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Home My WebLink About0079 ~ 8. Until default in the performanoe of the covenants aad agrecments oE this mortgage, the mortgagors sLall be entitled to collect the rents, issues andprofits froan tbe presnisas hereinbeEoro des~xibed, but in case of a default in any of tbe te~ias of this mortgage. and the filinng of a bill to fa~eclose thts a~ aay other mortgage encumbering the within desc~ibed property. tbe ~aocistion shall iwmediatel and vv~thout notice be entitled to the appointment of a Receiver of the mortgagedproperty, and of the rents, i~x and ~uo~its thereof, wlth the usual wer of Receivers in soch cases, snd such Receiver may ~be-oo~tinued u in possession of the said propeity until tLe time of the tbereof under s~ch forecloaure, and until the mnfirm~tion of soch sale by the Court. 9. If a ooaveyance should be mada by the moctgagas oE the premises herein de.scribed, oc any part thueof, without the writtea co~sent of the Associatio~~, and without assumption in regular foran of 1aw by tha grantee of tbe obligations to the :~ssociation created by said pmmissory note and this mortgage, then, and ia that event, and at the option of the Association. and witliout notice, aU sums of mcx~et? sec+ued hereby shall immediately and concurrently with such ccmveyance beoome due and PaYable and in defauh. Tbe Association may deal with st~uors in iuterest with reEerence to this mortgage and the debt hexeb on secured in the same manner as with the mortgagcus, and inay fozbear to sue oc may ext~d time for payment of the debt, hereby, or otherwise ad without or in any way affecting the liability of the moitgago~s hereunder or upon tl~e debt hereby secured. T1~e Association mad~~deal with the Modgagors ancl/or with s~n in interest with reference to tl~ mortgage ancl the debt hereby ssec~red by forbearing to sue, e~tending the tiaoe fa~ pay~nent oE the debt, ixovid'uig for different monthly payments aad/or a differeat interest rate, and by otber eu~uess ~tions of the contrnct, without losing uny priorit~• the Associatioa haz over otha mortgagees or lienors or holders of any j~mior interGSts in the property secured hereby. 10. That in the eveat the piemises henby ag~d, or any part thereof, shall be ooademned and tak~ forpu blic use under the power of dninent domain, the Ass~ciation~ have the rigbt to detnand that sII damages awarded for tbe taldng of or damages to said pc~mises shall be paid to the Associatioq its successors or assigns, uP to ihe amo~mt unpaid on thit mortgage and may be applied upon the payment or payme~uts last payabk thereon. 11. It is specifically agreed that time is the ~ce of this contract and that no waiver of any obligation hereunder or of the obligatioa sec~ued hereby s6all at any time thereafter be held to be a waiver o~ the teims ~ of the instnm~ent se~red he~eby. 12 If fo~ecloaure proceed'u~gs of any second mortgage or second tnut deed or suy junior lien of sny Itind should be insti- tuted, the Associa° may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 13. To the e:tent of the indebtedaess of the Mortgagors to the Association desaibed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien ~ liens aad to tbe rights of the ovmets and holders thereof of ~ch andevery mortgage, lien or other encumbrance on the land des~xibed herein wl+.ich is paid and(o~) satisfied, in whole or in part, out of the~~ r~ o o e e d s of the ban desaibed herein or secured hereby, and tbe respectivc liens of said mortgages, lieas or other encumbrat~ces, to and be held by t6e i~ssaciatia~ herein as secunty for the indebtedness to the Association herein described ~ hereby s e c v~ o ti the same ez!ent ihat it would have been preserved and ~v~wild have been ~ to and been held by the Association had it been duly and regnlarly assigned, transferred,sQt over a q d d e i iv e r e d.uato t h e Association by separate d e e d o f assignment, notwi t h s t a n d- ing the fact that the snme may be satisAbd and cancelled of secard, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by die holders thereaf at or about the time of the recording of this mortgage. 14. To pay aA and singular the coats, charges, and e:penses induding laWryer's fees, rea~onably inc~ured or paid at any time by the Association, because of the failure of the 1liortgagors to perfarm, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said p~omissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured ~ieteby~ 15. That he willper~ut, commit, or suffer no waste. impairment, or deterioration of said prnperty or any part thereof; and in the event of the af ilure of the Mottgagors to keep the buildings ~ saidp~remises and those to be erec~ted on said premices, s or impmvements thereon in good repair, the Association may make and pay for such s~s in its discretion it may deem necessazy for the proper preservation thereof, and t~ f~ill amount of such payments shall~secured by the lien of this mortgage and shaIl at the option of the Associatioa be iznmediately due and payable, or payable in such mor?thly installments as tbe Associa- tion may determine, and every s~ch payinent shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the I?iortgagors agree, the Marigagors will c~arry a policy os policies of insurance upcm ` their lives in an a~t+unt equal from time to time M the amount of indebtedness hereby secured, making said Association benefi- E ciary therevnder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgag~s do not), ~ and add each such payment to the unpa~d balance of the loan, as of the first day of the then current month, and it shall become ' additeonal indebtedness secunYi by ttis moitgage payable upon demand. ~ 17. That in the event that this mortgage be given M secure a construction loan, failure on the pazt of the Mortgagors or ~ their contractors to complete said building in aocardanoe with Constn~ction Loan Agreement, of even date herewith, or M build said construMion in aocordance with plans and speci6cations filed witb the Association, shall oonstitute a breach of this mortgage, and, at the option of the Associatioq imme~iiately mature the entire amount of principal and interest hereby secvred and the Asso- ciaNon may immeciiately institute proc.~eedings to foreelose this mortgage. 18. That the abstract or abstracts of title covering the mortgaged propeity shall at all times, during the life of this mort- ;age, remain in the possession af the Association and in the event of the fareclosure of this mortgage or other transfer of title to the mortgaged property in eriinguishment of ihe indebtedaess secured hereby, all right, title, and interest of the Mortgagors in and to any such absiracts of title shall pass to the pnrchaser or grantee. 19. The Association sLaU have the right, in its discretion, to require that the Mortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the 1lfortgagors under the note secured by this mortgage, an amount equal-to one-twelkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mort~aged premises as hereinbefore required by the Association, and the Mortgagors' faihue to make such payments shall constitute a deEault under this mortgage. II~t WITNESS ~VHEREOF, the said Mortgagors hereunto set their hznds and seals the day and year 6rst above written. ~ Signecl, sealed and delivered in the presence of: ~ ~ ~ ~ ' ~ ~~~JlCL - ~ s-G'~1'~ _ - - --~;~C'r.~ - - - - - ~SEAL) ~ 1 P. Cr~~e~ f/ ~ - - - . . . - - - . (SEAI.) Florence F. Creed - - - - ~SEAL) - - - - (SEAL) (W ITNESSES) (MORT6AGOR5) BOOK PAGE ~ - _ _ , - - ,