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HomeMy WebLinkAbout0272 ~ 8. Until default in the performance of the cove~ants and agrccments of this mortgage, the mortgagors shall be entided to collect tiie rents, issues and profits from the premises hereinbeforo described, but in case of a default in any of the terma of this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within described property, the ~lssociation shull immediately nnd without notice be entitled to the uppointment of a Receiver of the mortguged pr~perty, tu?d of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued ~ws.,ession of the said property until :he time of the sale ihereof under such foreclosure, and until the confirmation of suci~ ,.11e b~' the Court. N~ ` : ; ' ~ • 9. lf a conveyance should be made by the modgagors of the premis~~s herein described, or an part thereof, without thr ~vritten consent of the Association, and H~thout assumption in regular form of lp~v by .the graMee e~t ~Te obligations to the -i.wciation created by said promissory note and this mortgage, then, and in that event, and at the option of tlie Associ:?tiuu. :~nd without notice, all sums of money sec~ired hereby shall immediately and concurrently with such rnnveyance become due and payable and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securecl hereby, or othenvise act without dischargu~g or in any H•~y affecting che liability of the mortgagurs hereunder or. upon the debt hereby secured. The Association may also dea) with the Mortgagors and/or with successors in interest ~vith reference to thic ~nortg:?ge and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a different interest rate, and by other express moclifications of the contr.ict, without losing nny priorit~• the Auociation has over other morlgagees or lienors or holders oE any junior interests in the property secured hereby. 10. Th~t in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken for public use under the power of eminent domau~, the Assuciation shall have the right to dem:u~d that all damages awarded for ihe t~ng of or damages to said premises shall be paid to the Association, its successors or assigns, up ta the amount unpaid on this mortgage and mav 6e applied upon ihe paycnent or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of anv obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument sec~u~ed hereby. 1`~. If foreclosure proceec]ings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tutcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness seciued hereby due and pa~•able. 13. To the extent of the indebtedness of the Mortgag~rs to the Associ.1tion described hereui or secured henby, the Asso- ciation is hereb~~ subrogated to the lien or liens und to ihe rights of the owners and holders thereof of each and every mortgage, lien or other encumbrance on the land described herein which ic paid and(or) satisfiecl, in ~~~hole or in part, out of the pr~oc~eds ~~f the loan described herein or secureci hereby, and the respectivr liens of said mortgages, liens or other encumbrances, s} pass t~ and be held by the Association herein as security for the indebtedness to the Assxiation herein describeci or hereby secured, to thc s:?me ex!ent that it ~vould have been preserved and ~vould have been passecl to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same ~vill be sa5sfied and cancelled of record by the holders thc~reof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurrecl or paid at any time bv the Association, becaiue of the failure of the ~1lortgagors to perform, comply ~vith and abide by each and every stipula- tions, agteements, conditions and covenants of said pmmissory note and this deed, or either, and everv such payment shall bear interest from date at the rate stated in the note secured hemb~•. _ 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said property or an~~ part thereof; and in the c~~ent of the failure of the Asortgagors to keep the buildings on said premises and those to be erected on said premises, ~?r improvements ihereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem , necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage :+nd shall at the option of the Association be immediately due and payable, or payable in such monthly uutallments 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 the !liortgagors agrce, the 11'Iortbagors ~vill carry a policy or policies of insur.uice upon ` their lives in an ar~aunt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ` c•iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the ':liortgagors do not), ~ and add each such In}~nent to the un~aid balance of the loan, as of the first day of the then current month, and it shall become ~ additional indebteclness secured by this mortgage payable upon demand. ~ ]7. That in the event that this mortgage be given to secure a construction loan, failure on the part of the :liortgagors or ~ their contr.ictors to complete said building in accordanee with Construction Loan Agreement, oE even date here~vith, or to build ~ said construction in accordance ~vith plans and specifications filed «•ith the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstraM or abstracts of title covering the mortgageci property shall at all times, during the life of this mort- ~ ~~a~e, remain in the possession of the Association and in the event of the forerlos~ire of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness securecl }-~creby, all ri~ht, title, and interest of the Aiortgagors in ~ and to any such abstracts of title shall pass to the purchaser or grantee. ~ I9. The Association shall have the right, in its discretion, to require that the 1ltort~agors ~y into the Association in addi- ~ tion io the monthly installments of principal and interest to be paid by the \iortgagors under the note secured by this mortgage, _ ~n amount equal to one-hvelfih of the annual installments of anv ta~es on the mortgaged premises levied or assessed by any ~ governmental autharity, and one-hvelfth of the anm~al premiums for Fire and Ertended Coverage insurance on the mortgaged ~ ~~rcmises as hereinbefore required bv the Asscxiation, and the \tortga~ors' failure to make such pa~~rnents shall cc~nstitute a defaalt _ under this inortgaae. I\ «'IT\ESS ~i'FiEREnF, the saicl ~tortganors hercunto set their hands and seals the da~• and ~•ear first above ~vritten. . . ~ : Si~ned, sealed and delivered in the presence of: ; `r ~ , ~l _ , ` ~!-k~--~`'~~ _~-f c~ ljC'1 c~ J_- , .~~~~(SEAL1 J n H. Lamplough .",4i _ /`~~Li~(i_ (SEAL) ~ ( SEAL) w`.a '==i (SEAL) _ _ . - - - (SNITNESSES) tMORTGAGORS) Boo~ 226 ~~f ~ 12 . - _ : _ ~ .