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Home My WebLink About1572 8. Until default in the performance of the covenants and agrecments of tlus mortgage, the awrtgagors shall be entided to coUect the rents, issues and profits from the premises hereinbefore described, but i~ case of a default in any oE the temu 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 n~d without notice be entided to the appointment of u Receiver of the mortgaged pr~perty, and of the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, and such Receiver may be continued ~n po~ession of the said propert~~ until the time of the sale thereof under such foreclosure, and until ihe confirmation of such .ale b~~ thc Court. 9. lf s? conveyance should be made by the mortgagors of the premiscs herein described, or 1ny part thereof, without the ~vritten crnuent of the Association, and K~thout assumption in n~ular form of law by the grantee of tl~a obligations to the ~ 1.u~ciation created bv said pmmissory note and this mortgage, then, und in that event, and at the uption af the Assuciatiun. :u~d ~~~thout notice, all a-ums of money secarPd hereby shall immediately und concurrently with such rnnveyance become due and ~~yable a~d in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv secured in the same mannrr as ~•ith the mortgagors, and may forbear to sue or may extend time for payment of the debt, secureil hereby, or otherwise act without dischargmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors und/or with succc~ssors in interest ~~~th reference to this ~nortgage and tha debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a differ~nt interest rate, and by other express moclifirations of the contract, without losing ~ny priorit~• the Association has over other morlgagees or lienors or holders of any jwiior interests sn the pcoperty secured hereby, 10. T?eat in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned and taken fo~ public use under the po~ver oE eminent domain, the As.wciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to ihe Association, its successors or assi~ns, up to the amount unpaid on thic mortgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that 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 the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any Idnd should be insti- tutcd, the Association may at 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 :1lortgagors to the Association desaibed hemin or sec~~red hereby, the Asso- t•iation is hereby subrogated to the lien or liens and to the rights of the owmers and holdeis thereof of each and every modgage, licn or other ei~cumbrance on the land described herein which ic paid and(or) sa'fied, in whole or in part, out of the proceeds ~,f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrar~ces, shallpass t~~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to thc s:ime ex!ent that it ~vould have been preserved and .~•ould have been passeci to and been held by the Association had it beeii ~luly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, not~vithstand- ing the fact that the same mav be satisfied and cancelled of record, it being the intention of the p~uties hereto that the same ~vill be sa5sfied and car?celled of~record by the holders thereof at or about the time of the re~.rording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, re~asonably incurred or paid at an~• time bv the Association, becai~se of the failure of the Aiortgagors to perEonn~ comply ~ti~th and abide by each and every stipula- tions, agreements, conditions and covenants of said pmmissory note and this deeci, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he a-ill pernut, commit, or suffer no wazte, impairment, or deteriuration of said property or any part thereof; 1nd in the e~~ent of the failure of the Aiort~agors to keep the buildings on said premises and those to be erected on said premises, ' nr impro~~ements thereon in good repair, the Association may make and pay for such repair~ as in its discrE.~tion it may deem ; necessary for the proper preservation thereof, and the full amount of such payments shall be_secured by the lien of this mortgage j :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ; tion may detcrmine, and every s~ch payment shall bear interest from date at the rate stated in the note secured hereby, 16. That if the Association and the ~tortgagots agree, the Alortgagors will carry a policy or policies of insurance upon t their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secwed, making said Association benefi- ~ ciary thereunder, and that tl~e said Association may pay the premiums for such insurance (in the event the \iortgagors do not), = :~nd add each such p:?~Tnent to the unpaid balance of the loan, as of thc first day of the then current month, and it shall become aclditional indebteciness seeured by this mortgage payable upon demand. s 17. 'fhat in the event that this mortgage be given to securc a co~struction loan, failure on the Part of the ~fortga~ors or ~ their contractors to complete said building in accordance with Constructiun Loan Agreement, of even date here~~~th, or to build ~ ~:zid consiruction in accordance ~vith plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, ~ .~nd, at the option of the Associa6on, immed'uztely mature the entire amount of principal and interest hereby secured and the Asso- ~ c iation may immediately institute proceedings to foreclose this mor!gage. ~ ~ 13. That the abstract or abstracts of title co~ering the mortga~eci pmperty shall at all times, during ihe life of this mort- m ~;a~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to ;hr• mortgageci ~ro~erty in extingaishment of the indebtedness seetveci hereby, all right, tide, and interest of the Mortgagors in , :~nd to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association sha11 have the right, in its discretion, to require that the ?liortg:~gors pay into the Association in addi- ~ t ion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, an :imount equal-to one-hvelfth of the snnual installments of any taxes on the mortgagcd premises levied or :?ssessed by am~ ~ ~overnment.il authority, and one-hvelfth of the annual pmmiums for Fire and Eatended Caverage insurance on the mortga~ec~ ~ ~~remises as hereinbefore rerluired b~• the Association, and the Atort~agors' failure to make such pay~rnents shall constitute a defaidt ~ under tfiis mortgaae. IN W1T\ESS «'NEREnF, the said ~~ortga~ors hereunto set iheir ha~zds and seals the day and ~•ear first above ~vritten. ~ ~ Sign~cl, seal and li~~ered in the presence of: - ~ ~ „y / ~~~^2,~ ~/t-lss,r~'s~ i~~~~ ""3 (SEAL) G: ~ Francis G. Glennan p L.,~~. J~yC~!''''~~ .(`~~Ct~,s~t~t~ ( SEAL ) ~ (.il@I12~1 _ _ _ ( SEAI. ) - (SEAL) - (WITNESSES) (MORTGAGORS) ~ ~~?.00 ~l5?i ~ ~ . - _ _ ~ . ~ - - ~ _ _ _ : . = ~ u~. ~