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Home My WebLink About0447 8. Until defuult in the performauce of the covenai~ts and agnrmen~s uf this mortgage, the morigagors shall be entitlec! tu collect the rents, issues and profits fmm the premises hereinbeforo describecl, but in case of a default in uny of the term~ uf this mortguge, and the filing of a bill to foreciose this or uny other mortgage encumbering the ~vithin described pmperty, the .lssociation shaU immecliatrlv and without notice be entitlecl to the appointment af a Receiver of the mortgaged property~, and oF the rents, issues and profits therc~of, ~vith the ~ueal power of Receivers in such rases, ~nd such Receiver may be continued ~n }ws.,ession of the said propert~• until the time of the sale thercof u~der such foreclosiue, and until the confirmation ~f sucl: .:?Ic b~• the Co~ut. - 9. lf a com~eyance should lx~ made by the mortgagors of the premiscs herein descrilxsd, or any part thereof, without th~• ~~~ritten consent of the Associution, and ~~ithout assumption in re~ular forni of la~v by the grantce of die obligations to the ~..uciation created b~• said promissory note and this mortg•~ge, then, and in that event, ancl at the uption of d?e Ass~Kiatiun. _ .uui ~~~thc~ut notiee, all sums of money ser~~reci hereby shall immediately and concurrendy ~~~ith sueh c~m•eyance become due and ~~.ipable and in default. The Association may desl with successors in interest ~vith reference to this mortgage and the debt hereb~• ;ecured in the same manner as ~~•ith the mortgagon, and may forbcar to suc or may extend time for ~ay~nent c~f the debt, securecl i?ereby, or othenvise act without dischargu~g or in any ~~:iy affecting the liability of the mortgagurs }iemunder or upon the debt hcreby secured. The Association may also deal ~vith the Mortgagors and/or with successors in interest ~vith mference to this ~nc~rtgagc and tho debt herebv sccurecl Uy forliearing to suc, extending the time for payment of the debt, providing for different ~nonthly payments und/or a different intemst rate, and by other express moclifications of thc contr:?ct, ~vithout losing :?ny j~riorit~• the Association has over other morigagees ur lienors or holders of any junior intetests sn the property secumd hereb~•. 10. That in the event the pmmiscs hereby mort~;afied, or :my part thereof, shall be condemned and taken for public use under the power of eminent domain, the Assuciatiun shall have the right to demand thnt all damages awarded for the taking of or ~1:?mages to said pmmises shall be paid to the Association, its successors or assi~~~s, up M the amount unpaid on this mortgage ancl ma~• be ~p, lied upon the payment or payments last payable thereon. 11. It is slxcificaliy agreeci that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of tt:c obligation secured hereby shall at any time themafter be held to be a~vaiver of the terms or of the instnunent secured hereb}'• 12. IE foreclosure procecclings of any second mortgage or second trust cleeci or any junior lien of any Idnd should be insti- tutcd, the Assoeiation may at its option, immediately or thereafter deelare this mortgage and the indebteclness seeured hereby due and payable. 13. To the extent of the indebteclness of the lfortgagors to the Association described her~ iie or securecl hcrcby, the Asso- ci.~tion is hereb~• subrogated to the lien or liens and to the rigl~ts of the o«~nen and holders thereof oE each and every mortgage, lic•n or other encumbrance on the lancl describeci herein ~vhich is paid and(or) satisficd, in ~~•hole or i~? part, out oE the proceeds ~~f the loan described herein or secured hcreby, and the respecti~~c liens of said mortqages, liens or other encumbrances, shall~a tr~ and he held by the Association herein as security for the indehtc~ness to the Assxiation herein describeci or hereby secun~d, t the same extent that it ~voi~ld ha~~e Ucen preserved nnd ~~•ould have heen J~:~ssed to and been held by the Association had it been ~lul~~ and rep~darly assi~ned, transferred, set over and delivered unto the Associ.