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Home My WebLink About1586 . 3 i T ~ 1 ~ 8. Until default in the perfomiance of the covenants and agrecYnents uf thic morigage, the morigagors shal! ba entided ~ to coAcct the rents, issues and pmfits from the premises hereu?before described, but in case of a default in any of tbe temu of ; this mortgage, and the filing of a biU to foreclose this or any other mortgage encumbering the within describHd property, the ~ As.9ociation s}wll immediate]y and without notice be entided to the appointment of a Receiver of the mo~tgagedprope rty, und of the rents, issues und pmfits thereof, with the ~uual power of Receivers in such cases, snd such Receiver may be continued in poa.,ession of the said property nntil the time of the sale thereof under such foreclos~re, and until the confirmatio~ of such >ale by the Court. 9. lf a rnnveyance should be made by the mortgagors of the premises herein described, or any part thereof, without the written consent of the Association, and without assumption in regular form of law by the grantee of the obligations to the ~ssociation created by said promissory note and this modgage, then, and in that eveni, and :~t the option of the Associatiou. ~ :~nd .~~thout notice, all sums of inemey serirecl hereby shall immediately und eoneurrently with sueh rnnveyanee becc~me due s~nd ~ payable and 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 with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, securec~ ~ hereby, or otherwise act without discha,-gu~g or in any way affecting the liability of the mortgagors heceunder or upon the debt hereby secured. The Associatiou may also deal with the Mortgagon and/or with successors in iaterest with reference to this ~ mortgage and tha debt hereby secured by forbearing to sue, eactending the time for payment of the debt, providing for different ~ monthly payments and/or a differPnt iaterest rate, and by other espress modifications of the contract, without losing any priorit~• i the Association has over other morigagees or lienors or holders of any junior interests in the property secured hereby. 10. Thnt in the event the premises hereby mortgaged, or any pazt thereof, shall be condemned and taken for public usc~ under the power of eminent domain. the As~wciation shaU have the right to demand that all damages awarded for the taldng of or damages to said premises shall be paid to the Association, its successors or assiQns, up to the amount ur~paid on this 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 1 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. lf foreclosure proceedings of any second mortgage or second trust deed or any j~nior lien of any ldnd should be insti- tuted, the Association may st its option, immediately or thereafter declare this mortgage and the indebtedness sexived hereby due ~ and pa~~able. 13. To the ertent of the indebtedness of the Mortgagors to the Association described hemui or secured ht~reby, the Asco- ciation is ~?ereby subrogated to the lien or liens and to the rightc of the owners and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of ihe p~ro~ceeds ~~f the loan described herein or securect hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sb pas~ to :?nd be held by the Association herein ~u security for the indebtedness to the As.w~ciation herein described or heseby secured, to the same ex!ent ihat it would have been preserved and ~vould have been passecl to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and canceped of record, it being the intention of the Erarties hereto that the same will be sa5sfied and cancelled of record by the holders the~+eof 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 anv time by the Association, because of the failure of the riortgagors to perform, comply with and abide by each and every stipula- tions, ageements, conditivns and covenants of ~?id promissory note and this deed, or either, and every such payment shall be~ar ~ interest from date at the rate stated in the note secured hereby. t 15. That he will permit, commit, or sufEer no waste, impairment, or deterioratien of said property or any part thereof; ~ ~nd in the event of the failure of the MortRagors to keep the buildings on said premises and those to be erected on said premises, ~ ' c~r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discTetion it may deem f necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage ~ and sliall at ihe option of the Association be immediately due and payable~ or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. E 18. That if the Association and the 111ortgagors agree, the 1liortgagors will carry a policy or policies of insurance upon ~ their lives in an ar~eunt equal from time to time to the amount of indebtedness hereby secured, making said Association ber?efi- ~ ~•iary thereunder, and that tl~e said Association may pay the premiums for such insurance (in the event the Tfortgagors do not), and add each such p~~mnent to the unpa~d balance of the loan, as of the first day of the then ciurent month, and it shall become additional indebtecir?ess secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constniction loan, failure on the part of the riortgagors or ~ their conh:ictors to complete said building in accordance with Construction Loan Agreement, of even date her~ewzth, or to build , said construMion in accordance ~vith plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, ~ aad, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- c•iation may immediately institute prrxeedings to foreclose thu mor±gage. ~ 18. That the abstract or abstracts of tide covering the mortgageci property shail at all times, during the life of this mort- ~ ~,age, remain in the possession of the Association and in the event of the forecloswe of this mortgage or other iransfer of title to ~ the mortgaged property in extinguishment of the indebteclness secured hereby, all right, title, and interest of the Mortgagors in and to any such absiracts of tide shall pass to ihe purchaser or grantee. ~ 29. The Association sha11 have the right, in its discretion, tn require that ihe 1ltortgagors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note securecl bv this mortgage. ; :in amount equal to one-twelfth of the annua! installments of any taxes on .the mortgaged premises levied or assessed by any ~ governmental authority, and one-hvelfth of the annual premiums for Fire and ~Ktended Coverage insurance on the mortgage~ I~remises as hereinbefore requireci by the Assoc:iation, and the \iortgagors' failure to ma}:e such pa~7nents shall constitute a default ~ ~ under this mortgaoe. 1N «~ITtiESS «'HEREnF, the said ~tortgagors hereunto set their hands and seals the da~• and ~•ear first above ~vritten. Signed, sealed and delivered in the presence of: :3 ~ ` i9 ~ I, t , (SEAL) ~ - - - - • ~ Jose h W. Brown ' ~ ; ~ ~-~n rr~ ~~1. ~aL~~ ~i ' ts~ni.) ~ s ~ladys Brown ~ ~ ~ (SEAL) ; ~ _ _ _ ~ ( ) ~ - - - SEAL rY . i W I TNESSES) (MOR TGAGORS) ~ ~ ~ ~ ~ ~b ~ ~~~oo ~~5~ ~ i ~ ~ ~ ~ . . ~-,J . .::~~~f ff - ~ ~'•r'_y_ _ ~ ~~`v-. .F xC ~.r„ Y""+., f'i~:.~Ek. ~'i?~'k.*vy~E'-r:~?~:ti...~r~~c.... _ _l",is.~- .,.r~