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Home My WebLink About2430 ~ 8. Until default in the perforanance of the coven:u~ts and agrccmenls of this moctgage, the mo~tgagon shall be entided to collect the rents, issues and profits from the premises hereinbefore described. but in case of a default in any of the terma of this mortguge, and the fiting af a bill to forecloao thLs or any other mortgage encumbering the within described property, the ` .~ssociation shall immediately nnd without notice be entided to the appointment of a Receiver of the mottgagedprope rty, und ? of the rents, issues and profits thereof, with the usual power of Receivers in such rases, snd such Receiver may be continued ' ;n pcusession oF the said property until the time oE the sale the~eof uncier such foreclosure~ and until the rnnfirmation of such ; .aie bv the Court. 9. If a eonveyance should be made by the moRgagors of the premis~~s herein described, or any part thereof, without the ~vritten crnuent of the Association, And ~a~thout assumption in re~n~lur form of law by the grautee of the obligations to the ~swciation created by said promissory note and this mortgage~ then, and in that event, and at the option of tl~e Assc?ci:?tion. :~n~i ~~~thout notiee, all sums of money sec~~red hereby shall immediately und concurrently with such rnnveyance beeome due and ' }>ayable and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv j secured in the same mannrr as with the mottgagors, and may forbear to sue or may extend time for payment of the debt, secureil ; hereby. or otherwise act without dischargu~g or in any ~w,ey ~ffecting the liability of the mortgagurs hereunder or upon the debt ~ hereby secured. The Assoeiation may also deal with the Modgagors and/or with successors in interest with reference to this ~nortgagc and tho debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments und/or a diffetent interest mte, and by other express moclificatioas of the contrnct, without losing any prioritr , the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. I0. Thai in the event the premis~ss hertby mort aged. or any part thereof, shall be condemned and taken for ublic use ? is g einder the po~ver of eminent domain, the Assuciation shall have the right to demaud that All damages awarded for the ' g of or damages to said premises shaU be paid to the Association, its successors or assigns, up M the amount unpaid on ihis mortgage and mav be applied upon the payment or payznents last payable thereon. 11. It is specifically agreed that time is the ~ssence of this contraM 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 the terms or of the instrume.nt secured hereby. 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any ldnd should be insti- tuted, the Association may st its option, immediately or thereafter declare this mortgage and ihe indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association d~.ccribed~ hereui or seciued hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other encumbrance on the land desrribed herein which ic paid and(or) satisfied, in whale or in part, ont of the ~~f the loan described herein or securect hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~~pa t~ and be heid by the Association herein as security for the indebtedness to the Association herein described or her~by secured. o thc same ex`ent that it would have been preserved and wonld have been passc~ to and been held by the Association had it been ` duly and regularly assigned, transferred, set over aad delivered unto the Associatian by se~rate deed of assignment, notwithstand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the ~uties hereto that the saa?e will ` i~e sa~sfierl and cancellecl of record by the holders the~eof at or about the time of the recording of this mortgage. 3 14. To pay all and singular the costs, charges, and eapenses including lawyer's fees, reasonably incurred or paid at any time by the Auociation, becauce of the failure of the rtort~agors to perform, compiy with and abide by each and every stipula- ' t ions, agreements, conditions and covenants of said promissory note and tt~is deed, or either, and every such payment shall bear : interest from date at the rate stated in the note secured herebv. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ~nd in the event of the failure of the I?fortgagors to keep the buildings on said premises and ihose to be erected on said premises, ~ or improvements thereon in good repair, the A.~ciation may make and pay for such repain as in its discretion 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 Associ~tion 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 secwred hereby, 16. That if the Association and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insw~nce upon their lives in an a~unt equal from time to time to the amount of indebtedness hemby secured, making said Association benefi- ciary thereunder, and that the saed Association may y the premiums for such insurance (in the event the ~iortgagors do not), and add each such pa~Tnent to ihe unp~ d balance o~the loan, as of the first day of the then c~urent 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 constrvction loan, failure on the part of the ;?iortgagors or their contractors to complete said building in accardance with Construction Loan Agreement, of even date herewith, or to build said consiruction in accordance with plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, .~nd, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ c•iation may immediately institute proceedings to forectose this mortgage. ~ f 18. That the abstract or abstr~cts of titte covering the mortgaheci pmperty shall at all times, during the life of this mort- ;:ige, remain in the possession of ihe Association and in the event of ihe fareclosure of this mortgage or other transfer oE tide to ~ t}ie mortgaged proPerty in extinguishment of the indebtedness secured l;ereby, all ri~ht, title, and interest of ihe Mortgagors in ; and to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. The As~ciation shail have the tight, in its discretion, to require ihat ihe ?ltortgagors into the Association in addi- E tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, i .~n amount equal~to one-hvelfth of the annual installments of any ta~,ces on the mortgaged premises levied or azsessed by any ~ovemmental authority, and one-hvelfth of the annual preminms for Fire and E_ctended Coverage insurance on the mortgaged ~ ~~remises as hereinbefore recluired b~~ the Association, and the ~lortgagors' failure to make such pa}Tnents shall consNtate a default y under this mortgaoe. ~ Ii~~ WITNESS ;VHEREnF, the said ~tortgagors hereunto set their hands and seals the day and Year first above ~vritten. k I Signeci, sealed and delivered in the presence of: 3 y ~ ~ I ~ / ' i , ' w'}~'~~.~ . _ C.`~~---~!_~G~a. ,~ei1~=-•- -(SEAL) . _ _ ( Car1..Ray ~ n e / t r!._ -C`7~~~ C_ ~~~%'~f'~~_ Z~t~%s.~t._- (SEAL) ~ ~ - ' Catherine ohnson _ _ _ - (SEAL) ; , _ . _ _ _ _ ( SEAL) (W ITNESSES) (MORTGAGORS? ; ~o~K 220 o~F 242~ -