HomeMy WebLinkAbout1415 8. UaW default in the perforaunce of the covenants and agrocmPnls oE this mortgage, thc mortgagors shall be eatitled
t~~ cotlect the n~ts~ issues and profits from the p~miscs hereinbefore descrioed, but in cnsc of a default in any of the ternu uf
this mortgage, and the filing of a bill to foreclcue thts or any other mortgage encumbering the within described property, the
Association shall immediatelv And without notice be entided to the appointment of a Receiver of the mortgagedpao~ rty~ and
.~f the rents, issues and pro~its tl~ereof, with the ~uual power of Receivers in such cases, snd such Receiver may be continued
in pos~esuoa of the raid propeity until the time of the sale thereof under such foreclosure, and until the confirmatioo of such
.:?le bv the Caurt.
~ 9. lf a conveyance should be made by the murtgagors o[ the premises herein described, or any part thereof, wit}wut
the written consent of the Association, and ~~thout assumption in rc~ular form of !aw by the grantee oE the obligations to the
~ssociatioa crtYated by caid promissory note and this mortgage, thcn, and in that event, and at the option af the Asu~ciatiuu,
:;nd v~rithout notice, all sums of monPy socured hereby shall immediately snd concurrendv with such rnnveyance becume due and
E~aysble and in default. The Association may deal with suc~essors in interest with reference to this mortgage and tbe debt hereb~•
secured in the same mannrr as with the mortgagors, und msy forbear to sue or may extend time for payment of the debt, securec7
hereby, or other~vise act without discha~gu~g or in any way aifecting the liability of the mortgagucs hereunder or upon the debt
hereby secur~d. The Association may alsa deal w;ch che Mortgagors and/or wzch succesmrs in interest with reference to this
mortg:~ge and tho debt hereby secureci by forbearing to we, e~ctending the time for payment of the debt, providing for different
monthly payments and/or a different interest rate. and by other express moclificatio~s of the contr,~ct, ..~ithout bsing auy priorit~-
the ~,SSOCiation has over oth~ mortg3gees or lie~ors or holders oE any ~unior interests in the propert. secured he;ebp.
10. That in the event the pmmises hereby mortgaged, or any pazt thereof, shaU be condernned and taken forpu blic use :
imctcr the po~~•er of eminent doa~a'v?, the Assuciatan shall have the right to demand that pll damages awarded for thc taking of or :
~iamagcs to sa;d premises shaU be paid to the Association, its successors or assiQns, up to the amount unpaid on this moztgage and
ma.~ be applied upon the payment or payments last payable thereo~~.
11. It is specifically agreed that time is the essence of this contract and that no waiver oE any obligstion hereunder or of
the obligation secured hereby shall at any time thereafter be held ta be a waiver of ihe temu or of the instrument secured hereby.
1~ If foreclosure procceclings of any second mortgage or second tnut deed or any junior lien of any ldnd should be insti-
tuted, the Assaciation may at its option, immediately or thereafter declare this mortgage and ihe indebtedness sec~ued hereby due
.~nd pa~~abk.
13. To the extent of the indPbtedness of ihe Morigagors to the Associ.ltion d~scribed hemin or secured hereby, the Asso-
riation is hereby subrogated to the lien or liens and to the rights of the owness and holders thereof of each and every mortgage,
licn or other encumbrance on the land described herein which is paid and(or) satisfied~ in whole or in part, out of the proceeds
~~f the loan described herein or secured hereby, and the r~cpective liens of said mortgages, liens or other encumbrar~ces, shall~a
m and be heW by the Association herein as security for the indebtedne~ to the As.axiation herein describeci or hereby secured. o
thc s:ime extent that it ~vould have been preserved and ~~~ould have been passed to and been held by the Aswciation had it ~een
~lul~~ and regularly assigned, transferrrd, set over and delivered unto the Association by separate dced of azsignment, nohvithstand-
;ng the fact that the same may be satisfied and cancelled of record, it heing the intention of the p~rties hereto that ihe same will
t~e sa5sfied and cancelled of record by ihe holden thereof at Ar about the time of the recording of ihis mortgage.
