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HomeMy WebLinkAbout2647 ~ . 8. Uatil default ia tbe per~oranaace of the covenants sad agrecments of this mortgage, the mortgagors alwll be entided to collec~ ~~tl~ iss~es a~d p~pEits from tbe premises ha~nbeEo~e descxibed. b~t in c~se of a default ia any of the ternu of tl~ mo~tgaga, and the filing oE a bill to faceclose this a~ any other mortgaga encumbering..ths wil~iv ~ibad P'roP~Y. the Associatioa shall immediately and wtthout notice be a?tided to tbe appointment of a Reoelvet of the matgagedpcoperty, and of the reats, issues and profib thereof, with tbe usualpo wer of Receivas in such cases, sad such Receiver may be oontinued pos~sion of the said property until the time of the sab thercof under auch foreclosure, and antil the confirmatim~ of such sale by the Court. . 9. If a oonveyaace should be made by tbe mortgagas of the premises herein dascribed, a~ any put thereof, without the writtea conse~t of tt~e Association, and without assvmption in segular form of law by the grantee of tTie obNgations to the ~ssociation crented by said promissay note and th~s mKt age, then, and in that event, aad at the option of the Association, s :ind without notice, all sums of mcx~ev sacvred hereby unmediately aud concurrently with such rnnveyance beoome d~ and C~Yable and ia defauh. The Associatia~ may deal with wccessors in interest with reference to thb mottgage and tl~e debt hereby secured in the same manner as with the mortgagon, and ~aay forbear to s~~ or may eztead time for payment of the debt, secured hereby, or otherwise ad without dischacging ~ in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Associatjan may Al~o deal with the Mortgagora and/or with suocessors in interest with reference to this mortgage and the debt hereby ~~~cured by forbearing to sue, extending the tiaie for payment of the debt, providing for different moDtWy paymenb and/o~r a different inter~t rate, and by other express maltfications of the ca?tn?ct, wiihout loaing any priorih•. the Association has over other morigagees or lienors or holders of any j~mior interab in the praperty secured hereby. ~ 10. That in the event the premises hereby ag~, or any part thereof, shall be condemned and taken forpu blic use under the power of eminent domain, the Association~ have the right to demand that all damages awarded for the taldng of or damages to said premises sha11 be paid to the Assoriation, its s~cce.ssors or assigns, up b the amount nnpaid on this mortgage and mav be applied upon ihe paymeat or paytnents last payable thereon. 11. It is specifically agreed that time is the e~ce of this contrnct and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be Ldd M be a waiver of the tera~s or of the instrument secured hereby. 12. If forecloaure proceedings of any _second modgage or seoond tnut deed or any junior lien oE say kind sl~ouki be insti- tuted, the Association may at its option, immediately ~ thereafter derlare this mortgage and the indebtedness secured l~ereby due and pnysble. 13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso- ciation is hereby submgated to the lien o~ liens and to the rights of the ownen and holders thereo~ of each and every mortgage, lien or other enc~unbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the prooeeds of the ban described herein or securecl hereby, and tl~e respectivc liens of said mortgages, liens or other e~x.vumbrances, sha ~x to and be held by the Associatian herein as sa.vrity far the indebtedness to tbe As~ociation lierein described a~ hereby secured, to the same eac!ent that it woald have beer~ preserved and would have been ~asseci to and bcen held by ihe Association had it beea duly and regulazly atsigaed, transfemed, set over and delivered unto the Association by separate deed of aaignment, notwithstand- ing the fact that d~e same may be satisfied and canoelled of reco~d, it being the intention of the p~rties hereto that the same will be sa5sfied and canoelled of record by the hoWers thereaf at or about the time of the recording of this m~tgage. 14. To pay all and sing~lar the costs, charges, and e:pei?ses including lawyer's fees, reasonably incurred or paid at any time by the Association, because oE the failure of the 111ottgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest froan date at the rate stated in the note secured hereby. 15. That he willp~m~ t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the af ilure of the Mortgagors to keep the buildings on said premises and t}wse to be erected on said premises. or improvements thereon in good repair. the Associatio~n may make and pay for such repairs as in its disczetion it may deem necesrary for the proper preservation thereof, and the full amount of svch payments shall be sec~ued by the lien of this mortgage and shall at the option of the Associatio~ be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear iaterest from date at the rate stated in the note secured hereby. 18. That if the Association and the 111ortgagors agree, the Morigagors will carry a policy or policies of nnsurance upon ~ their lives in an a~eunt equal from time to time to the amount of indebtedness hereby sec~ued, maldng said Association benefi- ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagars do not), and add each such pcryment to the unpaud balance of the loan, as of the first day of the then current month, and it shall become additional indebtedness secured by this mortgage payabk upon demand. 17. That in the event that this mortgage be given to secure a const~uction loan, failure on the pazt of the Modgagors or their contractors to complete said bnilding in accordance with Construction Loan Agreennent, of even date herewith, or to build s:.id construMion in aocordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Associatioq immediately mature the entire amount of princiiral and interest hereby secured and the Asso- ci~lNon may immecliately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortga~ed 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 fc?reclosare of this mortgage or other transfer of tide to the mortgaged proj~exty in extinguishment of the indebtedness securecl hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pass m the purchaser or grantee. 19. T'he Association shall have the right, in its discretion, to require that the 1liortgagon p~y into the Association in addi- ti~n to the monthly installments of principal and interest to be paid by the Afortgagors under the note secured by this mortgage, .~n amount equal'to one-twelfth of ihe annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-tweffth of the annual premiunos for Fire and Extended Coverage insurance on the martgaged premises as hereinbeEore required by the Association, and the 1lfortgagors' failure to make such pay~rnents shall constitute a default under this mortgage. . 11~ WITNESS WHEREOF, the said Mortgagors hereunto set their hands nnd seals the day and year first above written. Signed, sealed and delivered in the pr ce of: ~ 1..= ltzc-~ - ...f.s...~ ` " ~ lyn Ro erts ~ - _ _ _ _ ~..t.~ V. ~'earl berts _ - - - _ (SEAL) _ _ - - - - - - . _ (SEAL) (MIiTNESSES) (MORiGAGORS) aoo~ ~02 P,~2645 - _ _ .