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Home My WebLink About1350 . . , . • ~r ~ ~ . ?f' ~r y' ~ .l~ ~t~V > 8. UnW default in the performanc~ of ihe covenunts aad agrecments of this mortgage, the mortgagora shall be entided ' to collect the rents, issues aadpm fits from the premises h~einbefora described, but in case of a default in any of tLe terma of $ this mortgage, and the filing oE a bill to forecloao this or any other mortgage encumbering ihe within described~ P;'~P~Y? ~ ~ ~~ssociation sl~all immediately~ and wlthout notice be entitled to the appointment oE a Receiver of the moztgaged ps~operty, and of the rents, issues and profits thereof. with the usual power oE Rexeivers in such cases, and such Receiver may 1 oontinued ~ ;n pos,~ession of the said property until the time ~ the s$k thereof under such Eoreclosure. and until the confIrmation of such .ale by the Court. 9. if a conveyance should be made by t6e mortgagors of the premises hcrein described, or any part thereof. without the written consent of the Association, and without assumption in regular form of law by the gantee oE tFie obllgations to the ~ ~ssociation created by said promissory note and ihis mortgage, then, and i~ ihat event, and at the option of the Assc~ciation, :?nd ~vithout notice. all sums of mc~ney ser~red hereby shall immediately and concurrentlp wit1~ such rnnveyance become due and pa}~ble and in defautt. The Associe?tia? may deal with a~cessors in interest with reference to thit mortgage and the debt herebv securcd in ihe same mannrr as with the mortgago~, and may forbear to si~e or may exte~d time for payment of the debt, seeurec~ hemby, or otherwise act without di~~charging or in any way affecting the liubiUty of the mortg~?gors hereunder or upon the debt hereby secured. The Assocyation may also deal with the Mortgagors and/or with successors in interest with reference to this ~nortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, pruvid'mg for different ~ monthly payments and/or a different interat rate, and by~ other e:press m«1if'cations of the contrnct, without losing any priorih• the Association has over other mortgagees or lienors or holders of any junior intemsts in the property secured hereby. 10. 'I'hnt in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domain, the As.cociation shall have the right to demand that all damages awartled for the taldng of or damages to raicl pn~nises shall be paid to the Assoriation, its successors or assigns, up M the amount unp~id oa this mottgage si~d mav be applied npon the payment or payments Last payable thereon. 11. It is specifically agreed that time is the essence of this contruct 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 temu or of the instrument secured hereby. l2. If foredosure proccedings of any second mortgage or seoond trust deed or any junior lien of any kind should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. ~ ~ 13. To the e:tent of ihe indebtedness of the I?!odgagors to the Association desc~ibed herein or secured hereby, the Asso- . ~ ciation is hereby subrogated to the lien or liens and to the rights of ihe owners and holders thereof of each and every modgage, ~ lien or-other ei~cumbrance on the land described herein which is paid and(or) satisfied, in whole or u~ part, out of the ~ ~~f the loan described hereir~ or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~~ to and 6e held by the Association herein as security for the indebtedness to the Association herein d~scribed or hereby secured, o ~ the same ex!ent that it would have been preserved and ~vould huve been passed to and been held by the As9ociation had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwit~utand- ing the faM that the same may be satisfied and cancelled of record, it being the intentia~ of the parties h~reto that the~same_will t,e sa~sfied and cancelled of record by the holders the~reof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, berause of the failure of the 111ortgagors to perform, rnmply with and ubide by each and every stipula- . tions, agrcements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate statecl in the note secured her~by. 15. That he will~ernu t, commit, or suffer no waste, impairment, or detcrioration of said properiy or any part thereof; ~ and in the event of the af ilure of the Mortgagors to keep the buildings on said premises and those to be erected on ~id premises, or improvements thereon in gaod repair~ the Association may make and pay for such repairs as in its disa~etion it may deem. necessary for the proper preservation thereoft and the full amount of surh payments shall be secured by the lien of this moctgage and shall at the option of the ~lssociation be immediately due and payable, or payable in such montlily installments az the Associa- tion may determine, and every such gayment shall bear interest from date at the rate stated ia the note secured hereby. ~ 16. That if the Association and the 111ortgagors agree, the I~iortgagors will carry a policy or policies of insurance upon their lives in an arrl~aunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ~ ciary thereunder, and that the said Association may pay the premiams for such insurance (in the event the Mortgagors do not), ~ ~ and add each such payment to the unpa~d balance of the loan, as of the first day of the then cturent month, and it shall become ~ additional indebtedness secured by this 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 Mortgagors or their contractors to complete said building in accordance v~rith Canstruction Loan Agreement, of even date herewith, or t~ build said constn~ction in accordance ~vith plans and specifications filed ~vith the Association, shall rnnstitute a breach of this mortgage, ~ and, at the option of the As.9ociation, immediately mature the entire amount of principal and interest hereby secvred and the Asso- ~ ~~iation may immediately institute proceedings to foreclose thu mortgage. : 18. That the abm~act or abstracts of tide covering the mortgaged property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to the mortgaged propesty in extinguishment of ihe indebtedness secured herebv, all right, title, and interest of the Mortgagors in . and to any such absiracts of title shall pass to the pnrchaser or grantee. 19. The Association shall have the right, in its discretion, to rEquire that the I?iortgagon p~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the riortgagors under the note secured by this mortgage, } an amount equal~to one-hvelfth of the 3nnual installments of any taaes on the mortgaged premises levied or assestied by any govenunental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance , on the mortgaged ~~remises as hereinbefore required by the Association, and the Atortgagors' failure to make such payments shall constitute a default under this mortgaoe. ~ II~ ~VITNESS ~VHEREOF, the said ~iortgagors hereunto set their hands and seals the day and year first above ~vritten. ~ ~ ~ Sign , sealed and delivered in the presence of: G. A. C NSTRUCTION COIKBA~I4~, INC. ~ . .l ~ • .t _ :a._ ~ . ~ ~ ~ ~ s"l.~ri? - - - ~JF~L - - ~ _ - - , ~ Geo e Ap tolopo s, PFesident"~ : : ~ ~ ~ ) , - _ ~ , ' ~ - - - • _ . - ~ t~~ ~ - - - - - • - . . - - - ~ _ - ~ `csE~.> ~ ~ - - - - - ~ - - - _ . - - - - - - _ . - - _ _(SEAL) : ~ (VYITNESSES) (MORTGAGORS) ~ ~ ~ . ~ DYN~I~ ~ ~ ~ ~ ~ ~ --~j~ ~ ~~as,~#'~~~~.i ~-S„ ,d"S, ~ ~ .~`r,ai~„~ ~il ' x~; f _ ~ . `~`3 : ` ~ ~ zr-~-~ p _t.. _ - - - _ . . b