HomeMy WebLinkAbout1543 8. tlnti) default in the performance of the covenants and agr~rments of this mortgage, the mortgagors shall be entidecl ~
tu coUect the rents. issues and pcafits fmm the premises heneinbefo~a deseribeci, but in case of a default in any uf the term~ of
this mortgage. and the filin~ of a bill to foreclose this or any other ma~tgage encumbering the w~thin described property~ the
:~ssociation shall immediate v and without notice be entitled to the appointment of a Receiver of the mortgaged pnperty, and
uf the rents, issues and pmfits thereof, with the usual power of Receivers in sueh cases, and such Reeeiver may tie continuecl
in ~OS.,ession of the said pcoperh~ until the time of the sale the~eof u~der such forecloaure, and until the confitmation of such
.~le br the Coeert.
9. lf a rnnvevance should be made by the mortgagors of the premis~~s herein described, or any patt thereof, without
the ~aTitten cauent o~ the Assoriation, and H~thout assumption in tegular fotm of law by the ~rantee of the obligations to the
\.u~ciation created by said promusory note and this modgage, then, and in that event, and at the option oE tLe Asu~ciatiun,
:u~d a~thaut notice, all sums of mc?nev sec~ired hereby shall immeciiately and concurrently with such rnnveyance becv~me Jue and
~~ati•able and in default, The Association may deal with successors in interest with reference to this morigage and the debt hereb~~ 3
secured in ihe same mannrr as ~•ith the morigagors, and may forbear to sue or may extend time for pay7nent oF the debt, s+ecurei!
tiereby, or otherwise act Nithuut dischaiping or in any w~ay affecting the liability of the mortgagurs hereunder or upon the debt
hereby seceued. The Association may aLso deal with the ~lortgagors and/or ~vith successors in inierest with reference to this
~nortgage and iho debt herebv secureci by forbearing to sue, extending the time fo~ payment of the debt, providing for difEerent
munthly payments and/or a different interest rate, and by other express m«lifications of the contract, without losing any priorih•
the Association has over other modgagees or lienors or holden of any jw~ior interests in the property secured hereby.
10. Thst in ths eve~t the ~mmi~s b~rebv mortgaged, or any part thereof, shall be condernned and taken for public use
undcr the pow•er of eminent domau~, the As.wciation shall have the right to demand that all damages awazded for the taldng o£ or
damages to s.zid pmmises shall be paid to the Association, its succE~ssors or assigns, up to the amount unpaid on this mortgage and
ma~• be applied upon the payment or payments last payable thereon.
lI. It is specifically agreed thst time is the esse~sce of this ax~tract and that no ~vaiver of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a wai~er of the terms or of the instrument secured hereby.
12. lf foreclosure proct~eciings of any second mortgage or second trust deed or any junior lien of any kind should be insti-
tuted, the Association may at its option, immeciiately or thereafter declare this mortgage and ihe indebteciness secared hereby due
:ind pa~~able.
13. To the extent of ihe indebteciness of the ~lortgagots to the Associltion desaribed hercui or secureci I~enby, the Asso-
c~iation is hereb~• subrogated to the lien or liens and to the rights of the ownen and holden thereof of each and every mortgage,
lien or other ei~cumbrance on the land described herein which is paid and ( or) satisfied, in whote or iii part, out of thep
~~f the loan described hemin ar secarecl hereby, and the resPecti~•c liens oE said mortgages, lieru or other encumbrances, sF~~a
t~ and be heid by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, o
the same extent ihat it ~~•ould have been preserved and ~~~ould have been pas~sed to and been held by the Assocyation had it beet~
cluly and regutarh• auigned, transferrecl, set over and delivered unto the Associ~ti~n by separate deed of assignment, notwithstand-
in~ the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill
he sa5sfied and cance)led of reeord by ihe holden thereof at or about the time of the recording of this mortgage.
14. To pay a11 and singular the costs, charges, and ecpenses including lawyer's fees, reasonably incurred or paid at am•
time bv the Association, becnuse of the failure of the \fortgagors to perform, comply with and abide by each and every stipuia-
tions, agreements, conditions and rnvenants of said promissory note and this deecl, or either, and everv such pavment shall bear
interest from date at the rate stated in the note secured hereb~~. ~
I5. That he tivill permit, commit, or suffer no waste, impairment, or cieterioration of said ~ropertv or an}• p.art thereof;
:ind in the cvcnt of the failure of the 111ortgagors to keep the buildings on said premises and those to be erected on said premises,
; ur impro~•ements thereon in good repair, fhe Association may make and pay for such mpairs as in its discretion it mav deem
necessary for the proper preservation thereoE, and the full amount of such pavments sha]1 be serured by the lien of this mortgage
and shall at the option of the Association be immediately due and payable, or payable in such monthly iruinllments ~s 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 Mortgagors will carry a policy or policies of insurance upon
their Iives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
c~ian• thereander, and that ihe said Association may pay the premiums for such insurance (in the event the 1ltortgagors do not),
.md~add each such ~r.?}'rr?ent to the unpaid balance of the loan, as of tha first day of the then ciurent month, and it shall become
:~dditional indebtedness secured by th'~s mortgage payable upon demand.
l7. That in the event that this mortgage be given to secwe a constniction loan, failure on ihe part of the ~tortgagon or
their rnntr.ictors to compl~te said building in accordance with Co»struction Loan Agreement, of even date here~a~th, or to build
~aid cvnstruction in accordance with plans and speciEications filed ~~•ith the Association, shall constitute a breach of this mortgage,
and, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso-
~ iation may immeciiately institute proceedings to foreclose this mortgage. ~
13. 'That the abstract ur abstracts of tide co~rering the mortga ;eci property shall at all times, during the life oE this mort-
~~a~F, rerr~ain in the possession of the Association and in the event oE the forectosure of this mortgage or other transfer of title ta
the mortgaged property in extinguishment of the indebtedness secureci t;creb~, all ri~ht, title, and interest of the ~iortgagors in
and to any such abstracts of tide shall pass to the purchaser or grantce.
19. The Association shatl have the right, in its discretion, to require that ihe Afortg:~gors ~uy into the Association in addi-
tion to the monthly instaUments of principal and interest to be paid by the \tortgagors under the note secured bv this mortgage,
:~n :?mount equal to one-hvelfth of the annual installments of anv ta~cs on the mortgagecl premises levied or assessed by am~
govemmental authority, and one-twelfth of the annual premiums f<~r Fire and Eatendeci Coverage i~zsurance on ihe mortgagecl
rremisPS as hereinbefore req~ured bt~ the Association. ar~d the ~tortg:~~ors' failure !o make such pa~~nents shall constitute a defat~lt
tmder this mortgage.
I1 WIT~ESS ~~'IIEREnF, the said \tort~ya~ors hercun,o set the~ir hancls ~~nd seals the da.~ and ~•ear first above ~~~ritten.
Signnd, sealed and dclit•ered in the presence of:
' w~ • ' ~ .J
~ ando ph - y (SEAL)
' ~,~4 ~ ~ (SEAL)
~ ~ nn . uc y ~ cJ`~~
~ ~ (SEAL)
(SEAL)
(WITNESSES? ( RTGAGORS)
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