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8. UnW default in the perfo~manee aE the covenants sad a~reemeMs of this mart8a8e, the "a~tS~ga~s sl~tl be entitlod
to cdkct tbe renb, issues ~ndp~ofits fraca tbe pce~ni~es he~dabeloce described, but in c~se d a defauk in any of tbs te:ms of
thu mort~age. arxl the fiNn of a bi11 to tac~eclose thL ~ aa othet mortgage a~cumberiag tbe within described pe~operty. t6e
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As~ociAtba slNlt immedlat and vv~thout notice be en to tl~e appointm~rit of a Reoeiv~x of tbe matgagedp~p~ty , and
t~+ rants, im~ and its thereof, wlth tbe usualpow~ of Reoelven ia ~ch a~a. snd s~u~h Receiv~er aaay ~e-oontinued ~
~n posyessioa oE the ~d property unW tbe time of the sab thereof undet such foreclosure, and untll the confirnnation of such
,ale by the Court.
9. I[ a conveyance should be made 1~y tbe anattgagas aE the premises heretn desrxibod, ar any put thexeof, without
t he writien con.sent of the. Association, aad v~nthout usumption ia regular ~n of lavr by the grn?ntee of tfie obligations M tLe
~ssociation created by said pomisao~y note aad this mortgage, then, aad in that event, and at the option of the Associatiwi~.
:~nd ~vithout alt sums of mcmey secun~d henby shaa immediately and ooncurretsth? wit6 such rnnveyance become due and
I~YaWe aad in defauh. Tbe Associstia~ may deal with svocessors in inte~est with reference to this mortgage and the debt herebv
secured in ihe sanne mannrr as with ihe moztgagois, and n?ay forbear to sue or may extead tiaie for pa?yment of the debt, s~curec~
hereby, ar otherwi~e act witbout ~g or in any way affecting the liability of the mortgagors hereunder or upoa the debt
hereby secsued. Tl~e Associatioa aay depl w~th tLe Mortgagas and/a with suc~ors in interest with reEe~ce to this
mortgage aad ibe debt l~eseby senu~ed by io~bearh~g to sue, arte~ding tha time for pay~ae.~t of the debt, Providing for different
monttdy payme~ts swd/o~ a different interest rate, and by other esp~ss a~odifications of the c~tract, without bsing any priorih•
the Association has over other matgagees or lienors oc hojders of any i~mior inter~sts in the ptopedy secuned hereby.
10. That in the event tl~e premises i~ereby g~d, or any part t}rereof, shall be condemned and tak~ forpu
blic use
under tbe power of eminent domain, the Association~l have the right to demand tbat aIl daanages awarded for tbe taldng of or
a~;~a~es to said pcemises shall be paid to tbe A.ssociation, its succ~ors or assigns, up to the amonat unpaid oa this matgage and
mav be applied upoa the payment or payments last payabk thereot~. -
11. It is specifically agreed thqt timne is the ~ee of this contract and that no waiver of any obligation hereunder or of
the obiigation secu~+ed hereby shall at any tiaoe th~after be held to be a waiver of ihe tetms o~ of tbe instrumeat secured hereby.
12 IE fareclosure p~ceedings of aay seoond mortgage or second tr~st deed or any jw~ior lien of any Idnd should be uuti-
tuted, tbe Association may st its option, immediately or thereafter declare this mottgage and the indebtedness secured hereby due
and pnya6le.
13. To the eztent of the indebtedness of the Moitgag~s to the Assoeiatio~ described hemin or secured hereby, the Asso-
ciatioa is hexeby subrogated to tLe lien ar liens and to tbe rights of the owners and holdeis thezeof of each and every mortgage,
lien or other eneumbranee an the land descxibed herein whieh ic paid ancl(ac) satisfied, in whole ar in part, out of the
of the loan desaibed herein or senu+eci hereby, and the respective liens of said mortgages, liens or other encua4brances, s
II~
co and be held by the Associatmn herein as security f~ the indebtedness to the Associati~ herein described or hereby secure~
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the ~ ez!ent ihat it would hav~e been pres~ved and would bave beeo paueci to and been held by the Association had it beea
duly and regularly assigned, trancferned, set over and delivered unto the Association by sepnrate deed of assigament, notwithsta~d-
ing the fact that the same may be satisfied and esneeIIed of recocd, it being the inteniion of ihe prarties hereto that the same ~vill
be sa5sfied and canoelled of record by the holders tbe~+e~f at or about the time of the recarding of this mortgage..
