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Home My WebLink About2389 S. Until default in the performance of the covena~?ts and aj;rcr~nrnts of this mortgage, the n~urtgagon shall be entitleci ~ c~~ coUect the rents, issues and pmfits from the premises hereinbefore described, but in case of a default in any of the ternu of chis mortgage, and the filing af a bill to foreclose this or aay ot6e: mo~rttgage eacumbering the ~~~ithin described property, the mo .~ssociation shall immediatelv and withcut notice be entided to the appointment of a Receiver of the mortgaged pr~erh•, and ~~f the rents, issues and profits thermf, with the usual power of Receivers in such rases, snd such Receiver may be continued ~n pos;ession of th~ said propert~• ~mtil the time of the sale thereof under such foreclosure, and until the confirmatia~ of such .:~le bv the Court. < < y. If a c~nveyance should be made by the mortgagors of the premiscs herein dese~bed, or any part thereof, without ~h~• ~.7itten crn~xnt of the Associ:~tiou, and ~~it~out assumption in re~ilar form of law bv the ~rantee of th~ obligations to the ~.umiation created b~~ said promisson• note and this mortgage, then, and in that event, ~ and at the option of the Asu~ci:itiuu. .~ncl .~-ithuut notice, all sums of monev serired hemby shall immediateh~ and concurrentlv ~~ith such rnnve~~ance become cl~e and ~~a~~able and in default. The Association may deal with svecessors in interest ~+~th reference to this mortgage and the ciebt herebv .ecured in the same mannr~ as .w~ith the mortgagon, and may forbear to sue ar mav extend time [or pa~~rnent of the debt, secumci ~ hereb~•, or otherv+~ise act Nithout discharging ar in any ~~av affecting the liability of the mortgagurs hereunder or upon the debt hereby secured_ The Association may also deal ~a~ith the Alortgagors andlor w~th succes.~rs in interest ~~~ith reference to this mortaage and the debt hereb~• secured by forbearing to sue, extending the time for pa~•ment of the debt, providing for different monthly pa~~nents and/or a different interest rate, and by other express modifications of the contract, ~~~ithout losing am• priorit~- the association has over other morigagees or lienon or holders of any jwiior interests :n the pro~rt~• secured hereb~•. l0. That in the event the pmmises hcrebv mortgaged, or an~~ part thereof, shalt be conde~nned and taken fur public use undcr the po~~•er of eminent domain, the Assuciation shall have the right to demand that all damages a«•arded for the taking of or ~ damages to said premises shall be paid to the Association, its sucressors or assiens, up to the aunount unpaid on thic mortgage and ma.• be applied upon the pa~~ment or ~ra~~nents last pa~~able thereon. 11. lt is specifically agree~ that time is the essence of this contrac~t and that no waiver of anv obligation hereunder or of the obiigation secured hereby shall at any Hme thereaEier be held to be a waiver of the terms or of the instnunent secuted hereb~~. 12. If forecbsure proc~eeciings of any second mortgage or second trust deed or any junior lien oE any kind .should be insti- tutcd, the Association ma~ 1t its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~~able. ~ - 13. To the extent of the indebtedness of the ~tortgagors to the Associltion described herein or secureci hcn~by, the Asso- ~ i_ition is hereby subrogated to the lien or liens and to the rights oE the oW~ners and holders thereof of each and every mortgage, lic~n or other eT~cumbrance on the land described herein Hhich ic paid an~l(or) satisfied, in whole or in part, out of the proceeds ~ ,~f the loan described herein or secureci hereb~~, and the respecti~•c liens of said mortgages, liens or other encumbrances, shallpass ~ r~~ and be held b~• the Association herein as security for the indebteduess to the Assxiation herein described or hereby secured, to ~ the~ wme exient that it ~eould ha~•e been presen~ed and ~~•ould have been pasced to and been held by the Association had it bcen 4 ~luh• and re~ularl~• assi~ned, transfermd, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ~ in~~the fact that the same may be satisfied and cancelled of record, it being the intention of the ~rties hereto that the same ~~ill ~ ?