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Home My WebLink About0269 8. UnW default in tbe performance af the covenants and agreixnents of this mortgage, the mwtgagors shaA be entitled to collect the rents, issues andp~ofits from tlia premises hereinbefore described, but in c~se of a default in any of the tesm~ of ; this mortgage, and the filiag of a biq to faeclaae thit ar any other matgage encumberiag the within described prope:ty, tbe ~ Associatiou shall immediately and without notice be entitled to the appointment of a Receiver of the moztgaged~ope rly, and ~ of the rents, issues and profits thereof, with the usual power of Receiven in such cases, ~nd such Aeceiver may be continued : ;n possession of the said property until the time of the sale thereof under such forecloaure, and until the confirmation of such ~ .ale by the Court. ~ 9. If a conve should be made by the mortgagas of the preanises herein described, or anypart thereof, without ~ thc written consent o the Association, and without assumption in regular form of ]aw by the grantee of tTie obligaHons to the ~ -~.sociation crented by said promissory note snd this rrwrtgage, then, aad in that event, and at the option of the Association. ~ :?nd ~vithout notice, all sums of mcN?ey secnred hereby shall immediate]y and concurrently with such rnnveyance become due and ~ payable and m defaalt. The Association may deal with successors in interest with reEerence to this mort~age and the debt hereby ; secured in the same mannrr as with ihe mortgagors, and may forbear to suc or may extend time joe payment of tbe debt, securec~ : hemby, o~ otherwise act without dischargu?g o~ in any way affecting the liability of the mortgugors hereunder or upon the debt i hereby secured. The Assoriatioa may also deal with the Mortgagors and/or with successors in interest with reference to this ? mortgage and iha debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ; monthly payments and/or a different interest rate, and by other express mo~ifcations of the contract, without lo~ia$ any priorih• } the Association has over other morlgagees or lienors or holders of any junior interests in the pmperty seau+ed hereby. 10. That in tho event the premises hereby mortgaged, or any part thereof, shall be condemned and taken forpu blic use ~ ~mder the power of eminent domain, the Assuciatioa shall have the right to demand that all damages awarded for the taking of or ~ damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and ; mav be ap~lied upon the payment or payments last payable thereon. ; 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligation secared hereby shall at any time thereafter be held to be a waiver of the ternu or of the ins6~vment secnred hereby. ~ 12. If forecloaure proccedings of any second modgage or seoond tnut deed or any junior lien of any ldnd should be insti- tuted, the Association may at its option, immediately or thereaker dedare this mortgage and the indebtedness secured hereby due ~ and payable. ~ 13. To the extent of the indebtedness of the Mortgagors to the Association d~cribed hen in 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 er~cumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of the p»oeeds j ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages~ liens or other encu~branc~es, shall~x . t t~ and be held by the Association herein as security for the indebtedness to the Assxiatan herein described or hereby secured, to ; thc same ex!ent that it would have been preserved and ~vould have been Passed to and been held by the Association had it Ueer~ t ~luly and regularh~ assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intentian of ihe ~rarties here,to that the same ~vill ; be sa5sfied and cancelled of record by the holders thereof at or about the tirne of the recording of this modgage. i 14. To pay all and sing~lar the costs, charges, and expenses including lawyer's fees, reasonably incarred or paid at any ~ time by the Association, because of the failure of the 1liortgagors to perform, comply with and abide by each and every stipula- ~ tions, agreements, conditions and covenants of slid promitsory note and this deed, or either, and every such payment shall bear j interest from date at t~e rate stated in the note secured hereby. 15. That he will pem~it, commit, or suffer no waste, impairment, or deterioration of said properiy or any part thereof; and in the event of the failure of the Mortpagors 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 disrretion 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 ~ and shall at the option of the Association be immediately due and payable, or payable in such rnonthly installments az the Associa- ' tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. _ i 16. That if the Association and the rtortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ' ~ their lives in an arrh~unt equal from time to time to the amount of indebtedness hereby secured, .making said Association benefi- ~ ~ ciary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the 111ortgagors do not), ; ~ :~nd add each such pa~Tnent to the unpaid balance of the loan, as of the first day of the then ciurent month, and it shall become _ ::clditional indebtedness secureci by thic mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction ]oan, failure on the part of the Mortgagors or ; their contractors to ~complete said building in accordanee with Construction Loan Agreement, of even date herewith, or to buiid ~ ~aid construction in accordance with plans and specifications filed n~th ihe Association, shall constitute a breach of this mortgage, ~ ~ .,nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immecliately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortgagea property shall at all times, during the life of this mort- ~~:~ge, 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 eutinguishment of the indebtedness secured ~;ereby, all right, title, and interest of the Morigagors in and to any such abstraMs of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the :1lortgagors under the note secured by this modgage, an amoimt equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~u~~cnunent:il authority, and one-tw•elfth of the annual premiums for Fire and Eatended Coverage insw~ance on the mortgaged ~~remises as hereinbefore requirecl b~~ the Association, and the ;ltortgagors' failure to mal:e such pa~-ments shall constitute a deEault ~inder this mortgage. I:~ WITVESS ~~'HEREOF, the said ti~ortgagors hereunto set their hands and seals the day and year first above written. ~ r. SignQd, sealed and delivered in the presence of: , ~ - i Y'~ - p ~ _ . _ _ . _ _ _ ~ ~ ` ~ e_ 1~-- - - - - (SEAL) _ - Fr nk R. Drovi~, ,Sr. ~ , , } / ' /7!~ . ` ~ V , , . ; ~ ~ ~ ~ il . ~ , ! ;'~C j ~ " ~ ~ i ~i ' ~ ' ~ ~ / ' --~`_~~S.-Q~ . . . - - ~ $E~.~ - ~s,-_ ~ _ - _ Louise R. Drovie , - - _ - - _ - _ _ - ~SEAL) • - - - - - - - - - - - - - - - - . . _ (SEAL) (VUITNESSES) - I~RTGAGORS) BOOIf PACE 2~9