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HomeMy WebLinkAbout0691 8. Unt;l default in the performance of the covenants und agrctiments of this mortgage, the mortgagors shall be entided to collect the rents, issues and profits from the premises hereinbefora described, but in case of a default in any of the ternu of this mortgage, und the filing of a biU to foreclose this or any other mortgage c~cumbe~ing the ~vithin ciescribed prope~ty, the :~ssociation shall immediately 1nd without notice be entided to the appointment of a Receiver of the mortgugedpro perty, and of the rents, issues a~d profits thereof, ~vith the usual power of ReceIvers in such cases, ~nd such Receiver may be continued in ~ession of the said propert~• until the time of the sale thereof under such foreclos~ue, and until the confirmalion of suci~ .:ilc b~• the Cottrt. 9. lf a conveyance should be made by the mortgagors of the premiscs herein described, or any part thereof, without th~• ~vritten consent of the AssociaNan, and ~~~thout assumption i~ rcgular forni of la~v by the grantee of th~ obligations to the ~.sucu?tion created bv said promissory note and this mortgage, then, and in that event, and at the uption af ihe Association. :uul ~~~thout notice, all sums of monev secnred hereby shall immediately a~d rnnci~rmntly with such rnnveyance bec.'ome due und ~ki~:~ble and in default. The Associatian may deal with successors in interest ~vith reference to this mortgage and the debt herebv socured in the same munnrr as w~ith the morigagocs, and may forbcar to sue or may extend time for payment of the debt, securecl hereby, or othenvise act ~~ithout discha~gu~g or in any ~~•:?y affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal ~vith the Modgagors and/or ~vith succcssors in interest with reference to this ~nortgage and tho debt hereby secured by forbearing to sue, extending ihe time for ~rayment of the debt, providing for different rnonthly ~ayments and/or a different interest'rate, and by other express mudifications of the contr.ict, ~vithout losing nny priorit~• the Association has over other morigagees or lienors or holders of any jw~ior interests in the property secured hereb~•, 10. Thnt in the event the pmmisec hcreby mortRaged, or any part thereof, shall be condemned and taken ior public usc~ undcr the po~ver of emu~ent domau~, the Assuciatiun shall have the right to demund that all damages a~varded Eor the taking of or damages to said pmmises shall be paid to the Association, its succes.~rs or assiGns, up to the amount unpaid on thu mortgage and ma.• be ap~lied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this rontract :ind that no ~vuver of any obligation hereunder or of tlie obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instnunent secured hereby. 1~. If forerlosure proceedings of any second mortgage or second tnut deed or any junior lien of sny ldnd should .be insti- t~~tccl, the Assaciatioa may at its option, immecliately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~•able. 13. To the extent of the indebteciness of the ~lortgagors to the Association described herciii or sea?red lien~by, the Asso- ci:?tion is hereb~• subrogated to the lien or liens and to the rights of the o~~~nen and ho7den thereof oE each and every mortgage, lic~n or other encumbrance on the land described hemin which is paid and(or) satisfiecl, in k•hole or in part, out of the proceeds ~~f the loan described herein or securecl hereb~~, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass t~~ :?nd l~e held by the Association herein :u security for ihe indebtedness to the Association herein described or hereby s~ecured, to the same cztent that it ~~~ould have bcen preserved and ~~•ould have been pasced to and been held by the Association had it been <1u1~~ and regularl~~ assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and cancelled of record, it lx ing the intention of the P:uties hereto that the same ~vill l~e sa~sfied and cancellecl 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 hv the Association, because of the failure of the ~toirtgagors to perfonn, comply ~vith and abide by each and every stipula- tiuns, samements, conditions and rnvenants of said promissory notc and this deed, or either, and everv such pavment shall be~ar interest from date at the rate stated in the note securecl hereb~•. 15. Th.d he ~vill permit, commit, or suffer no ~vaste, impairment, or deterioration of said Property or am• part thereof; ~nd in the c~~ent of the failure of the Atort~agors to keep the buildings on ~.1id premises and ihose to be erecied on said premises. ~,r impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may dePm necessary for the pmper preservation thereof, and the full amount oE such payments shall be secured by the lien of this mortgage ;~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments az the ~1.~.socia- tion mav determine, and every such Iraymcnt shall bear interest from date at the rate stated in the note secured hemby. ' 16. That if the Association and the ~fortgagors agree, the ?~tort~agors ~vill carry a policy or policies of insurance upon I their lives in an a~unt equal from time to time to the amount of videbtedness hereby secured, mal:ing said Association benefi- i ~ ian~ thereunder, and that the said Association may pay the premiums for such insurance (in the event the ~tortgagors do not), ! .~nd add each such p1~-ment to the un[~a id balance of the loan, as of th~ First day of the then curreni month, and it shall become i :~cl~litional indebtedness se^,ured by this mortgage payable upon demand. € 1~. That in the evcnt that this mortgage be given to secure a constn~ction loan, failure on the ~rt of the ~Iortgagors or their contr.utors to complete s~~id building in accordance with C~nstruction Loan Agreement, of c~•en date here«~th, or to build ~~ici construction in accordance ~vith plans and s~xcifications filed ~~•ith the Association, shall cons6tute a breach of this mortgage, -.~nd, at the option of the Association, immediately mature the entim amount of prineinal and interest hercby secured and the Asso- ~ c~iation mav immeciiately institute proceedings to foreclose this mort~age. ~ 13. That thc abstract or abstracts of title covering the morigareci property shall at all times, during the life of this mort- ~ ~.i~~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to th~• mortgaged [~roperty in extinguishment of the indebtedness securc~d }~creby, all ri~ht, title, and interest of the :~tortgagors in ~ .~nd to any sach abstracts of tide shall pass to the purchaser or grantee. ~ 19. The Association shall have tl~e right, in its discretion, to reqiiire th;it the \fort~agors pay into the Association in addi- ~ ti~m to the monthlv installments of principal and interest to be paid b~~ the \tort~abors imder the note secured b~ this mortgage, ~ .~n ;+mount c~ual to one-hvelfth of the annual installments of am• taxes on th~ mortgagecl premises levied or assessed by am ~ ~ru~•rrrnmental authorit~•, and one-h~~elfth of the annual premiums for Fire and E~tended Coverage insurance on the mortgageii ~ ~~rcmisrs as hereinbefore rerluircc! b~~ the Asuxiatiun, :~nd the ~fort~a~ors' failnre to makc such pa~-ments shnll constitute a default ss ~ 11~I(ICf t~LS IIIOf~(~*S~C, I\ \V1T\ESS ~1'IIEREnF, the said ~toriga~ors ~~creunto set tl~~•ir hands and seals the dav and r.rar first abo~~e ~~~-itten. ~ . . Signed, sealed and dclivered in the presencc of: ' ' ~ ' ~ _ ~ ( SEAL ) ~ _ Le nar . Schne - ~ 7~.'!~ ~ _ ~ ~_r . +'!L'~ , ~SEt~l.~ / ~ l/`ol ? - A Betty, ~ . Sc nell ts rsr•.aL~ - - ~ ( SEAL ) ~s ( W I T N ESSE 5) ;MOR TGAGORS) 4;:. ~ ° R 216 691 eee~ v~cE ~y ~ ~ ~ - - ~ ~ - ~ -~~.~.d_w ~ ~ q~___.~,: s...;T°°°~ i~_.