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Home My WebLink About0381 8. Uiitil default in d~e perfurmance of the covenants and agrea~nv~ts of this mortguge, the mortgagors shall be entided tu collect the rents, issucs 1od proEits from the premises hereinbefore describecl, but in case of a default in any of the term~ of this mortgage, und the fili~g of a biU to foreclose this or any other mortgage encumbering the within described property, the .~ssociation shaU immediatelv 1rtd ~vithout noticc be entided to the appointment of a Rcceiver of the mortgagedpco perty, and of the rents, issues anci profits thereof, with the usual po~ver of Receivers in such cases, and such Receiver may be continued ~n povession of the said propert~• until the time of the sale thereof under such foreclos~ue, and until the confirnnation of such .alc b~• the Court. 9. lf a c~nveyance should be made by the modgagors of the premiscs hercin descriUed, or any part thereof, without th~• ~~~ritten crn~sent of the Association, and ~~~thout assumption in regular forni of la~v by the ~rantre of the obligatio~u to the ~.tiuci.itiun createcl b~~ said pmmissory note and this mortgage, then, and in th:tt event, and at the option of the Ass~x•i:~tiui~. ;~n~l ~~~thout notice, all sums of mone~~ securecl hereby shall immediately and concurnently ~vith such conveyance becume clue and ~~:iyable and in default. The Association may deal with successors in interest ~vith rcference to this mortgage and the debt hereb~• secured in the same mannrr as K•ith the mortgagots, and may forbear to sue or may extend time for payment of the debt, secureil }?ereby, or othenvise act ~+tithout discharg,ing or in any ~vay lffectin~ the liability of the mortgagun hereunder or upon the debt licmby securecl. The Association mav also deal ~vith the Mortgagors and/or with successors in interest with reference to this mc?rtgage and tho 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 mte~ and Uy other express moclifications of the contr,?ct, without losing any Priorih• the Association has over other mortgagees or lienors or holden of any junior interests in the property secured hereb~•. l0. That in the event the pmmises hcreby mortgaged, or any part thereof, shall be condernned a~~d taken for public use un~lcr the po~~~er of eminent domain, the Assuciatiun shall have the right to demund that ~Il damages awarded for the taking of or damages to said pmmises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and mav be applied upon the payTnent or payments last pa~able thereon. 11. It is specificaUy agreed that time is the essence oE this contract and that no ~vaiver of anv obligation hereunder or of t}~e obligation secured herebv shall at any time thereafter be held to be a~vaiver of the terms or of the instnunent secured hereby 12. If foreclosure pmceedings of any second mortgage or second trust deed or any junior lien of 4ny kind should be insti- tutcci, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness seciued hereby due and pa~~able. 13. To the extent of the ind~bteciness of the ~fodgagors ta the Association described hemin or sec~Ued l~enby, the Asso- c~i:?tion is hereb~• subrogated to the lien or liens and to the rights of the o~~~ners and holders thereof of each and every mortgage, licn or other e~~cumbrance on the land described herein which is ~~id an~l(or) satisfied, in .~•hole or in part, out oE the proceeds ~~f the loan described herein or secured hereby, and the res~xcti~•c liens of s.1id mortgages, liens or other encumbrances, shallpass r~~ and he held by the Association herein as security for the indebtedness to the Ass~ciation herein described or hereby secured, to thc same extent that it ~vo~dd have bcen preserved and ~~•ould have been passed to and been held by the Association had it been ~luh• and regularh~ assigRed, transfenrcl, set over and delivered unto the Associ~tion by.separaxe deed of assignment, nohvithstand- ing tlie fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill 1>e sa~sfied anci c;?ncellecl of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and sin~ular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at am~ time by the Association, bccause of the failure of the ~1ortRagors to perform, comply ~vith and abide by each and every stipula- tions, agreements, conditio~is and covenants of s:?id promissory note and this deed, or either, and every such payment shall be~ar interest fmm date at the rate stateci in the note secured hereb~•. 