HomeMy WebLinkAbout2615 8. Until default in the performance of the covenants and agrecme~ts of this mortgage, the mortgagors sha11 be entitlecl
to coqect the rents, issues nnd profits from the premises hereinbefore described, but in rase of a default in nny of the term~ uf
this mortgage. and the filing of a bill to foreclose thit or any other mortgage encumbering the ~vithin described property, the
.~lssociation shall immecliatelv nnd withcut notice be entitled to the appointment of a Receiyer of the mortgaged property, anci
of the rents, issues and profits thereof~ with the usu~l power of Receiven in such cases, and such Receiver may be continuecl
~n possession of the said proped~• unti) the time of the sale thereof ander such foreclosure, and until the confirmatiun of such
.ale b~~ the Court.
9. lf a conveyance should be made by the mortgagors of the premises herein described, or any part thereof, ~vithout
the ~vritten consent of the Association, and .~ithout assumption in regular fonn of l~w by the grantee of the obligations to the :
~~.uciatio~ createcl bv said promissory note and this mortgage, thcn, and in that event, and at the option of t1~e Assuciatiu~~. ~
.tn~l ~~~ithaoi notice, al) sums of monev sec~ued hereby shall immediately and concurrentlv with such rnn~~evance become due und
~~a~~able and ia default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv
~ecured in the same mannrr as H~ith the mortgagors, and may forGear to sue or may extend time [or payment ~f tl~e clebt, securec!
hemby, or othenvise act ~~~thout discha~ u~g or in any ~~~ay zffecting the liabilety of the mortgagurs hereunder or upon the debt
?~ereby secured. The Association may also deal ~vith the Mortgagors and/or with successors in interest .vith reference to this
m~rtg:ige and tho debt hereby secured by forbearing to sue, extencling the time for payment of the debt, providing for different
tnonthly ~ti•ments and/or a different intemst rate, and by other express modifications oE the cc?ntract, witliueit losing any priorit~•
the Association has over other morigagees vr lienors or holders of any jw~ior interests in the pro~rt~ secured hereby,
l0. That in the event the pmmises hereby roortgageci, or any pa~t thereof, shall be condernned and taken for public use
undcr the ~w~+~er of eminent domau~, the Assuciation shall have the right to demaud that all damages awarded for the taking of or
damages to said premises shal) be paid to the Association, its successors or assig~~s, up to the amount unpaid on this mortgage and
mav be applied upon the payment or payments last ~pable thereon.
11. It is spc~ifically agreeci that time is ihe essence of this contract and that no ~vaiver of any obligation hereunder ur of
tt,e obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereb}'.
1?. lf foreclosure procec~clings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti-
tut~~, the Association may at its option, immeciiately or thereafter declare this mortgage and the indebtedness sec~ued hereby due
and pa~•able.
13. To the extent of the indebteclness of the ~lorigagors to the Association desrribed herein or secureci henby, the Asso•
ciation is hereb~• subrogated to the lien or liens and to the rights of the o~~~nen and holders thereof of each and every mortgage,
licn or other e~~ciimbrance on the land described herein ~vhich is paid and(or) satisfiecl, in ~vhole or in part, out of the proceeds
~~f the loan described hemin or secureci hereb~~, and the respectivc iiens of said mortgages, liens or other encumbrances, shallpa ss
t~~ :ind t~e held by the Association herein as security for !he indebtedness to the Assxiation herein describeci or hereby secured, to
the wme extent that it ~vould ha~~e been preserved and ~~•oald have been passecl to and been held by the Association had it been
~lul~~ and mgularh~ assi~ned, transfermcl, set over and delivered unto the Association by separate deed of assignment, nohvithstand-
in~ the fact that the same may be satisfied and rancelled of reconl, it being the intention of ihe parties hereto that the same ~vi11
t~e satisfied and rancellecl of record by the holders thereof at or about the time of the recording oE this mortgage.
