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Until default in the performance of the covenants and :~grctimrnts of this mortgage, the nwrigagors shall be entided ~ ~u coUect the rents, issues and profits from the premises hereinbefure described, but in case of a default in any of ~he terms of this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within described property~, the _~ssociation shall immediatelv and withcut notice be entided to the appointment of a Receiver of the mortgaged pr~pert~•, and , ~~f the rents, issues and profits thereof, v?~th the iuual power of Re~eivers in such cases, and such Receiver may be continuecl ,n pos;ession of the said propert~• until the time oE the sale thereof under such (oreclosiUe, and until the confirrnation of such .:~le L~• the Court. 9. lf a conve~~ance should be made by the mortgagon of the premix s hcrcin described, or anv part thereof, without tht• «~ritten consent of the AssociaNon, and ~~ithout ~sumption in regular form of law bv the grantee of d~e obligations to the ~.coeiation created bv caid promissan• note and this mortgage, then, and iu that event, and at the uption c?f tlie Assueiati~~n. ~n~l ~~~thc~ut notice, all sums of monev sec~ired hereby shall immediatelv and cv~ucurrentlv ~vith such rnn~•e~•ance Uecume due and i~.~~~able and in default, The Association may deal with svecessurs in interest ~vith mference to this murtgage and the debt hereb~• ,ecured in the same mannrr as W~ith the mortgagors, and ma~• forbear to sue or mav extend time for ~xi~~nent of the clebt, securecl hereb}•, or othcn~~ue aM ~~~thout discha uig or in am~ H•a~~ aftectinfi the liabilit}• of the mortgagurs hereunder upon thP debt }~ereb~• secured. The Association mav a deal with the~ Mortgagon andi'or w~th successon in intcrest ~~•ith reference to this :~~urtgage and the debt herebv secured bv forbearing to sue, extending the time for payment oE the debt, providing for different - ~nonthly pa}'ments and/or a different interest rate, and by other exprESS moelifirations of the contract, ~~•ithuut losin~ am• rriorit~~ the Assa:iation has over other morigagees or lienors or holders of an~ jwiior interests in the propc•rh• secured hereb~•. 10_ That in the event the prcmises hcmbv mortgaged, or an~• part thereof, shall be condernned and taken for p~blic i~sc~ uucler the poH~rr of eminent domau~, the A~.x,ciation s}iall have the riQht to demand that all damages aH•arded for the taking of or clamages to ~.1id pmmises sha11 be paid to the Assoeiation, its successon or assinr•s, up m the amount unpaid on this mort~;aRe and ma.• be ap, lied upon the pa~znent or pa~~ments last pa~~able thereon_ 11. It is s~xcifically agreed that time is the essence of this rnntract and that no waiver of an~• obligation hereunder or of t}~e c,bligation secured herebv shall at anv time thereafter be held to be a H~aiver oE the temu or of the instnunent secured hereb~•. 1?. ]f foreclosure proceeclings of am~ second mortRage or second trust deed or any junior lien of sny kind should be insti- ±utcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness sPCUred hereby due .{nd pa~•able. 13. To the extent of d~e indebteciness of the ~lortgagors fo the Assoei~tion described heri•in or sc~c~u~ed herrb~~, the Asso- . i:ltion is hereb}' subrogated to the lien or liens and to the rights of the oH~nc•rs and holders thereof of each and e~~ery mortgage, Lcn or other er~ciunbrance on the land described hereu~ w~hich ic paid an~ljor) satisfied, in ~vhole or in part, out of the proceecis ~~f the loan described herein or secured herebv, and the respectiv~ liens oE said mortgagc~s, liens or other encumbr~?~ces, shallp~ ss r~~ ;,nd be held b~• the Assoc;ation herein as secunty for the indebtedness to the Assxiation herein describecl or hembv secured, to thc same ex!ent that it «~ould ha~•e been preserved and .~•ould ha~-e been p:~stcuci to and been held by the Association had it been ;iuh~ and m~ularh• assi~ned, transferrrd, set over and ~elivered unto thc Association b~• separate deed of assignment, noh~•ithstand- ~n~~the fact thai the same mav be satisfied and cancelled of record, it bcing the intention of the parties hereto that the same ~~i11 ;,e satisfied d~xl c:+ncellecl of ~ record b~~ the holders tht~of at or about the time of the recording of this mortgage. 