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8. UnW default in the performance of the coveaants and ag~ecme~ts of this mortgage, the morlgagors shall be entided
to collect the reats. issu.~ and profits from the premises hereinbefora described, but in case of n default in any of the ternu of
this mortgage, and the filing of a bill to foreclose thit or any other mortgage encumbering the within described property, the
.lssociation shall immediltelv and without notice be entided to the appointment of a Receiver of the mortgagedpro~ rty, and s
of d~e rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiv~ may be continued
~n ~OSSession of the said propert~• until the time of the sale thereoE under such foreclosure, and until the confirmation of such
,ale bv the Court.
9. if a conve~•ance should be made by the modgagors of the premiscs herein described, or :.ny part thereof~ without
thr ~~~ritten consent o the AssociaHon, and without assumption in mgular form of luw by the ~ra~tee of tFi~ obligations to the
~.wciation created bv said promissory note and this mortgage~ then, and in that event, and at the option of the Associxtiun.
,nd ~~~thout notice, all sums of mc~ney sec~ued hereby shaU immediately and concurrentlv with such rnnveyance beeome due and
E~yable and 'm default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv +
,ecured in the same manner as w•ith the mortgagors, and may forbear to sue or may extend time for payment of the debt, secureif ~
hercby, or otherw~ise act ~~~thout discha~gmg or in any w~ay affecting the liability of the mortgagun hemunder or upon the debt ~
hereby secured. The Association mav also deal with the Mortgagors and/or with successon in interest with reference to this ~
,nortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
manthly payments and/or a differeat interest rate. and by other express moclifications of the contr.iM, without bsing :?ny priorih•
the Association has over other morigagees or lienors or holders of any jwiior interests in ihe properly sccured hemby.
10. That in the event the pmmises hereby mortgaged, or any ~ratt thereof, shall be condemned and taken for public use
under the poH•er of eminent domaui, the Association shaU have the right to dem:u~d that all damages awarded for the taking of or
damages to said pmmises shaU be paid to the Association, its successors or assiGns, up to the amount unp~id on this mortgage and
n,a~• be ap~lied upon the pa~Tnent or payments ~st ~xiyable thereon.
11. It is specifically agreed ihat time is the essence of this contract and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of ihe ternu or of the instrument secured hereby.
12. If foreclosure proceeclings of any second mortgage or second tnist deed or any junior lien oE sny ]dnd should be insti-
tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due
and pa~~able.
13. To the extent of the indebtecL~ess of the tiiortgagors to the Association descxibed hercin or secured herrby, the Asso-
ci:~tion is hereby subrogated to the Gen or liens and to the rights of the ow~ners and holders thereof of each and every mortgage,
lic~r, or other er~cumbrance on the land described herein which is paid and(or) satisfied, in ~a~hole or in part, out of the p~s
,~f the loan described herein or secured hereby, and ihe respectivc liens oE said mortgages, liens or other encumbrances, sli ~ass
r~~ :?nd be held bv the Association herein as set~irity for the indebtedness to the Assxiation herein described or hereby secured, to
thc wme ex!ent that it ~voidd have been preserved and ~vould have been passed to and been held by the AssocYation had it beezi
~luh• and regularly assi~ned, transFerred, set over and delivercd unto the Association by separate deEd of assignment, nohvithstand-
in~~the fact that the same mav be satisfied and cancelled of record, it being the intention of the puties hereto that the same ~vill
l~e sa5sfied and cancelled of~record by the holders thereoE at or about the time of the recording of this mortgage.
14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at an~•
t;rne bv the Association, lxraiue of the failure of the ~tort~;agors to perfonn, comply with and abide by each and every stipula-
ti~tns, a~reements, conditions and co~~enants oE said promissory notc and this deed, or either, and everv such payment shall bc„ar t
~nterest from date at the rate stated in the note secured hemb~•. '
1~_ That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereaf;
~nd in the c~•ent of the failure oF the !?iort~agors to keep the buildings on said premises and those to be erected on ~~id premises, ~
:~r improvements thereon in good repair, the Association may make and pay for such repairs as in its disc~retion it may deem '
i nccessarv for the pmper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage 5
~ .~,~cl shall at the option of the Association be immediately due and pa~•able, or payable in such monthly installments as the Associa-
t ti~~n mav detcrmine, and e~~erv such payTnent shall bear interest from date at the rate stated in the note secured hereby.
€ 16. That if the Association and the ~tortgagon agree, the ?~tort;a~ors will carry a policy or policies of insurance upon
~ tiic•ir lives in an arr~imt equal from time to time to the amount of indebtedness hemby secured, making said Association benefi- x
' ian- thereunder, and that the said Association may pay ihe premiums for such insurance (in the event the \lortgagors do not), ;
e ~ncl add each such ps~Tnent to the un~xiid balance of the loan, as of the first day of the then ciurent month, and it shall become ;
i .~~lditirnial indebtedness secured by th'u mortgage payable upon demand. :
17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the p.vt of the :~tortga~ors or ~
~ t},~•ir c~ntractors to complete said building in accordance ~ith Construction Loan Agreemcnt, of even date herewith, or to build
~ ,_~id ctimstruction in accordance ~~7th plans and specifications filed ~~~ith the Association, shall cons6tute a breach of this mortgage,
~ :nd, at the option of thc Association, immediately mature the entire amo~int of principal and interest hereby secured and the Asso-
~ ~ i.~tion may immeciiately institute pr~ceedings to foreclose this mor!~age. ~
r 28. That the aUstract or abstncts of title co~~ering the mortgaheu property shall at all times, cluring the life of this mort-
~ ,.~,r, remain in the possession of the Assaciation and in the event of the foreclosure of this mortgage or other transfer of Hde to
~ ±hr m:~rtgaged property in extingaishment of the indebteclness seeurecl f~ereb~•, all ri~ht, title, and interest of the 1ltortgagors in
_ ~~~d to any such abstracts of title shall pass to the purchaser or grantee.
~ 19. The Association shall have the right, in its discmtion, to recjuire that the \fort~agors pay into the Ass«hation in addi-
~ ~~,,n to the monthlv installments of principal and interest to be paid bv the ~tortgagors under the note secureci bv this mortgage,
~ ~r~ .~mount ec~ual to one-hvelfth of the annual installments of any taxes on the mortgagecl premises le~~ied or :usessed bv an~~
•
5z ~,u~~emment.?1 authority, and one-t«~elfth of the annual premiums for Fire and Ectendeci Covera~e insurancr on the mortgaged
~ ~~rcmises :;s hereinbefore requimd b~• the Ass~x~iatiun, :~nd the \fortgagors' failure to make such pa}Tnents shall amstitute a defaiilt
i:nder this cnortga~e. ~
I\ ~S'lT'_~ESS \l'IIEREOF, the said ~fort~a~ors hercunto sct th~~ir hands :ind seals the da~• and ~•ear first a}~ove ~~-ritten.
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SigntYl, sea1~Y1 and de1i~•ercd in the prescncc nf:
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' C~~z..t~Z ~-c.d~'~~~~ ~.Siw"`° (SEAL)
~ dward Cur '
J C~~~ ~ ~
r. ~~~--2 ~ l. • (SEAL)
ne E. Curlis
_ ~ sr.-~i.>
.:y
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" 1 SEAL )
' { W i TNE SSES; iMOR iGAGORS)
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~a~ ~99 473 ;
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