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Home My WebLink About2917 8. Until defauh in t6e perfoconanoe af tbe ooveaants aud agr+ocmentt af this mort8a8e+ tbe mortSaBors sbaD be aatitled ? to ool~ect the renb, issues andp~ofIb fran tbe premises hereinbefore described, but in a~se oE • dehult ia any oE tl~e te~m~c of ~ this m~tgage, and the filiwg oE a bill to fareclose th~ a m~ yotl~t moctgage enenmberiag tbe wtthia deacribed propaty, the ~lssociattoa ahall inunedtately and without notice be eatitled to tlie appoiahnent of a Recetver of the matgagedp+o~erty. and ~ of the rents. issues and pcofits thereof, with tbe uswlpowar of Receivera in such cases, and such Receiver nwy be continued ' ~n pas,~sion of the said property until tbe time af the sale ihereof under auch foreclosure; and until the confirmation of auch ~ ~.11e by the Court. . . ~ 8. lE a oonveyance slwuld be 'made by tbe ~agara of the premises herein described, a~ any part thereof, without the written consent of the Association, and without assumptioii in regular form of law by the grantee of tFie obligations to thc .~su~ciation created by said pmmissory note and this m~rtgage, then, and in that event, and at the option of the Association, and ~vithout notice, all sums of mcmey secured hereby shall fimmediately and concurrently with such c~nveyance become due and payable and 'm defauh. 1'he Association ms?y deal with suooessors in inten~st with ref~ence to this mortgage and thc debt hereby secured in the same mannrr at with the mortgagors~ and may fo~bear to sue or may exter?d time for payment of the debt, securecl hereby, or otherwise act without discharging or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Associatiaa may also deal with the Modgagors and/or with successors in intenest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time far payment of the debt, providing f6r different - montbly payments and/or a different intere.st rate. and by other espress malif ~tions of ihe c~tr.?ct, without losing nny priorih• , the Association has over other mortgagees or lienon or holders of any junior interests in the property secured hereby. ; 10. That in ihe event the premiscs hereby mortgaged, or uny ~mrt thereof, shall be c~demned and takea forpu blic use ~ under the power of eminent domain, the Aswciatiou shall have the right to ckmand that all damages awarded for the laking oF or damages to said premi.ses shall be paid to the Association, its succcssors 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 agrecd that time is the essence of this contmct and that no waiver of any obligation hereundet or of the obtigation secnred hereby shall at any time thereafter be held to be a waiver of the tem~s or of the instrumeat secuced heneby. 12. If foreclosvre proceedings of any second mortgage or seoond trust dced or any funior liea of any ldnd should be insti- tuted, the Association may at iis option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and paysbk. 13. To the extent of the indebtedness of the Mortgagors to the Association described here;n or secured hereby, the Asso- ciation is hereby submgated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other er~cumbrance on the tand desaribed herein which is paid anc~(or) satisfied, in who]e or in p~rt, out of the ~~f the loan described herein.or secured hereby, and tl~e ~spectivc liens of said mortgages, liens or other enevimbrances, s ll~ ~ em m and be held by the Association herein as secunty for the indebtedness to the Ass~ciation herein described or hereby to the same ex!ent that it would have been preserve~ and ~vould have been Passeci to and been held by the Association had it be~ec: duly and regularly assigned, ttansferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact tha! the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same will be sa~sfied and cancelled of record by the holders ihereof at or about the tune of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees~ reasonably incaned or paid at any time by the Association, because of ihe failure of the 1lfortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said pinmi~sory note and this deed, or either, and every such payment shaII 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 deterioiation of said property or any pazt thereof; and in the event of ihe failute of the Mort~agors m keep the buildings on said premises and those to be erecte~ ore ~id premises, ~ or improvemenis thereon in good r~epair, ihe Associatioa may make and pay for such repairs as in its disa~etion it may deem neceasazy for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, os payable in sucf~ monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note serured hereby. 16. That if the Association and the 1ltortgagors agree, the I?iortgagors will carry a policy or policies of insurance upon their lives in an arr~aunt equal from time to time M the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association maypa y the premiums for svch in~»~~ce (in the event the Mortgagors do not), and add each such ps}~nent to the unpaid balance of the loan, as of the firsE day of the then a~rrent month, and it shall become additionai indebtedness secvrec~ by ihis mortgage payable upon demand. 27. That in the event that ihis mortgage be given to secure a conshvction loan, failure on the part of the 1?sortgagors or ~ their coniractors to complete said building in accordance with Construction Loan Agrcement, of even date herewith, or to build said construction in aocordance with plans and speciEications filed Htith the Association, shall constitute a breach of this mortgage, and, at the option of thc Associatioq immediately-mature the entire amount of principal and interest hereby sec~ed and the Asso- ciation may immec~iately institute proceedings to foreclose this mortoage. ~ 18. That the abstract or abstracts of tide covering the mortgaged 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 f~reclosure of this mortgage or other transfer of tide to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all right, title, and interest of the Mortgagon in and to any such abstracts of tit~e shall pass to the purchaser or grantee, 19. The Association shall have ihe rigbt, in its discretion, to require that the Mortgagon ~y into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secured by this mortgage, ~~n amount equal-to one-twelfth of the annual instailments 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 insurance on the mortgaged ~ ~remises as hereinbefore required by the Association, and the riortgagors' failure to make such payments shall constitute a default under this inortgage. II~ WITNFSS ~'VHEREOF, the said Mortgagors hereunto set the'v hands and seals the day and yea~ first above written. Signed, sealed and deli~•ered in the presence of: \ ~ ~ ' ? -aC ~1W ~ ~ - - -~SEAL) ~ _ - _ ~rry ulos ...-~:z:~~~.. .~'j~.. .'!`I!¢e~t~ . '~e~ ~ (SEAL) ~ ~an y Poulos ; ; - _ _ (SEAL) ~ ; (SEAL) - twirNESSESt ~ t+MORiri+~o+~s~ ' r i . f °~~K 212 ~A~ 2918 ~ ~ ~ ~4-~t~E ~ : . y ri'. ~ ~''~'a~`ti'~`z~r.f'~'~'`9~_F`7~3.. ~ _ ~ r~-~ . ~