HomeMy WebLinkAbout3068 8. UnW deEault in the performance of the coveuunts und agrr.*~ments of this mortgage, the n~origagors shall be entitlecl
t~~ collect the rents, issues and proEits from the premises hereinbefore descritxd, but in rase of a clefault in a~y of the term~ of
ttiis mortgage, and the filing of a biU to foreclose this or any other mortgage encumbering the ~vithin described property, the
.~ssociation shall immediatelv and without notice be entitteci to the appointment of a Receiver of the mortgaged propert~•, and
~~f the rents, issues and gmfits thereof, with the ~sual power of Receiven in such cases, snd such Receiver may be continueci
,n possession of the said propert~~ until the time of the sale thereof under such foreclosure, and until the confirmation of such
,:~1~~ b~• thc Court.
9. If a cvnveyai~ce should be made by the mortgagors of the premises herein descri or any part thereof, without
rh~• ~~•rittrn consent oF the Association, and ~.ithout assumption in regular form of law by the grantce of ti~e obligations to the
>>.~ci:ition created b~• said promissory note and this mortg:?ge, then, and in that event, and at the uption of t1?e Ass~~ciutiui~.
u~~! ~vithc~ut uotiee, al) sums of mone~~ see~irecl hereby shall immediately and eoncurrentlv with sueh ec~nrevance becume due ul~d
E~.~~:~ble and in default. The Association may deal with successors in interest with mEerence to thu mortgage and the debt hereh~~
.ecured in the saine mannrr as H~ith the mortgagors, and may forbear to sue or may extend time for ~xryment of the debt, secureci
hereb~•, ar othen~~ise act ~~~thout d'ucharging or in any ~~•a~• affecting the liability of the mort~agurs hereunder or upon the debt
h~~reby secured, The Association may also deal with the \lortgagors and/or ~vith successors in interest ~~•ith reference to this
~n~~rt~age and tho debt hcreb~• securc~ci b~~ forbearing to suc~, exteoding the time for ~a~~ment of the debt, providing for different
tnonthly p.a}'ments and/or a different intcrest rate, and by oiher express maliEications of the contr.~ct, ~~•ithout losing am• priorit~•
thc• :lssociation has over other mortg~gees or lienon or holden oE any jwiior interests :n the propertv securecl hereb~~, ~
10_ That in the event the premiscs hereUv mortgagecl, or an~• part thereof, shall be condernned a~~d taken for public t~se
uuel~•r ti?e ~C~~vrr of eminent domain, the A~cuciatiun shail ha~•e the right to <iemand that a11 damages aw•ardec~ for ihe taking of or
~i.~n~a~cs to said pmmises sha11 be paia to the Association, its soccecsors or as~si~i~s, up to the amount unpaid on this mortgage and
rn.i~• be ap~~lied apon the payment or pa~~ments last p:»•aUle thereon.
11. It is specifically agrerci that time is ihe essence of this contract :ind tliat no waiver of an~~ obligation hereunder or of
tl~c~ ul~ligation secured hereby shall at any time themafter be held to be a~vaiver of the terms or of the instrument secured hereb~•.
12. If foreclosure procec~ciings of am~ second mort~age or second trust dced or any junior lien oE sny ldnd shonld be insti-
tntcd, the Association muy at its opteon, immecliately or thereafter declare this mortgage and thP indebtedncss secured hereby due
.incl ~~~able.
13. To the ~xte~?t of the indebtrciness of the \fortg~gors to the A~sociation described her~ in or secured licrrby, the Asso-
~;.~tion is hereb~• subrogated to the lien or liens and to ihe rights of the o~+~ners and holders thereof of ~~ch and every mortgage,
li~~» or other e~~c~imt~r,ince on the land described herein which is paid and(or) satisfiecl, in ~~•hole or in part, out of the proceeds
.~f the loan describcd hemin or secure~l hereb~•, and the respectirc liens of s~id mortgages, liens or other encumbrances, shallpa ss
r~~ ;,nd he held b~~ the Assoc;ation herein :~s securitv for the indebteclness to the Assxiation herein described or hemby secured, to
tL~• same ex!ent that it ~~•ould ha~•e Ueen preserved and .~~ouid ha~•e t>een pactt~ci to snd been held by the Association had it been
m~ularh~ assi~•necl, tr,~nsferrec)_ set oa~er and delivered unto the Associ:dion by separate deed of assignment, nohvithstand-
;n~~the fact ihat the same ma~~ be satisfied and cancelled of record, it being the intention oE ihe p:uties hereto that the same ~vill
hr• sa5sfied and cancelled oF~recorcl by the holders thereoE at or about the time of the recording of this mortgage.
