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Home My WebLink About0715 ~ ~ ~ 8. Until default in the perforaiance oE the covenants and agrcemeats of thLs moctgage, the r?witgagars alwll be cntitled ~ to collect the rents, issues andprofits from the premi~es hereinbefore described, but in case of a default ia any of the ternu oE ~ thts mortgage, and the filing of a bill to foreclose thia a any otha mortgage eacumbering tbe within described p~opeity, the rlssociation shall immediately and without notice be entitled to the appointment of a Racetver of the mortgagod property, and of the rents, issues and profits thereof, with the urual power of Receivers tn such cases, and svch Receiver may be continued ~n possession of the said prope~ty until the time of ihc sab thereof under such forecloaure, a~d until the confirmation of such ~:?le by the Court. 9. lf a conveyance should be made by the mottgago~s of the premiscs herein described, ot uny part thereof; without the written coiuent of the Association, and without assumption in regular form oE law by the grantee of tfie obligations !o the ~ssociatioh created by said promissory note and this mortgage, then, and in that event, and At the option of the Association. :~nd .vithout notiee, all surris of mcmey s~ec~~red hereby shaU immediately and rnncurrently with such rnnveyance become due and s payable and in defaalt, The Association may deal with successors in interest with reference to this mortgage and the debt hereby ' secured in ihe same mannrr as with the mortgagors, and may forbear to sue or may extend time fot payment of the debt, securec~ hereby, or otherwise act without dischargu~g or in any way affecting ihe liability of tbe mortgagors hereunder or upon the debt hereby secured. The Associatio~ may aleo deal with. the Mortgagors and/or with successors in interest with reEerence to this mortgage and the debt hereby secured by Eorbearing to sue, extending the time for p~yment of the debt, providing for diEferent monthly payments and/or a~Lfferent interest rate and by other e~press malif'catioas of the contr.ict without bsing any priorih• the Association has over oth~ mortgagees or lienor's or holders of any junior interests in the property secured hereby, 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken forpu blic use under the power of eminent domain, the Assuciation shall have the right to demand that all damages awarded for the taking oE or damages to said ptemises shall be paid to the Association, its svccessors or assigns, up to the amount unpaid on this mortgage and ~ mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contrrct and that ao waiver of any obligation hereunder or of the obligation secured hereby shall at any time tLereafter be held to be a waiver oE the tenns or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second tnlst deed or any junior lien of any Idnd should be insti- tutcd, the Association may at its option, immediately or thereafter decIare this mortgage snd the indebtedness secared hereby due and paysble. 13. To the extent of the indebtedness of the Mortgagors to the Association d~scribed hemin or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to tbe rights oE the owners and holders thereof of each and every mortgage, licn or othet e~~cumbrance on the land desmbed herein which ic paid and(or) satisfied, in whole or in part, out oE the ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other t~ncumbrances, s~~~ sSs m and be hetd by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to thc same ex±ent that it ~vould have been preseryed and ~vould have been passecl to and been held by the Association had it beezi duly and regularly assigned, transferred, set over and delivered unto tbe Association by separate deed of assigmment, notwithstand- ing the faM that the rame may be satisfied and cancelled of reeord, it being ihe intention of the p-arties hereto that the same will be sa5sfied anel cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, because of the failure of the Atortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conciitions and covenants of said promissory note and this deed, or eiiher, and every such payment shall bear interest from date at the rate statecl in the note secured hereby. 15. That he wiy permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; anci in the event of the failure of the MortRagors to keep the buildings on said premises and those to be erected on ~?id premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its discYetion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :~nd shall st the option of the Association be immediately due and payable, or payable in such monthly instaUments as the Associa- tion 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 I~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arfiaunt equal from time to time to the amount of indebtedn~ss hereby secured, making said Association benefi- ciary thereuncler, and that the said Assoeiation may pay the premiums for such insurance (in the event the hiodgagors do ~not), and add each such Ir.?~Tnent to the unpa~d balance of the loan, as of the first day of the then cturent month, and it shall become additional indebtedness seeurc~cl by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a cc,nstruction ]oan, failure on ihe part of ihe 1?sortgagors or their contractors to rnmplete said bvilding in accordance with Construction Loan Agreement, of even date herewith, or to build s.~id construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of ihis mortgage, .~nd, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ~ ~•iation may immeciiately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortga~ed praperty shall at all times, during the liEe of this mort- ~_age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, tide, and interest of the Mortgagors in and 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 hiortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the tilortgagors under the note securecl by this mortgage, :~n amount equal to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~overnmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the morigaged ~~remises ~as hereinbefore requireci b~• the Association, and the llfortgagors' failure to make such pa)~nents shall wnstitute a default under this mortgaoe. I\ ~VIT!~ESS WHEREOF, the said tiiortgagors hereunto set their hands and seals ihe day and year first above ~vritten. Sign:~d, sealed and delivered in the presence of: OUTDOOK ES f ER ~A, INC, . ~ ~ , _ ` ' ' • _ ~_t~_-C.,~ _ - ~ - - - - - - ' - - -~SEAL) By: . R,andall ender , Jr. , President _ . ~ e L.~~uc- ~j. ~ , ati~~,c/ _ tsEni.~ - - / ~~L (SEAI..) . - - - . . - - - - - - - - (SEAL) (W iTNE55E5) .r (MORTGAGORS) BOOK~~~ PACE ~~v i. , _ - : - - w , , r, , - .a t