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Home My WebLink About4923 8. Until default in the performance of the covenaats aad agrrements of this mortgage, the mortgagors shall be entideci a~ coll~ct the rents, issues And profits fmm the premises hereinbefore described, but in rase of u default in any of the term~ of chis mortgage, and the filing oE a bill to foreclose this ~ any other mortgage encumbering the within described prnperty, the .~ssociatio~~ shall immecliatelY nnd without notice be entided to the appointment of a Receiver of the morigagedpro perty, and ~,f the rents, issues and profits thereof, with ihe usual power of Receivers in such rases, snd such Receiver may be continued - - • • • ~ ~----i__....., ....~:1 ~1;.~ ~.nnfirm~tit?o ~?f cuc~~ ~fl ~ession of the said propert~~ untii the time ot the sale tneieur ililiit~i SitC:ii ('viCCI'~i3ii~L~ L~_.. ,:~le b~• thc Court. ~ 9. If a com•eyance should be made by the mortgagors of the pmmiscs herein described, or an~ part thereof, ~vithout rh~~ ~vritten consent of the Association, and «•ithout :usumption in regular form of law by the grautee of the obligations to the i~~cicuition crented bv said promissory note and this mortgage, then, and in that event, and at the option of the Associ;?tiui~. .~n~i ~~~thout notice, al! sums of monev sec~ired hereby shall immecliatel,y and concurm~tly w~th such com•eyance bec~me due und ~~a}:~ble and in default. The Association may deal with successors in interest with referenee to this mortgage and ihe debt hereb~• .ecured in the s.~me mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securc~l }~ercby, or othcnvese act ~+~thout discharging ur in any ~~•ay affecting the Iiability of the mortgagurs hereunder or upon the debt hereby secured. The Association may al'so deal ~vith the Mortgagon and/or ~vith succrssors in interest N~ith reference to this ;:be a^.c! t!:r ~P~?~ ??~rPM~ e~~~red hv forbearing to sue, extending the time for payment of the debt, pro~~iding for different ~nunthly payments and/or a different interest rate, and by other express mocliiications ot the coutr.~ct, wi~i?uut iu~iuK 1Ui~" ~l~j~i?ii~ t he Association has over other morigagees or lienors or holders of any ju~uor interests in the pro~rt~~ secured hereby. 10. That ir :he event the pmmises hrreby mortgaged, or any part thcreof, shall be condernned and tai:en for public iuc~ urnlcr the po~~~er of eminent domau~, the Assuciatiwn shaq h~ve the rifiht to dem~nd that all damages a~varded for ihe taldng of or clumages to said pmmises shall be paid to the Association, its successnrs or assiGns, up to the amount unpaid an this mortgage and mav be ~pl lied upon the payment or Ix?yments last payable thereon. 11. It is specifically agreeci that time is the essence of this contract and that no wai~•er o[ any obligation here~mder or af the obligntion secured hereby shall at any time ihemafter be held to be a waiver of the terms or of the instrument secnred hereb}•. 1?. If foreclosure pmcec~clings oE any second mort~age or second trust deed or any junior lien of sny kind should be insti- tutrd, the Association may at its option, immediately or thereafter declare this mortgage and ihe indebteciness secured hemby due and pa}•able, 13. To the estent of the indchteciness of the \lortgagors to the Association described herein or securecl hcreby, the Asso- ~ i.~tion is hereb~• subrogated to the lien or lie~u and to the rights of ii~e uwners and hotdcrs thrrc~of af ~tch ancl every mortgage, lic•n or other ei~eumbranee on the lanci deseribed herein whieh is paid ancl(or) satisfiecl, in ~+~hole or i~~ part, out of the proeeeds .,f the toan described herein or securecl hereby, and the resprcti~•c liens of said mortgages, liens or other encumbrances, shallpa ss t~~ :~nd be held by the Association herein as securiri for the indebtedness to the Assxiation herein described or hemby secured, to th~• sume cx'.ent that it ~~~ould have been preserved and ~~•ould ha~•e been rassect to and been helct by the Association had it been <l~ih• and re~;ularlv assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing~the fact that the same may be satisfied and cancelled of record, it being the intention of the p.vties hereto that the same ~vi11 l~e sa~sfied 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, charees, and expenses including lawyer's fees, masonabl~• inciured or paid at anr tin~~ bv the Association, ixra?