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8. Until default in the performance of the covenants und agrecments oE dus mortgage, the modgagors sha21 be entitled
to collect the rents, issues and profits fram the premises hereinbefora dc~cribed, but in case of a default in any of the terma of
this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within described prope~cty, the
.~ssociation shall immediately and withaut notice be entitled to the appointment oF a Receiver of the mortgaged property, and
of the rents, issues and profits thereof, with the usual powet of Receivers in such cases, and such Receiver may be eontinued
~n poa.,ession of the said propert~~.unti) the time of the sale thereaE, under such foreclosure, and until the confirmation of such
,ale bv the Court.
9. lf a eonveyance should be made by the mortgagors of the premises herein described, or anypart thereof, without
the written consent of the Assocu~tion, and ~~~thout asst?mption ia reguiar form of law by the grantee of tt~s obligations to the
1...wci:ition created bv said pmmissory note. and this rnortgage, then, and in that event, and nt the option of the Associatiun,
;~nd ~~~thout notice, all sums of mcmey secaret~ hcreby shall immediately and concurrendy with such rnnveyance bet~me due und
~~a~~able and in default, The Association may deal with successors in interest with reference to this mortgage and the debt hereb~• ~
secured in the same munner as H~ith the mortgagors, and may forbear to sue or may extend time for payment af the debt, secured
liereby, or othenvise act K~thout dischargmg or in Any way affecting the liability of the mortgagun hereunder or upon the debt
hereby secured. The Association may also deal with the Mortgagors and/or «~th successors in interest ~vith reference to this -
~nortgage and the debt herebv secured by forbearing to sue, exiending the time for payment of the debt, providing for different
~nonthly pay~nents s?nd/or a different interest rate, and by other espress malifications of the mntract~ withoni losing any priorih•
the Association has over other mortgagees or lienors or holders of any juiuor interests in the property secured hereb~.
10. That in the event the pmmises hereby mortgaged, or any part thereof, shaA be condemned and taken forpu
blic use
undcr the po~ver of eminent domain, the Assuriation shall have the right to dem.u~d that all damages awarded for the taldng of or
damages to said premises shall be paid to the Assoriation, its successon or assiQns, up to the amount un~id on thu mortgage and =
mav be applied upon the payment or payments last ~ayable thereor~.
11. It is specific~ly agreed that time is ihe essence of ihis 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 ihe instrument se~cured hereby.
12. If foreclosure proc~eedings of any second mortgage or second tnut deed or any junior lien of :>ny kind should be insti-
tiited, the Assaciation may at its option, immediately or thereafter declare this mortgage and the indebtedness sec~ ??ereby dne
and pa~~able.
13. To the extent of ihe indebtedness of the ~'Jortgagors to the Association desczibed herein or secured herehy, the Asso-
ciation is hereb~• subrogated to the lien or liens and to ihe rights of the ownen and holders thereof of each and every mortgage,
licn or other eucumbrance on the land desc7ibed herein which is paid ancl(or) satisfied, in «•hole or.in part, out of the pr'oieeds
~~f the loan described herein or secarect hereb}', and the respectivc liens of said mortgages, liens or other enctm~brarx~es, sha pas.
r~~ and be held by the Assoc;ation herein as security for the indebtedness to the Assxiation herein described or hereby s~~ired, to
thc s:ime ex!ent that it would have been preserved :u?d ~vould have been passecl to and been held by the Association had it been
~luly and regularly assigned, transferred, set over and delivered unto thc Association by separate deed of assignment, notwithsiand-
ing the fact that the same may be satisEiecl a~ cancelled of rcrord, it being the intention of the ~xarties hereto that the same ~vill
!~e sa5sfied and cancelled of record by the olders thereof at or about the time of the recording of this mortgage,
14. To ~y all and sin~ar the costs, charges, and expenses including lawyer's fees, reasonably ineurned or paid at any
time by the Association, because of the failure of the ~lortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and cc~venants of said promissory note and this deed, or either, and every such payment shall bear
; interest from date at the rate stated in ihe note secured herebv.
15. That he K~ll permit, commit, or suffer no ~vaste, impairment, or deterioration of said property or any part thereof;
:ind in the e~•ent of the failure of the Mortgagors to keep the buitdings on said ~remises and those to be erecied on said premises,
~~r impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem
nccessary for the proper preservation thereof, and ihe full amount of such payments shall be secwed by the lien of this mortgage
,~nd shall at the option of ihe Association be immediately due and payable, or payable in such monthly installments as the Associa-
t;on may determine, and every such payment shall bear interest from date at the rate stated in the note secured herebq.
16. That if the Association and the ~tortgagors agree, the biortgagors will cazry a policy or policies of insunu~ce upon
their lives in an ar?~unt equal from time to time to the amount of indebtedness hereby sect~red, making said Association benefi-
c~iary lherennder, and that the said Association may pay the premiums for such insurance (in the event the Nortgagors do not), ;
.+nd add each such ~r.?~~rnent to the unpaid balance of the loan, as of the first day of ihe then ctvrent month, and it shall become
:~dditional indebtedness secureci by this mortgage payable upon demand.
17. That in the event Ehat this mortgage be given to secure a rnnstruction loan, failure on the part of the ~lortgagors or
their contractors to complete said building in accordance ~vith Construction Loan Agreement, of even date herewith, or to build
~aid construction in accordance ~vith plans and specifications filed ~~~ith the Association, shall mnstitute a breach of this mortgage,
:uid, at the option of the Association, immediatel,y mature the entire amount oE principal and interest hereby secured and the Asso-
ci:ition rnay immedi.ltely i~titute prxeedings to foreclose this mor!gage. ~
18. That the abstract or abstracts of title covering the mortgaheci property shall at all limes, during the life of this mort-
<_.~~e, remain in the possession of the Association and in the event of tlie foreclosure of this mortgage or other transEer of title to
the mortgaged property in extinguishment of the indebtedness securecl hcreby, all ri~ht, title, and interest of the hlortgagors in
and to any such abstracts of titie shall pass to the purchaser or grantee. . ,
19. The Association sha11 have the right, in its discretion, to require that ihe Aiortgagon pay into ihe Association in addi-
tion to the mnnthly installments nf principal and interest to be paid by the ~tartgagors under the note secured by this mortgage,
,m :unount ec~ual to one-hvelfth of the 3nnual installments oE any taxes on the mortgaged premises levied or assessed by any
~~o~~emmental authority, and one-hvelfth of the annual premiums for Fire and Ectended Coverage insurance on the mortgaged
~~remi.ses as hereinbefore rec~uired b~• the Associ;?tion, and the ;tortgagors' failiire to make such payments shall rnnstitute a default
iindcr this rnortgaoe,
I\' «'IZ'1ESS ~1'fiEREnF, thc said \tortgagors hereunto set their hands and seais the day apd year first above written.
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Sign~d, sealed and deli~•ered in the presence of:
~ ~C'~~ -;~~C- ~ ~-~,~tt~ ^ ~.l ~
/ ` / ~
, SEAL
~ /
~ : Evelyn M. Graham
_ _ _ - - (sE~.L)
( SEAL)
' . - (SEAL)
(WITNFSSES) (MORTGAGORS) "
eoo~ 2~ ~ ~A~E ~.~66 ,