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Home My WebLink About1147 . . , . 8. Until default in the performanee af the coveRants and agrecments of this mortgage. the mortgagors shall be entitled to collect the rents, issues and profits fr~om the preinises hereinbefora dexribed, but in c~se of a default ia any of the tezma of this uwrtgage, and the filtng of a bill to fareclose this or any other mortgage eacumbering the within descxibed proPerty, the Associatioa shall immediately and without notice be entided to the appoinhnent of a Recxiver oE the mo:tgaged pmperty, and of the rents, issues and profits thereof, with the usual power of Receivers in such c~ses, and such Receiver may be continued in pasa~ession of ihe said property until the time of the sale thereof under such forecloaure, and until the confirmation oE such ..11e by the Court. 9. lf a rnnve~ ce should be made by the moztgagors of the premises herein described, ar any part thereof, without the written consent ot the Association. and without ascumption iR regular form of law by the grantee of tFie obligations to the .~ssociation cre~ted by said pmmissory note and this mortgage, the~, and in that event, and at the option of the Association, and ~vithout notice, all sums of mcx~e,y secared hereby shall immediately And concurrently with such rnnveyance become due and payable and 'm default. The Association may deal with sucoessors in interest with referenee to this mortgage and the debt het~eby secured in the same manner as with the modgagon. and may forbear to sue or may extend time for payment of the debt, securecl hereby, a~r oiherwise act without du'charging or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may lsoa . deal with tl~e Mortgagors and/or with successors in intcrest writh reference to this ~uurtgage and tha dcht hereby secwrec~ by forbearing to s.~e, extending the time for payment of the debt, pr~oviding for different :nonthly payments aad/or a diffec~eat inierat rate. aQd by other expras modi~ications of the contract, without bsing uny priorih• ihe Association has over other modgagees or lienors or holders of any Junior interests in the property secured hereby, 10. That in the event the premis~s hereby mort a ed, or any part thereof, shall be condemned and taken forpu blic use ~s s g under the power of eminent domain, the Assuciation sha have the right to demand that all damages awarded for the taldng of o~ damages to said premises shall be paid to the Asso~ciation. its successors or assigns. up to the amount unpaid on this mrMgage and mav be applied apon the payment or payments last payable thereon. 11. It is specifically agreed thac time is ihe essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tenns or of the instrument secuned hereby. 12. If foreclosure proceedings of any second modgage or second tnut deed or any junior lien oE any ]rind should be insti- tuted, the Association may at its option, immediately or theneaRer declarn ihis mortgage and the indebtedness secared hereby due and paysble. 13. To the extent of the indebtedness of the Mortgagors to the Association descxibed herein or secured hereby, the Asso- ciation is hereby svbrogated to the lien or lieas and to the rights of the owners and holders thereof of each and every maitgage, lien or other encumbr.~nce on the land described herein which is paid and(or) satisfied, in whole or in part, out of the ~f the loan described herein or securtYl hereby, and t}~ respectivc liens of said modgages, liens or other eincumbrances, ~hall~ to ~nd be held by the Association herein as security for the indebtedness to the Association herein described ar hereby s~ecure~txo the same ex!ent that it ~vould have been pres~vod and ~vould have been passeci to and been hetd by the Association bad it been duly and regulazly assi~ned, transfernd, set over and delivered unto the Association by separate deed of assignme.nt, notwithstand- ~ ing the faM ihat the same may be satisfeed and canceDed of recard, it being the intention of the prarties hereto that the same will be sa5sfied and cancelled of record by the holdeis thereof at or about the time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and expenses including lawyer s fees, reasonably incuit~ed or paid at any iime Dy ~1C AaKri:iailvTi, ~aun af i!:a re ~f ~~i~?g~!~ m nprform; comQly with and abide by e.ach and every stipula- tions, agreements, conditions and covenants of said p~omi.uory note and this deed, or either, and every such payment shall bear inter~ct from date at the rate statecl in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said proPerty or any p:ut thereof; and in ihe event of the failure of the Mort~agors to keep the buildings on saidpre mises and those M be erected on said premises, or improvements thereon in good repair, the Association may make and pay ~or such repaus as in its disczetion it may deem nec~ssary for ihe proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :u~d shall at the option of the Association be immediately due and payable, or payable in such monthly uutaliments as the Assoc:ia- tiun may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if ihe Association and the lliortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arrleunt eqaal from time to time M the amount of indebtedness hereby sechued, making said Association benefi- ciary thereunder~ and that the said Association may pay the premiums for such inswance (in the event the Mortgagors do not), and add each such pa}~rnent to the unpa~d balance of the loan, as of the first day of the then current month, and it shall become additional indebtedness secured by this mortgage payabte upon demand. 17. That in the eveni ihat ihis mortgage be given to sacure a construction ]oan, failare on the part of the Mortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in aocordance with plans and specifications filed ~rith the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby seceued and the Asso- ciation may immediately institute pmceedings to foreclose thu mortgage. ~ 18. That the absiract or abstracts of tide covering the mortgagen 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 mortg~ge or other transfer of title to ~ the mortgaged property in extinguishment of ihe indebtedness secured hereby, aIl right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. i I9. The Association shall have the right, in its diseretion, to requ'ue that the Mort~agors ~y into the Association in addi= ; tion to the monthly installments of principal and interest to be paid by ihe Aiortgagors 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 assesseci by any ; govemmental authority; and one-twelfth of the annual pr~emiums for Fire, and Extended Coverage insuranc~e on the mortgaged : rremises as hereinbefote re~quired by the Association, and the 11~ortgagors' fai]ure to ma1:e sueh payments shall constitute a default ' under this mortgage, - ~ II~ WITNESS.~VHEREOF, the said Mortgagon hereunto set their hands and seals the day and year first above written i Signed, and xlelivered in the presence of: ~ . ~ . , i ~ . . - - - ~'E. __(SEAL) ' - P. &eiger ' • j I~ ~ • . ' r - -1 ~ J._ . ~ ~_.~C-~.- csE,u.) - l~oris -E.--~eiger ~ I - _ . (SEAL} ~ - - - (SEAL) ~ - - - - - (yy1TNES5E5) (AAORiGAGORS) - _ BOOK~O~ PAGE~,~~~ - . - - - -