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HomeMy WebLinkAbout1565 J• 8. Until default in the performance of ih~ qovenants and agr«ements of this mortgage, the mortgagors shall be entided to colk~ct the rents~ issues and profits from the premises hc~elnbefa+e dexribed, but ir? case of a default in any of the terma of : this mortgage, and the fiUng of a bill to foreclose this a any other mortgage encumbering the within d~cribed property. the ~ .issociatioa shall immediately and without notice be entitled to the appointment of a Receiver of the mortgagedpro~erty, and of the rents, issues and profits thereof, with the usual powc* of Receivers in such cases, and such Receivet may be continued in ~OSaession of the said properh~ antil the time of the sale thereof under such foreclosure, and until the confirmation of such .ale b~• the Coart. 9. lf a conveyance should be made by the moitgagors of the premiscs herein described, or nnypart thereof, without the written consent of the AssociaNon, and without ussumption en regular form of law by tha grantee of tb~ obligations to the \~sociatio~ created bv said gromissory note and this mortgage. then, and ia that event, and at the option of tl~e Associrtiou, ,~nd ~vithout notice, all sums of mcmey sec~u~ed hereby shall immediately and rnncurrendy with such conveyance become due and payable and in default. The Association may deal with saccessors in interest with reference to this mortgage and t6e debt hrrebv secured in the same manner as with the mortgagois, and may forbear to sue or may extend time for payment of the debt, securec~ hemby, or otherwise acE without dischar~ipg or in any way, affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may al4o deal with the Mortgagors ~nd/or with successors in interest with reference to this 'r mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, pruviding for difEerent ; monthly payments and/or a different interest rate, and by other e~cpress m«lifieations of the contract, without losing any priorit~• ~ the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the premises herEby mortgaged, or any par~t thereof, shall be condemned and taken for public uce undcr the po~ver of eminent domain, the Association shall have the right to demand that pll damages awarded for the talcing of or damages to said premises shall be paid to the Association, its svccessora or assi~ns, up to the amount unp~id on this mottgage and ~ ma.• be applied upon the payment or payments last payable thereon. ~ 11. It is specifically agn~ed that time is the ~ssence of this contmct and that no ~vaiver 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 instnunent secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- t~ited, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness.secured hereby due and pa~~able. 13. To the extent of the indebtedness of ihe biortgagors to the ~lssociation described herein or secured 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 described herein which is paid and(or) satisfied, in whole or in part, out of the prooeeds ~~f the loan described herein or secureci hereby, and the re~Pectivc liens of said mortgages, liens or other encumbrances, sha ~ m and be held by the Association herein as security for the ~debtedness to the Association herein de.uYibed or hereby secured, to the same extent that it would have been preserved and ~~o~ld have been passed. to and been held by the Assoc~iation had it been ~luly and regularly assigned, transfecred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelle~i of record, it bcing the intention of the pc~rties hereto that the same will l>e sa~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and expenses including lawryer s fees, reaconably incurred or paid at any time by the Association, because of the failure of the Atortgagors to perform~ comply with and abide by each and every stipula- ~ tions, ageements, conditions and covenants of s~1id promissory note and ihis deed, or either, and every such payment shall bear interest from date at the rate statecl in the note secured hereby. 15. That he w~ll permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on saidprem ises and those to be erected on ~id premises, or imgrovements thereon in good repair, the Associa° may make and pay of r such repaus as in its disrretion it may dezm necessary for the proper preservation thereof, and the full amount of such payments shall be secured by tbe lien of this mortgage ~ and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as ihe Assoria- ; tion may determine, and every sucL payment shall bear interest from date at the rate stated in the note secured hereby. ; 16. That if the Association and the ~iortgagors agree, the 1liortgagors will carry a policy or policies of insurance upon ~ ~ their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- j j ~iarv thereunder, and that the said Association maypa y the premiums for such insvrance (in the event the 111ortgagors do not), ~ s ,~nd add each such pa~~ment to the unp~ d balance of the loan, as of the first day of the then ciureni month, and it shall become ? ~ a~lditional indebtedness securc~ by this mortgage payable upon demand. y ~ 17. That in the event that this mortgage be given to secure a construction loan, failure an the part of the Mortgagors or ~ tlieir contractors to eomplete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ ~ sairl construction in aocordance with plans and specifications filed ~~7th the Association, shall constitute a breach of this mortgage, s ~ <<nd, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- - ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstraM or abstracts of tide covering the mortgageci property shall at all times, daring the life of this mort- ~ ~_a~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer oE 6de to ~ tl~e mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in ~?nd to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the Atortgagon 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 equal to one-hvelfth of the annual installments of any taces on the mortgaged premises levied or assessed by any ~ ~,overnmental authority, and one-hvelfth of the annual premiums for Fire and Eztended Coverage insurance on the mortgaged • ~ j~remises as hereinbefore required bv the AsscKiation, and ihe ~tortga~ors' failure to make such payTnents shall consiitute a default ~1 under this mortgaoe. € ~ I\T ~VIT\ESS ~VI~EREOF, the said ~tortgagors hereunto set their hands and seals the day and year first above written. SignQd, sealed and deli~•ered in the presence of: C. F. SHAWVER CONSTRUCTION CO. , INC. ~ I ~i !f`1 ' ~ _ ~ - ` . _ ~ ~ . - _ __.(SEAL) , ~ C. F. SHAWVER, President t , - - - • - - . _ - _ - . - '``v4,~.~~(~~)~'•,~ . . ~ h • C' r:: - ..i '.r7' ~ . - , • ' ~ ~ ~ ~ .c - ~ - ~ - _ . - ~ : r; ,t ` - _ aj ~ : ~ ; ~ - - - - - - i.--f._v ~~r~~L (WITNESSES) (MORTGAGORS) • ~ ~ . , ~,V ,~',3 ~ . ~~''~~tt~~t~!~ti ~ E~~222 ~156~ ~ . . ~ ~ _ _ . . F~~ , . _ ~ ~x~n ; ~ ~ ~ . r.