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Home My WebLink About0365 8. Uutil default in the performance of the rnveu:u?ts and agr~timci?ts of this mortg:?ge, tl?e rourtgagurs shall be entitled ~o collect the mnts~ issues anc! profits from the premises hereinbeforo describeci, but in casc of a default in any oE the tenn~ uf this mortgage, and the filing af a bill to forec:lose thLs or any other mortgage encumbering the ~vithin clescribed property, the :\ssociatio~~ shaA immecliatelv and witheut notice l~e entideci to the appointmrnt of a Receiver oF the mortgagecl property, and ~~f the mnts, issues and profits thereof, with the iuual ~~ver of Receivers in such cases, and such Receiver may be~ continuecl in ~ession of the said propert~~ until the time of the sale thereof undcr such foreclosure, and until the confirmution of sucL .alc b~• ihc Court. 9. If a c~nve)~ance should be made by the mortgagors of the premises 1?ercin described, or any pari thereof, ~~•ithout th~• written eou.cent oE the Assoeiation, a~d ~~'ithout :usumption in rcMular forni of law by the grantee of the obligations to the ~..ueiution created b~• caid prc~missory note ancl this mortguge, then, and in that event, and at the uption of tl?e Au~x•iatiun. .uui ~~•ithuut uotice, all sums of mone~~ secured hereby shall immediateh• and a~ncurrently ~ttith such c~nvrt~ance becume due and ~kiyable ancl in default. The Association may deal with successors in interest ~vith rcference to this mortgage a~id the clebt hereb~• .ecured in the same mannrr as ~vith the mort~;abors, :~nd may forbear to sue or m:?y exteud tinze for ~~a~~ncnt of the debt, secure<i hercby, or other~~•ise act «~thout discha~u~g or in anv ~~•av affecting the liability of the mortga~urs hereunder or upon the debt hereby securecl. The Association mav also deal ~vith the~ ~iortgagors and/or ~~ith saccesson in interest ~~•ith reference to this ~nurtgage and tho ciebt herebv securc~ci by furbeariug to sue, extending the time for pa~•ment of the debt, providing for different ~na~thly pa}~nents and/or a different intercst rate, and by other exprecs moclificatio~u of the cwntract, ~~~ithout losing nny priorit~- the Association has over other mortgagees or licnors or holders of any jwiior interests in the prc,pertv securecl hereb~~, 10. That in the event the prcmises hereby mortgaged, or any part thereof, shall be condernned aud taken for public use uu~lc~ the iw~ver of eminent domau~, the Ass~ciation shall ha~~e the right ro dem:uid that all damages a~varded for the ta}dng of or ciamages to s1i<i pmmises shaU be paid to the Association, its saccessors or assi~ns, up to the amount unpaid on this mortgage and ma~~ be ap~lied upon the pa~~rnent or payments last pa~•uble thereon. il. It is s~xcifically agreed that time is the essence oE this rnntract and that no waiver of any obligation hereunder or of t!?e obligation secarecl hereby shall at any time thereaEter be held to be a~vai~er of the terms or of the instrument secured hereby. 1`?. If foreclosure proceedings of any second mortgage or seconcl tnut <leed or any junior lien of any kind should be insti- tutcd, the Associatio~ maV 1t its option, immediately or thereaFter declare this mortgage and the indebtedness secured hereby due and pa~•able. 13. To the extent of the indebteclness of the ~lortgagors to the Association described herein or secaretl hensby, the Asso- ciation is hereb~• subrogateci to the lien or liens and to the rights of the o~rners and liolders thereof of each and every mortgage, licn or othrr ei~cumbrance on the land described herein K~hich is paid aml(or) satisfied, in ~vhole or in part, oui of the proceeds ~~f the loan described herein or secureci herebv, and the respecti~~~• liens of said mortgages, liens or other encumbrances, shaUpa ss t~ and be held b~• the Association herein as secu:ity for t}~e indehteclness to the Assxiation herein described or hemby secured, to thc wme crtent that it would have been preserved and ~~•ould ha~~e heen passeci to and been hcld by the Association had it beer? ~luly and mg~ilarh• assignecl, transEermd, set over and delivered unto the Ass«•iation by separate deed of assignment, noh~~ithstand- ing the f:ut that