HomeMy WebLinkAbout0179 c
8. Until default in the perfotmance of the covenants and agrcements of this mortgage, the mortgagors shall be entitted
tu colleet tEie re~ts. issues and profits from the premises hereinbefore d~st'ribed, but in case af a default in any of tbe temu of
th;s mortgage, and the filing of a bill to foreclose this a~ any other mortgage encumbering the within described prope~ty~ the
.~ssociation shall immediately and without notice be entided to the appointment oF a Receiver of the mortgagedproperty, and
uf the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be eanti~ued
~n poa~ession of the said proped~~ untit the time of the sale thereof nnder such forecloswe, and ~ntil the confirmation of such
..z1c b~• the Court,
8. lf a conveyance should be made by the mortgagors of the premisu herein deacribed, or any part thereof, without
ch~• written crnisent of the Association, and without acsumptio~ in regular form of law by the grantee of the obligations to the
~.wciation created by said pmmissory notc and this mortgage~ then, and in that event, and at the option of the Assoriation.
;~~id ~vithout notice, all sums of money sec~ired hereby shall immediately und concurrentlv ~vith such rnnveyance become due and
~~ayable and in default. The Association may deal with succ~ssors in intetest ~vith reference to this mortgage and the debt hereby
,erured in ihe same manner as with the mortgagors, and may forbear to sue or may extend time for ~yment of the debt, secureci
1~ereby, or othem~ise act without discharguig or in any way affecting the liability of the mortgagots hereunder or upon the debt -
l~ereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with refereace to this
mortgage and ihe debt hereby secured by forbearing to sue, Pactending the time for payment of the debt~ providing for different
monthly payments and/or a different interest rate, and ~ other express modifications of the contrnct, without bsin any priont~• - -
the Association has over other ino2i~ a ees oi lienors or ho ders of ~an ~ unlor~Interest3 itj' tZ?+~- to rtv-secured-here
88 Yi-.- ~ ~
l0. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use
?~nder the po~ver of eminent domain, the Aswciation shall huve the right to demand that all damages awarded for the taking of or
ciamages to said premises snail be p~id to the Association, its successon or assiGns, up to the amount unpaid on thu matgage and
mav be apptied upon the payment or payments last payable thereon.
i l. It is specifically agreecl thai time is the essence of this contract and that no waiver of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of ihe ternu or of the inst~vment secureci hereby.
12. If foreclosure proceedings of any second mortgage or second tnut deed or any ~unior lien of siny ldnd should be insti-
tutcd, the Association may at its option, immecliately or thereafter dectare this mortgage and the indebtedness secuned hereby due
:~nd payabte. '
13. To the eactent of the indebtedness of the Mortgagors to the Associatioa deuxibed hercin or secureci hereby~ the Asso- _
ciation is hereby subcogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage. ~
licn or other er~cumbrance on the land described herein which ic paid and(or) satisfied, in ~hole or u~ part, out of the prooeeds _
~~f the ioan described herein or secureci hereby, and the resPectivc liens of said mortgages, liens or other encwmbraneGS, shallpa
t~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, o
thc same ex!ent that it would have been preserved and arould have been passecl to and been held by the Association had it been '
~iuly and regularly assigned, transferred, set over and delivered unto the Assoc;ation by separate deed of assignment, notwithstand-
~ng the fact that the rame may be satisfied and canc~elled of record, ii bcing the intention of the p~rties heTeto that tha same will
be sa~sfeed and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. -
14. To pay all and singular the costs, charges, anci expenses including lawyer's fees, reasonably incurred or paid at anv
time by the Association, because of the failure of the I?fortgagors to perform, comply with and abide by each and every stipula-
tiuns, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear
interest from date at ihe rate stated in the note secured hereby.
15. That he will~e rmit, commit, or suffer no wazte, impairment, or deterioration of said property or any pact thereof;
:~nd in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on s~1id premises,
+u impro~ements thereon in good repair, the Association may make and pay for such repairs as in its diccretion it may deem
necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage
and shall at the option of the Association. be immediately due and payable, or payable in such monthly installments as the Associa-
tion may determine, and every such payment shall bear interest from date at the rate stated in the note seciued hereby.
16. That if the Association and the ,tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
their lives in an a~unt equat from time to time to the amovnt of indebtedness hereby secured, making said Association benefi-
ciary ihereunder, and that the szid Association may pay the premiums for such insurance (in the event the 1ltortgagors do not),
.~nd add each such pa}~nent to the unpaid balance of the loan, as of the first day of the then civrent month, and it shall become
aciditional indebteciness seeured by this mortgage payable upon demand.
17. That in the event that this mortgage be given to secure a construction loan, failure on the ~ut of the ~1~ortgagors or
their~ rontractors to complete said building in accordance with Construction La~n Agreement, of even date herewith, or to build
~aid construction in accordance ~vith plans and specifications filed with the Association, shall constitute a breach of this mortgage,
:u~d, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso-
ciation may immediltely institute proceedings to foreclose this mortgage. ~
18. That the abstract or abstracis of title rnvcring the mortgafieci property shall at all times, during the life of this mort-
~;age, remain in the possession of ihe Association and in the event of the foreclosure of this mortgage or other transfer of title to
the mortgaged property in extinguishment of the indebtedness securecl hcreby, all ri~ht, title, and interest of the htortgagors in
and to any such abstracts of title shall pass to the purchaser or grantee.
29. The Association shall have ihe right, in its discretion, to re+quire that the :liortgagors ~y fnto the Association in addi-
tion to ihe monthly installments of principal and interest to be paid by the ~tortgagors under the note secureci by this mortgage,
:u, amount equal~to one-hvelfth of the annual installments of am~ ta.r-es on the mortgaged premises levied or assessed by anv
~nvemmental authority, and one-hti•elFth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged
~~remises as hereinbefore recJuired b}~ the Association, and the ~tortgagnrs' faile~re to make such payments shal) constitute a default
under this mortgage.
IN WITNESS ~4 HEREnF, the said ~tortgagors hereunto set their hands .~nd seals the da~• and vear first above ~vritten.
Signed, sealed and deli~•ered in the presence of:
r~''7~ - =-!t ti' . , _ ' ' . - ' J' ~
. ~ - . _ _ _ ~~EAL)
~ es Le Sp ~ „
_ . I'-~- ' ~ - cr ~ t.~1~ Gt.,/~~L/
( SEAL )
- vS J J r i~
_ -
(SEAL)
- - - . (SEAL) _
(W ITNESSES) (MpRTGAGORS)
228 P1,~~ ~9 -
. ~'~Y