~tion by separate deed of assignment, notwit}utand- in~ the faM that the same mav `ue satisFied and rancelled of record, it being the intention of the ~uties hereto that the same ~ni1) trt~ sa5sfied and cancellecl of~record by the holders thereof at or about the time of the recording of this mortgage. ' .,14. To p:?y all and sin~ular the costs, charges, and expenses including la~vyer s fees, reasonably incurred or paid at am~ time bv the Association, hecause of thc failure of the ~tort~agors to perform, comply ~vith and abide by each and every stipula- t i„ns, agreements, conditions and rovenants of said pmmissory note and this dcrd, or either, and everv such payment shall bear interest from date at the rate st3ted in the note secured hereb~•. i 1~. That he will permit, eommit, or suffer no waste, impairment, c?r cleterior:~tion of said ~roPerty or an}• part thereof; i .~ncl in the e~~ent of the failure of the ~iortgagors to keep the buildings ~~n said premises ancl those to be ereeted on s:iid premises, ~ ~~r ~mpro~•ements thereon in good repair, the Association may make and ~y for such repairs as in its discretion it may deem ~ nccessary for the proper preservation thereof, and the full amount of such pavments shall be secwed by the lien of this mortgage ; :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ t inn may detcrmine, and ever~~ such payment shall bear interest from date at the rate statecl in th~ note secured herebv. £ 16. That if the Association and the ~tortgagors agree, the \fort~agors ~ti~ll carry a policy or policies of insurance upon ~ their lives in an am~unt eqiizl from time to time to the amount of indebtedness hereby seciued, making said Association benefi- i ~ i.,n• thereunder, and that the said Association may pay the premiums for such insurance (in the event the \iortgagors do not), ~ ~nd~ add each such p1~~mcnt to the unpaid balance of the loan, as of th~ first day of the then curmnt moi:th, and it shall hecome ~ ;i~lditional indebteciness seeureci by this mortgage pa~•able upon demand. ~ 17. That in the event that tl~is mortgage be given to secure a constn~ction loan, failure on the Part of the ~tortgagors or ~ thcir contr.ictors to complete said building in accordance ~sith Constn~ction Loan Agreement, of c~~en date here~~~th, or to build F~ ~aid c~nstruction in accordance ~vith plans and specifications filed ~+~ith the Association, shall constitute a breach of this mortgage, ~ ,~~d, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ~ ~ i.ition may immediately institute prxcedings to foreclose this mor!~age. ~ ~ 18. That the abstraM or abstracts of tide covering the mortga~eci l~roperty shall at all times, during the life of this mort- ~ ~_:<<,c, remain in the possessivn of the Association and in the event af the fnreclosure of this mortgage or othcr transfer of title to ~ thi• mort~aged property in extinguishment of the indebtedness sec:t~rc~l 1.ereby, all ri~ht, title, and interest of the ~iortgagors in ~ ;u~d to any such abstracts of title shall pass to the purchaser or grantce. , 19. The Association shall ha~~e the rioht, in its discretion, to myuire that the \tort~:igors p:iy into the Association in addi- ~ ; i~,n to d~e monthlv installments of principal and interest to Ue paid b}• ihe \tortgabors under d~e note secured by this mortgage, .n~ :imount equal to one-ri~•elfth of the annual installments of anv tascs on thc~ mortgagecl Premises levieci or assessed b~~ an~• ~~cn~crnmental authority, and one-M~eifth of the .~nnual premiums for Fire and E;tendecl Coverage iusurance on the mortgagccl ` ~~rcmiscs as hereinl>efore rec~uired h~• the Asx,ci:?tiun. :ind the ~fortfi:?~ors' failure to make such pa~Tnents shall constitute a default y ~3 undcr this rr.ortga~e. I~ ~~'IT\ESS ~VIIEREnF', the said ~iort~a;ors hemuntu sct the~ir l~ands and seals the dav and ~•ear first above ~~•ritten. _ Sign~~d, sealcd nd dcli~•ered in the presence of: _ ~ t~.-.- G~` ~/s-+~-- (SEAL) r t% i/.~'/ ~ ? ~ G ren ~'V. S~rr~oyer~ _ ~,~.~.J ~ _ _ , ~ic~ ~ ~ i ~ ~ 3 i ~ Z f ~L - ( SEAL ) T:^'~ ~ ~ Jean P. Smoyer ;:x ::ry; ' 1SEAL) vL = . (SEALj - ( W I TN E SSE S) ;MOR TGAGORS) * .r. ~ 224 Q~~E ~ZL ; :a ~ = - . -