HomeMy WebLinkAbout1800 8. L~nW default in the performance of the covenunts and agrecments of this mortgage, the mortgagors shall be entitled
to collect the ~nts, issues andpr~Eits kom the premises hereinbefore described. but ir? case of a default ia any of the ternu of
this mortgage. and the filing of a biU to foreclose this or any othe~ mortgage encumberir?g the within describad propeety, the
Association shall immediately and withaut notice be entitled to the appointment of u Receiver of the mortgagedproperty, and
of the rents, issues and profits theraof, with the usual power of Recei~•ers in such cases, and such Receiver may be continued
~n ~ion af tha said pm~srly until the time of the sale thereof under such foreclosure, and until the eonfirmation of such
.ale b~~ the Court:
~ 9. If a oonveyance should be made by the mortgagors of the premis~ herein desc~ibed, or any part tbereof, without
the ~vritten consent of the Association, and without assumption in mg~ilar form of luw by the grantee oE the obligations to the ~
~.+.wciation createcl by said promisswy note and this mortgage; then, and in that event, and at the option of the Assuciatiun,
.~nd ~+~thout notice, all ssims of mmey secured hereby shall immecliutely und concw~mntly with such crnveyance become due and
}~w+ble and in default. The Association may deal with successors in interest ~vith reference to this mortgage and thc debt herebv
secured in ihe same manner as v~7th the mortgagors, and may forbear to sue or may extend time for lxiyment oE the debt, securec~
herehy, or otherwise act without discharg~ng or in any ..~ay affecting the liability of the mortgagurs hereunder or upon the debt
hereby secured. The Association may also deal with the Modgagors s~nd/or with successon in interest with refereace to this
mortgage and the debt hereby secured by forbearing to sue, extending the time for paymPnt oE the debt, providing for different
monthly payments and/or a different interest rate, and by other express moclifications of the contract, ~~ithout losing any priorih•
~he A.csociation has over other mortgagees or lienors or holders of any junior interests in the property serured hereby, ~
10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned and taken for public use
undcr the po~ver of eminent domain, the Assuciatiun shall have the right to demand that aII damages a~varded for the tai.-ing of or
damages to said premises shall be paid to the Association, iGs successors or assiQns, up to the amount unpaid on this mortgage and
n,av be apnlied upon the payment or payments last payable thereon. •
11. It is specifically agreed that time is the essence of this contraM and that no wniver 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 instrurreent secured hereb,y.
12. lf foreclosare proceedings of any second mortgage or second trust deed or any junior lien of any kind should be insti-
t~~ted, the Association may at its option, immediately or thereafter declare tl~is mortgage and the indebtedness secured hereby due
~~nd paysble,
13. To the extent of the indebtedness of the ~iortgagors to the Association described herrui or serured hereby, the Assa
ciation is hereby snbrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage, .
licn or other ei~cumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, ont of the proceecis
~,f the toan described herein or secured hereby, and the respecti~c liens of said mortgages, liens or other encumbrances, shallp~s
m and be held by the Association herein as security for the indebtedness to the Assxiation herein describecl or hemby secured, to
tne s•rme ex:e~~i t~a~ z. :cc::~-? ~w:~e L+~~ precerved :ind ~~•ould have been ~seecl to ~nd been held by the Association had it been
~luly and regularly assigned, transferred, sei over and delivered unto the Association by separate deea oi assi~u~;ier~., natu;t~~uta:.~-
ing the faM that the same may be satisfied and cancelled of record, it l~eing the intention of the parties hereto that the same ~vili
I~e sa5sfied and cancelled of record by the holders there~o~f
t or about the time of the recording of this mortgage.
14, To pay all and singular the costs, charges, ~nd"expen~sc'including tawyer's fees, rea9onably incumed or paid at any
time bv the Association, bera~ue of the failure of the ~fortgagors to perform, comply with and abide by each and every stipula-
tiuns, agreements, conditions aod covenants of s~~id pmmissory notc and this deeci, or either, and every such payment shall bear
interest from date at the rate stated in the note secured hereb~~.
15. Th:.t he ~vill permit, commit, or sufEer no waste, impairneent, or cieterioration of said propertv or an~• part thereof;
and in the event of the failure of the Mortgagors to keep the buildings on s~1id premises and those to be erected on said premises,
~ir impro~~ements thereon in good repair, the Association may make and pay for such relrairs as in its disc7etion it may deem
necessary for the pmper pr~servation thereof, and the full amount of such payments shall be secwed by the lien of ihis mortgage -
and shall st the option of the Association be immediately due and payable. or payabte in such monthly instalimenis az the Associa- _
tion may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby,
16. That if the Association and the ~1lortgagors agree, !he Mortgagors will carry a policy or policies of insurance upon
' their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi-
; ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the ~iortgagors do not),
i :,nd add each such payment to the unpaid balance of the Ioan, as of ths first d~y of the then ctvre»t month, and it shall become
~ ~dditional indebtedness secureci by ihis mortgage payable upon demand.
~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ;~tortgagors or
~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build '
' ~.1id construction in acrnrdance ~vith plans and specifications filed «rith the Association, sha11 constitute a breach of this morcgage,
~ and, at the option o[ thc: Association, immediately mature the entire amount of principal and interest hereby secured and the Asso-
F ciation may immeciiately instiiute proceedings to foreclose this mortgage. ~
3 18. That the abstr.~ct or abstraMs of title cuvering the moriga~eci property shall at all times, during the life of this mort-
~,age, remain in the possession of the As.ic?ciation and in ihe event of tl?e foreclosurc of this mortgage or other transfer of tide to
~ t}~e mortgaged propetty in eztinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
~ and to any such abstracis of title shall pass to the gurchaser or grantee.
~ I9. The Association shall have the right, in its discretion, to require that ihe ;ltortgagon pay into the Association in addi-
_ tion to the monthly installments of principal and interest to be paid by the \tortgagors under the note secured by this mortgage,
; .~n amount eclual to one-hvelfth of the annual installments of any tc..~es on the mortgagecl premises levied or assessed by an~
' ~*o~~ernmental authority, and one-h~•elfth of the annual premivms for Fire and Estended Coverage insurance on the mortgageci "
~ ~~remises as hereinbefore requirecl b~• the Association, and the \tortg.igors' failure to make such pa~~ments shall constitute a default
under this mortgage. ~
I\ ~~~IT~ESS WHEREnE, thc said ~tortga~ors hercunto set their h~nds and seals ihe da~~ and ~•ear first above ~vritien.
Signecl, sealed and deli~•ered in the presence o(:
J
~ / /
' f~~Q ~--~c..J ~ ~
~~ZP ~/''.1_/~'~`,.-~`~-- (SEAL)
1 ~
_ ~ ~ary M. Dobbs
` j ~ ; . . ~GL~~-d~~~-~~ ~JC~~ ~~(SEAL)
- ~ Sandra J. 1~oYfbs
~
(SEAL)
- - - (SEAL)
(W IiNE5SE5) (MOR iGAGORS)
~t9 ~1~~~~