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HomeMy WebLinkAbout2778 8. Until default in the ~formance of tbe rove~~s aad agrei.~rnents oE this mortgage. the mortgagors shall be entitled to coUect the rents, issues andprofits from tbe Pren?'ses beren'bef°ra but in case of a default in any of the ternu of this moztgage, and the filiag oE a bill to faeclose this oc any other matgage encumbering the within described property, tbe ' ~ssoclation shall immecliatel~ and without notice be entitled to the appointment of a Receiver of the moitgaged propeth'. and of the rents. issues and profits thereof, with the ~uualp~ wer oE Receivers in such cases. snd such Receivcr may be continued ; ~n pro~Y unt~ the time of the sale thereof under such foreclosure, and until the ro~firmation of such ~ .nle by the Cowt. 9. If a conveyaace should be made by the martgagas of the pren?ises herein described, or any part thereof, without ~ the written consent of the Association, and without assum~? ia ceguiar form of law by the grantee of the obl~gations to the 4 ~.wciation cteuted by said pmmisso~ry nae and tlus ~rtgaSe, then, and in that event, and at the option of the Associ:?tiun. - ,u~d ~~~thout notice, all sums of mc+ney ser~red hereby shalt immediately und concurrently with such rnnveyance become due ur?d ~ E,ayable and 'm defaul~ Tha Associatia? maY deal `~"ih suc~°~ 11'i'terest with reference to this mortgage and the debt herebv ; secwed in the same manner as with the mortga$ois. and maY f°rbea~ to sue or may extend time for payment oE the debt, u~rec~ ~ ~iereby~ a oth~*~~ a~ ~~ut discharg~ng o~ in ~y wav affecting the liability of the mortgagors hereunder or upon the debt ~ hereby secured. 'The Association may alto deal with the Moztgagors and/or with successors in interest with reference to this ~ ~no g~ge ~nd t1~e debt herebY sec"nd by forbearing to s~~e, eactending the time for paYment of the debt, pmviding for differer?t mo~t61y p4yments and/or a diEfe~ent interest rate, and by other espiess mo~ifications of the contract, without bsing any priorit~• ~ ihe Association has over othet mortgagees or lienors or holders of any jmuar interests in the property secured hereby. i 10. That in ihb erent the premises 1~ereby mortgaged, or any part thereof, shall be condemned and taken for public use under the powei' oE ~nin~t domain, the Association shall have the right to derrwnd that all damages awarded for the taking of or ~ damages to said premises shall be p~id to the Assoc+ation, its successors or assiQns, up to the amount unpaid on this mortgage and mav be applied upcx~ the payment or payments last payable thcreon. 11. It is sp~ecifically aSre~d that time is the e~ence of this contrnct a"d that no waiver of nny obligation heareunder or of the obligation sec~red }~ereby shall at any time thereafter be held to be a waiver of th$ terms or of the instnunent secured hereby. 12. If forecloavre proceedings of any semnd mortgage or second tnut deed or any junior lien of any ldnd should be insti- tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due ~ and pnysble. 13. To the extent of the indebtedness of t6e Modgagors to the Association described herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and ev mortgage, lien or other encumbrance on the land described herein which is paid and(or) satisfied, in whole ~her ~~cumbranc~es~es~~ ~ ~~f the loan described herein or secur~ci 1~rebY, and the ~s[~e~n'c liens of said mortgages, hens or ~d to and be held by the Association herein as security f~r the indebtedness to the Ass~ciation herein described or hereby , to ` thc ssme ex'.ent that it woald have been preseived and ~~ould have be~° I~as~1 to and been held by ihe Association had it been ciuly and regularly assigaed, transEerreci, set over and delivered unto the Association by separate deed oE assignment, nohvithctand- ~ ing the fuct that the same may be satisfied and cancelled of record, it being ihe intention oE ihe ~rarties hereto that the same will 1,e sa~sfied and cancelled of rcrnrd by the holders thereof at or about the time of the Tecording of this mortgage. ~ includin la ei s fees, reasonabl incarreci or paid at any 14. To pay a11 and singular the costs, charges, and expe~?ses g~ry+ ee. time by the Association, becaase of the failure of the 111ortgagors to perform, comply with and abide y each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall 1~ear interest from date at the rate stated in the note secared hereby. 15. 1'hat he will~tnu t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the af ilure of the Mort~agors to keep ihe buildings on said premises and ih~e to be erected on ~id premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its disrretion it may deem necessary for ihe proper preservation thereof, and the full aiaount of such payments shall be secured by the lien of this mortgage xnd shall at the option of the Associatioa be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every.such payment shall bear interest from date at the rate stated in the note secured hereby, ' 16. That if the Association and ihe ~iortgagots agree, the Mortgagors will carry a policy or policies of insurance upor? ~ their lives in an a~eunt equal from time to time to the amount of umdebtedness hereby secured, making said Association benefi- ~ ciary thereunder, and that the said Association ma the remiums for such insurance (in the event the 1~iort a ors do not , ~ Y PaY P ~ and add each such pu~~ment to the unp ~'d balance of the loan, as of the first day of the then ciurent month, and gt ~hall become _ ~ additional indebtedness secured by this mortgage payable upon demand. ` ]7. That in the event that this mortgage be given to secure a constniction loan, failure on ihe pazt of the Mortgagors or their contractors to complete said building in accardance with Construction Loan Agreement, of even date hereK~th, or to build ~aid construction in aocordance with plans and specifications filed ~+rith the Association, shall constihite a breach of this mortgage, and, at the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immedi.ztely instiiute proceedings to foreclose this mortgage. ` 18. That the abstract or abstracis oE tide covering the modgaged properly shall at all times, during the life of this mort- ~~age, remain in the possession of the Association and in t6e event of the foreclosure of this mortgage or other iransfer of title to the mortgaged pro~erty in eztinguishment of !he indebtedness sec~ured 1-~ereby, a11 right, tide, and interest of the Modgagors- in and to any such abstracts of tide shall pass to the pur~haser or grantee. 19. The Association shall have the right, in its discretion, to reryuue that the Tiortgagors ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the \tortgagors under the note secured by this mortgage, ~ amount equal~to one-hvelfth of the annual installments of an~ taxes on the mortgaged premises levied or assessed by any ~uvemmental authority, and one-h~elfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgaged ~~remises as hereinbeEore required b~ ihe Association, and the \Iortgagors' failure to make such pa}~ments shall constitute a default t:nder this mortgaoe. I~ 1~VITNESS \~'HEREOF, the said tiiortgagors heretmto set their hands and seals the da~~ and year first above ~vritten. Signecl, sealed and deli~ered in the presence of: , ~ ~ ~ - . " TS~.AL) ~ C~ ~ ~ - - - ~ William A. Pittman ~ ~ , ' . ~1 ~.a ~$EAI..) y _ ~ _ - . _ _ - - - - Mary e ~'ittman . ( SEAL ) - - - - - (SEAL) - - - - - - - - (WITNESSES) (MORiGAGORS) w ~~z~ !z $ ~ x:~ ~ _ _ _ _ _ . _ - " ~ ~ : ~~E'~ j . u.. _ ~ _ ~ . .