14. To pa~- all and singular the costs, charges, and expenses including lawyer's fees, reasonabl~• incurred or paid at an~- t;:ne b~• the Association, hecause of the f~+ilure of the \Iortgagors to perfonn, complv «ith and abide by each and even• stipula- tums, ~greements, conditionc and co~~enanis of said pmmisson~ note and this deed, or eithcr, and e~•erv such pa~~ment shall bear , intcrest from date at the rate stated iii the note secured hemb~•. 1~. 'That he ~.-ill perm;t, commit, or suffer no waste, impairment, or eleteriuration of said pmpertr or am• part thereof: ~n~i in the c~•ent of the fa~lure of the !~lortga~ors to keep the buil~lin~t c~n s:iid premises and thuse to be erccted on s:+i~i prrmises. ~~r impro~•ements thereon in gcwci repair, the Association ma~• make and pay for svch repairs as in its discTetion it may dcem [ ~,cressarv for the proper preservation thereof, and the full amount of such pavments shall be ~ecured by the lien of this murtgage 3 ~nd shall at the option of the Association be imrriediateh• due and pa~~able, or pa~~able in such monthiv installments as the Associa- ° ~i~,n ma~- detc~rmine, and everv such patiTnznt shall bear interest from date at the rate stated in the note secured hereb~~. ~ 16. ?hat if the Association and the ~tortgagors agree, the '.?1ort~a~ors K~ll carry a policy or policies of insurance uFwn t tlic•ir li~•es in au arri~~mt equal from time to time to the amount of 'v~debtedness hereb~~ secured, making said Association Uenefi- ' • ian• thereunder, and that the said Assoeiation may paY the premiums for such insuranm (in the event the !lfort~agors do not), i ind add each such pa~~r?ent to the unpaid balance of the loan, as of the first day of the then currrnt month, and it shall become ~ ;,cldit~unal indebicdness secureci b~~ this mortgage payable upon demand. _ ~ l7. 'I~hat in !he event that this mortgage be gi~•en to secure a co~~stniction loan, failure on the part of the ~fort~a~ors ur > •hc•ir contractors to complete said building in accordance with Constn~ction Loan ARreement, of e~•en date here~~•ith, or to build ` ,.~id c~~nstruction in aocordance With plans and specifications filed ~+•ith the Association, sLall constitute a brrach of this mortg.iKe. ~ ne3_ .~t the uption of thc Association, immediatelv mature the entim amount ~f principal and interest hercby secured and the Asso- ~3 ~ iativn ma~• immediateh• i?~stiiute proceedings to foreclose this mor:~a~e. ~ ~ 15. That the abstract or abstracts of title co~•ering the mortga~~rYi pro]~ert~• shall at c:ll times, during the life of this mort- ~ __~,e, rcmain in the possession ~~f the Ass~ciation and in the event uf the foreclosure of this mortgage or other transfer of title to ~ 'L~• mortga~ed propert~~ in extinguishmerd of the indebtedness szcurc~l 1;erebt~, all ri~ht, title, and interest of tlie \tortga~ors in ~~,d to an~• such abstracts of tide shall pass to the ptuchaser or grantce. ~ 19. ?he Associati~n shall ha~•e the right, in its discretion, to rcc~uire that the '~tortoa~ors p.i~~ into the Association in addi- a" ~,~,n to the monthly installments of principal and interest to be paid b~' ihe ~fortgagors t~nder t}ie ~wte secured bv this mortga~e, ~ ;+mowd equal to one-h~~elfth of the annual installments of an~• t:ucs on thc mortga~ecl premises le~•iecl or assessed bv an~• -~u~•en?ment:il authoritti~, and one-t~celfth of the annual premiums for Fire and E~tended Co~•erage insura~~cc on the mortga~ed j~rcmisP~ :~s Fic•reinlx~kire rt~~uirc~l h~• the Asux~i:~tiun, :?nd the \1urt~a~ors' fa~hire to make such pa~•mt>nts sh:~11 c~smstitute a defa~dt ;,ndcr :his mortGa~~. 11 ~~'IT\ESS ~\'HEREOF, the ~:3id ~tort~a~~~~rs he•r~untu ~rt th~•ir h.+nds :ui:1 seals the cla~• and ~•ear first abo~•e written. _ Sign:Yl, sealed ana detivereci in the Presenre of: : . , ~ i - ~--a~~-6?--~ IG~~ ~ ~~:,L fl~llL L. (SEAI.1 - , " - ~ ob t E. Colem = _ - r . - ~_Lg ` ~ ).7' //J GL L~2/7L~ ' "C' [ ~ / F-J ~C ~ t c ! s c fSEAL ) - r ~achael B. Coleman _ ~ ` ~ tit:Al. ) t SEAI.) - _ { W ITNtSSESi ;MORiGAGORS! ' 5~0~4K~ty0 PA(~~;vV~ _ . ~ ; 5.:: - ~ ~ . i.~