereby. 3 16. That if the Association and the ~tortgagors agree, the '~fortgagors ~~~ll carry a pu;icy or policies of insurance upon = thc•ir li~~es in ar~ amsunt equal from time to time to tne amount of indebtedness hereb}• secured, mal:ing said Association benefi- , > ~ isr~~ thereunder, and that the said Association may pay the premi~ms for such insurance (in the event the !llortgagors do noi), ~ ,nd add each such pa«nent to the unpaid balance of the loan, as of th~ first day of the then ciumnt month, and it shall become ~ i ~c!ditional indebtedness secured by th'~.s mortgage payable upon demand. 1i. 'That in the event that this mostgage be given to secure a constn~ction loan, faili~re on the part of the ~iortgagors c,r ; ' their contractors to complete said building in accordance K•ith Construction Loan Agreement, of even date here~~~th, or to build n said construction in aecordance ~a~th plans and specifications filed ~~~ith the Association, shall constimte a breaeh of this mortgage, ; ~nd, at the option of the Association, immediately mature the entire amount of principal and intPrest hercby secured and the Asso- _ , i:~tion mav immediatel~~ institute proceedings to foreclose this mor+eage. ~ ~ 1S. •That thc al3straM or abstracts of title co~~erin~ the mortga~ed property shall at all times, during the life of this mort- ~ :;at*,e, remain in the possession of the Association and in the e~•ent of the foreclosure of this mortgage or other transfer of tide to ~ thr• mortga~ed property in cxtinguishment of the indebtedness secured hereb~•, all ri~ht, title, and interest of the L'Iortga~ors in ~ incl to an~• such abstracis of title shall pass to the purchaser or grantee. ~ ~ 19. The Association shall have the right, in its discretion, to rcYluire that the \fortgagors pa~• into the Association in addi- ~ ±~on to the monthlv installments of principal and interest to be paid b~• the \tortgagors ~mder the note secured bv this mortgage, r .~n amount equal to one-hvelfth of the ~nnual installments of an~• taxes on the mortgageci premises Ieviecl or asscssed by am• " ~~u~-e~iimental authority, and one-h~•elfth of the annual premiums for Fire and Estended Coverase insurance on the mortgageci ? ~y - i,remises as hereinbefore reciuired h~• the Asx~ciatiun. and the Z1ort~a~ars' failure to make such ~~~Tnents shall rnnstitute a default ~ ~ ut~der this murtc;ane. ~ 1\ ~i'IT\ESS ~1'HEREOF, t}?e said ~lortga~nrs hercunto s~t thc~ir hands and seals the da~• and ~•ear first abo~~e ~~-ritten. i 3 Sign.~cl, sealed :~nd dcli~rred in the presence of: ~ ~ ~ ~ t° SEAL) ~ Toney Lucas .~Y ~ , . ~ , , _ - ~~rz~ ~1% • ~<?-Gc~~~1 ~~-C..C~G LtG f G~ L ~ (SEAL) ? `;y Beatrice Lucas ~ - _ (SEAL) _ : i SEAL) = (W ITNESSES7 (M.ORTGAGORS) 5 ~ 800K ~~O P~~~~ ~ ~