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Home My WebLink About0640 . ; 8. UnW default in the pedormance of the covenants and agrvements of this mortgage, the mortgagon shall be entitled to coUect the rents, issues andprofits frocn the premises hereinbefore desc~ibed, but in case of a default in any of the terma of thu mortgage~ and the filing oE a bill to foreclose this or any other mortgage eacumbering the within described pcoperty, the Association shall immedi~tely and without notice be e~titled to the appointment of a Receiver of the mortgaged property, and of the rents, issues and profits thereof, with tbe usual power of Receivers in such cases, snd such Receiver may be continued in pos,,ession of the said property until the time of the snle thereof under such foreclosure, and until the confirmation of such sale b~~ the Court. 8. If a c:.;:.~ ..!:::.:'.3 ~^^=a- •lu• ~*r~,toavcu~s of the aremises herein described, or any part thereof, without . the written cor~sent o~ the Association, and ~vit~iout ussumption in regular Eorm nf~l~w by the. guttee of the obligations M the Asu~ciation creuted by said promissory note'and this mortgage, then~ and in that event, and at the option of the Association. :?nd .vithout notice, all sums of mc?ney secareci hereby shall immediately and concurrently with such rnnveyance beoome due and payable-snd -in default. _.The_ Asaociation may d~ with succe3sors in interest ~vith rcference to this mort$age aAd the debt hereby secured in the same a~annrr-as with the mortgagors, and may forbear io sue or may estend time for payment of ~he debt, secured hereby, or otherwise act without dischargu~g or in any wav affecting the liability of the mortgagcus hereunder or upon the debt - hereby secured. The Assoc~iation may alco deal ~vith the Mortgagcsrs And/or with suc~cessars in interest with reference to this mortgage and the debt hereby secured by forbearing to sae, eactending the time for payment of the debt, providing for differei?t monthly payznents and/or a d~fferent intetest rate and by other express modifications of the contract without losing Any priorit~• the Association has over other morigagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the Aswciation shall have the right to demand thai all damages awarded for the taldng of or damages to saici premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereoa. 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of ii~e ubli~ntion s~-ured herchy stt~!! at ang ti:7ss them~fter be held ccs be a waiver of the ter~res or of ihe instrument secured hereby. 12. If forec]osure proceedings of any seeond mortgage or.second tnut deed or any junior lien of sny kind should be insti- ~ociation-mar-at-its-option,-immediately-oF-thereafter-declare this mo~igag~ancLthe ind bt~u~_~_u~d hete~y_ due and payable. ~ 13. To the extent of the indebteclness of the Mortgagors to the Association dE.ccribed hercin or secured hereby, the Assa- ciation is hereby sabrogated to the lien or tiens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other er~cumbranee on ihe land described herein which is paid and(or) satisfied, in a•ho]e or iu part, out of thep of the loan described herein or secure<1 hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s}~~~ to and be held by the Association herein as security for the indebteclness to the Associatian herein described or hereby secured, to the same e.c!ent that it wouId have been preserved and ~vould have been passed to and been held by the Association had it becn duly and regularly 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 beiAg the intention of the Frarties hereto that the same will be sa5sfied 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, and expenses including lawyer s fees~ reasonably incurred or paid at any time by the Association, because of the faiteue of the ~fortgagars ta ~rforsn, comply with and ~bide by each and every stipula- tions, agreements, conditions and covenants of said promissory note snd this deeci, or either, and every such payment shall bear interest from date at the rate statecl in the note secured herebv. 15. That he will permit, commit, or suEfer no waste, impairment, or deterioratian of said property or any part ihereof; and in the e~ent of the failure of the Mortgagors to keep ihe buildings on said premises and those to be erected on said premises, or improvements thereon in good repair~ the Association may make and pay for such repaus as in its discretion it may deem necescary 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 installmenis as !he Assoeia- tion may determine, and every such payment shall bear inierest from date at the rate stated in the note secured hereby. 16. That if the Association and ihe liortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arZeunt eciual from time to time to the amount of indebtedness hereby secwed, making said Association benefi- c~iary ihereunder, and that the said Association mayp~ y the premiums for such insurance (in ihe event the \iortgagors do not), and add each such pay~rnent to the unpaid balanee of the loan, as of the first day of the then ciurent month, and it shall become additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a'construction loan, failure on the ~rt of the ~iortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said consiruction in accordance with plans and specifirations filed ~vith the Association, shall constitute a breach of this mortgage, ' and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and ihe Asso- ciation may immedi.ltely institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstr:tcts of title covering the mortgafied property shall at all times, during the life of this mort- ; ~~age, remain in the possession of the Association and in the event of the foreclosnre of this mortgage or other transfer of title to : the mortgaged property in extinguishment of ihe indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in ; and to any such abstracts of tide shall ~?ss to the purchaser or grantee. i l9. The Association shaU have the right, in its discretion, to require that the riortgagors pay into the Association in addi- tion to the monthly installmentr of principal and interest to be paid by the ~fortgagors under the note secured by this mortgage, € an amount..s~uai to_one-hveifth of the annual_installments of any taxes on the mort aged premises levied or assessed by any : _ - : governmental authority, and one-twelfth of the annual premiums for Fire and- Exten ed Coverage insurance on the mortgaged ; premises as hereinbefore required bv the Association, and the !~tortgagors' failure to make such payments shall constitute a default ~ under this mortgaoe. i I1' WITNESS ~VHEREOF, the said Mortgagors hercunto set their hands and seals the day and year first above written. Signeci, sealed and delivered in the presence of: 3 y,~ `1 _ - . ~ EA ; . - ' - -r% ~S L) ` ' • ~oseph auria, Jr. ! _ : , ~ ~ s / ~ ; ~..r-KL': 1~-'. ~ /.;~fi ~L~'J - - - - (SEAL) ~ ~ Audrey A. Lauria : c ` ~ ~~t~.._ ~ \ C.~SEAL) _ ~ ~ = - - - - - - - ~SEAL) (WITMESSfS) (MORTCiAGORS) 3 BooKzls F~~~ s j 39 ~ _ . - ~ . . . . - -;3~z