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8. Until defadt ~ tl~e pexfo~m~noe af tha oovenants ac~d ag~roar~ents oE thb mo~tga8e. tbe t~o~R8a8°~'+ s1Wl be a?titkd
to oollect tbe t~ents. itsues aadp~f
its hoaa the pramises bee+eiubdore described, but in c~aae of a deEault ia any of tbe turmc of
thb mo~tgage, aad tbe fiKnng of a bilt ~o farecloss this ar any othe~ mortg,age a~cumberjng tbe withia descxibed prope~ty, tbe
asaocLtioa s2wll immediatd and witbout notice be entitkd to tbe appointme~t oE a 8ecefver of the mo~tgagedp~pe~ty~ and
of the rents, issucs and p~ib thereof. with tbe usualpo wec of Reoeivers in such ca~es. u?d such Aeceiver may l~e-ooatinued
in possessioc~ of the said pt'opMy untJ the tizne of tl~e sale thereof under sucb forecloaure, and until the oonfim~atlon oi such
.nle by the Court.
9. lf a eonve~~ sboWd be made by tbe matgagoaa of the premises herei~? deacxibed, ar any part t6ere~, without
the written coltser?t oF the Association~ ~nd without assumptia? in regular form oE law by the graatee of tTie obligations to tbe
-~s~sociation created by said promissory note and tltis mortgage, then, and in ths~t ever~t, and at the option of the Associ:etion,
:~nd ~vithout notice, all swns oE ma~ey sec~u+ed hereby shall immediately and ooncurrenth? with such cmveyai?ce become d~ and
I'aY~bM acid m defaul~ 1'be Association may deal with succasors in interest with_reference to this mortgage and tbe debt hercbv
serured in the same manner as with the mortgagors,.and may fa~bear to sue or may entend time for payme~t of the debt, securec~
hereby, ac otherwise act without discharging or in any way affecting the liability of the martgngors hereunder or upoa the debt
hereby secured. Tl~e Associatiar may aLso dea) with the Mortgagors and/~ with suocessors in interest with refereace to this
rnortgage und the debt hereby secured by forbearing to sue, ~tending the time #or paymex~t of ti4- debt, providing for different
monthty payments and/or a different interat rate, and by other esp~ress modifications of the contract, without tosing any prioritr
the Associatioa has over other mortgagces or tienors or holders of any iunior internsts in the ~petty secured }~ereby.
10. That in tha event the pmmises hereby mortgag~d, or any part thereof, shall be condemned and takea forpu
blic use
under~the power of eminent d~nain, the Asa~ciation shall have the right to decnand that all damages awarded for the taking of or
damages to said preinises shall be paid to the Association, its soccesson or assigns, up b the amoui?t unpaid on this mo:tgage and
may be applied upon the payment or payments last payable thereon.
1~. It is specifically agrc~ed that time is the essence of this eontract and that oo waiver of any obligation haeunder or of
the obligation sec~u+ed hereby shall at any tune thereafter be beld to be a waiver of the tenns or of the instrument se~ured hereby.
12. If foreclosure proceedings of any sccond mortgage or second tnut deed or any junior lien of any ldnd should be insti-
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
and payable.
13. To the extent of tbe indebtedness of the Mortgagors to the Asso~ciation d~ccribed herein or sec~u~ed hereby. the Asso-
ciatian is hereby subrogated to the lien ~ liens and to tlie rights of the ownen and holders thereof of each and every mortgage,
lien or other er~cumbraace on the land described herein which is paid and(or) satisfied, in whole or u~ part, out of the
~~f the loan described herein or secvred hereby, and the respectivc Gens of said-moctgages, liens or other encumbrances, s~~
to and be held by the Association herein as sec~rity for the indebtedness to the A.s~sociation herein described or hereby ~
o
the same ex!ent that it woulcl have been preserved and would have ~een Passed to and been held by the A~sociation had it been
duly and regularly assigned, transferred, set ov~ and delivered unto the Association by separate deed of assignment, notwithstand-
ing the faM that the same may be satisfied and cancetled of record, it being the intentim~ of the p~rrties her+eto that the same will
be satisfied and cancelled of record by the holders ihereof at or about the iime of the reoording of this mortgage,
14. To pay all and singulaz the costs, charges, and esper?ses including laviryer's fees, rea,wnably incmred or paid at any
t;me by the Association, because of the failure of the 1liortgagors to perform, comply with aad abide by each and every stipula-
tions, agreements, conditions and covenants of said ~xvmissory note and this deecl, or either, and every such payment shall bear
interest from date at tbe rate stated in the note seeured hereby.
15. That he willpenru t, commit, or suffer no waste, impairment, or deterior.ttion of said proj~erty or any part therEOf;
~nd in the event of the af ilure of the Mortgagors to keep the b~ildings on said and ihose to be erec~ted on said premises,
or improvements thereon in good repair, the Association may make and pay or such repairs as in its discretion it may deem
necenar}? for the pmper preservation thereof, and the fnll amount of such pa,vments shall be secur~ed by the ]ien of this mortgage
and shall at the option of the Association be immediately due and payable, or payable in svch rtionthly installments as the Ascocia-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby,
16. That if the Association and ihe I?tortgagors agreme, the Mortgagars will carry a policy or polieies of insurance upon
their lives in an a~eunt equal from time to time M the amount of indebtedness bereby secured, making said Association benefi-
ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors dr not),
and add each such pc~yment to the un~ balance of the loaq as of the first day of the then cturent month, and it shall become
additional indebtedness secured by mort~age payable upon demand.
17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the Mortgagors or
their contractors to rnmplete said building in accordanee with Construction Loan Agreement, of even date herewith, or to build
said eonstruction in accordance with plans and specifications filed with ihe Association, shall constitute a breach of this mortgage,
and, at the option of the Association, immediately mature the entire aznount of principal and interest hereby secnred and the Asso-
ciation may immediately institute proceedings to foreelose this mortgage. ~
18. That the abshact or abstraMs of tide rnvering the mortgaged property shall at all times, during the life of this mort-
~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to
the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, tide, and interest of ihe Mortgagors in
and to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association shall have the "right, in its discretion, to require that the Mortgagors ~y into the Association in addi-
tion to the monthty installments of principat and interest to be paid by !he ~lfortgagors under the note secured by this mortgage,
~n amount eqval'to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any
navernmental authority, and one-twelfth of the annual preminms for Fire and Eatended Coverage insurance on the mortgaged
~~remises as hereinbefore required by the Association, and d~e 11Tortgagors' faih~re to make such payments shal~ constitute a default
under this mortgage.
IN WITNESS \VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written.
Signed, sealed and delivered in the resence of:
As to Donald H. Malco~:
y
' _ ~ • ~_~`~""'~.(SEAL)
- -
~ - _ Donala H.~ Malcom
• . ~~Q!4~ . - - - _(SEAI.)
_ . _ -
A Mary M. Mal m:
- - - - rn ~~~--fy-J (SEAL)
M%u~ M.UMalcom
Y
C~G'~'YSr,~t- .`'~'~j., _ . ~QGQ~i~J _ _ _ _ _ _ . (SEAL)
(YVITNESSES) (JMORTGAGORS)
600K ~0~ fll6f
~ . ~ ~