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Home My WebLink About2058 i a 8. UnW default in the performance of the covenants a~d agrecments of this mortgage, the mortgagors shall be entided to coAect the rents~ issues and profits from the premises hereinbefore described, but in case af a default in any of the terma oE this mortgage, and the filing of a bill to foreclose thit ~ any other mo~tgage eacumbering che within describcd property~ the .~ssociation shall immediately And without notice be e~tided to the appointment of a Receiver of the mortgagedpro perty, and of the reats, issues and profits ther~of, with the usual power of Receiven in such cases, snd such Receiver may be continued ~n pos~essioa of the said propcrty until the time of the sale thereof under such foreclosure, and until the rnnfirmation of sucl? .ale b~~ the Court. 9. If a rnnveyance should be made by tbe modgagors of the premises herein described, or Any part thereof, without the ~vritten consent of the Association, and Hithout s~ssumption in regular form of law by the gr~ntee of the obligations to the 1.wciation created by said promissory note and this mortgage, then, and in that event, and at the uption oE tl~e Asu~ciatiu~?. :uul ~~~thout notice, all sums of money secureci hereby shaU immediately and ccmcurrentlv,with such rnnveyance becv~me due und ~~ayuble and in default. The Association may deal with successors in interest with reference to this mortgage and the debt hereb~• + secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secure<i ? hereby, or othenvice act wtithout discha~gu~g or in any way affecting the liability of the mortgagurs hereunder or upon the debt i hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ~ mortgage and the debt hereby secured by forbearing to sue, extending the iime for payment of the debt, providing for different E monthly payments and/or a different interest rate, and by other express modifications of the contr.ut, without losing 1ny priorih• ; the Association has over other morigagees or lienors or holders of any jmuor interests in the property secured hereb~~. l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned aud taken for public uu~ under the po~~•er oE eminent domau~, the Assuciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shaU be paid to the Association, its successon or assiGns, up to the amount unpaid on this mortgage and mav be ap~lied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is ihe essence of this contract and that no waiver of any obligation hereunder or of t}~e obligation secured hereby shall at uny time thereafter be held to be a waiver of the terms or of the instrume~t secured hereby. 12. If forecb3ure proceedings of any second mortgage or second tnist deed or any junior lien of sny ldnd should be incti- tiitcd, ihe Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secuted hereby due and pa~•able. 13. To the eactent of tl~~ indebteclness of the Aiortgagors to the ASSOCL'tt10A described hetcui or sec~aed hcreby, the Asso- ciation is hereb~ subrogated to the lien or liens and to the rights of ihe ownen and holders thereof of each and every mortgage, licn or other er~cumbrance on the land described herein which is paid and(or) satisfied, in w•hole or in part, out of the proceedt ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallp~ t„ and he held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to the sume ei!ent that it ~~ould have been preserved :ind ~~rould have been passecl to snd been held by the Association had it beeri ~luly and regularh~ assigned, transferred, set over and delivered unto thc Association by separate dced of azsignment, nohvithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill ~ t~e sa5sfied and cancelled of record by the holders thereof at or about the time of ihe recording of this mortgage. ~ 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at anv time bv the Association, because of the failure oE the :~tortgagors to perform, comply with and abide by each and cwery stipula- t iuns, agreements, conditions and rnvenants of said promissory notc and this deed, or either, and everv such payment shall be~ar interest from date at the rate stated in the note secured hereby. - 15. Thrd he will permit, commit, or suffer no waste, impairment, oi deterioration of said properiy or an~• P.ut thereof; ~ and in the event of the failure of the Aiortgagors to keep the buildin~s on s.1id premises and those to be erected on ~?id premises, ; ~~r improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shaU be securecl by the lien of this mvrtgage .~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installmenis as the Associa- tion may determine, and ev~•ry such payment shall bear interest from date at ihe rate stated in the note secwed hereby. 16. That if the Association and the \tortgagors agree, the :1lortgagors will carry a policy or policies of insurance upon I their lives in an arrTeunt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ` , ian~ thereunder, and that the said Association may pay the premiums for such insarance (in the event the \tortgagots do not), ~ ,~nd add each such p1~Tnent to the un~aid balance of the loan, as of the first day of the then civmnt month, and it shall becomr ~ :~dditional indebtedness secured by this mortgage payable upon demand. i 1i. That in tlie event that this mortgage be given to secure a construction loan, failure on the part of the :ltortgagors or ~ their contr.utors to complete said building in accorciance with Construction La~tn Agreement, of even date herewith, or to build ~ .aid construction in accordance with plans and specifications filed with the Association, shall constitute a breaeh of this mortgage, r .~nd, at the option o( the Association, immediately mature the entire amount of principal and interest hereby secared and the Asso- ~ ci:~tion may immed'u~tely institute proceedings to foreclose this mortgage. ~ 13. That the aUstract or abstracts of tide covering the mortga~eci property shall at aA times, during the life of this mort- ~ ~ ;:.~,c~, 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 propcrty in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagors in ~ .~nd to any such abstr:iMs oE tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that ihe ~tortgagon pay into the Association in addi- ti~n io the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, :~n :imomit equal to one-hvelfth of the annual installments of any tares on the mortgageci premises levied or assessed by an~• Ru~~emmental authority, and one-hvelfth of the ~?nnual premiums for Fire and Eatended Coverage insurance on the mortgageci ' ~~remises as hereinbefore required b~• the Assuciation, and the 1ltortgagors' faihire to make such pa~Tnents shal) constitute a default ~ under this mortgage. ~ ~ I\ ~t'ITtiESS ~1'HEREnF, the said ~lorigagors hereunto set their hands and seals the day and year first above written. _ ~ ~ Si ed, sealed and deli~•ered in e presence of: ; ~ / • ~ ~ :Y ~ ~ ~ ~ ~ _u~ ~ ~~'7 ~SEAL) z ~ ~ / Ro rt G, o ~ ~ ` ~ : ~ :L.«...z~ ~ - , ~tu ~ - . _ (SEAL.1 ~ ' , Geraldine J nson ~ ~ c./' : ti;.. ~ - . _ _ (SEAL) ~ ~ ~ ~ - - - (SEAL) ` - - - - - (VYITNESSES) ~ (AAORTGAGORS) - ~ ~ ~ ~ ~R r,s~ s~~Q = BOOK 2VJ PAGf ~UJD - ~ ~ ~ ~ ~ - - ; 3 ~ ~ ~ r~