HomeMy WebLinkAbout1582 & Unt~ default in tbe perfornwnee of tbe mvenanb and agrecmenls of this mortgage, the mo~tgagors shall be entitled
to coilect the rc~ts, issues andp~ofits fran the pcemises heceinbeEore descxibed, but in case of a default in any of the ternu of
this matgage, and tl~e fili~g oE a blll to fa+eclose thjs a~ any other matgage e~cumbering the within described pz~operty, the
~lssociatioa slwll iuu~ediately and without natice be entitled to the appointment of a Receiver of the mottgaged~ope rty, and
of the rents, issues and profits thereof. with the usualpo
wer of Aeceiv~s In sucb c~ses, and such Receiver tnay be continued
in pos~ession of the said property until the time of the sab thereof under such forecloaure, a~d until the c~or?firmation of such
sale by the Ouurt.
9. If a conve should be made by the mo~tgagars of the premises herein deacribed, or anyp~t thereof, without
the writte~ co~sent o the Association, and without assumption in regular form of law by the grantee of tFie obligations to the
:?ssociation created by said promissory note and this moztgage, then, and ia that event, and at the option of the Associatiuu,
:~~xi ~vithout notice. all sums of mcx~ey serired hereby shall immediately and concurrendy with such rnnveyance become due and
PaYable and 'm defauh. '1'he Associarion aoay deal with sucoessors in interest with reference 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~ secure~
hereby, or otherwise act without d' g or ia any way affecting the liability of the mortgagors hereunder or upoa the debt
hereby secured, The Associatioa ma~~ deal with the Mortgagors and/or with successors in interest with reference to this
mortgage and the debt hereby ~.rured by forbearing to sue, extending the time f~ payment of ihe debt, providing for differer?t
monthly paymcnts and/or a diffecent interat rate, and by other espress moclifications oE the eontrnct. without losing any priorit~•
the Association has ovet other mortgagees or lienors or holders of any jtmior interests in ihe pmperty secured hereby. ~
10. Thnt in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use
uncler tbe powes oE eminent domain, the Assuciation shall have the right to demund that all damages awarded for the taking of or
damages to said pcr~nises shall be paid to the Association, its successors or assigns, up b the amount impaid on this mortgage and
mav be ap~lied upon the payment or payments lazt payable thez~eon.
11. It is specifically agreed that time is the essence of this contmM 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 tnut deed or any janior lien of any Idnd should be insti-
tuted, the Association may st its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due
and payable. -
13. To ihe extent of the indebtedness of the Modgagors to the Association desaibed hemin or secured hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage,
lien or other ericumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of the~~
oF the loan described herein or secureci hereby, and the res~ectivc liens of said mortgages, liens or other encumbrances,
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to and be held by the Association herein as secun~ty for the indebtedness to the Association herein described or hereby to
the same eu!ent that it would have been preserved and ~vould have been Passed to and bcen held by the Association had it been
dul~ and regulazly assipned, transferted, set over and delivered unto the Association by separate deed of assignment, notwithctand-
ing the fact that the same may be satisfied and cancelled of rec~d, it being the intention of the parties hereto that the same will
be sa5sf'ied and cancellecl of record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay aII and singular the costs, charges, and expenses induding law;~er's fees, reasonably incurred or paid at any
time by ihe Association, because of the failure of the I?iortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and covenants of said ~x+omissory note and this deed, or either, and every such payment shall bear
interest from date at the rate stated in the note secured hereby.
15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on ~id premises,
cu impro~~ements thereon in good repair, ihe Association may make and pay for such repairs as in its discretion 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
.u?d shall at the option of the Association be immediately due and payable, or payable in such montlily installments 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 ihe 1ltortgagors agree, the Mortgagors will carry a poticy or policies of insurance upon
j their lives in an arrl~unt eq~al from time to time to the amount of indebtedness hereby secured, making said Association benefi-
'I ciar}~ thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not),
~ and add each such ~a~Tnent to the unpaid balance of the loan, as of the first day of the then ciurent month, and it shall become
additional indebtedness secured by this mortgage payable up~n demand.
17. That in the event that ihis mortgage be given to sec~re a construction loan, failure on the part of the 1?lortgagors or
j their contractors to complete said building in accotdance with Construction Loan Agreement, of even date herewith, or to build
said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage,
and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso-
ci.ltioq may immeciiatel~• institute proceedings to foreclose this mortgage. ~
18. That the abstract or abstracts of title covering the mortga~eci property shall at all times, during the life 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 the indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in
and to any such abstracts of tide shall pass to tbe purchaser or grantee.
19. The Association shall have the right, in its diccretion, to require that the Mortgagors pay into the Association in addi-
tion to the monthly installments of principal and interest to be paid by the :~tortgagors under the note secured by this mortgage,
an amount equal to one-t~velfih of the annual installments of any tazes on the mortgaged premises levied or assessed by any
govenunental authority, and one-hvelfth of the annual premiums for Fire and ~ctended Coverage insurance on the morigaged
rremises as hereinbefom mquired b~ the Association, and the riortgagors' failure to make such payments shall constitute a default
' undcr this mortgaae.
1N R'ITNESS ~~'HEREOF, the said ~iortgagors hereunto set their hands and seals the day and year first above written.
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