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Home My WebLink About0884 S. UnW default in the perEormance of the covenants and agr~rmen~s of this n~ortg;~ge, the nwrigagors shall be entided t~? co]]ect the rents. issues and profits from the premises hereinbeEoro describecl, but i~ rsse of a default in any of the term~ of this mortgage, And the filing of a bill to forec:lose this or Any other mortgage encambering ihe ~vithin described pro~Cty, the :lssociatian shall immedi~telv s~nd wit}~out notice ba entitleci to the appointment of a Receiver of the mortgaged property, and r,f the rents, is,cues and profits thereof, ~~•ith the ucual power of Receivers in such e:ises, ~nd sueh Receiver may be eontinueci ~n possessian of the said ~ropert~~ until the time of the sa1.: thercof under such forectosure, anct until the confirmation of such .ale b~~ tlx: Court. 9. lI a cpnve}-ance should be made by the mortgagors qf the premis~~s herein described, or uny part thereof, without ?h~~ ~vritten consent of the Association, And ~~~tha~t assiimption in rcgular form of la~v by the grantee aE the obligatio~u to the ~.u?ciation created bv said promissory note and this mort gage, then, anei in tl~.zt event, and at the option af tt:e Asscx•iatiuu. :in~l ~~~thout notice, ull sums oE mone~• secvreci hereby shall immeciiately and a~ncurrently with such cYmveyance becume due uucl ~~ayable and in default, The Association may deal with successors in interest ~vith reference to this murtgage and the debt hereb~• secured in the same mannrr as ~vith the mortgagors~ and may Eorbeur to sue or may extend tin~e fur p:iyment c~f the debt, securei~ }eercby~, or othenvise act w~thout discha~ ?ng o~ in :?ny ~~•a~~ affecting the li:ibility of the mortgagurs hereunder or upon the debt hemby secured. The Association may also deal tvit~t the ~liortga~ors aod/or ~vith succ~~sors in interest ~vith reference to this mortgage ~nd the debt hereby secwed bv forbearing to suc, extending the time for payment oE the debt, providing for different monthly p:tyments and/or a different interest rate, and by other express mcxlifications of the contr.ict, ~vithout losing any priorit~• the Association has over other mortgagees or licnon or holclers ~if any junior interests in the property seciired hereb~•. l0. That in the event the pmmises hemLy mortgaged, or any part thereof, shall be condernned aud taken for {~ublic use cfamages t~1id premeimses shall be paid! o the~Associat on, its sutccessorshor a SiGns~up to the a ou t unpaido f thu mod~age and mav be npplied upon thg payment or payments last payable thereon, 11. It is specific~ 8y agrec~ that ti:ne is the essence of this contract ancl that no waiver of any obligation hereunder or of tt?e ot~ligation secured"hereby shal) at any time thereafter be held b be a~vaiver of the tern?s or of the instniment secured hereby, 2?. If foreclosnre proceerlings of any second mortgage or sernnd tnut deed or any junior lien of any kind should be insti- tntcd, the Association may 1t its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due :?nd payable. - 13. To the extent of the indebteciness of the Aiortgagors to the Association described hercin or secureci hetnrby, the Asso- ci:~tion u hereb}' subrogated to the lien or liens and to the rights of the o.vnc•n and holders thereof of eaeh and every mortgage, licn or othrr ei~cumbrance on the land described herein which ic paid an~l(or) satisfied, in ~~•hole or in part, out of the proceecls .~f the lazn described herein or securc~l hereby, and the respecti~~r liens of s:~id mortgages, Iiens or other encumbrances, shall~ass c~~ and be held b~• the Association herein :?s security for the indebteclness to the Assxiation herein described or hereby secured, to thc sume ex!ent t3iat it ~~~ould have been preserved and »~ould have been passc~cl to and been held by the Association had it been ~luly and regularh• assigned, transferred, set over and delivered unto the Associ<<tion by separate deed af assignment, noh~it}?stand- ing the faM that the same may be satisfied and cancelled of record, it bcing tttie intentio~i af the ~rties hereto that the same tvil! l~e sa5sfied and cancelleci of record by