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Home My WebLink About2760 i ~ . s , 8. Until default in the performance oE the covenunts and agroemcnts oE this mortgage. the mortgagon shall ba entitled to collect the n~r?ts. issues and proEits from the premises hereinbeEore described, but ir~ case of a default in any of tLe term~ of this mortgage~ and the filiag of a bill to foreclaae this or any other mortgage encumbering the within descxibed property. the AssociaKon shall immediately and without notice be entided to the appointment of a Receiver of the mortgagedpropcrty, and uf the rents, issues and profits thereof, with the ~uual power of Receivers in soch cases, snd such Rereiver may be oontinued ;n possession of the said property until the time of the sale thereof under such foreclosure, a~d until the confirmation of suci~ s.11e b• the Court. 9, If a conveyance should be made by the mortgaga~ss of the premises herein described, or any thereof, without ~ the written consent u~ the Association, and without ussumption in n~ular form of law by the grantee of t e obligations to the Association created by said promissory note and this modgage. then, and in that event, and ~t the option of the Asu~ciatiun, :~nd ~vitfiout notice, all sums of mcmey secnred hereby shall immediately und concurrently with such rnnveyance beoome due and payable and in default. The Association m;y, deal v~t~ r~ in interest with reference to this mortgage aad the debt hereby secured in the same manner as with the ~er~tgagors. und may: orbear to sue or may extend time for payment of ihe debt, secured hereby, o~ otherwise act without d' r ging or in any way affecting the liability of the mortgugurs hereunder or upon the debt hereby secured. The Associatio~? ma~yaaLso deal with the Modgagors and/or with successon in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, ea~tending the time for payment of the debt, providing for difEerent ; monthly paymenb and/or a different interat rate, and by other e~cpress moclifieations of the eontraM, without losing any priorih• cp the Association has over other mortgagees or lienors or holden of any junior interests in the property secured hereby. 10. Tlu?t in the evrnt the pn~cnises herEby mortgaged, or any pazt thereof, shall be condemned and taken for public use under the po~ver of eminent domain, the Association shall have the right to demand that all damages awarded for the taidag of or damages to said premis~s shall be paid to the Association, its successors or assigns, up ta the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is ihe essence of this cantrad and that no waivec of any obligadon hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the tenns or of the instrument secured hereby. 12. If foreclosure pmceedings of any second mortgage or seoond trust deed or any junior liea of any idnd should be insti- ( tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ' and payable. ' 13. To the eutent of the indebtedness of the Mortgagors to ihe Association described hereu~ or secured hereby, the Asso- c?~tion is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every moitgage, ; lien or other ei~cumbrance on the land describ~d herein which is paid and(or) satisfied, in whole or in part, out of the prooeeds : ~~f the loan described herein or securc~ hereby, and the res~ecti~c liens of said mortgagcs, liens or other encvmbrances, shaII~a ~ to and be held by the Assoc;ation herein as secr~rity for the indebtedness to the Association herein described or hereby secured, o thc same ex!ent that it would ;~ave been preserved and ~vould have been passed to and been held by the Association had it been duly and regularly assigned, transferr~d, set over and delivered unto the A.uociation by separate deed of assignment, natwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the p-arties 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 eapenses including lawyer's fees, reasonably incarred or paid at any time by the Association, berause of the failure of the 1ltortgagors to perform~ comply with and abide by each and e~very stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. s 15. That he will~e~nu t, commit, or suffer no waste, impairment, or deteriorarion of said property or any part thereof; ' and in the event of the af il~:re of the Mortgagors to keep the buildings on saidpremises and those to be erected on said premises, _ or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ` I necessary for the proper presseervation thereof, and the full amount of such payments shall be secured by the lien of this mortgage f and shall at the option of the Associatinn be immediately due and payable, or payable in such monthly installmenis az ihe Assoctiaa- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Associadon and the riortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ t their lives in an ar~lsunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ ~ ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the rtortgagors do not), ~ and add each such ~a~m?ent to the unpa~d balance of the loan, as of the first day of the then ciurent month, and it shall become ~ ~ additional indebtecL~ess secured by this mortgage payable upon demand. ~ ~ ~ 17. T~at in the event that this modgage be given to secure a constn~ction loan, failure on the part of the ~iortgagors or ` their contractors to complete said builcling in accordance with Constniction Loan Ageement, of even date herewith, or to build ~ ~ s.~id construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the-Asso- ciation may immectiately institute proceedings to foreclose this mortgage. ~ ; 1$. That the abstraM or abstracts of title covering the mortga~ed 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 fareclosure of this mortgage or other transfer of tide to ~ the mortgaged prop~rty in extinguishment of the indebtedness secured ~ereby, all right, title, and inter~st of the Mortgagors in = and to_any such abstracts of title shall pass to tbe purchaser or grantee. # 19. The Association shall have the right, in its discretion, to require that ihe Mortgagors ~iy into the -Association in addi= iion to the monihly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, an amount equal'to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ; ~ govemmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ' i~remises as hereinbefore required by the Association, and the ?ltortgagors' fail~ire to ma1:e such payments shall constitute a default ? ~ under this mortgaoe. ~ - IN WITNESS ~VHEREOF, the said ~lortgagors hereunto set their hands and seals the day and year first above written. ` ~ ; ~ Sign~d, sealed and delivered in the presence of: ~ : ~ ` - - s ~ / - , Y i+ti ~ r ~~~~i - - - _ - SEAL) ~ ~ - _ . ~ , Sa atore Arcuni . ~ ~ , 3 t ~ - C~ 2 c-Ct7z.L (SEAL) : . / oria rcun~ ~ - ~ _ - - - _ . _ _ (SEAL) ~ - S ( SEAL ) ~ - _ - - - - - - ~ (W I TNESSES) (N!oRTGAGORS) ~ ~a r' Y 60DK~~U PAGE2 r ; , ~Y ~_4 ~ . ~ _ . _ =t ~