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Home My WebLink About0410 . A. Until default in the periormance of the covei~ants and agr~~cme~ts of this mortgage, the mortgagors shall be entidcd tu collect the rents, issues and profits from the premises hereinbefora described, but in case of a default in aay of the terma of this mortgage, und the filing of u bill to foreclose this or any other mortgage encumbe~ing the ~vithin described property, the .~ssociation shull immecliatrlv :?nd withaut notice be entitlecl to the ap~~ointment of a Roceiver of the mortgaged roperty, and uf the rents, issues and profits thereof, ~vith the usual power of Receivers in such rases, snd such Reaeiver may ~ continued in pos;ession of the said propert~• until the time of the sale thereof uncier such foreclosurQ, and until the confirmation of such .alc b.• thc Court. 9. lf a c~nveyance should lx made by the mortgagors of the premises hercin described, or any part thereof, ~vithout the ~ti~ritten consent of the Association, and ~.ithout :usumption in re~ular form of 1a~v by the grantee of th~ obligations to the 1.~ociation createci b~• said promissory note and this mortgage, thr~i, and in that e~~ent, ancl at the option af the Ass~xi~~tiuu. :~n~l ~~~thmit notice, all sums of money secared hereby shall immecliately and concurrentlv with such cnnveyance become due and ~~yuble and in default, The Association may deal with successors in intemst ~vith reference to this mortgage and the debt hereb~~ ser.ured in ihe same mannrr as ~rith the mortgagurs, and may forbear to sue or may extend time for p.lyment of the debt, securecl hercby, or other~~•ise act K~chout discharguig or in any ~~~ay afEecting the liability of the mortgagurs ]~emunder or upon the debt hcreby secwed. The Association may also deal ~vith the ~lortgagors and/or ~~~th successors in interest ~vith reference to this mortgage and the debt herebv secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly paymcnts and/or a different interest rate, and by other express modifications of the contr,ict~ without losing nny priorih• the Association has over other morig~gees or lienors or holclers of any jwiior interests in thc pm~erty secured hereb~•, l0. Thnt in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use uncler the po~ver of eminent domain, the Assixiatiun shall have the right to ciemand that all damages a~varded for the taldng oE or damages to said pmmises shaU be paid to the Association, its succrssors or assiGns, up to the amount unpaid on this mortgage and ma.~ be npnlied upon the pa~~ment or payments last payaUle thereon. _ 11. It is specifically agreed that time is the es.cence of this contract and thai no ~vaiver of any obligation hereunder or of tt~e obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. 1?. If foreclosure proceeclings of any second mortgage or second tnist deed or any junior lien oE any kind should be insti- tuteci, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~•able. 13. To the extent of the indebteclness of the ~iortgagors to the Association descT'ibed hemin or secureci hereby, the Asso- c•i:?tion is hereb~~ subrogated to the lien or liens and to the rights oE the o~vnen and holders thereof oE each and every mortgage, licn or~other eucumbrance on the land describecl hereni which is paid an~l(or) satisfied, in ~~~hole or in part, out of the proceeds ~~f the loan described herein or securecl hereby, and the respecti~~c liens of said mortgages, liens or other encumbrances, shallpass t~~ and he held by ihe Association herein as security for ihe indebtediiess to the Assxiation herein describeci or hemby secured, to thc~ s:~me extent tliat it ~vould have bcen prescrved and ~~•ould have been passecl to and been held by the Association had it beet? clul~• and regularl~~ assigned, transferred, set over and delivered unto the Associatian by separate deed of assignment, nohvithctand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p:vties hereto that the same ~vi11 l~e sa~sfied and cancellecl of record by the holders thereof at or about the time of the ircording of this mortgage. 