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Home My WebLink About1979 r 8. Until deEault in the performanee of the covenants und agreements of this mortgage, the mortgagors shall. be entitled ~ to collert the sents, Issues and profits frnm the premises hereinbefora described, bUt in case of a default in any of tLe ternu of : this mortgage, and the filing of a biU to foreclose this or any other mortgage cncumbering the within deccsibad pro~e:rty~ the < :lssociation shall immecliately and without notice be entided to the appoiutment of a`Receiver of the mortgagedproperty, and s of the rents, issues and proEits thereof, with tbe usua) power of Receivers in such cases, snd such Receiver may be oontinued ~ in poa.,~ssion of the said property until the time of the sale thereof nnder such forerloswe, and unti) the eonfumation of such } .alc b~• the Court. 9. If a conveyance should be made by the mo~tgagors oE the premises herein described~ or any part thereof. without ~ i the writteu consent of the Association, and «~tho~it assumptior~ in regular form of law by the grantee of the obligations to the ~ -~~cociation cr~ted by said promissory note and this mortgage, then, and in that event, and at the option of the Associ:itivu, ~ :~nd ..~thout notice, all sums of money sec~ired hereby shall immediatety und concurrently with such rnnveyance become due and ~~ayable and in default, The Associatian may deal with successors in interest ~vith refecence to this mortgage and the debt herebv secured in ihe same mannrr as with the mortgagors. and may forbear to sue or may extend time for payment of the debt, securec~ hereby, or otherwise act without dischargu~g or in any way affecting the liability of the mortgagurs hereunder or upon the debt - hereby secured. The Association may slso dea) with the. Mortgagors and/or with successois in interest H7th reference to this ~ mortgage and the debt herebv secured by forbearing to sue, eactending the time for payment of the deb:. providing for different = monthly payments and/or a t~ifferent interest rate, and by other express moclifications of the contr.?ct, without losing any Ixiorit.• 4 the Association has over other mortgagees or lienors or holders of any junior interests in the pmperty secured hereby, 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for pubIic use ~ under t6e po~ver of eminent domain, the Assuciation shall have the right to demand that all dam.ages awa~+ded for the taking of or damages to said premises shall be paid to ihe Association, its successors or assi~ns, up M the amount unpaid on thit mortgage and ~ mav be np~nlied upon the payment or payments last pawable thereon. ~ 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligution hereunder or of ~ the obligation secured hereby shall at any time thereafier be held to be a waiver of the terms or of the instrument secured hereby. ; 12. If for~losure praceedings of any second mortgage or second tnut deed or any junior lien of any kind should be insti- ~ tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness seci?red hereby due :jnd p~lyable. 13. To the extent of the indebtedness of the ~iortgagors to the Association de.scribed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and e~ery martgage, lien or other ei~cumbrance on the land des~ribed herein which is paid ancl(or) satisfied, in ~~~hole or in part, out of the pr~oeeds ' ~~f the loan d~ocribed herein or secure~l hereby~ and the respectivc liens of said mortgages, liens or other encumbrances, shallp~ to and be held by the Association herein as security for the indebtedness to the As.axiation herein described or hereby secured, to thc same ex!ent that it ~vould have been preserved and ~vould have been pasced to and been held by the Association had it be~eri ; duly and regularly assigned, transferred, set over and delive~+ed unto the Association by separate deed of assignment, nohvithstand- ; ing the faM that the same may be sat fied and cancelied of record, it being the intentian of the parties hereto that the same ~vill 3 be sa5sfied and cancelled of record by the holders thereof at or about the time of ihe recording of this mortgage. ~ 14. To ~y a11 and singular the costs, charges, and expenses inciuding lawyer's fees, reasonably incurred or paid at an}' time b_y the Association, because of the f.'lure of the 1ltodgagors to perform, comply ~vith ~nd abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured herebv. 15. That he w7ll permit, commit, or s~iffer no-waste, impairment, or cleterioration of said property or any part thereof; ~ :md in the event of the failure cf the !4iortgagors to keep the buildings on said premises and those to be ereMed on said premises, ~~r improrements thereon in good repair, the Association may make and pay for such repairs as ni its discretion it may deem ~ necessary for the proper preservation thereof, and the full amount of such pa~nnents shall be secured by the lien of this mortgage .~ncl shall at the option of the Associ~tion be immediately due and payable, or payable in such monthly instalIments az the Associa- tinn may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. I6. That if the Association and the \fortgagors agree, the !liorigagors will carry a policy or policies of insurance upon ~ their lives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- i ciarv thereunder, and that ihe said Association may pay the premiums for such insuranre (in the event the :1{ortgagors do not), .,nci add each such p~yTnent to the unp~id balance of the loan, as of the first day of the then curmnt mont~, and it shall become ac~ditional indebtedness secureci by this mortgage payable`apon demand. 17. That in the event thai this mortgage be given to secure a constn~ction loan, failure on the part of the ~lortgagors or + their contnctors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build s said construction in accnrdance ~vith plans and specifications filed with the Association, shall constitute a breach of ihis mortgage, ' and, at the option of the Association, immediately mature the entire amoiint of principal and inierest hercby secured and the Asso- ciation may immedi3tely institute praceedings to foreclose ihis mortgage. ' • 18. That the abstract or abstracts of tide covering the mortgafied property shall at all times, d~ring the life of thu mort- ~,a~e, 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 extinguishment of the indebtedness secured herehy, all right, tide, and interest of the 11~ortgagors in and to any such abstracts of title shall ~zss to the purchaser or grantee. 19. The Association shaU have the right, in its discretion, to rer~uire th~t. the lltortgagors p:iy into ihe Association in addi- tion to the monthly installmenks of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, . an amount equal-to one-hvelfth of the annual instaIlments of anv taxes on the mort~aged premises levied or assessed by an~• ~ovenumental aathority, and one-h~relfth of the annual premiums for Fire and Es!ended Coverage insurance on the mortgageii ~~remises as hereinbefore reqtured b~~ the Association, ;ind the ~fortga;ors' fail~rre a-e su yments shall ~onstitute a default ~ under this mortgaoe. I\ ~~'IT\ESS ~~'I~EREnF', the said ~tortga~ors heretmto set th ' hands and seals d and ~~e first above written. Sign~d, sealed~ nd deli~•ered in the presencc of: ; ; ~ ~ ! ~ ~ : ~ ~ 3 ~j~~ - - - ,(SEAL) i v Rober~, G~ene - (SEAL) a ita V. Greene . . _ ( SEAL ) _ _ - - - (SEAL) (W ITNESSESy (MORTGAGORS? s~~eK2~.5 F~cF~9`16 - ~ - ~ _ ~ v_- _ _ s~~