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HomeMy WebLinkAbout2663 t 'C-,.- . , , 8. Untit defauh in the performance of the covenants and agireernent3•ot ~t~mortgage, the nnatgagors s1?all be entitled to oollect tLe reats, Lssuas andprofits fc+om the premi~s l~relnbefore desaibed, but in case of a default in any of the tena. of thia mortgage, and the filiug of a bill to faeclose thii cr any other mottgage encumbering tha within descxibed property, the Asaociatioa shall unmediately and without notice be eatitled to the appointment of a Aeceiver of the matgagodp~p~ty , and of the rents, issues and profib thereof, with the usualpo wer of Reoeivers in such cases, snd such Receivec may be-oaitinued in pos~ssion of the said property until the time oE the sale thereof under such forecloaure, and until the confirmation of such snle by the Court. 9. lf a cor?veyance should be made by the mortgagurs of the premises herein described, or anyp~t thereof, without the written consent of the Association, and without assumptioai in regular form of Iaw by the grantee of tTie oblig,ations to the ~ssociation creuted by said promissory note aad this mortgage, then, and in that cwent, and at the option of the Association, :~nd ~vithout notice, all sums of mcmey sec~~red hereby sl~all unmediately und concurrently with such cc?nveyance become due and payable and in defaul~ T6e Association anay deat wtth auccessors in interest with refe~+ence to this mortgage and the debt hereby secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securecl he~eeby, ~r otherwise act without dischargu~g or in any way affecting the liability of the uwrtgngors hereunder or upon the debt he hereby secured. The As9oriatian may also deal with the Mortgagors aad/~ with successors in interest with reference M this mortgage and tna drbt hereby ~secured by forbearing to sue, cactending the time fa~ payment of the debt, ~oviding f~ different monthly payments and/or a difFerent interat rate, and by other espress a~o~ifications of the ca~tract, without losiu any priorih• dif . the Assoclation has over other mortgagees or lienors or holders of any junior intere.sts in the property secured y. 10. That in the event the premi~es hereby m aged, or any part thereof, shall be oaxlemned and takea forpu blic use uncler the power of eminent domain, the Association ~ have the right to demand that all damages awarded for tbe taldag of or damages to said p~emises shall be paid to the Associatyon, its successors or assigns, up M the amount unpaid on this mortgage and may be applied upon the payment or paymeats last payable thereon. 11. It is specifically agrccd tLat time is the essence of thit contract and that no waiver of any obligation herennder or of the obligatia~a secured hereby shall at any t~tme thereafter be held to be a waiver of the teza~s ~ of the instrument secured hereby. 12. If foreclosune proceedings of any seoond mortgage or seoond tr~t deed or any junior liea of any kind should be insti- tuted, the Associati~ may at its option, imnaedWoely ar thereaker declare this mortgage and the indebtedness secured hereby due and payable. ~ 13. To the ertent of the indebtedness of t6e Mortgagors to the Association d~ib+zd herein ~ scxur~ !~reby, the Asso- ciation is hereby subrogated to the lien or lien4 and to the rightc of the owners and holders thercof of each and e~ry mortgage, lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or ui part, out oE the of ihe loan described herein or secured heraby~ and the ~gective liens of said mortgages. liens or other encumbrar?ces, s ll~ m and be held by the Association herein as secnrity? for the indebtedness to the A.ssociation herein described or heneby secure~ o the same e:±ent that it would have been preserved and ~vould have bceci ~assed to and been held by the Association had it been duly and regulady assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfiecl and cancelled of record, it being the inteatio~n of the p~uties hereto that the same will be sa5sfied -and cancelled of record by the holders thereaf at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses induding lawyer's fees, reasonably incurred or paid at any time by the Association, because of the failure of the I?lortgagors to perform, comply with and abide by each and twery stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stateci in the note secured hereby. ~ I~. T~t he willpernn t, commit, or suffer no waste, impairment, or deterioration of said property or any pazt thereof; and in the event of the af ilwe of the Mortgagors to keep the buildings on saidpremises and those to be erected on said premises, or improvements thereon in good repair, tLe Association may make and pay for such repaus as in its diuretion it may deem necessary for the proper preservation thei+eof, and the full amount of such payments shall be secured by the liea of this mortgage and shall st the o on of the Association be immediate due and b1~ --°-o~:~ ~w::`: ~-~-`~.~lments as the Assucia- Pti 1}' PaYa • - ~ - tion may determine, and every such payment shall bear interest from date at the rate stated in the nate secured hereby. 16. That if the Association and the Mottgagors agree, the Mortgagors ~viII carry a policy os policies of insurance upon their lives in an ardeunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary ihereunder, 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 unpa~d balance of the loan, as of the first day of the then current month, and it shall became additional indebtedness secured by this 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 Mortgagors or their contractars to complete said building in accordance with Constniction Loan Agreement, of even date hez~ewith, or to build said construction in aocordance with plans and sperifications filed with the Association, shall constitute a breach of this mortgage, and, at the opti~ of the Association, immediately mature the entire amount of principal and interest hereby sec~red and the Asso- ciation may immediately institute proceedings to forecl~e this mortgage. ~ 18. That the abmact or abstracts of title covering the mortgageci prope~ty shall at all times, d~uing the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged pmperty in e~tinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Modgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Modgagon p~y into ihe Association i~? addi- tion to the monthly installments of principal and interest to be paid by the Modgagors under the note secured by this mortgage, an amount equal-to one-hvelkh of the annual installments of any taaces on i~he murtgagecl ~;ren~is~ levied or assessed by any govemmental aut}writy~ and one-twelfth of the annual premi~mos for Fire and Extended Coverage insurance on the mortgaged i~remises as hereinbefore required by the Association, and t6e 1liortgagors' failure to mal:e such paymentx shall rnnstitute a default under this mort~age, Il~' WITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. Signed, sealed and del~vered in the prescmce of: • r. . ~_~il~%-~~i _ _ _ . _ - - - . _ SEAL) . Jack E. Hopkin . /S. - - EAL) ~P - - _ ' ' Martha R. Hopkms ( SEAL) - (SEAL) - - - - - - ~ (VNITNESSES) (MORTGAGORS) ~~IK~