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Home My WebLink About2704 8. Unt11 ~fault in tbe perforonance af tl~e oove~ar?ts aad ag~nenJts of thls mortgage, the matgagocs shaA be c~titled to collect tl?e ronts, issucs su?dp~ofits fran the promises herelabefora dcscribed, but in casc of a default in any of the te~ns of , th~ mortgage, and tue filinng of a bip to facecbse this ar any other matgage encumbering the withtn descslbed P~'OP~Y. ~ As~ociation sbatl Iaunecltatel and wfthout notice be entided to the appointment of a Receiver of the matgaged rty, and ` ma of the rents, issues a~d pro its theraof, with the usual power of Receiven in such cases, snd such Receiver may oonti~ued ; in pos~ssion of the said property until the time af the sale then.wf w~der such foreclosure. and untii the confirmutton oE su:h ,:?le by the Court. ~ 9. If a conveyance should be made by the martgagors of the prcmises herein described, or any part thereof. without # the written consent of the Association, and without assumption in regular form of law by ths gnutee of tFie obligations to the ~ ~,.cociation created by said ~omissory note and this mortgage, then, and ia that event, and at the option of the Association, ~ :?nd ~vithout notice. all sums of mnneY 9erired 1~ereby shall immediately and concurrentlv with such conveyance bccome due and er payable and in default. The Associstion may deal wlth successors in interest with reference to this mortgage and the debt hes~eby g secured in ibe same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secun~cl ~ hereby, ar otherwise act without ~ng or in any way affecting the liability of t ngw~s hefeunde; or upon the debt ~ hereby secured. The Associatioa mad~ deal with the Mortgagors and/or with s~~~~ in Inter~st with reference to this t mortgage and the debt hereby secused by forbearing to sue, eaciending the time f~ payment of the debt, providing for different ~ monthly payments and/or a d~fferent interest rate, and by other espress modificatio~u of the contract, without bsing any priorit~• the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the premises hereby mortgaged, or nny part thereof. shall be oondemntd and take» forpu blic use under the power of eminent domain, the Assc~ciatioa shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the As~ociation, its succ~s.wrs or assigns, up to the amount unpaid on this mortgage and may be apglied upon the payment or payn?cnts last payable thereon. 11. It is specifically agrecd that time is ihe essence of this contract and that no waiver of any obligution herew?der or of ~ the obligadon secui+ed hereby shaA at any time thereafter be held ro be a waiver of the ternns or of tlie inshvment secured hereby. ~ . 12. If foreclosure proceedings of any second mortgage or seoond trust deeci or any junior lien oE any kind should be insti- tuted, the Association may st its option, immediately or thereafter declare this mottgage and the iadebtedness secured hereby due and paysble. 13. To the eactent of the indebtedness of the Modgagors to the Associatioa d~cribed hemin or secured her+eby, the Asso- ciation is hereby subrogated to ihe lien or liens and to the rights of the owners and holders ihereof of each and every modgage, lien or other er,cumbrance on the land described herein which is paid and(or) satisfied, in whole or u~ part, out of the prooeeds ~~f the loan described herein or secared hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sha pa to and be held by the Assoc;ation herein as security for the indebtedness to the As9ociation herein described or hereby secwed, o the same ex±ent that it would have been prese~ved and would bave been passed to and been held by the Association had it beei? duly and regulady assigned, transferred, 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 record, it being the intention of the p~rties hereto that the same w~l be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. ~ I4. To pay all and singular the costs, charges, and exper?ses including lawyer's fees, reasonably incurred or paid at any ~ time by the Association, because of the #ailure of the 1liortgagors to perform, comply with and abide by each and every stipula- ; tions, agreements, mnditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest #rom date at the rate statecl in the note secured hereby. ~ 15. That he wiUpernu t, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; :~nd in the event of the aif lure of the MortRagors to keep the buildings oh said premises and those to be erected on said premises, or impro~ ements thereon in good •repair, ihe Association may make and pay for such repairs as in its disc7etion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secared by the lien oF this mortgage and shall at the option of the Association be immediately due and payable, or payable in sach monthly uutallments as the A.c~ocia- tion may determine, and every svch payment shall bear interest fmm date at the rate stated in the note secured hereby, ~ 16. That if the Aswciation and ihe \fortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an a~eunt equal from time to time to the amount of indehtedness hereby secured, making said Association benefi- f ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ~ and add each such psyment to the unpa~d balance of the loan, as of the first day of the then c~vrent month, and it shall become ~ additional indebtedness secured by thic morigage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a conshvction loan, failure on the ~r.trt of the 111ortgagors or l~ their contr.ictors to complete said building in accordance with Consiruction I,oan Agreement, of even date herewith, or to build said constr~ction in aecordance with plans and specifications filed i~•ith the Association, shall constitute a breach of this mortgage, : and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ' ciation may immediately institute proceedings to foreclose this mortgage. ~ ~ 18. That the absiract or abstracts of title covering the mortgaged property shalt at all times, duiring the life of this mort- ~ ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of tide to the mortgaged property in eztinguishment 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 Mortgagors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the :Nortgagors under the note secnred by this mortgage, ~ ~n amount equal-to one-tsvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ; governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage inswance on the mortgaged , remises as hereinbefore recluired by the Association, and the Iliortgagors' failure to make such payments shall constitnte a default ~ under this mortgage. - ~ Il~' WITNESS tVHEREOF, ihe said Nortgagors hereunto set their hands and ls the day and year first above written. ~ : Signed, sealed and delivered in the presence of: j ~ f t \ l ` ~ ~ _~l , _ -t}~ - : !~Ce. . ` `~l,f'C'L~.. _ _ _{SEAL) ~ ; - ~\~GT~2 ~ ' ~ k'arin y~ L~,~I,i L1 (SEAL) € . - - - - - - _ _ ' ~ erta ~'arin ~ _ _ - (SEAL) - (SEAL) (YIIITNfSSES) !NlORTGA(',ORS) ~'00~212 ~27Q5 1v , _ Y ~ Y ~ ,3'ri z . - ,