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8. UnW default in the performanca of the covenants aad agrecmrnts of this mortgage, tbe mortgagon shall ba entitled
to collect the rents, issues and profits fram the premises hereiubefore described, but in case of a default in any of tt~e ternu of
this mortgage, and the filing oF a bill M fareclame th~s or any other matgage encumbering tbe withLu descxibed propaty, the
usociation shall immediately and without notice be entitled to the appointment of a Receiver of the matgqgedp~~o~erty, and
of the rents, issues and profib thereof, with the uSValpo
wer of Receivers ia such c.ases. snd such Ra~ve~ may be ooatinued
~n poa~ssion of the said pmperty until the time ~ the sale ihereof under such forecloa~ue, and until the confInnation of s~ch
s.~le by the CouTt. . _
9. if a conveyauce should be made by the mortgagars of the premiscs herein described, o~ any part thereof, without
the written consent of the Association, and without assumption in regular form o~ law by the grantee of tTie oblig,ations to the
~ssociatan created by said promissay note and this m~rtgage, then, and in that ever~t, and at the option of the Association.
and ~vithout notice, all sums of mcx~e,y seceu~ed hereby shaA immediately and concurrentlv with.such cnnveyance beoome due and
payaWe and in defauh. T6e Association may deal with a~ccessors in interest with reference to this matgage and the debt hereby
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment oE the de~, secured
her~eby, a~ otherwice act without dischargu~g~ in any way affecting the Uability of the mortgagors hereunder or upon the debt
hereby secured. The Association may aho deal with the Mortgagon and/or with s~ors in interest with refe~rence to this
mortgage acid the debt hereby ~s~ecured by forbesiing to sue, extending the time for payment of the debt, provid'mg for different
monthly paymer~ts and/or a diffecr,~?t interest rate, and by other r~press modifications of the contr.~ct. without lasing any prioritr.
the As~sociation has over otber mortgagees or lienors or holders of any junior interests in the propedy secured hereby.
10. That in the event the pretnises hereby mortgag~d. or any pazt thereof, shall be ca~demned and takea forpu
blic use
under the power of eminent domain, the Association shall have the right to demand tbat all damages awarded fo~ the taldng of or
damages to said premises shall be paid to ihe Association, its successors or assigns, up b the amouat unpaid on thia matgage and
may be applied npon tbe payment or payments last ~yable thereon.
11. It is specifically agreed that time is the ~ce of this contract and that ao waiver of any obligutan }?~eunder or of
the obligatan secured hereby shall at any time thereafter be held M be a waiver of the tams or of the instrument secured hereby.
12 If foreclosvre groceedings of any second mortgage or seoond trust dced or any junior liea of any lond should be insti-
tuted, the Association may at its option, immediately or thereaker declare this modgage and the indebtedness securEd hereby due
and payable.
13. To the extent of the indebtedness of the Mortgagors to the Association d~saibed hemin or secured hereby, the Asso-
c;ation is bereby subrogated to the lien ~ liens aad to the rights of the ownen and holders thereof of each and every mo~tg,age,
lien or other encumbranee on the land desaibed herein which ic paid and(or) satisfied, in whole or u~ paet, out of the
~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, ~hall~
c~ and be held by the Assoc;ation herein as security for the indebtedness to the Association herein desrribed or he~+eby s~e~~re~tO
the same ex!ent that it would have beea pre,se~ved and ~vould have been passeci to and been heW b the Assoriation had it bce:? ~
se~
duly and regulazly assigned, ttansfernd, set over and delivered unto the Association by sepatate d of assigament, notwithstand-
ing the fact that the same may be satisfied and canceDed of record, it being the intentio~? of the parties hereto that the same will
be sa~sfied and cancelled of reoord by the hoWers thereof at or about tbe tune of the recoid'mg of this moitgage.
14. To pay all and singular the oosts, charges, and expenses iaduding lawyer's fees, rea9onably incarred or paid at any
time b_y the Association, berause of the failure of the 1liodgagors to perform, comply with and abide by each and every stipula-
tions, agteements, rnnditions and covenants of said promissory note and this deed, or either, and every such payment shaIl bear
interest from date at the r~te stated in the note secured hereby.
15. 1'hat he will permit~ commit, or suffer no waste, impairment, or deterioration of said pro~xrty or any pazt thereof;
and in the event of the failure oE the Modgagors to keep the buildings on said premises and ihose to be erected on said premises,
or improvements thereon in good repair, the Association may make and pay for such repaus s?s in its disa+etion it may deem
necessary for the proper preservation t}~ereof, and the full amount of such payments shall be sec~u~ed by tbe lien of this mortgage
and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the A.ssocia-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby.
j 18. 1"hat if the Acsociation and the rtortgagors agree, the Mortga ois will carry a policy or policies of insurance upon
f their lives in an arrl~unt equal from time to time to the amount of indebt hereby sec~ued, making said Association benefi-
f ciary ihereander, and that the said Association maypa
y the premiums for such insurance (in the event the Mortgagors do not),
and add each such payment to the un~ balance of the loan, as of the first day of the then current month, and it shall become
~ additional indebtedness secureci by mortgage payable upon demand.
! 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the 11Sortgagors or
[ their contractors to complete said building in accordance with Construction Loan Agreeinent, of even date herewith, or to build
said construction in aocordance with plans and specifications filed with the Association, shall constihite a breach of this mortgage,
and, at the option of thc Associatioq immediately mature the entire amount oE principal and interest hereby secured and the Asso-
ciation may immediately institute proceedings to foreclose this mortaage. ~
18. That the abstract or abstracts of tide eovering the mortgaged property shall at all times, during the life of ,this mort- `
~age, remain in the possession of ihe Association and in the event of the foreclosure of thes mortgage or other transfec of tide to
the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagors in
and to any snch alutraicts of tide shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the Mortgagors p~y into the Association in addi-
tion to the monthly installments of prineipal and interest to be paid by the biodgagors under the note secured by this mortgage,
an amount equal'to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any
govenunental authority~ and one-twelfth of the annual premiums for Fire and Ettended Cover.~ge insurance on the mortgaged
~remises as hereinbefore requered b~• the Association, and the Mortgagors' failure to ma1:e such payments shall constitute a default
under this mortgage.
IAT WITNESS ~YHEREOF, the said Morigagors hereunto set their hlnds and seals the day and year first above written.
Sign ed delive in the presence of:
~ ~ ~ /
' . - _ _ - < - - ._(SEAL)
D M. Hill ~
- - - _ - ~ - -,4,~~_~1~C-~1 _ _ _ ~SEAL)
J e A. Hill
~ - _ - - - _ _ (SEAI.)
- - - - - _ (SEAL)
- - - - - _
(WlTNESSES) (MORTGAGORS)
BOOK PAGf ~
- - - - ~ Y
~ i