HomeMy WebLinkAbout2198 8. Until default in the perFormance of the covenants and agreemeMs of this mortgage, the mortgagors shall be cr?tided
to coUect the rents, issues andp~o fits from the premises hereu?before described. but in case of a default in aay of the ter~ma of
this mortgage, and the filing of a bill to forecloae this ac any other mortgage encumbering the within described property, the
.~ssociation shall immediatelv and withcut notice be entided to the appointme~t of a Receiver of the morigagedproperty, and
of the rents, issues and pro~'its thereof~ with the usual power of Receivers in such cases, snd such Receiver may be continued
in pos.,ession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such
.~le b~• the Court.
9. lf a conveyance should be made by tbe mortgagas of the premises herein described, or uny part thereof, without
~ th~ written consent of the Association, and without assumption in regular forn? of luw by the grantee of the obligations to the
~csociation created bv said promissory note and this mortgage, then, and in that event, and at the option of the Auociatiou.
:n~d ~~~thout notice, all a~ums of money secared hereby shaU immediately and concurrently with such rnnveyance become due and
pay:~ble and in default. The Association may deal with successors in interest with reference to this mortgage and the debt hereb~•
serured in the same manner as with the mortgagors. and may forbear to sue or may extend time for payment of the debt, securec~
hereby, or othenvise act without dischargmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt
hereby secured. The Association m~y aLSO deal with ihe Mortgagors and/or with successors in interest with reference to this
mortg~ge and tho debt hereby se'c~,vred by forbearing to sue, e:tending the time for payment of the debt, providing for different
monthly payments and/or a different interest rate, and by other express modifications of the contract. without losing uny priorih-
the Association has over other mortgagees or lienors or holders of any jwuor interests in the propertv secured hereb~•. '
10. That in the event the premises hereby mortgaged, or any pazt thereof, shall be condernned and taken for public uce `
undcr the power of eminent doman~, the Assuciation shall have the right to dem:uid that all damages awarded for the taking of or ;
damages to said premises shal) be paid to ihe Assoriation, its successors or assigos, up to the amount unpaid on thu mortgage and -
mav be Applied upon the payment or payments last payable ihereon. - '
11. It is specifically agreecl th~t time is the essence of this contract and that no ~vaiver of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the temu or of the instrument secured hereby. ;
12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of siny ldnd should be insti- ~
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
and pa~•able.
13. To ihe extent of the indebtedness of the Mortgagors to the Association described heri ui or secured hereby, the Asso-
ci~tion is hereby~ subrogated to the lien or liens and to the rights of the owmen and holders thereof of each and every modgage, ~
lien or other eucumbrance on the land described herein which ic paid and(or) satisfied, in whole or iu pnrt, out of the pr~oceeds >
~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, st ~ ~
t~ :~nd be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~ecured, to
thc same ex!ent that it ~~•ould have been preserved u?d ~~•ould have been passecl to und been held by the Association had it been _
clul~~ and regularly assigned, transEerred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ~
in~ the fact tl?at the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same ~vill
t~e sa~sfied and cancelled of record by the holders ihereof 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 any
time bv the Association, lx~rause of the failure of the \tort~agors to perfonn, comply with and abide by each and cwery stipula-
t ions, 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 stated in the note secured hereb~~.
15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereo[; {
:ind in the event oE the failwe of the Mort~agors to keep the buildin~s on said premises and those to be erected on said premises, '
~~r improvements thereon in good repair, the Association may make and pay for such repain as in its d'ucretion it may deem
necessary for the proper preservation thereof, and the full amount of svch payments shall be secured by the lien of this mortgage
,~nd shall at the option of the Association be immediately due and payable, or payable in svch monthly irutaliments as the Associa-
tion may detcrmine, and every such pay~nent shall bear interest from date at the rate stated in the note secured hereby.
16. That if the Association and the ~tortgagors agree, the rtortgagors will carry a policy or policies of insurznce upon r
f their lives in an a~iu?t equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ~
j .~ian~ thereunder, and that the s~1id Association may pay the premiums for such insurance (in the event the ~tortgagors do not), ~
~ and~add each such p1~~ment to the unp~id balance of the loan, as of th~ first day of the then ctumnt month, and it shall become i
f :~dditional indebtedness secured by this mortgage payable upon demand. #
~ 17. That in the event that ihis mortgage be givcn to secure a construction loan, failure on the part of the 111ortgagors or F
their contr.utors to complete said building in accordance with Construction La~n Agreement, of even date herewith, or to build a
~.~id construction in accordarice ~vith plans and specifications filed ~a•ith the Association, shall constitute a breach of this mortj;age, i
.~nd, at the option of the Associa6on, immediately mature the entire amount of principal and interest hercby secured and the Asso- ~
~~i:~tion may immediately institute proceedings to foreclose this morigage. ~ -
18. That the abstraM or abstracts of title covering ihe mortga~ed property shall at all times, daring the life of this mort-
~~a~~e, remain in the possession of the Assc~ciation and in the event of the foreclosure nf this mortgage or other transEer of title to
th~• mortgaged propetty in e:tingoishment of ihe indebtedness secured hereb}', all right, tide, and interest of the Mortgagors in
:~t~d to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the Atortgagors into the Association in addi-
tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured bv this mortgage,
:~n amount equal~to one-twelfth of the annual installments of any t:~res on the mortgageci premises levied or assessed by am~
tic>vernmental anthority, and one-hvelfth of tbe annual premiums for Fire and Ectended Coverage insurance on the mortgagec~
j~remises as hereinbeEore required b~• the Association, and the INortgagors' faihire to make such pa}~nents shall constitute a default
unclcr this mortgas~e.
I\' WITNESS R'HEREnF, the said Mortgagors hereunto set their hands and seals the day and year first above ~vritten.
~
~ Si~nscl, sealed and deli~•er: d in the presence of:
~ .
~ ' ~~13~.~ ~~-X-~l.t,w~ ~ - ~i~~t/~-~ ~ (SEAL)
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~ a~-- • ~a-.G~C~'~G ~~L/G//~ /~~GG r` SEAL)
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Doroth A Smith
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- - (SEAL)
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IWITNESSES) - - -(AAORTGAfiORS)
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