14. To pa~• all and singular the costs, charges, and expenses incIuding lawyer's fees, reasonabt~• incurred or paid at am-
ti~n~ bv the Association, l~ec•:u~se of the (;?ilure of the '~iort~agors to perfonn, comply ~~~ith and abide b~~ each and every stipula-
++~~~+c, at;reements, rnnditions ~nd c~venants of said pmmissory notc and this deed, or either, .uid everv such pavment shall bcar
,ntc~rest from date at the rate statc~cl in thr note seeurecl hereb~•.
' 15. Th.d he ~~~11 permit, commit, or suffer no ~vaste, impairment, ur deterior.~tion ~~f taid pro~ert~~ or an~• Ih1rt thereof;
uxi in the c~~ent oF the f:iilure of the ~tort~a~ors to keep the buildin~s on said premises and ihose to be~ crccied on said premises,
~r ;rnpro~•ements thereon in goocl repair, the Assoeiation may m;~ke ancl pay for sueh repairs as in its diceretion it mav deem
n~~crccarv for the proper preservation thereof, and the full amount of sueh pa«nents shall be seeureci by the lien of this mortgage
~~~cl shall at the option oE the Associatioa be immeciiately due and payable, or payable in such monthty instaltments as the Associa-
;i~~n mav determine, and e~~erv such pa~~r?ent shall bear interest from date at the rate statecl in the note serured herebv.
16. Tliat if the Association and the ~i~rtgagors agree, the Alort~agors ~vill cam~ a policy or ~licies of insursnce i~~n .
tll~•ir lives in :,n am~unt equal from cime to time to the amount of a~debtedness hereby secured, making said Association bene[i-
i:u-.• thereunder, and that t}?e said rlssociation may pav the premiums fur suc}~ insur:ince (in the event the \Iortgagors clo not),
,ncl add each such p:?~•ment to the unpaid balance of the loan, as of th~ first day of the then currnnt month, and it shal! become•
.~~?c2iti~~na1 indcbtedness securecl bv ihis mortgage payable upon demanc~.
17. That in tl~e e~•cnt ihat this mortgagc be gi~•en to securc a constn~ciion loan, {11IlITC OIl thc Part of ihe \tort~a~ors or
thr•ir cYmtractors to complete said buildin~ in acrordance ~~ith Construction Loan Agreement, of c~ren date here~+~ith, or to build
~.,icl c~?nstruction in accordance ~.•ith plans and specifications fileci ~t•ith the Association, shall constitute a breach of ihis mortgage,
~,~1_ at the option of thc Association, immecliatelv mahrre the entire amount of princi~al and interest hertby secured and the Asso-
~ i.~tion mav immecl;ateh• institute procecclings to~foreclose this mor±nage. ~
l~i. That the abstr~M or ab:tracts of title coverinG the mort~a~c~ci pmperty shall at all times, during the life oF this mort-
•+~~r~, remain in the possession of the :~ssc~ciation and in the e~•ent oi thc foreclosure of tLis mort~age or othcr transfer of titie to
~1,~• mortgahed ~~roPerty in ~xtinguishment of the indebtedness secureci ~~creb~•, al! right, title, and ir~terest of the l~fortgagors in -
, ~ncl to ant- sucti abstracts of title shall pa~s to the purchaser or grantee. ~
19. The Association sball ha~•e the ri~ht, in its discretion, to recluire that the \~ortg:igors pav into the Association in addi-
e~~~n to the monthlv installments of principal and interest to be paid b~• the \tortfiagors under the note secured bv this mortga~e,
n:tmow~t equal to one-twelfth of the ~nnu:~l installments of anv t:?xes on the mort~a~ed pmmises 1c~~icc1 or ;issessed bp anr
~~-~~mment:?1 authorih•, and one-h~•elfth of the :znn«al premiums for Fire and E!ciended Coverage ins~n•ance on the mortgagecl
;~n~mises as h4•rrinlxiurc re~uired b~~ the Assix~iation, ;md the \tort~a~ors' f.iilure to make s~ich pa~•ments shall amstitute a default
,:ntlcr thu mort~a~e. ~
I\ «'IZ'\ESS ~CIiERE(1F, the said ~tortga~~~rs heretinto set thcir hands and seals the cia~• and rear first abo~~e ~~Ti[ten.
tii~n_~cl, seale>d and dcli~•ered in the prescnce ~f:
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(W ITNESSES) iMORTGAGORS? ( SEAL )
- Bo~~209 63
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