1~. Th.~t he ~~~ll permit, commit, or suffer no ~vaste, impairment, or deterioration of said propert~~ or an~• part thereof; :~nd in the e~~ent of the failure of the AiortGagors to keep the buildin~s on said premises and those to be erected on s:~id premises, ~,r imp~o~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for the pro~er preservation thereof, and the full amount of such parments shall be secured by ihe lien of this mortgage ~ ;tind shall at ihe option of the Associatioa be immediately due and payable, or payable in such monthly installments as the Associa- ; tinn mav detcrmine, and every such payment shall bear interest from date at the raie stated in the note secured hembv. i 16. That if the Association and the \fortgagors agree, the ~iortgagors ~vill carry a policy or policies of insurance upon ! their Iives in an arr3~unt equal from time to time to the amount of indebtedness hereby sccured, mal:ing said Association benefi- { c ian• ihereunder, and that the said Association may pay the premiums for suc}? insurance (in the event the ~Iortgagors do not), ; ~ncl~ add each such pa~-ment to the unpaid balance of the l~an, as of th~ first day of the then cturent month, and it sha11 become F :~;lclitional indebtedness secureci by this mortgage payable upon demand. e ~ 17. That in the event that this mortgage be given to securc a constn~ction loan, failure on the part of the ~tortgagors or ~ their contr.ictors to complete said buildin~ in accordance ~tith Construction Loan Agreement, of e~~en date here~~~ith, or to bi~ild ~ slid constnution in :tccordance ~~~th plans and specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, ; .~ncl, at the option of thc Association, immcdiately mature the entire amount of principal~and interest hercby secwed and the Asso- ~ c i:~tion mav immediatel~~ instiiute Prxecdings to~foreclose thu mortaage. ~ 13. That thc abstract or abstracts of title covering the mortgaheci pmpert~• shall at all times, during the life of this mort- _.i~e, remain in the possession of the Association and in the event oE the foreclosure of this mortgage or other transfer of title to th~• mortga~ed property in extinguishment of the indebtedness secured hereUy, all ri~ht, title, and interest of the A~OC~~1a0i5 in ~~nd to any such abstracts oE title shall TMiss to the purchaser or grantce. ~ 19. The Association shall have the ri~ht, in its discretion, to rcc~~~ire that ihe ~tortg:igors pa~~ into thc Associatien in addi- ~ tiun to the monthly insiallments of principal and interest to be paid b~• the ~tortgagors under the note secured b~~ this mortga~e, ~ :ui ;?mouiit ec;ual to onc-h~~clfth of the ~nnual installments of am~ taxcs on the mortgaged premises lc~~ied or asscssecl- U~ an~• ~,u~-crnmental authority, and one-h~~elfth of the annual premiums for Fire and Extended Coverage insurance on the morcgageci ~ ~~rcmises as hcreinbefore rc~~~tiirecl b~• thc Ass~K•iatiun, :~nd the ~tortga~ors' failnre to make such pa~Tnents shall constitute a ciefault ~ i~ndcr this inort~aoe. ~ I\ «'IT~ESS ~t'HEREOF, the said ~tortga~ors heretmto se•t th~•ir hands and seals the d~~~ and ~•ear first abo~~e ~~~ritten. ~ ~ = Sign~d, sealed and dcli~•ered in the presence ~F: ~ ~ [~vr~r'Z( <<.r_J""^ (SEAL) ~ - Jo H. Lamplough V~ - ~ 3: - ~~3 ~ ~j ' l. . . / ' . . , . . _ _ . f . ( SEAL ) ~ (SF.ALI ~ (SEAL) g:? { W I T NESSE S j ; MORTGAGORS) ~ ~ ~ EOOr~~U ?A!': ~ Y - . - . i : Z . ~a^-nl'K.- t ~ - ~R'~` C y S~-.'~,. ~'?_.t°'x` c.~r__~ t` . . '"'?`~»=~.9~'~:~~.r