14. To pay al1 and singular the rnsts, charges, and expenses including lawyer's fees, reasonably incurred or paid at am~ i~me bv the Association, lxr.iuse of the failure of the ~fortgagors to perfonn, rnmply ~+~th and abide by each and every stipula- t iuns, agreements, conditions and rn~~enants of said promissory note and this deecl, or either, and every such pavment shall bexr intereat from date at the rate stated in the note securecl hereb~~. 15. That he ~vill permit, commit, or suffer no ~vaste, impairment, or deteriuration of saici pmpertv or an~• part thereof; ' :~nd in the cvent of the failure of the ~ltort~agors to keep the buildinQs on said premises and those to be erected on ~:iid premises, :,r impro~•ements thereon in good repair, the Association may make and pay for such mpairs as in its discr~etion it may deem nccrssary for the proper preservation thereof, and the full amount of such pa~~ments shall be secured by the lien of this mortgage :~nd shall at the option-of the Association be immecliately due and payable, or payable in such monthly installments as the Associa- ti~~n mav determine, and even~ such payment shall bear interest from date at the rate stated in the note secured herebv. ~ 16. Z'hat if the Association and the ~tortgagors agree, the riortbagors ~vill carry a policy or policies of insurance upon ~ their lives in an arri~vunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ .ian• iheretmder, and that the said Association may pay the premiums for such insurance (in the event the ~Iortgagors do not), I .~ncl add each such p~~~nent to the unpaid balance of tl~e loan, as of th~ first day of the then current month, and it shall become ~ aclditional indebteciness secured by this mortgage payable upon demand. ~ 17. ?hat in ihe event that this mortgage be given to secure a constniction loan, failure on the part of the ~tortgagors or g thcir contractors to complete said building in accordance «~th Construction Loan Agreement, of e~•en date here~~•ith, or to build k s~id construction in accordance ~~~ith plans and speciEications filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ :~~d. at the option of the Association, immediatelv mature the entire lmoimt of principal and interest hercby seeured and the Asso- ~ c i.~tion may immediatelv institute proceedings to ~foreclose this mor!~age. ~ ~ 13. That ihe abstraet or abStraets of title eavering the mortga~c~ci propert~• shall at all times, durin~ the life oE this mort- ~ ~~a~c, remain in the possession af the Association and in the event of the foreclosure of this mortgage or other transfer of fide to the mortgagcd properiy in extinguishment of the indebtedness securecl hcrel~v, all ri~ht, tide, and interest of the ~tortga~ors in and to any such abstracts of title shall pass to the purchaser or griniee. ~ 19. The As.sociation shall have ihe right, in its discretion, to rcquire th:?t the ,liortgagors pa~• into the Association in addi- - ~ tiun to th~ monthlv installments of principal and interest to be paid b~• the ~tortgagors under the note secured bv this mortgafie, rn :~mount e~ual to one-h~~elfth of the ~nnual installments of an~• ta~es on the mortgaged premises le~~ieci or assessecl bv an~~ ~ «o~•ernmental authority, and one-h~•c1fth of the annual premiums for Fire and Extendeci Coverage insurance on the mortgagccl ~ ~~rcrnises as hereinbefore requir~Yl b~• the Asx~ciatiun, and the \tortga~ors' (ailnre tu makc such pa~•ments shall c~mstitute a default ~ undcr this mortfiaae. - ~ I\ ~VIT\ESS ~\'HGREC)F, the said ~tortga~nrc. h~reunto sM thrir hancls a~ticl seals the dav and vear first above «~ritten. Sign~~cl, ~ealed and dcli~•erecl in the prescnce u(: i ~ ~ ~ , ~ - ; • ~ ~ ~ ~ ,'CC/1`~-~ • ~ .ss~.~~~ • (SEAL) F': ~ ~ ~ Walt r A eynolds / ~ , Y: c _ i:% - ~ ~ - ~~-r~~~•= ~ ~ ~n~~~_ _ . ( SEAL) ~~cia . Re ol s tY ~ (SEAI.) ~PK y~: rv ( SEAL) ~ (WITNFSSES} iMORTGAGORS; ~ ~ 6~~216 ~A~~ 4~0 ~ ~ ; ~ _ ~ ~ s^s"~~'`~-ie - _ z ~ - ~'e . . ~ ~ ,.M _ - . . . x~ ~u.s