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HomeMy WebLinkAbout0048 8. Until default in the performance af the covenants und agirecments of this mortgage, the moKgagots shaU ba er~titled ~ tu collect the rents, issues nndprofits from tbe premises hereinbefore described, but in case of a default in any of the ternu oE this mortgage, and the filing of a bill ta ~o~~eclose this a~ a~ny other mortgage encumbering the within descxibed P~P~Y. ~ Association shall immediately and without notice be entitled to the appointment of a Receiver of the raortgs?gedpto~erty, and ? of the rents, issaes and profiti theraof. with th$ usual power of Receivers in such cases, snd such Receiver may •bs oontinued ~ ~n po~ssion of the said property untJ the time of the sale thereof under such foreclosure, and until t6e confirmation of such s ; ,:ur L~~ tL~ Court, ~ 9. If a conveyance should be made by the modgagors of the premises herein described, or anypart thereof~ without the written coruent of the Association, and without assumption in regular fornn of law by the grantee of the obligations to the ~ ~..co~iation crented by said promissory note and this mortgage~ then, and in that event, and at the option of the Assc~cixtion, ; :u~d ~vithout notice, all sums of mcx~ev secared hereby shall immediately and concurrendy with such rnnveyance become due and ~ payable and in default, T~e Association may dea2 with suceessors in interest with reference to this mort6age and the debt herebv ~ secure~ in ihe same manner as with the mortgagors~ and may forbear to sue or may extend time for ~ayment of the debt, securec~ ~ hereby, or otherwise aM without discharging or in any way affecting the liabili,ty of the mortgagcus hereunder or upon the debt hereby secured. The Association may a1so deal with the Mortg~gors and/or with successors in interest with reference to this mortgage and the debt hereby secwed by forbearing to sue, exiending ihe time for payment of the debt, providing for different monthly payments and/or a diEferent interest rate, and by other expras modifications of the contract, without losing any }priorih• the Association has over other mortgagees or lienors or holders of any junior iateresLs in the property secured heceby, ~ 10. That in the event the premises hereby mortgaged, or uny part thereof, shall be condemned and taken for public use ' under the power of eminent domain, the Assuciation shall have the right to dern:~nd that all damages awarded for tbe taking of or k damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpeid on this mortgage and ~ mav be applied upon the payment or payments last payable thereon. ~ 11. It is specificaUy a~reed that time is the essence of this contract and that no waiver of any obligation hereundet or of i the obligation secured 6ereby shall at any time thereaRer be held to be a waiver o[ ti~e iernu or of ihe instrument secured hersby. ~ 12. If forecloswe procecclings of any second morigage or second trust deed or any jnnior lien of any ldnd should be insti- tutcd, the Association may at its option, immediately or thereaker declare this mottgage and the indebtedness secured hereby due ~ and pa~~able. - , g ~ 13. To the extent of the indebtedness of the Modgagors to the Association described herein or sec~red hereby, the Asso- ~ ciation is hereby submgate~d to the lien or tiens and to the rights of the oK~nen and holders thereof of each and every mortgage, ; tien or oiher er,cumbrance on the land described herein which ie Iraid and(or) satisfied, in whole or in part, out of the Yd C~ ~~f the loan des~ribed herein or secur~ed hercby, and the resp~tivc liens of said mortgages~ liens or other encumbrances, si ~ax m and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby securEd, to the s:ime extent that it would have been preserved and ~vould have been passed to ~nd been held by the Association had it been cluly and regularly ass;gned, 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 canceAed of record, it being the intention of the parties hereto ihat the same will ' t,e g5sfied and cancelled of record by the holders thereof at or about the time of the recording of this modgage, ~ 14. To pay a11 and singular the costs, charges, and expenses including lawyers fees, reasonably incurred or paid at any q time by the Association, becaase of ihe failure of the 1liortgagors to perfonn, comply ~vith and abide by each and every stipula- ~ t ions, agreements, conditions and covenants of s.1id promissory note and this deed, or either, and every such payment shall bear ~ interest from date at the rate stated in the note secured hereby. 15. That he ~vill permit, commit, or suffer no waste, impairment, or cieterioration of said property ar any part thereof; ~ .~nd in the event of the failur~e of the Mort~agors to keep the buitdings on said premises and those to be erected on said premises, ~,r impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its disczction it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien oE tE~is mortgage ; and shall at the option of the Associatioa be immediately due and payable, or payable in su~~s monthly installments as the A.uocia- ~ t;on may determine, and every svch payment shall bear interest from date at the rate stated in the note secured hereby, 16. That if the Association and the ~fortgagors agree, the biortgagors will carry a policy or policies of insurance upon ~ thcir lives in an a~unt equal from time to time to the.amount of indebtedness hereby secured~ making said Association benefi- ~ ciarv ihereunder, and that the said Association may pay the premiums for such insurance (in the event the l~fortgagors do not), ~ :~ncl add each such pa~Tnent to the unpaid balance of the loaq as of the first day of the ihen ciurent month, and it shall become : ,~dd;teonal indebiedness secured by this mortgage payable upon demand. ; 17. That in the event that this mortgage be given to secure a construciion loan, failure on the part of the \torigagors or # their contractors to complete said building in accardance with Construction Loan Agreement, of even date herewith, or to build - :aid construction in acrordance ~vith plans and specifications filed with the Association, shal! rnnsiitute a breach of this mortgage, ~ _~nci, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ~ c iation may immediately institute proeeedings to foreclose this mortgage. ' ~ 18. That the aUstract or abstracts of title covering the mortgaged property shall at all times, during the life of this mort- _ ~;a~e, remain in the possession of the Association and in the event of the farectosure of this mortgage or other transfer of title to ; !1~e mortgaged propeity in eatinguishment af ihe indebtedness secvrecl hcreby, al) right, title, and interest of the 1lfortgagors in ~ :ind 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 :1lortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured by this mortgage, ~ .~n amount equal-to one-tH~elfth of the annual instaUments of any taxec on the mortgaged premises levied or assessed by an~• ; ~o~•emment.~l aathority, and one-twelfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgagecl } ~~remises as hereinbeEore reqiurecl b~~ the Association, and the \fortgagors' fail»re to make such ~y~nents sh~l~ constitute a de~ault ; tuider this mortgage. I\ ~~'ITNESS «'HEREnF, the said ~iortgaoors hereunto set their hands and seals the day and ~~ear first above written. ~ Sign , aled and c1c i~•emd ' the esencc of: ? ~ _ : , ' ~ ~1'` " - (SEAL) ondG. hl' s . : . - - - . K ~ (SEAI..) ; ~ Coral A, Phillips . - ( SEAL) - - - (WITMESSES) ~~icncoRS~ ( SEAL j ~ : ~40x~~ ~ ~ ~ L~`* .~~`°l'G ~,_.a: 5. . _ s.Yr.. _ . , ~ ~ . . _ T,.-~ t .~Y:'