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HomeMy WebLinkAbout1771 8. Unti! defautt in the performance of the covenants and agrcements of this mortgage, the mortgagors shall be entideci collect the rents. issues and profits fmm the premises hereinbefore described, but in case of a default in any of the ternu oE this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the ~vithin describad property~ the :~ssociation shaD immediately and without notice be entitted to the appointment of a Receiver of the mortgagedpsoperty. and „f the rents, issues and profits thereof, with the usual power of Receiven in such cases, ~nd such Receiver may be continued ,n possession of the said propert~~ until the time of the sale thereof under such foreclosurc, and until the confirmation of such ,:~le bv the Court. 9. If a conveyance ahould be made by the mortgagors of the p~emises hemin described, or any part thereof, ~vithout th~• ~vritten coiuent o[ the Asmciation, And uithoi~t assumption in regular form of Inw by the grantee oE the obligatio~u to the 1+.ociation created by said promissory note and this mortgage, then, and in that event, and at the option af the Assuciatiu~~, ,~ucl ~~~ithuut notice, all sums of monev secnred hemby shall inimediately and concurrer?dy Ntith such rnnveyance bece~me due nnd ~xt~•uble and in default. The Auociation may deal with successors in interest ~vith reference to this mortgage and ihe debt hereb~• ;ecu~ed in the same mannrr as W~ith the mortgagors, and may forbear to sue o~ may extend time fur payment of the debt, securecl }~ereby, or othenvise act ~vithout discharging or in any w•ay affecting the liability of the mortgagurs hereunder or upon the debt hcreby secured. The Association mav also deal with the Mortgagors and/or with successors in interest with reference to this ,nortg~ge and the clebt herebv secureci by forbearing to sue, extending the time for payment of the debt, pmviding for different ~nonthly payments and/or a differeni interest rate, and by other express malifications of ihe contr.~ct, without losing an}~ priorih• the Association has over other morigagees or lie~ors or holders of any junior interests in the propert~~ secureci hereby. l0. That in the event the pmmises hcreby mortgaged, or any P.vt thereof, shall be condernned and taken for public use i?nelcr the po~ver of eminent domaui, the Assuciation shall have the right to demand that all damages aN•srdcd for the taking of or <iamages to said premises shall be paid to the Assocfation, its successors or assigns, up to the amount unpaid on thu mortgage and rna.~ be npplied upon the payment or payments last p.lyable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereuncler or of tl~e ubligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. 1~. lf foreclosure proceedings of any second mortgage or second trust deed or sny junior lien of uny kind should be insii- tuted, the Association may at its option, immecliately or thereafter declare chis mortgage and the indebtedness se.c~ved hereby due :?nd pa~•able. 13. To the extent of the indebteciness of the ~tortgagors to the Assceiation described herein or secureci hereby, the Asso- c~i.?tion is hcreby subrogated to the lien or liens and to the rights of the o~~~nen and holders thereof of ~ach and every mortgage, licn or other encumbrance on ihe land described herein which is paid and(or) satisfied, in ~vhole or in part, out of the pmceecls „f the la~n deseribed hemin or secured hereby, and the respecti~~r liens of s:~ici mortgages, liens or ~ther encumbranees, shallpass t~~ :uid be held b~~ the Association herein as security for the indebtedness to the Assxiation herein describecl or hereby secured, to t6c~ ~me cx!ent ihat it ~~•ould have been preserved and ~~•outd have been passed to snd been held by the Association had it tx~en ~iut~• and regularh• assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ;n~ the fact that the same may be satisfied and cancelled of record, it being the intention oE the parties hereto that the same ~vill he sa~sfied and cancelled of record by the holders th~eof at or about the time of the recording of this mortgage. 14. To pay all and sin~ular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at an~- time bv the Association, hcc:u~se of the failure of the ~tortRagors to perfonn, comply ivith and abide by each and every stipula- . ti~ms, agreements, rnnditiuns and rnvenants of said promissory note and this deeci, or either, and every such payment shall bear i~iterest fmm date at the r?te stated in ihe note secured herebv. 15. Thrd lie will permit, commit, or suffer no waste, impairment, or deterioration of said properiy or any part thereof; :~nd in the c~cnt of the failure of the A'Iortgagors to keep the buiidings on said premises and those to be~ erected on said premiscs, r~r impro~-ements thereon in goocl repair, the Association may make and pay for such repairs as in its discTetion it rnay deem nccessar~ for the proper preservation thereof, and the full amount of such pa~~ments shalt be secured by the lien of this mortgage .~r~ci shall at the option of the Assceiation be immediately due and payable, or payable in such monthly installments as the Associa- t i~n may determine, and e~~ery such payment shall bear interest from date at the rai~ stateci in the note secured herebv. 16. That if the Association and the ~tortgagors agree, the I?iortaagors will carry a policy or policies of insurance upon their lives in an ar~3e~int equal from time tn time to the amount of indebtedness hereby secured, mal:ing said Association benefi- .~an~ ihereunder, and that tiie said Association may pay the premiums for such insurance (in the event the ~tortgagors do not), ,~ncl add each such p1~-ment to the unpaid Ualance of the loan, as of th~ first day of the then cturrnt month, and it shall become :ulditional indebtedness secureci bv ihis mortgage payable upon demand. 17. That in the event ihat this mortgage be given to secure a constnution loan, failure on the part of the \iorigagors or their contr.ictors to complete said building in accordance ~•ith Construction Loan Agreement, of even date here~~~ith, or to biiild ,.iid constn~etion in accordance ~~7th plans and specifieations filecl ~rith the Association, shall constihrte a breach of this mortgage. :~n~l. at the option of the ~lssociation, immediately mature t?~e entire amoiint of principal and interest hercby secured and the Asso- ~ i.ition mav immediately institute proceedings to foreclose thu mor?.oage. ~ ~ 13. That the :~bstract or abstncts of title co~~ering the mortga ;ed property shall at all times, during the life of this mort- remain in the possession of the Assnciation and in the event of the foreclosure of this mort~age or other transfer of tide to tlir mortsagecl proPerty in extinguishment of the indebtedness seeureci }:ereLy, al) right, tide, and interest of the 1lfortga~ors in .~ncl to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association sball have the right, in its discretion, to rcquire that the aiortg:~gor~ p;~y into the Association in addi- t:~m to the monthly installments of principal and interest to be paid by the ~tortgagors under ihe note secured by this mortgage, :~u :~mount equal to one-hvelfth of the ~nnuai instaUments of an~• taxes on thc mortgageci premises levied or assessed by an~• ~u~~ernmeutal authority, and one-tcvelfth of the annual premiums for Fire and Estendecl Coverage insurance on the mortgagec~ ~urmisQS ;zs hercir~hefore required b~~ the Association, and the ~toctgaaors' faih~re to make such pa~Tnents shall constitute a defaiilt unilc•r this tnort~aoe. I:~ W1T\ESS R'HEREnF, the said ~tortga~ors hercunto set iheir hands ancl seals the dav and vear first above ~vritten. Si~n~d, sealed and dcii~•emd in the presence of: ( " (SEAL) ; ~ hn Monticell ~ ~ , ~ ~ . . _ _ . . - ~s ~t~^-~ ' c~ ;r . ~~1~AL ) ~Ca~Fierine Mon icello ( SEAL ) ~wirNessES~ _ ( SEAL ) (NIORTGAGORS) ~~zos ~~~1771 ~ t ~ ~ , ~ $ +E'. ~ `y"~~~~~~~~~5^ i ~ -~i'~Fk+~f L+iv,F . w . . _ ~..~~.~`~Q__,:~~.L~ . ' "