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Home My WebLink About1240 Uatil default ia the performance of the covenants and agrecmeMs of this mortgage, t6e moitgagots shaU be ~titkd to coUect the rents, issu~s andprofits from tbe premices hereinbefora descxibed, but in case of a default ia any of the tenmY of this mortgage, and the filing of a bill to foseclose thls a any other moztgage encumberiag the within described prope~ty, tbe .lssociation shall immediately and without notice be entided to the appointment of a Receiver of the nwrtgaged~mpe rty, and of the rents, issues and profits thereof, with the usual power of Receiven in such cases, and such Receiver may be oontinued in pos3ession of the caid property until the time af the sala thereof under such forecloaure, and until the confirmation of such snle by the Court. 9. lf a conveyance should be made by the moitgagors of the premises herein described. or any psrt thereof~ without the written consent of the Association~ and without assumption in regular form of law by the grantee of tbe obligations M the ~csociation crented by said promissory note and this modgage, then, and in that event, and at the option of the Association, :~nci ~vithout notice. all sums of mcu~ey sec~ared hereby shall immediateiy and rnncurrently with such conveyance become due and payable and in default. The Association may deal with successors in interest with reference to thit mortgage and tbe debt herEby secured in the same manner as with the mortgagors, and may forbear to sue or may extend time Eor payment of the debt, secur~ hereby, or otherwise act without d~g or irt any way affectuW~g ihe liability of the mortgagcus hereunder or up~ the debt hereby secured. The Assoeiati~ may deal with the Mortgagors and/or with successors in interest with reference to t6is mortgago- s~nd the debt herebp secured by forbearing to sue, extending the time for papment of the debt, providing for different monthly payments and/or a diffetent interest rate, and by other express moclif'cations of the contrnct, without losing any priorih• the Association has over other morigagees or lienors or holders of any junior interests in the property secured hereby. 10. Thzt in the event ihe pmmises hereby mort a ed, or uny part thereof, shall be condernned and taken for public use !9 undcr ihe power of eminent domain, the Assuciation sha ve the right to demand that all damages awarded for the mking of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this m~tgage and mav be applied upon the payment or payments last payable thezeon. I1. lt is specific~y agreed ihat time is the essence of this contraM and that no waiver of any obligarion hereunder or uf the obligation secured hereby shall at any time thereafter be held to be a waiver of the temu or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior liea of any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this morigage and the indebiedness securetl heteby due and payable. 13. To the extent of the iredebteilness of the ~lortgagors to the AssociaHon d~ibed hemin or secureci 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 ei~cumbrance on the land described herein which is paid and(or) satisfied, in whote ot in part, out of the ~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~iallr~o~ds t~ and be heki by the Associatiun herein as security for the indebtedness to the Association herein described or hereby secured, to the same ex±ent that it would have been preserved and ~vould have been Passecl to and been held by the Association had it been ~luly and :egularly assigned, transferred, set over and deUvered unto the Association by separate deed of assignmer?t, nohvithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this morigage. 14. To pay all and singulaz the costs, charges, and ezpenses including lawyei s fees, reawnably incumed or paid at any time by the Association, bea?use of the failure of the 1lfortgagors to perform, comply with and abide by each and every scipula- tions, a~reements, conditions and covenants of said promissory note and this deed, or either, and every sueh payment shall 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 deterioration of said property or any part thereof; :nd in the event of the failure of the Mortgagors 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 disczetion it may deem necessary for the pmper preservation thereof, and ihe full amount of such payments shall be secured t+y the lien of tnis mortgage :?nd shall at the option of the Associatioa be immediately due and payable, or payable in such monthly instaliments as the Associa- tion may determine, 1nd every such payment shall bear interest from date at ihe rate stated in the note secured hereby. 16. That if the Association and ihe ~tortgagors agree, the Mortgagors will carry a policy or policies of ir~sursnce upon their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary therennder, and that the said Association may pay the premiums for such insurance (in the event the htortgagors do not), and add each such pay~nent to the unpcud balance of the loan, as of the first day of the then civrent month, and it shall become additional indebtedness secured by this -mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of ihe ~iortgagors or iheir contractors to comptete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ` said construction in accordance ~vith plans and specifications filed ~vith ihe Association, shall constih~te a breach of this mortgage, ~ and, at the option of the Associatioq immediately mat~re the entire amount of pnincipat and interest hereby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mortgage, ' I$. That the abstract or abstracts of title eovering the mortgageci 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 foreclosure of this mortgage or other transfer of title to ~ the mortgaged property in eatinguishment of the indebtedness securpd hereby, all ri~ht, title, and interest of the Mortgagors in ~ and to any such abstracis of tide shall pass to the purchaser or grantee. ~ 19. The Association shatl have the right, in its discretion, to require that the l~iortgagon pay into ihe Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the 4tortgagors under the note secured by this mortgage, i 1n amount equal~to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any vovemmentul authority, and one-tw•elfth of the annual preraiums for Fire and E.~tended Coverage insurance on ihe rnortgaged ; ~~remises as hereinbefom required by the Association, ana the 111ortgagors' faili~re to make such payments shall constitute a default under this mortgage. ~ I1~ WITNESS ZY~iEREOF, the said titortgagors hereunto set their hands and seals the day and year fir,ct above ~vritten. ~ , Signt~cl; sealed and delivemd in the pres~nce of: ' ~ - i _ ~ '-~~-~Q - ---~SEAL) ~ ~ ` - - ; - - ' hri~Monticell ~ ~ ~ ~ -i ~l: _ _ _ _ /'C~ / v b-~,~t,~••-~ L-t~ ~~AL) a ~--~:a~ne ~Ion icello , ; _ - - _ . - - - - - - - - (SEAL) ; ~ ~ - - - - - - - _ (SEAL) , - - - - - - - (WITNESSES) (1MORTGAGORS) i _ / g V 215 r~~:123~~ - ~ ~ ~ ~~ZOS P,~1771 t ~ _ - . ~.~_r ~