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Home My WebLink About0311 t ~ i a~ 8. Until default in the performance of the covenants and agrecmants oE this mortgage, the murtgagors shall be entitleci to collect the rents~ issues and profits from the premises hercinbefore describecl, but in case of a default in any oE the term~ of this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the wit6in described prope~ty, the Association shall immediately and without notice be entitled to the appointment of a Receiver of the mortgagedproperty, and of the rer?ts, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in possession of the said propedy until the time of the sale thereof under such foreclosure. aad until the confirmation of such sale b}• the Court. 9. If a conveyance should be ~"iiade by the mottgagors of the premises herein described, or uny part thereof, without the written crnuent of the Association, and without assumption in regular form of law by the ~rrantee of the obligations to the lssociatan created by said promissory note and this modgage, then, and in that event, and at the option of the Associati~,u, :?nd ~vithout notice, all sums of money secnred hereby shall immediately und conavrendy with such rnnveyance become due and payable and in ~ default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv secured in the same mannrr as with the mortgagors, and may forbear to sue or may eatend time for payment oF the debt, secureil hemby, or otherwise act without dischargu~g or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may alw deal with the Moctgagors and/or with successors in interest with reference to this ,nortgage and the debt hereby securecl by forbearing to sue, eutending the time for payment of the debt~ providing for different monthly payments and/or a different interest rate, and by other e~press modifications of the contr.~ct, without losing any priorit~• the Association haz over other modgagees or lienors or holders of any junior interests in the properiy secured hereby, 10. That in ihe event the pmmises hereby mortgaged, or uny part'thereof, shall be condernned and taken for pub]ic use under the power of eminent domain, the Assuciation shall have the right to demai~d that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its sutt~essors or assigns, up to the amount unpaid on this mortgage and ma~• be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contmct and that no ~vaiver of any obligation hereunder or of the obligation secured hereby shall at any time the.~reafter be held to be a waiver of the terms or of the instnunent srcured hereby. 12. lf foreclosure proceedings of any second mortgage or second tr~st deed or any junior lien of cny ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and p~ysble. 13. To the extent of the indebtedness of the Mortgagors to the Associltion described hemui or secured henby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ov?mers and holders thereof of each and every mortgage, lien or other er~cumbrance on the land desc.~ribed herein which is paid and(or) satisfied, in whole or in part, out of the p1al~o~eeds ~?f the loan described herein or secnnYl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sb ~ass to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby sec~ued, to the same ex!ent that it ~vould have lxen preserved and ~vould have been passed to and been held by the Association had it been ~ duly and regulady assigned, transferred, set over and delivered unto the Associaticm by separate deed oE assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and canceL'ed of record by the holders the~eof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and eapenses including lawyer's fees, reasonably incurred or paid at am• time by the Association, berause of the failure of the I?tortgagors to pedorm, 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 from date at the rate stateci in ihe note secured hemby. 15. That he willpe rnut, commit, or suffer no waste, impairment, or deteriuration of wid property or any part thereof; and in the event of the fa'~lure of the Mortgagors to keep the buildings on said premises and those to be errcted on said premises, or impro~ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the proper preservatan thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Associatioh be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear internst from date at the rate stated in the note secured hereby. 18. That if the Association ancl the Atortgagors agree, the hiortgagors will carry a policy or policies of insurance upon their lives in an arl+aunt equal fmm time to time to the amount of indebtedness hereby secured, making said Association benefi- k ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Atortgagors do not), .~nd add each such p~yment to the unpaid balance of the loan, as of the first day of the then cwrent month, and it shall become ~ :ulditional indebteclness secured by this mortgage payable upon demand. F ( 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ':liortgagors or s their contraciors to complete said lwilding in accordance with Construction I.oan Agreement, of even date hereKlth, or to build ~ taid canstruction in accordance with plans and specifiptions filed ~.~ith the Association, shall constitute a breach of this mortgage, ~ :ind, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- c~i:~tion may immeciiately institute proceedings to foreclose thu mortgage. ~ 13. That the abstraM or abstracts of title covering ihe mortgafied property shall at all times, during the life of this mort- ~~a~e, 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 property in extinguishment of the indebtedness secured hereby, all ri~ht, tide, and interest of the l~iortgagon in :~nd to any such absh~acts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to reqaire that the A~ortgagon pay into the Association in addi- t ion to the monthly installments of .principal and interest to be paid by the ~iortgagors 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 :usessed by any f ~ ~~o~•enunental authority, and one-hvelfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgaged ~~remiscs as hereinbefore required b~• the Association, and the !ltortgagors' faih?re to mai:e such pay~nents shall constitute a default ~ i,nclcr this mortgage. ~ ~ IN ~VITNESS «'HEREnF, the said ~~ortgagors heret?nto set their hlnds and seals ihe da~• and year first above ~vritten. ~ Si Qci, sealed and deli~•ered in ihe presence of: ~ % ~ ~ ~ , / ~ ~ ~ - L--~~~~c~L. ~/~i . ti'C 1 L~`iZC.i '2 1~ _ ~ ~ 4C~~(SEAL) Edward . Go an ~ ~~~~t~ ~ . `f (rQ~~ ~ _ Y~,~ ~ - . .--~-.--i ( SEAL ) ~ r ~~hryn M. rman ~ ~ ~ ( SEAL) ~ ~ - - (SEAL) ~ (W ITNESSES) (MORTGAGORS) ~ ~ i eo~c~ ~ ~ ~ ~ _ - ~ , . - ~ ~ ~ i~. ~ ~ ~ ~ ~ = , ~ ~ - - ~ _ ~s~~