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Home My WebLink About0874 ~ 8. UnW default in the perfotmance of the covenai~ts and ~grcements of this mortgagc, the mortgagors shall be entitled a, collect the rents~ issues and grofits from thc premises hereinbeFore described, but in case of a defaul~ in any oE the term~ of this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within described pmperty, the :lssociation shall immediate!y And without notice be entided to the appointment of a Receiver of the mortgaged property, and of the re~ts, issucs and profits thereof. with the usual power of Aeceivers in such cases, and such Receiver may be cuntinued ~n ~o~ession of the said ~roperty until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale by the Court. 9. lf a conveyance should be made by the mortgago~s of the premiscs herein described, or anypart thereof, ~vithout the written consent of the Association, and Kithout assiimption in r~ular form of law by the grantee of tba obligations to the ~ 1.sociation created by said promissory note and this mortgage, then, and in that event, and at the uption of the Associatiun, - ;~n~i ~~~thout notice, all sums of mc~nev sec~.ued hereby shall immediately und conciumndy with sueh rnnveyance becvme due and ~~ayabl~ and in default, The Association may deal with successors in interest with reference to this mortgage and the debt hereb~• secured in lhe same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securec~i hereby, or otherwise act without discharging or in any way affecting the liability oE the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Modgagors nnd/or with successors in interest with reference to this mortgage and t6a debt hereby se:urecl by forbearing to sue, exte~ding the time for payment of the debt, providing for different monthly payments and/or a different interat rote, and by other express modifications of the contr.ict, without losing any priorih• ~he A.aociation has over other morigagees or lienors or holders of any jwiior interests in ihe property secured hereby, 10. That in the event the pmmises hereby mortgaged, or any pazt thereof, shall be condemned and taken for public use undcr the power of eminent domain, the Aswciatinn shall have the right to demand that all damages awarded for the takeng of or damages to said premises shall be pai~ to ihe A,uociation, its successon or assig~s, up to the amount unpaid on ihu 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 wttiver of any obligation hereunder or of tiie obligation secured hereby shall at any time thc~reaEter be held to be a waiver of the terms or of the instrument secu~d hereby. 12. If foreelosure proceeclings of any second modgage or second tnut deed or any junior lien of any ldnd should be insti- tutcd, the Association may at iis option, immediately or ihereaher declare this mortgage and the indebtedness sr.cured hereby due :md payable, t 13. To the extent of the indebteclness of the Mortgagors to the Assoeiation descxibed herc u~ or sec~aecl hereby, the Asso- ; ~~iatioi? is hereb}' subrogated to the lien or liens and to the rightc of the ownrrs and holders thereof of each and every mortgage, l;en or other e~~cumbrance on the land described herein which is ~aid and(or) satisfiecl, in ~vhole or in part, out of the proceeds ~,f the loan described herein or secureri hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpa tn v~d be held by the Association herein su security for the indebtedness to the Assxiation herein described ar hereby s~~cured, o thc same ex±ent that it ~vould have been preserved and ~vould have been passed to and been held by the Association haa it beer? ~tuly and regularly assigned, transferrrd, set over and delivered unto the Associ:~tion by separate de~d of assignment, notwithstand- in~; the faM that the rame may be satisfied and cancelled of record, it being the intention of the ~rarties hereto that the same ~vi11 he sa5sfied and cancelled of recotd by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and sins,,~ular the costs, charges, and expenses including lawyer's fees, reasonabty incurred or paid at any time by the Association, bcr.~use of the failure oF the \fort~;agors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditiw~s and covenants of said promissory notc and this deed, or either, and every s«ch payment shall bear intemst from date at the rate stated in the note secured herebv. 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said property or any P.v~t thereof; :~nd in the c~•cnt of the fsilure of the titortgagors to keep ihe buildings on said premises and those to be erecied on said premises, ~~r improvements ihereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the feill amount of such payments shall be secured hy the lien of this mortgage :~nci shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tian may determine, and every such payment shatl bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the \torigagors agree, the ;~tort~agors will carry a policy or policies of insurance upon thcir lives in an arrl~unt equal from time to time to the amount of indebtednes~, hereby secured, mal:ing said Association benefi- ~ ian~ thereunder, and that the said Association may pay the premiums for such insurance (in the event the ~fortgagors do not), ~nd~add earh such Fx?}7nent to the unpaid balance of the loan, as of th~ first day of the then ciumnt month, and it shall beeomc ,iclditional indebtedness seeurecl by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constn~ction la~n, failure on the part of the ~iorigagors or the;r contr.ictors to complete said building in accordance with Construction La1n Agreement, of even date here~~7th, or to build saic3 construction in acco:dance with plans and specifications filed ~~~ith the Association, shall constihrte a breach of this murtgage, :u~d, at the option of thc Association, immediately mature the entire amount of prineipal and interest hercby secured and the Asso- ci,~tion may immecliately institute proceedings to foreclose this mor±gage. ~ 18. That the abstract ur abstracts of title covering the mortgaheci property shall at all times, during the life of this mort- ~,age, remain in the possession of the Assnciation and in the event of the foreclosure of this mortgage or other transfer of tide to th~ mortgaged property in extinguishment of the indebtedness secureci hereby, al) ri~ht, titlc, and interest of the I~tortgagors in :ind to any such abstricts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the :1lortgagon pay into the Association in addi- ti~in to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, an amom~t equal to one-hvelfth of the annual instaliments of any taxes on the mortgageci premises levicd or assessed b}• an~• «o~-crnmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurancc on the mortgagec~ ~~remises as hcreinbefore requirecl b~• the Asscxi:ition, and the \fortgagors' failore t~ make such pa}'~nents shall cnnstitute a defatdt undcr this mort~aoe. I;~' ~VITNESS ~~'HEREnF, the said ~tortgagors here~mto set their hands and seats the day and vear (irst abo~~e ~ti-ritten. Signed, seaied and deli~•ered in the presence of: ~ ~ ~ (i ~ ' ~ (SEAL) , Victor J. G rley `~1~. • . - ~-'f , . ( SEAL) ( SEAL) (w~rNessES) - . (SEAL) (AAORTGAGORS) S~L~~!( ~~5 fACE~ - . ~ ~ ~ E p ~ . :.Ge3 ea'_ ,.e. _..f.=~+5 .v ~ - - . ~ ; . _ .rs ~