14. To pay all and singular the costs, char~es, and expenses including lawyer's fees, reasonably incurred or paid at am~
time by the Association, becaose of the failure uf the AfortRagors to perform, comply ~~~th and abide by each and every stipula-
tiuns, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such payment shall bear
interest from date at the rate stated in thc note serured hereb~~. -
15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said pro~erty or any part thereof;
and in the event of the fsilure of the ~iortgagors to keep the buildin~s on s.1id premises and those to be erected on xiid premises,
~~r impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its diccretion it may deem
nccessary for the proper preservation thereof, and the full amount of such ~xiyments $hall be secured by ihe lien of this modgage
.tnd shall at the option of the Association be immediately due and payable, or payable in such monthly i~tallments az the Associa-
tion may detcrmine, and every such paymcat sha11 bear interest from date at the rate stated in ihe note secured hereb~.
16. That if the tissociation and the \tortgagors agree, the biortgagors ~still carry a policy or policies of insur•u~ce upon
~ thc•ir lives in an a~leunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
~ ian• ihereunder, and that the said Association may pay ihe premiums for such insurance (in the e~ent the \tort~agcxs do notl,
,~nd~add each such ~~Tnent to the unpaid balance of t}:e loan, as of ths first day of the then curmnt month, and it shall become
:~clciitional indebtedness secured by this mortgage payable upan demand.
~ 17. That in the event that this mortgage be given to secure a construction 1oan, failure on thP part of t}:e ~iortgagors or
~ tl~eir contr.iMors to complete said building in accordance atizth Construction La~n Agrecment, of even date here~a~ith, or to build
szid construction in accordan.-e ~~~th plans and specifications filed ~~•ith the Association, shall cvr~stitute a breach of this mortgage,
~ ;~nci, at the option of thc Association, immediatelv mature the entire :unount of principal and interest hercby secured and the Asso-
1 c i;ition may immediatel~• institute proceedings to~foreclose this mortaage. ~
18. That the abstract or abstracts of title covering ihe mortgagea property shall at all times, during the life of this mort-
remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to
th~• mortga~ed ~roPerty in eztinguishment of the indebteclness secumcl hereby, all ri~ht, tidc, and interest of the ~iortgagors in
~~nd to any such abstracts of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to ra~uire that the ~lortgagon p:iy into the Association in addi-
tinn to the monthly installments of princip.tl and interest to be paid b}• the ~tort~agors under ihe note secured by this mortgage,
.~n :~mount equal~to one-tw•elfth of ihe ~mmal installments of any ta.~es on the nwrtgaged premises levieci or assessed by am•
~~~,.~ernmental authority, and -one-hcelfth of the annual premiums for Fire and Extendeci Coverage insurance on the mortgagec~
~ I~rcm~ses as hereinbefore rc~iurecl bv the Assacia;ion, and ihe ~fortgagors' failure to make such pa~•rnents s€~all constitute a default
uncler this mortgaae.
~ I\ ~VIT\ESS ~~'HEREOF, the said ~;ortgagors heretmto set thcir hands ar~d seals the da~~ and vear first above ~vritten.
~ Si;*n~d, sealed and deli~•ercd in the presencc of:
;
~ ~ ~ ~ _
(SEAL)
~ ]~b~. Nelson
~ L -~?~?72LL~ _ 1.~,t~'jt~/ • ~ l.
~ ~~,+~u..t ~ ~ ~ a~..o-v--~ (SEAL)
~ clJosie A. Nelson
~
~ _ _ _ _ . (SEAL)
s
,
~ _ _ _ - - - - - - - - - ~SEAL)
~ (W I iNESSES) (MORTGAGORS)
~
~ ga~x 21~ 14i5
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~ ~
~ : - ~a - - -
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