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Home My WebLink About1595 i { 9 8. Until default in the perfom~ance of the cove~ants and agrecmenls of this mortgage, the mortgugors shall be encitled ~ to collect the rents, issues and profits fmm the premises hereinbefore described, but in case of a default in any of the tenn~ of ; this mortgage, and the filing oE a bill to fa~eclose this or any other mortgage encumbering the within described property, the Association shall immcdiately und without notice be entitled to the appointment of a Receiver of the mortgagedproperty, and ~ of the rents, issues s~nd profits thereof, with the ~uual power of Receivers in such cases, snd such Receiver may be rnntinued ~ in ~OSSession of the raid property until the time oE the sale thereof under such Eoreclosure, and until the confirmation of sucL ~ .ale by tfie Court. 9. If a comey~ance should be made by the mortgagors of the premises herein described, or any part thereof, without thc written crnuent of the Association, and witho~t assumption in regular form of law by the grantee of the obligations to the -1..wciation cr~ited by said promissory note and this mortgage, then. and in that event, and at the option af the Assuciatiun. :uxl ~vithout notice, all sums of money secured hereby shaU immediately und concurrently with such rnnveyance becume due and payable and in default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv secured in ihe same munner as with the mortgagon, and may forbear to sue or may extend time for p.lyment of the debt, secureil hereby, or otherw~ice act without discha~gu~g or in any ~vay uffecting the liability of the mortgagurs hereunder or upon ihe debt hareby secured. The Association may aLw deal with the Morigagon und/or with successors in interest with reference to ihis martg~ge and tha debt hereby securecl by forbearing to we, extending the time far payment of the debt, providing for different ~nonthly payments and/or a different interest rate, and by other eapress moclifirations of the contr.?ct, ~vithout losing 1ny priorit.• ~ the Association has over other morigagees or lienors or holders oE any jw~io~ interests in the property secured hereby. ; l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public tue ~ under the power of eminent domaui, the Assuciation shall have the right to dem:?nd that all damages awarded for the talring of or g damages to said premises shall be paid to the Association. its successors or assigns, up to the amount unpaid on this morigage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contraM and that no waiver of uny 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 iQstrument secured hereby. 12. If foreclosure procec.~dings of any second mortgage or second trust deed or any junior liea of any lwid should be insti- tuted, the Association may at its option, immediately or thereafter declare ihis mortgage and the indebtedness secured hereby due and pa~•able. 13. To the extent of the indebtedness of the 1liortgagors to the Association described hercai or secured hereby, the Asso- ciation is hereby sabrogated to the lien or liens and to the rights of the owners and holders thereoE oE each and every mortgage. lien or other ericumbrance on the land described herein which is paid and(or) satisfiecl, in ~vhole or in part, out of the pr~ceecis nf the loan described herein or secured hereby~ and the res[~ecti~'c liens pf said mortgages, liens or other encumbrances, shallpa. to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby seciu~ed, o the same eatent that it would have been preserved and ~vould have been passecl to and been held by the Association had it beeii duly and reguIarly assignecl, transferred, set over and delivered unto the Associatian by se~arate deed of assignment, nohvithctand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by ihe holders thereof at or about the time of the i'ecording of ihis mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, m,asonably incurred or paid at am• cime by the Association, because of the failure of the ~lortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of ~id pmmissory note and this deeci, or either, anci every such payment shall bear interest from date at the rate stated in the note secured hereb~-. 15. That he will permit, commit, or suffer no waste, impairment, or cleterioration of said property or any ~art thereof; and in the e~c~it of the failure of the riortgagors to keep the buildings on said premises and those to be erected on said premises, : or impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its discYetion it may deem ± necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of thit mortgage % .?nd shall at the 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 16. That if the Association and the \tortgagors agree, the 1lfortgagors will carry a policy or policies of insurance upon t their lives in an arrlbunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ' ;~iary ihereunder, and that the said Association may pay the premiums for such u~surance (in the event the l~tortgagors do not), ` and add each such Erayment to the unpaid balance of the loan, as of the first day of the then ciuTent month, and it shall become ~ additional indebtedness securc~ by this mortgage payable upon demand. ~ 17. That in the event that ihis mortgage be given to secure a construction loan, failure on the part of the Afortgagors or i their conh:ictors to complete said building in accordance with Construction La3n Agreement, of even date here~vith, or to build ~ said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constih~te a breach of this mortgage. ;ind, at the option of ihe Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mor!gage. ~ 18. That the abstract or abstraMs of title covering the mortgafied property shall at all times, d~ring the life of this mort- , ~~age, remain in the possession of the Association and in ihe event of the foreclosure of this mortgage or other transfer of tide to ~ the mortgaged property in eztinguishment of the indebtedness secured hereby, all ri~ht, tide, and interc*st of the 1liortgagors in ~ and to any such abstracts of title shall pass to the purchaser or grantee. F 19. The Association shali have the right, in its discretion, to require that the 111origagors ~y into the Association in addi- - tion to the monthly installments of principal and interest to be paid b_y the ~lortgagors under the note secured by this mortgage, { an amount equal to one-hvelfth of the annual installments of any taxes on ihe mortgagecl premises levied or asscssecl by any f governmental authority, and one-hs•elfth of the annual premiums for Fire and Extended Caverage insurance on the mortgaged ± rremises a~s hereinb~fore required b~~ the Association, :?nd the ~lortgagors' failure to make such ~}~~ts shall constitute a defaidt ~ ~mdcr this mortgace. I\ ~VITNESS ~VHEREnF, the said ~iortgagors hereunto sM their hancls and seals the day and ~•ear first above written. ~ Signed, sealed and dcli~~ered in the presence of: 3 ~ / ~ ~ i ~~4°~-' ~ noell ~L~i~~e'~-Cc-~ (SEAL) ; ~ ~ Rtfa M. ~j ~ ~ ~ C-.~!t~ ~ LtI_. ~~1 ~ ~ • - ~ EAI. ) ~ rles . Knoelle ~ Cha ~ , / ~ ' / ~'L~Gc,~, -l~~, (SEAL) ~ ~ ~ . ~ ~ ~ ~ ~ ~ ~ _ SEAL) ' ~ a~sOCO~ ~~f-~-~..-~_! 4-t - - (WITNESSES) (MORTGAGOR5) ~ ~ r~ ~ seo~ 20~ r~c~15~~ ~ : _ : a: ~ - - ~ ~ s~~r"..t. ~'~-`5~ a-~ ~-,~"~i - L '5~:~~~ ~°+d*Y~S...~~.~ _ ~ a.. 4, . . _ ' .'_~M-„.~