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Home My WebLink About1577 ~ 3 s 3 8. Until default in the perfocmance of the covenauts ~nd agrcements uf this mortgage, the mortgagors shall be entideci ; t~~ collect the rents, issues and profits from the premises hercinbefore described, but in case of a default in any of the ternu of Y this mortgage, and the fiting of a biU to foreclose this or any other moitgage meumbering the within described property, the ~ :\ssociation shall imrm~cliatelv and without notice be entitled to the appointment of a Receiver of the mortgagedpzo perty, and = ~~f the re~ts, iuues and profits ther~eof, with the usual power of Receivers in such cases, snd such Receiver may be continued s ~n pos;essioi~ of the said properh• until the time of the sale thereof under such foreclos~ve, and until the confirmation of such ? .ale b~• thc C~urt. 9. lf a conveyance should be made by the moitgagors of the premiscs herein described, or any part thereof, ~vithout $ t h~• ~vritten crnuent of the Associ:ition, and without assumption in regular form of la~v by the grantee of the obligations to the ; ~~.ociaNon created bv said promissory note and this mortgage~ then, und in that event, and at the option of the Associatiun. ; .~n~i ~vithout notice, all sums of money sec~uecl hereby shaU immediately And concurrentlv ~vith such rnn~•eyance becume due und ~~ayable and in default, The Association may deal with successors i~ interest with reierence to this mortgage and the debt hereb~~ :ecured in the same mannrr as w•ith the mortgagors, and may forbear to sue or may extecid time Eor ~yTner?t of the debt, securecl I~ercby, or othemise act without discharging or in any ~vay afEecting the lisbility of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors und/or with successors in interest with reference to this :nortg~ge 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 different interest rate, and by other express modifications of the contr,ut, without bsing ~ny priorih• ~ the Ac~ociation has over other mortgagees or lienors or holders of any jwuor interests in ihe property secored hereby. l0. That in the event the pmmises hereby mortgaged, or any part thereof, shaU be cond~rnned and taken for public use ~~nder the po«~er of eminent domaui, the Assuciatioa shall have the right to demand that all damages awarded for the taking of or ciamages to s~~id premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and n,a.• be :?pplied upon the payment or Erayments last payable thcreon. F 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 thereaEter 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 uny ldnd should be insti- tutcd, the Assc~ciation may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ~ :~n~i pa~•able. 13. To the eutent of the indebtecL~ess of the \iortgagors to the Associ.ltion described hemin or seciued hereby, the Asso- ~ ci:?tion is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, ~ licn or other ei~eumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the pr~ceeds ~ ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass r~~ :~nd be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to ~ th~ same ex•.ent that it ~voi~ld have been preserved and ~vould have been passecl to and been held by the Association had it been ~lul~~ and regularly assigned, transferird, set over and delivered unto the Association 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 ~rarties hereto that the same ~vi11 t,e sa~sfied and cancelled c~f recorci by the holders thereof at or about the time of the recording of this mortgage, ~ 14. To pay all and sinwlar the costs, charges, and e:penses including lawyer s fees, reasonably incurred or paid at am~ time by the Association, bera~ue of the fail~?re of the ~fortgagors to pedorm, comply with and abide by each and every stipula- ' t iuns, agreements, conditions and covenants of said promissory notc and this deed, or either, and everv surh payment shall be~ar s interest from date at the rate stateci in the note secured hereby. ' 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of wid property or any part thereof; ; :~ncl in the c~~ent of the fsilure of the !~iortgagors to keep the buildings on said premises and those to be erected on s.~id premises, ' „r impro~ements thereon in good repair, the Association may make and pay for such repaus as in its discretion 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 i .in:l shall at the option of the Association be immeciiately due and payable, or payable in such monthly installmenis as the Associa- E ti~~n may determine, an~ every such payment shall bear interest from date ai the rate stated in the note secured hereby. 16. 1'hat if the Association and the !1lortgagors agree, the Iliortgagors will carry a policy or .policies of insurance upon E their lives in an a~+aunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- F ~ ian• thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not), 2 ~ncl add each such pa~Tnent to the unpaid balance of the loan, as of the first day of ihe then current month, and it shall become ~ .~cl.clitional indebtedness serured by this mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~iortgagors or ; --tl~rir contractors to complete said building in accordance with Construction I.oan Agreement, of even date here~vith, or to build 5 ~aid c~nstruction in accordance ati~th plans anc~ specifications filed ~~~th the Association, shall constitute a breach of ihis mortgage, ~ .u,:l, at the option of the Asiociation, immediately mature the entire amount of principal and interest hercby secured and the Asso- ' ~ i,~tion may immecliately institute proceedings to foreclose thu morteage. ~ 18. That the abstract or abstraMs of tiNe covering the mortgaged property shall at all times, during the life of this mort- ~ ~ ~,:~~*e, remain in ihe possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to ~ tlu^ mortgaged property in extinguishment of ihe indebtedness secured hcreby, all ri~ht, tide, and interest of the 1liortgagors in ~ ,~t~d to any such abstracts oE title shall pass to the purchaser or grantee. ~ 19. The Associatian shall have the right, in its discretion, to require that the !ltortgagon ~y into the Association in addi- ~ ~ !i~~n to the monthly installments of principal and interest to be paid hy the ltortgagors under the note secured by this mortgage, ~ .imount equal to one-twelfth of the annual installments of anv i:ixes on ihe mortj{aged premises levied or assessed by an~~ ~ •,u~•ernmental authority, and one-hrelfth of the ~?nnual premiums for Fire and Extended Coverage insurance on the mortgagecl ~ ~~rcmises as hereinbefore reqiurecl b~• the Association, and ihe ~iortgagors' fail~ue to make such pa}~~ts shall constitate a defa~dt ~ under this mortgaae. ~ I~ WITtiESS ~~'HEREnF, the said ~tortoagors herexmto set their hands and seals the daY and Year first abo~'e w~ritten. ~ , ~ = Si~neci, sealed and deli~•ered in the prescnce of: ~ _ ~~~~i~-(~- (SEAL) ; HARDIN E.~ R ~ ~r~ ~ . ~z G' i - --~rLn~ !~f -~-~c..~ i;; TABITHA A. ROSS ~ - _ ( SL•'AI.) :3 , (SEAL) . 3 (W I TNE SSES) ;MORTGAGORS) ~ '£,v i f OR ~ . ao~~200 P~1576 ~.Y ~ , _ - , ~ - _ - ~ ~ _ _.z. ~ ~ . . _ w