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Home My WebLink About2901 8. UnW dcfauit in thc ~ecfoRrwnce of the cove,wnts and agrecments of this mortgag• , the mortgagon sha11 bo cntided to collert the rents, issues and ~rofits from t}?e premises hereinbeforo described, but in case of a default in any of the temu of this mortgage, and the filing oi s biU to foreclaae this o~ any other mo~tgage eacumbering the within desixibed pnoperty, the :lssocintion shap immedi:itel?• and without notice be entided to the appointmet~t of a Receiver of the mortgagedp~pe rty, nnd of the ~+ents, issues stnd profits theteof~ with the usual powe~ of R~ceivers in svch cases. ~nd such Receiver may be c~ntinued ir~ p~ossession of the said property until the time of the sale thereof under such foreclosure, and un~il the cortfirmation of such ,ale b~ the Court. 9. lf a conveyance should be made by the mortgagots of the premises herejn described, or :?ny pazt thereof, without thr ~vritten con:ent of thr Association, and Hithout sssumption in c~egular Eorm of law by the grantee of the obligations to the i..u.ciation created bv said prnmissory note and this modgage~ then, and in that event, und at the option oE st~e .lswriatiu~~, :?nd .~~thout notice, all ~ums of money sec~ued hereby shall immecliately and concurrendy v?tith such rnnvey-ance becume due and pa~sble and in default, Tbe Association may a~eal with sutt~essurs u~ iuterest with re[rrence to this mertgage and the debt hereb}• sccured in the samc mannrr su with the mortgagors, and may forbear to sue ar may extend time for payment of the debt, secureci hereby, a• otherwise act without discha~g mg or in any w~av affecting thc ~inbility of the mortgagors hemunder or upon the debt hereby secured. The Association mav also deal with the ~lortgagors ar~d/or with sueceswrs in interest .vith reference to this ~rwrtgage nnd ttw debt hereby securecl by forbearing to sue, extc~ciing the timr for papment of the debt, ~roviding for differe~t ~nanthty payments au?d/or a different intemst rate~ and by other expmss mod~cations of the contr.?ct, without losing any priorih• ~he Association ha• over other mortgagres or lienors or holders of a~y junior interests in the prope~ty secured herebv. l0. That in the e~~ent the prcmises }ur*~eby nwrtgaged, or any part thereof, shall be condernncd and taken for public use under the powc~ oE eminent domau~, the Assuciation shall have tl.e right to demand that alI damages awarded for the taking af o~ damages to satd premis~ shalt be paid to the Association, its suecessors or assigns, up io the amount unpeid on thit mortgage and ma~• be appl~ed upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of zny obligation hereunder or of the ob~igation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the inshlunent ~ured here6~. 12. lf foreclosure procecdings of any second mortgage or second tnut deed or any junior lien of sny idud should be uuti- tuted, the Association may at its option, immecliately or thereaker declare this mortgage and the indebtedness secured hereby due ,~nd payable. ~ 13. To the extent of the indebtedness of the `lortgagors to the Associatiotl d~scribed he:ein or sec-~Uecl henby, the Asso- cistion is herebp subrogated to the lien or liens and to the rights of the ow~nc n and holders thereof of each and every mortgage, lien or other eucumbrance on the iand desrribed herein which ic paid ancl(or) satisfiecl, in u•hole or in part, out of the ~~f the loan described herein or securect hrreby, and the rrspectivc liens oE said mortgages~ liens or other encumbrances, s ll~pass cn :~nd be held by the Assoc;ation herein as securit~ for the indebteciness to the Assxiatio~ herein described or hereby secured~ to !he s:ime e~!ent that it ~~rould ~.ave bcer? preserved and wrould have been rassr.cl to and been held by the Association had it becn duly and regularh• assi~ned, trans[erred, set over and delivered unto the Association by separate dced of a~ignment, nohvithstand- ir~~ the faM that the same may be satisfied and cancelled of record, it being the intention of the p:uties hereto that the same ~vill be sa5sfied ancl cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To p.1y all and singular the costs, charges, and expenses including lawyer s fees, reasonably incuaecl or paid at am• time by the Association, }xca~~ss of the faiiure of the \tort~agors to perfonn, compty «~th and abide by each and every stipula- tions, a~reements, conditions anc} rnven.