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HomeMy WebLinkAbout0706 8. UnW default in the performancc of the covenunts and agr~~ments of dus mortgage, the murtgagors shall be entitled to collect the rents, issues and profits from the premises hereinbeforo descritxd, but in case of a default in any of the terma oE this mortgage, and the filing of u biA to foreclose this or any other mortgage encumbering the within described property, the ~~ssociation shall immecliatelv and without notice be entitleci to the uppointment of a Receiver of the mortgaged property, and of the rents, issues and pro~its thereof, N~ith the usual power of Receiven in such cases, and such Receiver may be rnntinued in ~SSession of the said pruperty until the time of the sa2e thereof under such foreclosure, and until the confirmation of s~x•l~ .~lc bv the Court. 9. If a c~m•eyance shuuld be made by the mortgagors of the premises hercin described, or any part thereof, without th~~ ~vritten consent of the Association, and «ithout assumption in reg~~lar form of la~v by the grantee of the obligations to the \.ux~iation created bv said promissory note and this mort gage, then, and in that event, and at the option of tl~e A~u?ciatiuu. .,nd ~~~thout notice, all sums of m~nev securecl hereby shall immediately and concurrently ~vith such rnnveyuue becarne due ancl ~~~.~ble and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the clebt herebv securcd in the same manner as w•ith the mortgagors, su?d may forbear to sue or may extend time Eor payment of the debt, secureci hereby, or othenvise act wzthout discha~gu~g or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Assoeiation may also deal with the Mortgagors s?nd/or with succc~ssors in interest with reference to this mortg.~ge and tho debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ~nonthly payments and/or a different interest rate, and by other expr~ss moclifications of the contr,?ct, ti~•ithout losing any priorit~- the Association has over other mortgagees or licnors or holders of any jw~ior interests in the pro~erty secured hereby. 10. Th~t in the event the prrmiscs hcreby mortgagecl, or any part thereof, shall be condernned and taken for public i~se under the pc~wc~r of eminent domain, the Assc~cialiun shap have the right to demand that all damages awarded for the taking of or damages to saicl pmmises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and ma.• be npnlied upon the ~~~ment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obugatiun hereunder or of tl~c ol~ligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceeclings of any second mortgage or second trust deed or any junior lien of uny kind should be insti- ~ci, the Association may at its option, immecliately or thereafter cieclare this mortgage and the indebtedness secured hereby due d pa~~ablc. 13. To the extent of the indebteclness of the :ltortgagors to the Association descsibed herein or secureci hereby, the Asso- ~ iation is hcreb~• s~brogatecl to the lien or liens and to the rights of the o~~~nen and holden thereof of each and every mortgage, li~•n or othrr eucumbrance on the land described herein ~vhich is paid an~l(or) satisfied, in whole or in part, out of the proceeds ~~f the la~n described herein or securecl hereby, and the respectivc liens of said modgages, liens or other encumbrances, shall pass r~~ :?ncl I~c held b~• the Association herein as security for the indebted~~ess to the Assxiation herein described or hereby secured, to th~~ wme cx!rnt that it ~~rould have bcen preserved :?nd ~~•ould have heen passed to and been held by the Association had it been ~1u1~• and mgularly assi~necl, transferrcd, set o~~er and delivered unto thc Associxtion by sepamte deed of azsignment, nohvithstand- in~~the fact that the same may be satisfiecl and cancelled of record, it being the intention of the parties hereto that the same ~viA l~e sa:isfied and cancellecl of record by the holders thereof at or about the time of ihe recording of ihis mortgage. 