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Home My WebLink About1186 8. Until default in the performance of the covenants and agrecments of this mortgage, the mortgagon shall be entitled tu collect the reats, issues andpro fits from the premises hereu?before de.scribed. but in case of a default in any of t}~e terma of this mortgage, and the filing of a bill to f~ecbse this a~ any other mortgage eacumbertng the within described pmpasty, the s .~ssociation shall immediately and without notice be entided to the appointment of a Receiver of the moMgagedproperiy~ and ~ of the rents, issues and profits thereof, with the usual powe~ of Receivers in such cases, and such Receiver may be oonti~ucd ;n possessio~ of ihe said property until the iime of the sale thereof under such foreclosure, and until the confirmntion of such ~ .ale by the Court. • , ~ 9. If a cvmeyance should be made by the moctgagws of the premises liereifii described, ot uny part thereof, without the written consent of the Association, and without susumption i~ regular form of law by the grantee of tTie obligations to the ~.sociation created by said promissory note and this mortgage, tben, and in that ev~ent, and at the option of the Association. :~n~i without notice, al! sums of m~r?ey secnr~.Yl her,eby shall immediately und concurrently with such cnnveyance become due and pay~able and in default. The Association may deal witL successors in interest with reference to this mortgage and tbe debt hereby socured in the same manner as with the mortgagors, und may forbear to sue or may extend time for payment of the debt, securec~ ~ hereby, or otherwise act without dischargmg or in any wny affecting the liability of ihe mottgagors hereunder or upon the debt l~ereby secured, The Association may also deal with the Modgagors and/or v?ith successors in interest with reference to this ~ mu~tgage and tho debt hereby secured by forbearing to sue, ~ztending the time for payment of the debt, providing for different ` ~nonthly payments and/or a difEerent interest rate and by other ezptess moclificationS of the contr,?ct without losing uny priorit~• ~ t6e Association has over other morigagees or lienors or holders of any junior inter~sts in ihe pmperty secured hercby. ' ; 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken for pnbLc use ; ?~ndcr the po~ver of eminent domain, the Aswciation shall have the right to demand that aA damages awarded for the taldng of or ~ damages to said premises shall be paid to the Association, its sncc~essors or assigns, up b the amount ~mpaid on this mortgage and ~ mav be applied upon ihe payment or payments tast pay~uble thereon. - ~ 11. It is specifically agreed that time is the essenc~e of ihis.contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of ihe instrument secured hereby. 12. If foreclosure proceedings of any second morigage or second tnut deed or any junior lien oE any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness se:cured hereby due and payable, 23. To the extent of the indebtedneu of the hiortgagors to the Association descxibed hemin or secwed hereby, the Asso- ci:~tion is hereby subrogated to the lien or lieas and to the rightc of the oH~ners and holders thereof of each and evety mortgage, lien or other ei~cumbrance on the land described herein which ic gaid and(or) satisfied, in who]e or ui part, out of the ~ ~~F the loan desrribed herein or securecl hereby, and the respectiv~ liens of said mortgages, liens or other encumbranc+es, s all~xss ~ t~ and be held by the Association herein u secarity for the indebtedness to the Assxiation herein described or hereby s~~c;ured, to ~ thc s:ime extent that it would have been preserved and ~vould have been passed to and been held by the Association had it been ~ ~Iuly and regulady assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwit}utand- ~ ing the fact that the same may be satisfied and cancelted_of record, it being the intention of the p~rties hereto that the same ~vill ~ ~~e saSsEied and cancelled of record by the holders thereof 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 incurred or paid at am• ; t;me by the Association, because of the failure of the I1iort~agors 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 shaIl bear interest ftom date ai the rate stated in ihe note secured hereby. 15. Tlu3t he tvill permit, commit, or suffer no waste, impairment, or deterioration of said property or any }~art thereof; ~ and in the event of the failure oF the biortgagors to keep the buildings on saidpremises and those to be erected on said premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may de~m necessary for the proper preservation thereof, aad ihe full amount of such pavments shall be secured by the lien of this mortgage ` :~nd shall at the option of the Associatioa be immediately due and payable, or payable in such monthly installments as the As.9ocia- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ 16. That if the Association and the :ltortgagors agree, the Mortgagors will carry a policy or policies of ins~u~ance upon thc•ir lives in an arrieunt equal from time to time to the amount of indebtednest hereby secured, making said Association benefi- ~ ~ ian~ thereunder, and that ihe said Association may pay the premiums for such insurance (in the event the Aiortgagors do not), ~ ,nd~ add each such ~~~r?ent to the unpaid balance of the toan, as of the first day of the then cturent month, and it shall become :~clditional indebteclness seeured by this mortgage payable upon demand. 17. That in the event ihat this mortgage be given to secwe a construction 1oan, failure on the Part of the ;liortgagors or ' their contractors to complete said building in accordancE with Construction Loan Agreement, of even date herewith, or to build ~.~id conshvetion in accordance ~vith plans and specifications filed with the Association, shall constitute a breach of this mortgage, _ .~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ; ciation may immecliately instiivte proceedings to foreclose this mortaage. ' j 18. That ihe abstract or abstracts of title covering the mortgabed property sha11 at all times, daring the life of ihis mort- ~ ~~age, remain ir~ the possession of the Assc~ciation and in the event of the farecloswe of this mortgage or other transfer of title to tt~e mortgaged property in extinguishment of the indebtedness secureci hereby, all right, title, and interest of the l~iortgagors in .tnd 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 Mortgagon pray into the Association in addi- tion to the monthly installments of princi~ral and interest to be paid by the !lfortgagors under the note secured by this mortgage, ~,r~ :~mouni equal~to one-hvelfth of the annual installments of any taxes on the mortgaged premises le~ried or assessed by anv ~~u~'emmental authority, and one•twelfth of the .innual premiums for Fire and Extended Coverage insurance on the mortgageci E~mmises as hereinbe(ore reqiured b~~ the Association, and the ~Iortgagors' failure to mal:e such payments shall constitute a default uncter this mortgaoe. ; ~ IN W1T\'ESS R'HEREOF, the said lfortgagors here~mto set their hancis and seals the day and year first above written. ~ Signad, s aled delivered in the presence of: _ ~ ~ ~ ~L~`r ~iC'~~L - EAL) ` ~ Georg Ja es Warren ~ ~ / - - ~ _ ~.CI, ~1~G t. _ . . _ ~,/L.c~/( SEAL, ~/Virginia Simmons Warren - - - - _ - - ~ (SEAL) ; _ - - - - - - - - - (SEAL) ' ;VVITNESSES) - - - - - ' (MORTGAGORS) . ~o~K 204 ~1~85 - ~ ~ ~ . 5:: _ _