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HomeMy WebLinkAbout2638 i ~ ~ , . , 8. Until default in the performance of the covenants and agrecments of this mortgage, tt:e mortgagors shall be c~ntided to c-.,:tect the rents, issues andpm fits f~+om the prcmises hereinbefora described, but in case of a default in any of the temu of oe this mortgage, and the filia of a bill to fo~eclose this o~ any other mortgage encumbering the withia described property, the ~lssociaHon shall unmediatey and without notice be entided to the appointment of a Receiver of the moctgagedprope rty, and of the reats, issues and pmfits thereof~ with t6e usualpo wer of Receivers in such cases, sad such Receiver may be oontinued in poasession of the said prnperty until the time uf the sale thereof under such foieclosun, and until the confirmation of such ,ale by the Court. ' 9. If a oonveyr.nee should be made by the mortgagars of the premises herein desaibed, or unyp~t thereof, without the written consent of the Association, and without assumption in regular form of 1aw by the grantee of tFie obiigations to the ory ~ccociation crented b said prumictory note and this modgage, then, and in that event, and at the option of the Assaciation, :md ~vithout notice, 1 sums of monev serued hereby shall immediately und rnncurrently with such crnveyance become due and payable and in default. The Association may deal with successois in interest with reference to this mortgage and the debt herebv secured iq ihe rame manrnr as with the mortgagors, and may forbear to sue or may estead time for payment of the debt~ securc~ hereby, or otherwise act without discharging or in any way afferting the liability of the mortgagurs hereunder or upon ihe debt hereby secured. The Association may atso deal with the Mortgagors and/or with successors in interest with reference to this ~nortgage and the debt hereby sec~ued by forbearing to sue, eactending the time for p~yment of the debt, providing for ditferent - monthly payments and/or a different interest rate, and by other express moclifications of the contract, without losing any priorit~~ the Association bas over other mortgagees or lienors or holders of ar~y junior interests in the property secureci hereby, 10. That in the event the premis~ hereby mortgaged, or any part thereof, shall be condemned and taken forp~ blic use under the power of eininent domain, the Assc~ciation sha11 have the right to demand ihat all damages awarded for the talting of or damages to said premises shall be paid to the Association, its succ~essors or assigns, up b the amount unpaid oa this mortgage and, mav be applied upon the paya~ent or payments last payable thereon. 21. It is specifically agreed that time is ihe essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereoy shall at any time thereafter be held to be a waiver of the temis or of the instrument secured hereby. 12. If foreclosure proceedings of any second moitgage or second tnut deed or any jwiior lien of any kind should be insti- tuted, the Association may at iis option, immediately or thereafter dertare this mortgage and the indebtedness secw~ed hereby due and payable. 13. To the eztent oE the indebtedness of ihe Mortgagors to the Association desaibed hemui or secured hereby, the Asso- ci~tion is hereby submgated to the lien or liens and to the rights of the owners and holdets thereof of each and every ~8e• lien or other er~cumbrance on the land described berein which ic paid and(or) satisfied, in whole or i~i part, ont of the pronoeeds ~~f the loan described herein or secure~i hereby, and the respective liens of said mortgages, liens or other encumbranc~s. sha pa to and be held by the Assoc;ation herein as security for the indebtedness to ihe Association herein described or hereby s~eau~ed, to thc same ex!ent that it ~vould have been preserved and ~vould have been paaed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by sep~rate deed of assignment, nohvithstand- ing the fact that the same may be ratisfied and cancelled of recnrd, it being the intention of the jrarties he.et~ i.at L~a ~a will be sa~sfied and cancelled of record by the holders tbereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurted or paid at any time by the Association, because of the failure of the 1ltortgagors to perform, comply with and abide by eac6 and every stiputa- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every snch payment shall bear interest from date at the rate stated in the note securetl hereby. 15. That he witl pernut, commi~ or suffer no waste, impairment, or deterioration of said properiy or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on ~aid premises, or impmvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the p~o~er preservation thereof, and the full amount of svch paymenis shall be secured by the lien of this mortgage ~u~d shall at ihe option of the Association be immediately due and payable, or payable in svch monthly iiutallments as the Assoria_ tion may determine, and every such payment shall bear interest ftom date at the rate stated in the note secwed hereby. 16. That if the Association and ihe 1ltortgagors agree, the Mortgagors will rarry a policy or policies of insurance upon their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, rnaking said A~sociation benefi- ciary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the 1ltortgagors do not), and add each such ps~~nent to the unpaid balance of the loan, as of the first day of the then current month, and it shall become additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constn~ction toan, failure on the pazt of the ltortgagors or their contraMors to complete said building in accordan~e with Construction Loan Agreement, of even date herewith, or M build said construction in aocordance with plans and s~ecifications filed with 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 secured and the Asso- ciation may immecliately institute proceedings to foreclose thu mortgage. 18. That the abstract or abstraMs of title covering the mortgaged property shal] at all times, dnring the life of ihis mort- ~age, remain in the poasession of the Association and in the event of the fareclosure of this mortgage or other transfer of title ta the mortgaged gro~xty in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pau to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 114ortgagon p~y into the Ascociation in addi- tion to the monthly installments of principal and interest to be paid by the ~fortgagors under the note secured by this mortgage, :~n amount equal~to one-twelfth 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 mortgageci premises as hereinbefore required b~~ the Association, and the 111ortgagors' faih~re to make such payments shall constitute a default under this mortgaoe. Il\' ~VIT1iESS 1VHEREOF, the said Mortgagors hereunto set their hnnds and seals the day and year first above ~vritten. Signed, sealed • delive in the presence of: - - ~ _ ~ _ . _~SEAL) - - - aymond . 1 Wal er arly ` ' t.~c~C - - - _ _ - - . _ _ (SEAI.) Cons ance MiZler • Eliz eth W. Early , - - _ _ SEAL) - - - - - - - - - SEAL) (W ITNESSES) (MORTGAGORS) (N~+~ ~~r«,.>.~:_.:_ . . - ~