~nts of said promissory note and this deecl, or either, and cverv such ~yment shall be~ar interest fmm date at the rate stated in the note secured hereb~•. 15. That he ~vill permit, cv~mmit. o~ suffer no waste, impairment, or deterioration of said ptopcrty or any part thereof; .ind in the evcnt of the failure of the 1ltortgagon to keep the buildings on s.1id premises and those to b~ erected on said premises, ur impro~•ements thereun in good re~xiir, the Associatien may make anc~ pay for such repairs as in its discretion it may deem ~icccssary for ihe proper ~reservation ihereof, and the full amount of such pa}Tnents shaU be secured by-the lien of th9s mortgage :~nd shall at the option of the ?Issociation be immediately due and payabl:, or pay-able in surh monthly installments as the Assoeia- tion may detcrmine, and every such pa~~nent shatl bear interest from date at the ratc stated in the note secared hereby. 16. 'That if the Association and the ~tortgagors agree, the ?liortgagors avi11 carry a~olicy or policies of insurance upon their li~es in an arri~iu~t e;.lual fmm time to time to the amount of indebtedness hereby sccured, making said Association benefi- c-iar}~ ihereunder, and that the s.1id Association may pay the premiums for surh insurance (in the event the \tortgagors do not), :~nd acld each such pa~-ment to the unj~aid balance of the loan, as of ths first day of the then current month, and it sh311 become additional indc~tedness sccurcd by this mortgage payable upc~n demar~d. 17. That in the event tl~at this mortgage be gi~•en to secure a constrnction lo.3n, failure on the part of the ~tortgagon or their contr.iMors to complete said building in accordance ~tith Constru~tion Loan Agreement, of even date here~~-ith, or to build ~zid constniction in accordance ~vith ~ lans and specifications filecl ~rith the Association, shall constitute a breaeh of this mortgage, and, at the option of thc Association, immediatety matwe the entire amoant of principal and interest hercby serured and the Assr~- cia.:ion may immediatelt• irtatitute prr~ceedings io foreclose ihu mor!oage. ~ 18. 7'hat the abstr.?M or abstracts of tiHe cor•ering the mortganeci properiy shall at all times, during ihe life of this mort- ~,a~e, remain in the possession af the Astociation and in the event of the foreclosure of this mortgage or oihcr trdnsier of tide to the mortga~ed protverty in extinguishmcnt of the indebtcdness secureci t~creby, all ri~ht, titte, and interesi of the rfortga~ors in :intl to any such absiracts of title shall pass to the pUrchaser or gr.intee, 19. The Association shall have the right, in its discretion, i~ reyi~ire that the ~tortgagors pay into the Association in addi- tion to thr monthly installments of principal and interest to l~e paid by the ~lertgagors undrr the note secured b~• this mortgage, .~n :imount ec]ual to one-hvelfth of the annual installments of any taxes on the mort~a~;ecl Premises le~•ied or :~ssessed bv an~~ ~u~•ernmentcil authority, and one-h~elfth of the .mnual ~sremiums for Fire and Eatendecl Co~•erage insurance on ihe mortgagecl ~~rcmises as hcre`.nbc•fnre required b~• the Assixiation, and the ?ltortga~ors' failure to makc such pa~Tnents shall constitute a default undcr this mortgaae. 1~ ~t'IT~ESS «'IiEREnF, the said \tortga~ors hereunto set thcir hands and seals the da~• and ~•ear first above ~vritten. Si~n~cl, sealrYl and deli~•emd in d~e prese~ce of: EAI.) ~ Jack E. Hopkins L z-: ~ ~ ~.v ` J?, - t ~s L~ _ C~it~C~-_ ~ , SEAL ) ylartha R. Ho ins ( SEAL ) - - - tWITNESSES) (MdRTGAGORS) (SEAL) BooK z~1 PACE~O~ _ _ . ~ . _ : ~ :