I4. To pay all and singular the costt, charges, and e:peiues induding lawyer's fees, rea~onably inc~ured or paid at any -
time by the Association, because of the faiiur~ of the I?iortgagors to perforu~, comply with aad abide by each and every stipula-
tions, agt~eements, conditions and covenants of said p~omissury note and this deed, or either, and every sach p~ayment shall bear
interest from date at the rate Stated in the note s~eciu~ed hereby
I5. T6at he will t, coinmi~ or snffer no waste, impainnent, or deterioration of said property or any pazt thenwf;
snd in the event of the ilune of the Moziga~ois to keep ihe buildings on saidpre and those to be etec.ted a? said premi~es,
or improvements thereon in good repair, the Associatean may make and pay for smuc~h repairs as in its discrctian it may deem
nec~ssary for tbe Pi'OP~ P~~tion thereof, and the fu11 amouat oE s~rch pa,vments shall be seciued by the lien of thic mcxtgage
and shall at the option of the Associ~tioc~ be immediately due and payable, or payabk in s~ch roanthly installments as tl~e Associa-
tion may determuae, and every sucL payma?t shaII bear interest from date at the rate stated in the note secured hereby,
16. That if tLe Association and the 1liaatgagors agree, the Mortgagors will carry ~a policy or policies of insurance upon
their lives in an a~ewnt equal Erom time to time to the amount of imdebtedness hemby secared, making said Association benefi-
ciary t6ereunder, and that the said Association may pay tbe premiams for such i~su:anee (in the event the Mortgagors do not),
and add each such payment to the unpaid balance of the laaq as of the fust day of the then ciurent month, and it shalt become
additional indebtedness secvrecl by tbu mortgage payable upon demand.
17. That in tbe event that this m~tgage be given to secure a constn~ction loan, failure on the part of the Mortgagors or
their contractors to complete said build'u?g in aoca~dance with Conshuction I.oan Agreement, of even date herewith, or m build
said constr~ciion in aocoidance with p~ans snd speci&cations filed with the Association, shall constitnte a breach of this mortgage,
and, at the optioa of the Association, immediately mature the entire amo~nt of principal and interest hereby secured and the Asso-
ciation may im~mediately institute proceedings to foreclose t6is mortgage. ~
18. That the abscract or abstracts of title rnvering the mortgaged property shall at all times, during the life of this mort-
aage, m.noain in the possession of ihe Association and in the event of the fareclosure of this mortgage or other transfer of title to
the mortgaged propexty in e~ingaishment of ihe indebtedness secured ~ereby, all right, title, and interest of the Mortgagors in
and to any such abstrdcts of title shaIl pass to the ptuchaset or grant~.
19. The Association shaD have the right, in its dis~tion, to rEquire that tbe Mortgagon p~y into the Association ia addi-
tion to the monthiy inttauments of princip~l and interest to be paid by the Mortgagors under the note secured by this moartgage,
an amount equal'M a~ae-ivNe]fth of the annual instaIIments of any tazes on the mortgaged premises levied or assessed by any
govemmental sutl~ority, and one-twelfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgaged
premises as hereinbefore required by the Association, and the 114ortgagors' faihve to make such paymenis shall constitute a default
undet this mortgage.
IN WITNESS \VHEREOF, the said Mortgagors hereunto set their hands and seals ihe day and year fint above written.
Signed, sealed and delivered in the presence of:
r'1_s( ~SEAL)
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L ' ~y, .
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e en P. Gra
- - - - - - - - - (SEAI.)
' - - - - . _ . _ . ( SEAL)
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(VIl1TNESSES) (MORiGAGORS)
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