~se of the f.~ilure of the ~fortgagors to perfonn, comply ~~~th and abide bv each and every stipula- tiuns, ugreements, conditions and c~veminis of said promissory note and this deed, or either, and e~~erv such pa~ment shall bexr i<~terest from date at the rate stateci in the note securecl hereb~•. I5. Th..t he ~~rill permit, commit, or suffer no ~vaste, impairnient, or detcrioration of said pmpem~ ~~r a~~~• part fhereo[; :~nci in the event oE the failure of the \iort~agors to keep the buildings on said premises an<1 those to be crccicd on ~:iid premises, ~u impro~•ements thereon in good repair, the Association may make and pay for such repai~ as in its discretion it may deem r~ecescary fot the j~roper preservation thereof, and the full amount of such pa~~ments shall !x~ secured by the lien of this mortgage .~nct shall at the option of the Association be immediately due and payable, or payable in such monthly instatlments as the Associa- ti~,n may determine, .ind et~erv such payment shall bear interest from date ai the rate stateci in the noie secured herebv, 16. TLat iE the Association and the ~tortgagors agree, the '.1tort~agors will carry a policy or policies of insurance upon ri~c•ir lives in an am~~int equal from i:me to time to the amount of indebtedness hereb~~ sec~uecl, making ~.~id Association benefi- ;;an~ thereunder, and that t!?e said Association may pay the premiums for suc}? i~uurance (in the e~•ent the \tortgagors do not), ~nci acld each such p1~•ment to the unpaid balance of the loan, as of th~ first day of the then c»rrrnt month, and it shall l~ecomc ~~?~litional indebteciness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constn~ction loan, failure on the part of the \tortgagors or tl~eir contrutors to complMe said builclin~ in accordance with Constn~ction Loan Agreement, of even date here~~•ith, or to build :.iid c~nsiruction in accordance «7th plans and specifications filecl ~~~ith the Association, shail constitute a breach of this mortgage, ~ncl, at the option oE thc Association, immeciiately mature the entire amount af principal and interest hercb~~ seciued and the Asso- ~ i:ition mav immec~iately institute procecdings to foreclose this mor!~age. ~ 13. 'Thst thc abstract or abstracts of tide co~•cring the mortga~~~ci rroperh' shall at all times, durin~ ihe life of this mort- ~,.s~~e, remain in the possession of the Association and u~ the e~ent of the foreclosure of this mortgage or other transfer of title tc? th~• mortga~cd property in extinguishment of the indebteciness sccured }~,creb~•, all ri~ht, title, and interest of the \foriga~ors in ~ ,~nd to any such abstracts of title shall pass to the purchaser or graatee. ' 19. T~e Asscx~iation s}?all have the right, in its diseretion, to rec~uire that the \tortg.~gors p;n~ into the Assoeiation in addi- ts~~n to th~ monthl~ installments of principal and interest to be paid }a~• the ~tortgagors ttnder the note seci~ted bv this mortgage, ,~n ;~mount ~ual to one-h~~elfth of the annual installments of anv t:ixes en the mort~a~cYi premises 1c~•icd or :usc~ssed b~~ an~• ' ~~~~•enimental authoritv, and one-hrelfth of the annuai premiams ior Fire and Extendecl Coverage insurance on the mortgagccl ! ~~mmises :is t~ereinl~fore re~uir~~l b?• thc Ass~x•i.itiorz. :~nd the ~IOCI~I~OTS' fa~l~ire to make such pa~~ments shall cvmstitute a default iindc•r this cno:tga~e. I1 \~'IT\ESS ~1'HEREOI~, the said ~iort~a~ors hcrcunto sct thrir hands :~nd seals the d:~~• and ~•ear first ab+o~•e ~vritten. SIpO_°(I, tiC:i~CCI and deli~•ercd in the presence of: ~ ~ ,~.v/l C~~.s~~?~ ~ ~SE~?~.~ ~ rank Caracci ` ~ ~ ~~f-~~~ ( SEAL) i SEAI.) ~ . (SEAL) ~W ITNESSES) ;MORiGAGOR3J p:~~20y ~,~?~.q~6 ~ ~ _ _ . ~ _ - . _ .