14. To pay all and singular the rnsts, charges, and expenses including la~~yer
s fees, reasonably incurred or paid at an~•
time b~~ the Association, bcc:?i?se of the failure of the ;1tort~agors to pedonn, comply ~~~th and abide by each and every stipula-
tions, .igreements, rnnditions ancf rn~~enants_o[ saici promissor~• nuir auu ii~i~ u~•eu, r-;: ;c;, a;,a c:•„-.• ~ ~!;;tt t.;,.;.
.
interest from date at the rate statc~cl in the reote secured hereb~•.
15. Th.~t he ~~•ill permit, commit, or suffer no waste, impairment, or deterioration of said pro~rtv or an~• part thereof;
:ind in the c~•ent of the flilure of the !ltortgagors to keep the buildin~s on said premises and those to be erected on said premises,
ur impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it mav deem
t~ecessary for the proper preservation thereof, and the full amount of sach pa~~ments shall be secured by the lien of this mortgage
:+nd shall at ihe option of the Associntion be immediately due and payable, or payable in surh monthly installments as the Associa-
ti~n may determine, and every such pa}Tr?ent shall bear interest from date at the rate stated in ihe note secured herebv.
16. That if the Association and the ~tortgagors agree, the itortgagors ~vill carry a j~oliey or ~Iicies of insurance upon
thrir livcs in an arr~~mt equal from time to fime to the amount of indebtedness hereby secured, making said Association benefi-
~ ian~ lhereunder, and that tl~e s1ic~ Association may pay the premiums for suc}, insurance (in the event the ~tortgagors do not),
incl acld each such p~~~rnent to the unpaid balance of the loan, as of th~ first day of the then cnrrent month, and it shall becom~~
acldit~unal indebt~~ciness secured by ihis morigage payable upon demand.
17. That in tlie event that ihis mortgage be given to secure a co~struction loan, failure on the part of the 1lortgagors or
thcir contr~ctors to complete said building in acrardance with Constn~ction Loan Agreement, of e~•en date here~~•ith, or to build
s~id c~nstruction in accordance ~~•ith plans and s~xcifications filecl ~~~ith the Association, shall constitute a breach of this mortgagc,
,uid, at the option of thc Association, immediately mature the entire amo~uit of principal and intrrest hercby secured and the Asso-
c~iation may immeciiateh- iiutitute proceedings to foreciose this mor*.bage. ~
13. That thc abstr.~ct ~r abstracts of tide covering the mortga~eci propert}' shal! at all times, during the life of this mort-
remain in the possession of the Association ~nd in the event of the [areclosure of this mortgage or other transfer of tide to
the mortgaged property in extinguishment of ihe indebtedness securecl }-,crcU~~, all ri~ht, tide, and interest of the titortgagors in
and to an~~ such abstracts of title shall pass to the purchaser or grantee.
19. The Association shail have the right, in its discretion, to require that the \tort~agors pav into the Association in ac~di-
tion to the monthlv installments of principal and iaterest to l~e paid by the ~lortgagors tmder the note secured by this mortgage,
:in :unount ec~ual to one-hvelfth of the annual installments of an~~ taxes on the mortgaged premises levied or assessed bz~ am•
~o~•emmental authorit~, and one-h~•elfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged
~~rcmises as hereinbefore required hr the Asscx•iation, ~nd the ~1ort~a~ors' failare to make such pa~•ments sh_il! constitute a default
undcr this inori~aoe.
I1 «'IT\ESS ll'HEREnF, th~ ~.1id ~iortga~ors hereunto sei thrir hands and seals the da~• and ~•ear first above ~vritten.
SigntYl, s~~d and dcli~•er in the presence af:
i I ~
/
C E l-~LC'~~.C . ,~ll~ - AL
)
~ Claud C, illman, Jr.
~ e~Tillma
~r n
(SEAL)
twitNESSFS) - ( SEAL)
(MORTGAGORS;
~'i~K~io ~'d%~~~1~
~ . . - _ _