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Home My WebLink About1091 8. Until default in the pedormance of the cove~~ants and agrcemenls of this mortgagc, the mortgagors sl~all be entided to collect the rents, issues and profits from the premises hereinbefore described. but in casc 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 property, the .-~s.sociation shall immecliatelv su~d without notice be entitled to the uppointment of u Receiver of the mortgaged pr~pedy, and of the rents, issues ar?d pro~its thereof, with the acual power of Receivers in such cases, and such Receiver may be rnntinued in possession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such ,ale b~• the Court. ~ 9. if a conveyance should be made by tbe ~rriortgagoss of the premises herein described, or any part thereof, without thc ~vritten consent of the Association, and ~~ithout assumption in regular form of law by the grautee of the obligations to tbe ~wwciation cr~ted bv said promissory note and this mortgage~ then, and in that event, and at the option of ~he Associ~?tiuu. : :?ud .vithout notice, all sums of mongy sec~~red hereby shall immediately a~d concurrently with such rnnveyance become due s?nd ; ~>a~~able and in default, The Association may deal with successors in interest ~vith Teference to this mortgage and the debt hereb~ secured in the same manner as v?ith the mortgagors~ and may forbear to sue_or may extend time fur payment of the debt, secureii hercby, or otherwice aM without dischargu~g or in any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Associatioa may also deal ~vith the Mortgagors and/or with successors in intecest with reference to thi~ ~nurtgage and the debt hereby seeurecl by forbearing to sue, extencling the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express modificationt of the contr.ict, without losing any ~riorit~• the Association has over other mortgagees or lieaors or holders of any jwuor interests in the property secured hereb~. ; 10. Th1t in the event the premises hereby mortgaged; or any part thereof, shall be condemned and taken forpu blic use under t6e power of eminent domain, the Association shall have the right to demund that aU damages awarded for the taldng of or f damages to said premises shall be paid to the Association, its successors or assi~r?s, up to the amount unpaid on this mortgage and mav be ap~lied upon the payment or payments last payable thereon. ; 11. It is specifically agreed that time is the essence of this contract 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 the instrument secured hereby. + 12. If forecloswe proceeclings oE any second mortgage or second trust deed or any junior lien of cny ldnd should be insti- ~ tutcd, the Association may at its ogtion, immediately or thereafter declare this mortgage and the indebtedness secured hereby due ~ and paysble. ' x 13. To the extent of.the indebtedness of the ~iortgagors to the Association describ~d herein or secured hereby, the Asso- ` ci:ition is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, ~ lien or other er~cunbrance on the land describeci herein which is paid and(or) satisfied, in whole or in part, out of the p~r~ooeeds _ ~~f the loan dettcriibed herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrar?ces, s}~ ~a cr to ~nd be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~erured, o the ~me ex!ent that it would have been preserved and ~rould have been passeci to and been held by the Association had it been ~3uly and regularly assi~ned, transferred, set over and dellvered unto the Association by separate dced of assignment, nohvithstand- ; ing the faM that the same may be satisfied 'and cancelled of record, it being the intention of the p~rties hereto that the same will } be sa5isfied 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 expenses including luwyer's fees, reasonably incurred or paid at any ~ time by the Association, because of the failure of the ~tortgagors to pedorm, comply ~vith and abidg by each and every 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. - 15. That he ~villpe rmit, commit, or suffer no waste, impairment, or cleterioration of said property or any part thereof; i ~ and in ihe e~ent of the failure of the Mortgagors to keep the buildings on said pmmises and those to be erected on said premises, - or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ~ neressary for the proper preservation thereof, and the full amount of such payments shaU be secured by the lien of this mortgage ~ .~nd shall st the option of the Associatioa be immediately due and payable, or payable in such monthly'aliments as the Associa- tion 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 biort~agors will carry a policy or policies of insurance upon ~ their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciarv ihereunder, and that the said Association may pay the premiums for such insurance (in the event the I~iortgagors do not), _ and add each such payment to the unpaid balance of the loan, as of ths first day of the then c~urent month, and it shall become ~ additional indebtedness secured 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 ~iorigagors or - their contr.ictors to complete said building in accordance with Construction Loan Agreement, of ~ven date here~vith, or to build said construction in accordance with plans and speciEications 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 immediately institute proceedings to foreclose thu mortgage. ~ 18. ?hat the abstract or absiracts of title covering the mortgahed property shall at all times, during the life of this mort- ~_age, remain in the possession of the Association and in the event of tl~e foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured ~ereby, all ri~ht, title, and interest of the I~tortgaoors in and to any such abstracts of title shall pass to ihe purchaser or grantee. _ ~ 19. 'I'he Associateon shall have the right, in its discretion, to require that the \tortgagors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the \tortgagors under the note seciued by this mortgage, .~n amount equal to one-t~velfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~overnmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci ~ ~~remises as hereinbefore requirecl b~• the Association, and the \tortgagors' failure to mal:e such payTnents shall constitute a default ' ~ undec this mortgaoe. ' IN ~~'IT\ESS ~t'HEREnF, the said ~fortga~ors hercunto set their hands and seals the day and year first above ~vritten. _ • s~ Si~r?ed, sealed and deli~~ered in the presence of: ~~-1 j• \ ~ . ~ ~Q _ _ / \ ~ ~ ~ ~ ~4y~~ SEAL) .4 v - ' ~ ~ GG.S~, v _ c - , Patrick Carr ~Y; :i~ ~ !C ~`(,~tt l.~ G'i G 'Z-- (SEAL) E ~ Natalie Carr ~ ( SEAL) % _ - :ti - _ ( SEAL) ( W I TNESSES) (MORTGAGORS) ~~2~~ 1Ci~~ _ :