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8. Until defauh in tbe performanoe d the oovc~~ants aad agreeme~ts of this matgage, the mortgagars shall be entitled
to coUect tbe reats, issues aadpm
fib imm the promises herelnbefore desarlbed, but in case of a dehult in any of tbe terr~c of
this mortgage, and tbe filiag of a b311 to focecbse thi~ a~ay other mottgage encumbering tbe withiu descxibal prope~ty, the
~lsaoetatioa shall ima~ediately and vaithout notioe be entitkd to the appointment of a Rece~ver of the m~tgagedp~pe rty, and
of the rents, iaues and grofits theroof, with the usua!po
wer of Receivers in such cases, and such Rcceiver may be rnntinued
in pos~ssion of the said property antil tlse time af tbe sab thereof under such foreclosure, and until the confirmation of such
~.~le by the Court,
. 9. if a oonvey~wcc should be made by tLe mortgagas ~ the premises hercin descxibed, ~ any part thereof, without
the writtea concent oE the Association. and without assumptiot~ in regular form of law by the grantee of tTie obl~gations !o the
~~cc~ciation creuted by said ~omissory not@ aad this mortgage, then, ared in t6at event, and at the option of the Association,
and ~vithont notiee, all sums of mnnev sec~ared hereby shaU immediately und cor~currently with such cc?nveyance become due and
payable and in defaul~ T'he Association may deal vvith successors in interest with reference to this mortgage and the debt hereb
secured in the same manner at with the matgagors, and may forbear to sue or may ~ctend time for paya~e~t of ihe debt, ~
hereby, or otherwise act without g~ in any way affecting the Uability of the mortgagors hereunder or upon the debt
hereby secured. The Associatiou
mad~~ deal with the Mortgagors and/or with successors in interest with reference to this
mortgage and the debt hezeby secured by forbearing to sue, extending the Wne for payment of the debt, providing for differeat
monthly payments and/or a different interest rate, and by other e:press modiBaations of !be c~ontract, without losing any priorih•
the Axsociation h~s ov~er other modgagees or lienors or holders of any junio~ inte~msts in the property secured hereby, ~
10. That in the event ihe prewises hereby mort a ed, or any part thereo~f, shalt be oondemned and taken for public use
re~
under t6e power of eininent domain~ the As.wciation sha ve the right to demand that all damages awarded for tbe talung of or
damages to said ~xemises shall be paid to the Association, its successors or assigns, up to the amount unpaid on ihis mortgage and
may be applied upon the payment or paymc~nts ]ast payable ihereon.
11. It is specifica~ly agreed tbat time is the essence of this contruct and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time thereaEter be held to be a waiver of the tezms or of the instrument secured hereby.
12 If foreclosurc proceedings of any second mortgage or second tnut deeci or any junior lien of any kind shouid be insti-
tuted, the Associatia~ may at its option, immediately or thereaRer dectare this mortgage and the iudebiedness serur+ed hereby due
and payabk. _
13. To the exient of the indebtedness of ihe Mortgagors to the Association descxibed herein or secured hereby, the Asso-
ciation is hereby subrogaterl to the lien or liens and to tbe rights of the owners and holders thereof of each and every mortgage,
lien or other ei,cumbrance on the land described herein which ic paid and(or) ~tisfied, in whole or i~~ par~ out of the
of the ban described herein or secnn~cl hereby, and the rapectivc liens of said mortgag~s, liens or other encumbrances, s~~a.
cn and be held by the Assoc;ation herein as security for the indebtedness to the Association herein described or he~eeby secured, to
the same ez±ent that it would have bc~? praerved and ~vould have beeri passeci to and beea held by the Association had it beea
duly and regulazly assigned, trans#ecned, set over and delivered unto the Association by sepe~rate deed of assignment, rwiwithttand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p~rtiUe.s hereto that the rame will
be sa~.sfied and cancelled of record by the holders thereof at or about the time of the record'mg of this mortgage.
14. To pay all and singular the costs, charges, and ~penses induding lawyer's fees, reasonably incumed or paid at any
time by the Association, berause of the failure of the riortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and covenants of said prnmissory note and this c~eed, or either, and every such payment shall bear
interest'from date at ihe rate siated in the note secured hereby.
15. That he willpernu
t, ~ commit, or sufEer no waste, impairment, or deterioration of said property or any part thereof;
and 'm the event of the failure of the Mortgagors to keep the build'mgs on saidp and those to be erected on said premises,
or improvements thereon in good re~ir, the Association may make and pay of
r such repairs as in its discretion it may deem
necessary for ihe proper pceservation t~iereof, and the full amount of such payments shall be secured by the lien of this mortgage
and shall at the option .of the Associution be immediately due and payable, or payable in such mont~ilfr installments as the Assoria-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby.
16. That iE the Association and the 1liortgagors agree, t6e Mortgagors will carry a policy or policies of insurance upon
their lives in an ar~eunt eqnal from time to time to the amount of indebtedness hereby secured, maldr?g said A.uociation benefi-
ciary ihereunder, and that the said Association maypa
y the premiums for such insurance (in the event the Mortgagon do not),
and add each such payment to the anpa~d balance of the loan, as of the first day of the then c~vrent month, and it shall become
additional indebtedness securecl by this mortgage payable upon demand.
li. That in the event that this mortgage be given to sechire a construction loan, failure on the part of the Mortgagors or
their rnntractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build
said construction in aocordance with plans and specifications filed wit~ the Association, shall constitute a breach of this mortgage,
and, at the option of the Association, immediately matwe the entire amount of piincipal and interest hereby secnred and the Asso-
ciation may immecliatety institute proceedings to foreclose this mortgage. ~ ~
18. That the abstract or abstracts of tide rnvc~reng the mortgagec3 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 fareclosure of this mortgage or other transfer of title to
the mortgaged pro~+ in eztinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
~ and to any such abstracts of tide shall. pass to the purchaser or grantee.
` 1S. The Association shall have ihe right, in its discretion, to rer~uire that the 1lsorigagors pay into the Association in addi-
i tion to the m~nthly installments of principal and interest to be paid by the A4ortgagors under the note secured by this mortgage,
~ an amount equal-to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any
~ governmental authority, and one-hvelfth of the annuaI premiums for Fire and Extended Coverage insurance on the mortgaged
~ premises as hereinbefore reqwred by the Associatioq and the ~liortgagors failure to mai:e such payments shall constitute a default
f under this morigage.
i Il~ WITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written.
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Signed, sealed and delivered in the presence of: FORT PIEKCE UT LES, I1V~.
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