~e sa~sfied and canceUed of record by the holden thereof at or about the time of the recording of this mortgage. ~ 14. To pa~• all and sin~ular the costs, charges, and expenses including lawyer's fees, reasonabh• incurred or paid at an~• ~ time bv the Association, becausr of the failure of the \fortRagors to perfonn, comply ~~~th and abide bv each and every stipula- t~uns, agrc~ements, conditions and covenants of said promisson' note and this dec~cl, or either, and ererv such pavment shall bear i~~terest from date at the rate stated in the note secured herebr. 15. That he ~~till perrnit, commit, or suffer no waste, impairment, or ~leterioration of said propert~~ or an~• }~rt thereof; j ~n~l in the c~•e~t oF the failure of the ~lortgagors to keep the buildin~s on said premises and those to br crected on said premises. ' •r ,mpro~•ements thereon in good repair, the Association ma~~ make and pay for such mpairs as in its discrt.~tion it may derm ~ ii(Y'E'SS81'V for the pmper preservation thereof, and the full amount oE such pa~Tnents shall be secured by the lien of this mortgage - E ~r~d shall at the option of the Association be immediately due and pa~~able, or pa~•able in such monthly installments as the Associa- ~ !i~~n mav determine, and e~•en~ such payment shall bear interest from date at the rate stated in the note secured hembv. ~ 16. That if the Association and the !?tortgagors agree, the ~fort~agon ~vill cam' a golicy or policies of insurance uJx~n € t},r•ir lives in an ari+aunt ec~ual from time to time to the amount of uidebtedness hereby sccured, making said Association benefi- > i3n~ ,hereunder, and that the said Association may pay the premiums for suc}, insurance (in the event the \lortgagors do not), uul add each such p~~-ment to the unj~a id balance of the loan, as of th~ first day of the then ciumnt month, and it shall becomr ~ ~ciclitional indebtedness seeured bv this mortgage pa~•able upon demand. i l7. That in the e~~ent that this mortgage be given to secure a construction loan, failure on the part of the ~1ort~agors or ~ 'l~eir contractars to complete said buildin~ in accordance with Construction I.oan Agreement, of even date here~sith, or to build y ,..id construction in accordance ~~~ith plans and specifications filed ~~•ith the As.sociacion, shall constitute a breach of this mortgagc. ~ „r,cl, at the option of thc Association, immediately mature the entire amount of principal and interest hcrcby secured and the Asso- ~ ~ iution ma~• immediateh• instiiute proceediugs to foreclose this mortoage. . ~ ~ 18. That the abstraet or abstracts of title eo~•erin~ the mortga~eci pm}x'rt~• shall at all times, during the life of this mort- ~ ~a<~e. remain in ihe possession of the Association and in the e~~ent of the fnreclosure nf this mortgage or other transfer of tide to ~ ~ ~}~r niortgared property in extinguishment oi the indebtedness securecl hereb~•, ali ri~ht, title, and interest of the 111ortga~ors in ' ~ ~nd to am• such abstraMs of tide shall pass to the purchaser or grantee. ~ 19. The Aswciation shall have the right, in its discretion, to rer~uire th:~t the ~iortg:?gors pa~~ into the Association in addi- ~ ~~~n to the mont},h• installments of principal and intere~t to be paid bt~ ihe \fartRagors under the note secured bv this mortga~e, r~ :unow:t ~ual to one-ht~elfth of the annual installmentr of an~• taxc~s on the mortgagecl premises lc~~ied or assessed bv am• ~;~~~r~umeutal authority, and one-tµelfth of the ai~uual premiums (or Fire and Extendc-cl Coverage insiuance on the mortgaged t~mrnises .is hereinix•fore rc~uirec~ h~• the Ass~xiatiun. :?nd the \tort~~~ars' f:ulnre to make such pa~-ments sh:ill cY~nstitute a default ~ ~;r~cler this mort~ane. :i ` I\ ~t'IT\ESS ~~'HEREC~I', thc ~aid ~tnrtga~or~ hercunto sct th~~ir hands .+nd seals the da~• and ~•ear first above ~vritten. ~ • • = Si~ned, sealed and dcli~•ercd in the presence of: ' ~ y `y - ^ ~ ~ ~ ' ~ - - ' ~~[.u~~ ~(7ti 'r'/~v~.<<~ .J~ J' ` ~ • (6EAL) . - _l, - Robert J. D~irham _ / , $ ~ ~ ~ ~ i • ~ ~ i ~s f.l . . ~ /i ~ rt,::."t ~ ; ~ f ( SEAL ) _ Josephtne M. Durham _ (SEA1.) . (SEAL) - ( W 7 i NE SSE 5; ;MOR TGAGORS; ~ - = a~~ 199 ~ 2388 _ - , - - - ~ ~~1. : - ~ _ - ~