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Home My WebLink About2783 . ~ 8. Until default in the perfom~ance of the covenants and agreeme~ts oE this mortgage. the mortgagors shall be entided to collect the tents. issues andp~o Eits fro~m the premises hereinbefore desrribed. but in case of a default in any of the terma of thit moctgage, and the filing of a bill to focecloae this oc any other mortgage eneumbering the within de.scribed property, the Ac9ociation shall immecliately and without natice be entided to the eppointment of a Receiver of the mortgagedpro~e rty. and of the n~nts. issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in posa~ssioa of the said property until the time oE the sale thereof under such forecloaure, and unti) the confirmation of such ~ale by the Court• 9. lf a conveyance should be made by the mortgagors of the premises herein d~scribed, or any part thereof, without the written car~sent of the Associatian, and w~thout assumption in regular form of law by the grantee of the obligations to the ~?ssociation created by said promissory note and this mortgage~ ther~, and in that event, and at the option of the Ass~iatirn~. :md ~vithout notice, all sums af mc~ney secnred hereby shaU immediately and coneurrently with such rnm•eyance become due and paynble and in default. The Association may deal with s~ccesso~s in interest with reference to this mortgage and the debt herebv secured in the same manner as with the mortgagois, and may forbear to sue ar may eatend time for payment of the debt, secure~ ( hereby, or Mherwise act without dischargu~g or in any way affecting the liability of the mortgAgors hereunder or upon the debt i hereby secured. The Assoc~iatioa may alsO deal with the Mortgagors and/or with successors in interest with reference to this ~nortgage and tha de'bt hereby ~secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payinei?ts and/or a diffemnt interest rate, and by other express modifications of the contract. without losing Any priorit~• the Association has over other morigagees or lienors or holders of any jw~ior interests in the property secKU~ed hereby l0. Th.~t in the event the premises hereby mortgaged, or any part thereof. shall be condemned and taken for pubUc use under the power of eminent domain, the Assuciation shaU have the right to demand that all damages awarded for tbe taking of or damages to said premises shaU be paid to the Assoriation, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. I1. lt is specifically a$reed that time is the essence of this contract and that no waiver of any obligation hereunder or of the obligatioa secured h~eby shall at any time thereafter be held to be a waiver oE the terms or of the instrument secured hereby. 12. lf foreclosure proc~eedings of any second modgage or second tnut deed or any junior lien of any lrind should be insti- tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the 11~ortgagors to the Associ.ltion desaibed hereui or secareci hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the o~vners and holders thereof of each and every mortgage, lien or other er~cumbrance on the land described herein which ic Iraid and(or) satisfied, in whole or in part, out of the ~~iaD~s ~?f the loan descxibed herein or secwred hereby, and the respeMivc liens oE said mortgages, liens or other encumbrances, s ~x tn and be held by the Association herein u security for the indebtedness to the Assxiation herein describeci or hereby secured, to thc s:ime eztent that it ~vould have been preserved and would have been passed to and been held by the Association had it been duly and mgularly assigned, t~ansferned, set over and delivered unto the Association by separate dced of assignment, nohvithstand- ing the fact that the same may be satufied and cancelled of record, it bcing the intention oE the parties hereto that the same ~vill t,e sa5sfied and cancelled of record by the holders ihereof at or about the time of the recording of this mortgage. 14. To pay a11 and singulaz the rnsts, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, bera~ue of the failwe of the 11tort~;agors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory notc and this deed, or either, and every s~ch payment shall bear interest from date at the rate stateci in'tbe note secured hereby. 15. That he ~vill pemnit, commit, or suffer no waste, impainnent, or deterioration of said property or any pazt thereof; and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises, ur im~xovements thereon in good repair, the Association may make and pay for such repairs as in its discTetion it may deem necessary for the proper pr~sservation thereof, und the full amount of such paymenis shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or ~rayable in such monthly'allments 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 ~?todgagors agree, the Mortaagors will carry a policy or policies of insurance upon j their lives in an arr~sunt equal from time to time to the amount of indebtedness hereby secured, making said AssociaNon benefi- s ciary thereunder, and that the s~~id Association may pay the premiums fur such insurance (in the event the Atortgagors do not), p and add each such ~n}~nent to the un~aid balance of the loan~ as of the fiist day of the then cturent month, and it shall becomc ~ additional indebteciness secured by th'u mortgage payable upon demand: ~ 17. That in ihe event that this mortgage be given to secure a construction ]oan, failure on the part of the ~iortgagors or ~ their contractors to complete said building in accordance with Consiniction Loan Agreement, of even date herewith, or to build said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constihite a brc~ach 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 immecliately institute proceedings to foreclose this mortgage. ~ ' ~ 18. That the abstract or abstracts of title covering the mortgagea property sha11 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 title to ~ the mortgaged propedy in eutinguishment of the indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in ` and to any such abstracts of title shall pass to the purchaser or grantee. ' 19. The Association shaII have the right, in its discretion, to rcquire that the 1liortgagors ~y into the Association in addi- j tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured by this modgage. ; an amount equal to one-hvelfth of the snnual installments of any taxes on the mortgaged premises ]evied or assessecl by any ~ ~ovemmental authority, and one-h~elfth of the annual premiums for Fire and Ectended Coverage insurance on the mortgaged Premises as hereinbefore required b}~ the Association, and the 1ltortgagors' faili~re to make such pa~~rnents shall constitute a default undcr this mortgaae. IK ~~'ITNESS ~~'HEREOF, the said ~iortgagors hereunto set their }~ands and seals the day and year first above written. w x Sign~d, seal~d and deli~•~ed " the p ce of: ~ ~ ~ - ~x • ~ l ~ _ s 'L., ' ~ - ~ ~ { 1-~= , ~ ` ~ ~ - - - ~ _~SEAL) i ~ . Luca J. N~varro ~ _ - , , ~ . ~ , / ' 'z ~ . • ' . , : ~ ~ ~ ~ E ~ ~ - ~SEAL) ` - - - _ Aniie I,. Navarro ~ % ; . , ? ~ , - ,~t ~ ' • , , h (SEAL) : ~t<: _ _ ~ _ - - - - - - - (SEAL) - - - " - - c~TCacoasf (WITNESSES) n R r - ~ _ 6001( ~~c~ PAGf ~ ~ ' ~ a ..~,~`:'x ~ ~ y ~ ~ -e"4`~<a~"~_~~ ~y'~`'t, .,~~-"~'x ~ r x ' > _ ~ a,u. ~_s.,su- 3n~'~~•+ . av__ ~