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8. Until default in the performance of the covenants und agrecments of this mortgage, the mortgagors shaU be entitled
to collect the rents, issues and profits from the preinises hereinbefora described~ but in case oE a default in any of tbe term~ of
this mortgage. and the filing of a bill to foreclose this or any other mortgage encumbering the within described pmperty, the
:lssociation shall immediately and without notice be entitled to the appointment of a Receiver of the moitgagedproperty, and
of the rents, issues and profits thereof, with the usual~ower of Receivers in such cases, snd such Receiver may be continued
in ~ession of the said properh~ until the time of the sale thercof under surh foreclosure, and until the confirmation of such
sale b~• the Court. ~ +
9. If a conveyance should be made by the mortgLgors of the premis~ herein described, or any part thereof, without
the ~vritten consent of the Association, and w~thout assumption in regular Eorm of law by the grantee of the obligations M the
~s~ociution created bv said promissory note and this modgage~ then, and in that event, and at the option of the Aswciation.
:~nd ~~~thout notice, all sums of money secured hereby shall immediately nnd concurrendy ~vith such con~~eyance become due and
=•avable and in clefault. The Association ma_y deal with successors in interest witll reEerence to this mortgage and the debt herebv
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secureii
hereby, or otherwise act without dischaig~ng or in any w~ay uffecting the liability of the mortgagon fiereunder or upon the debt
hcreby secured. The Association may also deal with the Iliortgagors and/or with successors in interest with reference to this
~nortgage and the debt hercbv secured by forbearing to sue, extending the time for payment of the debt, providing for different
monthly payments and/or a different interest rs~te, and b other expras malifications of the contr.ut, without bsin Any priorih•
r y
the Association has over other modgagees or lienors or holders of any jwuor interests in the pmperty secured here
10. That in the event the premises hereby mortgaged, or any part thereof, shall be co~demned and taken for public usc
undcr ihe po~ver of eminent domain, the Assuciatiun shall hs?ve the right to demnnd that all damages awarded for ihe taking of or
damages to said premices shaU be paid to ihe Association, its succc~ssors or assigns, up to the amount unpaid on thu mortgage and
ma~• be ~pplied upon the payment or payments lazt pc?yable thereon.
11. It is specifically agreed that time is the essence of this contract and that no waiver of uny 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 instrument secwed hereby.
1~. If foreclosure proceedings of any second mortgage or second tnst deed or any junior lien of any ldnd should be insti-
tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebt~dness secured hereby due
and pa}'able. ~
13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secured hereby, the Asso-
c•iation is hereb~~ subrogateii to ihe lien or liens and to ihe rights of the owners and holders thereof oE each and every mortgage,
licn or other er~cumbrance on the land described herein which ic paid and(or) satisfied, in H•hole or in part, out of the p»cceds
~~f the loan described herein or secured hereby, and the resPectivc liens of said mortgages, liens or other encumbrances, shall~ss
m and be held by the Association herein as secvrity for the indebtedness to the Association herein described or hereby secured~ to
the s:ime ex!ent that it ~vould have been preserved and ~~•ould have heen pasceci to and been held by the Assoeiation had it been
~lul~• and regularly assigned, transferred, set over and delivered unto the Associ.~tion by separate deed of assignment, notwithstand-
ing the fact that the same may be sztisfied and cancelled of record, it being the intention of the ~uties hereto that the same will
~ sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay a11 and singular the costs, charges, and e~penses inciuding lawyer
s fees, reasonably incurred or paid at any
time b•~ the Association, bera~~se of the failure of the ~tortgagors to pedorm, comply with and abide by each and every stipula-
tions, a~reements, conditions and covenants of s~1id pmmissory note and this deed, or either, and every such payment shall bear
interest from date at the rate stated in the note secured hereby.
15. That he ~~~ll permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in the event of the fail~re of ihe Mortgagors to keep the buildings on said premises and ihose to be erected on said premises,
~~r impro~•ements thereon in good repair, the Association 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
I! .ind shall at the option of the Association be immediately due and payable, or payable in such monthly installments ~s the Associa-
; t ion may determine, and every such payment shall bear interest from date at ihe rate stated in the note secured hereby.
16. That if the Association and the ~tortgagors agree, the Mortgagors ~vill carry a policy or policies of insurance upon
` their lives in an aitleunt equal from time to time to the amount o[ indebtedness hereby secured, making said Association benefi-
~ rian~ thereunder, and that the said Association may pay the premiums for such insurance (in ihe event the ~tortgagors do not),
~ and add each ruch ~rayment to the unpaid balance of the loan, as of the first day of the then current ~r.outh, and it shall become
; additional indebteciness 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 part of the Alortgagors or
their contractors to complete said building in accordance with Construction Loan Agreement, of even date hereK-ith, or to build
t: id constr~etion in accordance ~vith plans and specifications fiied ~~:th the Association, shall constitute a breach of this mortgage,
~ .~nd, at the option of thc Association, immeciiately mature the entire amount of principal and interest hereby secured and the Asso-
~ c•iation may immediately institute procecdings to foreclose this mortDage. ~
18. That the abstraM or abstracts of tiile covering the mortga~;ea 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 foreclosure of this mortgage or other transfer of title to
the mortgaged property in extinguishment of the indebtedness securecl hereby, all ri~ht, title, and interest of the Mortgagots in
and to any such abstracts oE title shall pass to the purchaser or grantee.
a 19. ?he Association shall have the right, in its discretion, to require that the \tortgagon ~y into the Association in addi-
~ tion to the monthly installmenis of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage,
- .m a~nount equal to one-hvelfth of the ~nnual installments of any taxes on the mortgagecl premises levied or assesseci by any
* ~~overnmental authority, and one-hvelfth of the annual premiums for Fire and Ectended Coverage insurance on the mortgageci
~ I~rcmises as hereinbefore required b}~ the Assoc:iation, and the ~fortgagors' failure to make such payments shall constitute a default
~ undcr this mortsaoe.
I~ ~~'IT\ESS ~i'AEREnF, the said ~lortgaaors hereunto set their hands ~nd seals the da~• and ~-car first above ~vritten. '
Sign~d, sealed and dcli~•erecl in the presence of: ~
~ ~ ~ ,
~ ~ ~ ~ ~
, _ . _ _ (SEAL)
1 ~ D~"ri'al"` . wker ~
r`': ! v, ~(,~C ~I. % (SEAL)
~ ' J--' J ~ . _ ' L~ - . .
ar`ron ~V[. Bowker,
. _ _ _ ~ ~ 1
% ~"i, " % ; F , ) E,~, ~
a o!~
own as arr~ ltli. Bowk ~
'
~ C-u (SEAL
- - ~'Cd-s~ -l- ~ -Z )
~ - (WITNESSES) (MORTGAGQiES)
~t' ~ R Par.,f 1~5
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