14. To p:?y all and singular the costs, charges, and expenses including lawyer s fees, reasonabh• incurrec] or paid at anv ti~ne bv the Association, hecause of the failare of the ~tortfiagors to perfonn, comply ~vith and abide by each and every stipula- tiuns, agreements, conditions and co~~enants of said pmmissory• notc and this cleed, or eithcr, and everv such pavment shall bear intemst from date at the rate stated in the note secumd hereb~•. 1~. That he ~vill permit, commit, or suffer no waste, impairment, or dcterioration of said pmperty or an~• ~rt thereof; :~ncl in the event of the failure of ihe Atort~agors to keep the buildings on s~id premises a~~d those to be erected on said premises, ~,r impro~~ements thereon in good repair, the Association may m:tke anci pay for such repairs as in its discretion it mav deem tiecessary for the proper preservation theceof, and the full amount of 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 as the Associa- ` t inn may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. E 16. That if the Association and the ~tortgagors agree, the !~torigagon will carry a policy or policies of insurance upon thcir lives in an arri~unt equal from time to time to the amount oE indehtedness hereby secured, making said Association benefi- ~ i;?n• lhereunder, and that the s.lici Association may pay the premiums for such insuranee (in the event the \tortgagors do not), ~ ~ncl add each such p1~-ment to the un~aid balance of the loan, as of the first day of the then current month, and it shall becomc: ~ a~lditional indebtedness secured by th'u mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to securc a constn~ction loan, failure on the ~art of the ~tortgagors or tl~eir contractors to complete said builciing in accordance a~•ith Constn~ction Loan Agreement, of even date here~vith, or to bt~ild .:~id c~nstruction in accordance «~th plans and specifications filec! ~~•ith the Association, shall constitute a breach of this mortgage, ~ ,:,~d, at the option of ihc Association, immediateiy mature the entire arnrnmt of principal and interest hercb~~ secured and the Asso- ~ ci<<tion may immediately i~utiiute proceedings to foreclose this mortnage. ~ ~ 13. That the abstract or abstracts of title covering the mortga~cci propcrty shall at all times, during the life of this mort- ~ remain in the posscssion of the Association and in the c~•ent of thc forcclosure of this mortgage or other transfer of title to thc mortgaged propcrty in extinguishment of ihe indebtedness secnrecl Z;creby, all ri~ht, tide, and interest of the rlortgagors in ,u~d to an~• such abctracts of title shall pass to the purchaser or grantee. ~ 19. The Association sha11 have the rio}:t, in its discretion, to rec~i~ire that the ~tortg~gors pay into ihe Association in addi- !u~n to the monthlv installments of principal and interest to Ue paicl bv the \tortgagors under the note secured by this mortgage, ~ :,r~ :imount ec;ual to one-hvelfth of the annual instaUments of anv tases on ihc mortga~ed premises levied or :?ssessed b~~ anv ~~~n~en~mental authority, and one-hr•eifth of the :innual premiums for Fire and Extended Coverage insurance on the mortgagcil ~ ~~rc~misec as hereinlx~fore re~uimcl b~• the ASSOCI:?tiun. :~nd the ~tortha~ors' failnre to make such pa~•ments sh:~ll constitute a default nnclcr this rnortt~a~e. ~ ~ I\ ~t'IT\ESS ~~'IIEREnF, the said ~tort~:~gnrs hereuntu se•t thi•ir ~iands :uul seals the da~• and ~•ear first abo~'e wTitten. ~ - Si~nrd, seale.~ and dcli~•ercd in the prescnce of: . _ ~ ~ ~ ~ `~I Y-- - / _ ~ • ~ tc j« L~ 1 ~ C ry~ A, . . _ / " (SEAL) ~ c , , , ~ - } , . . ~ ' ~ ~ R. K~i[iey °~~~ker ~ ~ r . ~ 1 SEAL) . ~ r ~ ~-Z C.z- .fit~ ~ 1 ~~L~- ~ _~`AI. ) _ _ i. ~ ~ . t:'~ ~ Eli~abeth Baker ~ ~ h ~i . ~ _ <<_ . ~ , ; . ~ ~ • ( SEAL) - ~ (WITNESSESi ` (MORTGAGORS) ~ ~o~K21~ ~A~~ 7(~6 ~ ~ ~ - - - ~ ~ : ; ~ ch ~-~-N ~ ~ ~ ~ . s ~ , . .