the same mav be satisfied and rancelled of mc~ord, it bcing the intention of the p:uties hereto that the same ~vill ?,e s:?tisfiecl and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage. 14. To p:~~• all and sin~ular the costs, charges, and expenses including la~vyer's fcrs, reasonabh~ inci?rrc~cl or paid at am• time bv the Association, i~ecause of th~ failure of the \fortgagors to perfonn, comply ~ti~th .ind abide by each and everv stipula- tiuns, agreements, rnndi!ions :?nd ~ovenants of said promissorv note and this deed, or eithcr, and everv such pavment shall be:?r interest fmm date at the rate stated in the note secured hereb~~. 13. That he .~~ill permit, commit, ot suffer no waste, impairment, ur cieteriuration of said pmpertv or an~• part thereof; ! :~nd in the c~•ent of the fsilure of the !~tortgagors to keep the buildings on said premises and those to be erccted on ~:~id premises, ~,r impro~•ements themon in good repair, the Association ma}' make and pay for such rep:iirs as in its disrretion it mav deem necrscary for the proper preservation thereof, and the full amount of such pavments shall Ue secured by the lien of this mortgage ~ .~nd shall at the option of the Association be immediately due and payable, or payable in surh monthly instaliments as the Associa- ~ tinn may determine, and e~•er~• such paymcnt shall bear interest from date at ihe ratc statecl in the note secured hereby. ! 16. TLat iE the Association and the ~tortgagors agree, the '~iort~agor~ ~vill cam~ a policy or policies of insurance upon : their lives in an am~unt equal from time to time to the amount of indebtedness hereby serured, making said Association benefi- ` ~ian~ thereunder, and that tl~e said Association may pay the_ premi~ms for such uisurancc (in the event the ~(ortgagors do not), > ~nci add each such p:?~Tnent to the unpaid balance of the loan, as of th~ first day of the then current month, and it shall becomc :~cidit;unal indebtedness seci~red by this mortgage pay~able upon demand. ~ 1~. That in the event that this mortgage Ue gi~'en to secure a constn~ction loan, fail~re on the part of the \tortgagors or ~ t}ieir contr.ictors to complete said building in accordance ~sith Constn~ction Loan Agreement, of e~•en date here~~•ith, ar to build ~ said construction in accordance ~vith plans and slxcifications filecl ~rith the Association, shall constitute a breach of this mortgage, ~ ;~nd, :,t the option of thc Association, immediatel~~ matiue the entire amount of principsl and interest hercby secured and the Asso- ~ ~ iation mav immecliatch- i~istiiute proceedings to foreclose this ~nor!nane. ~ 1S. That the abstraM or abstr:uts of tide co~~erin~ the mortga~~Yi propert~• shalt at all times, daring the life of this mort- ~ remain in the possession of the ~ssociation and in the e~•ent of tl~e fomclosure of this mortGage or other transfer of title to ~ the mortga~ed property in cxtinguishment oE ihe indebtcdness secur~Yl hercbv, al~ right, title, and interest of the ~tortgagors in ~ ~uid to any such aUstr.icts of title shall pass to the purchaser or grantee. : 19. The Association s1?a11 ha~~e the ri~ht, in its discretion, to m~~uire th:~t the \tort~.i~ors p:i~~ into the Asso~iation in addi- ;ti~ ?inn to the monthlv installments of principal and interest to be paici b~• the ~turtnasors tmder the note securetl b~~ this mortga~e, ~ .~n :~mount etlual to one-h~~clfth of the ~nnual installments of am~ tas~s on ihe mort~agcci premises le~~ieci or assesscd bv am• ~u~•ernmcntal authorit~•, and one-fi~•elfth of the .~nnual premiums for Fire and Estended Co~•crage insurance on the mortgagc~ ~ ~~remis~s as herein~efore rcYjuir~d b~• the Ass~K•iatiun, :~nd the \tort~a~ors' fa~h~re to make such pa~Tnet~ts shall constitute a defa~ilt uz~dcr this is~ort~aje. ~i I\ ~t'IT\ESS ~~'l1EREnF, thc said ~fortga~~rs he~munt~~ srt the~ir hands :~nd scals the da~• and ~~ear first abot'e ~~Titten. { . . ~Y ~ ~ _ 'igned, sealecl eli~•er in t e presence o. , ~ _ , ~ ~ ~i ~ . i ~ l~ ? J~ t > ~SEAL) ~ ' ~ ~~oseph P Er~n' ~ ~ _ ~ / ~~i, ~ cfG ~k'~.t~,.~ l~ir-c~(sEAL) _ ~ Catherine NI. Ennis i SF.aI.) ( SF;AL ) (Y~tTNESSES) ;MORTGAGORSi 's-''s ' - ~ ~ ~~4 F','.E c~i~~ , _ , ^ ~ . - ~ - ~ - ~ k -