the holders thereaf at or about the time of the r+ecording of this mortgage. I4. To ~ray all and singvlar the eosts, charges, and expenses including la~~yer s fees, reasonably incurred or paid at a~iv ti?ne br the Association, because of the failure of the ~tortgagors to perfonn, comply ~vith and abide bv each and everv stipula- tiuns, agreements, conditions and coven.lnts of said pmmissory note and this deeci, or either, and everv~ such pa~ment shall bear interest from date at the rate statecl in the note seeurecl herebv. I5. Thut he ~~~tl permit, commit, or suffer no ~vaste, impairment, or deteriuration of said pmperty or an~• part thereof; :+n<l ii~ the c~~ent of the failure of the r~ortGagon to keep the buildin~s on ~,~id premises and those to be erected on said premises. ~~r impro~•ements thereon in goocl repair, the Association may make and pay Eor such repain as in its discretion it may deem nccessary for the proper preservation thereoE, and the full amount of such pa~Tnents shall be secured by the lien of this mortgage ;~nd shall at the option of the Association be immc*ciiately due and payable, or ~ayable in surh monthly installments as the Associa- ti~,n may determine, and everv sueh p.zyment shall bear interest from date at the rate statecl in the note seeurecl hereby. 16. Tl~at if the Association and the ~tortgagors agree, the 4tort~agors ~~ill carry a policy or policies of insurance upon the•ir lives in an arr~~mt eq~i31 from time to time to the amount oE indebtedncss hereby sccwed, mat:ing said Association benefi- . i:in- t6ereunder, and that ti~e s.1id Association maypa y the premiums for suc}, insuranre (in the event the \Iortgagors do not), .~nc1~ add each such pa~~nent to the unpaid balance of the loan, as of the first day of the then currrnt month, and it shall becomc :ulctit~~nal indcbtedness secured by this mortgage payable upon demancl. 17. That in the event that this mortgagc Ue given to seciire a constn~ction loan, failure on the part of the \fortgagors or their contractors to complete said buildinn in accordance with Constructiun Loan Agreement, of e~•en date hereu-ith, or to build ~aicl constructian in accordance ~~7th plans and speciiications filecl ~.•itli the Association, sl~all constitute a breach of this mortgage, ~n<l, at the option of thc Association, immediatelv mature the entire amotmt of principal and interest hercby secured and the Asso- ~ i:ition may immeciiatelv instiiute proceeclings to~foreclose this mor!~age. ~ 13. That the abstract or abstracts of tiHe co~•ering the mortgancYi pro~x~rt~• shall at all times, during the life of this mort- ' _:i~c, remain in the possession of the Assc~ciation and in the event oi tl~c foreclosure of this mortgage or other transfer of title~ ! th~~ mortga~ed property in extinguishment of ihe indebteclness sccured hcreb~•, all ri~ht, tide, and interest of the ~tortgagon in ~ :~nd to an~~ sach abstracts of tide shall pass to the purchaser or grantee. ~ i 19. 'The Association shall have the right, in its discretion, to rcc~uire that the \Tort~xgors pay into the Association in addi- ; ti~~n io the monthiy installments of prineipal and interest to be paid br the ~tortga~ors under the note secured bv this mortgage, ? .~n :irnourit eqval to one-hvelfth of the annual installments of anv t:ixes on i1?e mortgageci premises 1eti~ied or assessed by an~~ ' <,uvemmental aathority, and one-h~•elfth of the .innual premiums for Fire and E~tended Coverage insurance on the mortgageci t }~remises .~s hereinbeEore re~ieired h~~ the Asscxiatiun. and the ~1ort~a~ors' f:ulnre to make sueh pa~Tnents shall ecsnstitute a defaidt ! under this inortga~e. ` I\ ~t'1T\ESS 11'~IERE(~F, the saitl ~tort~a~nn hereunto sc•t tlu~ir hancls and seals the d:~~• and ~•ear first abo~•e ~rritten. ~ n~d ed and d~u er in~},e~resencc of: ~d ~omas M , ~arko . t ~ 1 --J L~ ~C `~t,~'~y7111C" M ~ ~ ~~--'`lSEAL) T omas , a ko , , ~ n , ~e[-t« ~.~~~`tC'L ~L~t~ ~ • VG i w~!/' / / JGv~il~-?~ (SEAL) A~ to Aru1a~IN ar]~`o. _ Anna ~arko ' ' ~ , I~~Z t ' ~ < < l - f- t ~ ~ -d ~ f SEAL) ~ , • C~C~~~/C'~c.~7 ~ ~~~c'~.- (5EAL) (WITNESSES? ~ {MORTGA(',ORS) 3 S i 2i6 884 _ , _ ~ ~~~~K, s : ~ - } r _ _ _ y ~ ~ _ ~ . . ~