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HomeMy WebLinkAbout0119 8. Until default in the perEormance of the covenants and agrecments of this mottgage, the mortgagors shall be entided to coUcct the rents, issues and profits from the pr~~~,;~ L~,~u;t~+~:c:e :3~s:-z-ibcd, hut in r.:sc af ~~~r~*: k in ~y e# Lhc !€r~Y ~f - this modgage, and the filing oE a bill to foreclose this or any other mortgage encumbering the within described property. the .~lssociation shall immediately nnd without notice be entided to the appointment of a Receiver of the moztgagedprope rty, und of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued ;n po~,session of the said prop~rty until the time of the sale thereof under such foreclosure, and until the confirmation of such ,ale by the Court. ~ 9. lf a conveyance should be made by the mortgagors of ~tlie premiscs herein described, or any part thereof, without ' th~• written cansent of the Association, and Kithout assumption in regular form of law by the gra~tee of the obligaHons to the ~.,~~ciation created by said promissory note and this mortgage, then, and in that event, and at the option of the Association. ~ :~nd ~vithout notice, all sums of money sec~ired hereby shall immediately und concurrendy with such rnnveyance become due nnd ;~avable and in default. The Association may deal with successors in interest with reEerence to this mortgage and the debt herebv secured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of'the debt, secureci hereby, or othemise act without dischargu~g or in any way affecting the liubility of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors und/or with successors in interest with reference to this ~nortgage and tha debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ~nonthly payments and/or a different interest rate~ and by other express malifications of the contr.ict, without losing uny priorit~~ the Association has over other morlgagees or lienon or holders of any junior interests in the property secured hereby. l0. That in the event the pmmises hereby mortgaged, or 1ny part thereof, shall be condernned and taken for public use ; under the power of eminent domain, the Assuciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the Association, its successon or assigns, up to the amount unpaid on thu mortgage and mav be applied upon the paytnent or payments last pa~~able thereon. 12. IL is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- } tuted, the Association may at its option, immediately or thereaker declare ihis mortgage and ihe indebtedness secured hereby due .~nd pa~•able. ; 13. To the extent of the indebtedness of the Mortgagors to the Association descxibed herein or secured hereby, the Asso- ; c•;:?tion is hereby subrogated to the lien or liens and to the rights of the ow~nen and holders thereof of each and every mortgage~ { licn or other eiicumbrance on the land deseribed herein which is paid and(or) satisfied, in whole or i~i part, out of the ~ . ~~f the loan described herein or secured hereby, and the respective liens of said mortgages, liens or other encumbrances, s ~a t~ :ind be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~ecured, to thc ~me ex!ent ihat it ~vould have been preserved and ~~•ould have been passed to and been held by the Association had it been ' clu1~• and regularly assip~ned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ~ in~ the fact that the same may be satisfied and cancelled of record, it being the intention of the p4vties hereto that the same ~vill t~e sa~sfied and cancelled of record by the holders thereof at or about ihe time of the recording of this mortgage, g 14. To pay all and singular the costs, charges, and expenses including ]awyer's fees, reasonably incurred or paid at any time by the Association, beca~ue of the failure of the 111ortRagors to perfonn, comply with and abide by each and every stipula- t iuns, agreements, conditions and covenants of s~1id promissory note and this deed, or either, and every such pavment shall brar ; intemst from date at the rate stated in ihe note secured hereby. 15. That he ~vill permit, commit, or suffer no waste, impa'vment, or deterioration of said pmperty or any part thereof; ;~ncl in the event of the failure of the I~iortgagors to keep the buildings on said premises and those to be erected on said premises, ~ ' +,r impro~•ements thereon in good repair, the Assceiation may make and pay for such repairs as in its discrc~tion it may deem nccessary for the proper preservation thereof, and the full amount of such pa«nents shall be secured by the lien of this mortgage 'I :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the As9ocia- t inn may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the Atortgagors agree, the Mortgagors will carry a policy or policies of insurance upon j thc•ir lives in an a~ont equal from time to time to the amount of indebtedness hereby secured, making said Association beneEi- - ~ iar~~ thereunder, and that the said Assoceation may pay the premiums for such insurance (in the event the ;ltortgagors do not), ~ncl add each such p:?~-ment to the unpaid balance of the loan, as of the first day of the then current month, and it shall become ~ ,~clditional indebtedness secured by ihis mortgage payable upon demand. F 17. That in the event that this mortgage be given to secure a construction loan, failure on the pact of the ~iortgagors or ~ their contr.ictors to complete said building in accordance with Construction La1n Agreement, of even date herew7th, or to build ~ said construction in accordance ~vith plans and specifiptions filed ~~•ith the Association, shall constitute a breach of this mortgage, ~nd. at the option of the Association, immediately mature the entire amoiu~t of princi~al and interest hcrcby secured and ihe Asso- ~ ~~i:ition may immecii;?tely instiiute proceeclings to foreclose this mortgage. ~ - ; 18. That the abstract or abstraMs of tide covering the mortga~eci property shall at all times, during ihe life of this mort- 2 ~,a~~e, remain in the possession of the Association and in the event of the foreclosure of this mortgagc or other transfer of title to ~ tlie• mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the i~iortga~ors in ~ ,«id 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 ihe \tortgagors pa}' into ihe Association in addi- ; ti~,n to the monthly installments of principal and interest to be paid by the \tortgagors under the note secured by this mortgage, ,~n :~mount equal to one-hvelfth of the annual installments of any taxes on the mortgageci premises levied or assessed by am~ S ~J~~~•ernmental authority, and one-hvelfth of the annual premiums for Fire and Ettended Coverage insurance on the mortgagec~ = j~rc mises as hercinLefore required b~~ the Association, and the \tortgagors' fail~ire to make such pa~~ments shall rnnstitute a default 7 i;ndcr this mortga~e. ~ I\T ~'4'IT\ESS ~~'HEREnF, the said \tortgagors hereonto set thcir hands and seals the dav and ~•ear first above ~vritten. z ' ; Si~ned, se eci and eln~ered in the presence of: _ ` ~ /i • ~ ~ , ~ ~ j - ; ~ 7 `'v ~ AL ~ ; ~ a , '~n . LaC ncA /'1 ~ ~L~'~ / ~ • - ~ C•--t~ = 7 ~ (SEAI..) ' ' ~P ' s R. L ance - _ (SEAL) :t ~ - _ _ _ - _ (SEAL) (W i TNESSE S) (MOR TGAGORS) L ~0~~210 ~~f i19 t ~ ~y - ~ - ~ _ ~ ~ . . .