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HomeMy WebLinkAbout1225 •i.~ : . 8. UnW default in the perforn~anc~e oE the covenants and agireements oE this rnortgage, the mortgagon shall be entitled to oollect the rents. issues andpcofIb froa4 the preanises herelnbeEote~ de~aibed, but in a~se of a default in any of the te~ma of thia mortgage~ and the filtnng of a bill to foreclose this a any other moitgaga encumbering the within desaibed propa~ty, the AssociaHon shall immediately and without notice be entided to the appointment of a Roceiver of the moztgagedp~op~ty, and oE the rents, issues and pr~nfits thereof, witb the usual wer of Reoeiven tn such cases. snd such Receiv~ may be-ooiitinued ;n poa~ssion of the said pro~ty unW the time uf the ~ thereof;under, such foreclosure, and until the confirmation of such sAle by the Cowrt. . . . 9. lf a conveyance should be made by the mortgsgors oE the premises herein desMibed, or any part thereof, without the written consent of the Association, and without auumptia? ia regular form of Iaw by tha grantee of tFie obligations to the .~s.u~ciatio~ created by said ~uomissory nate and this mo~tgage~ tben, and in that event, aad at the option of the Association, and ~vithout notice, all sums of mmey ser.ued hereby sbaU immediately and rnncurrently with such cmveyance become due and l~YBble and in defaul~ Tbe A~ociation may deal wlth s~ooessors in interest with reEerence to this mortgage and the debt hereby secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secureci hereby, or otherwise act without d~scharging or in any way affecting the Uability of the mortgagws hereundec or upon the debt hereby secured. The Auoriatioa may also deal with the Mortgagors and/or with successors in interest with reEerence to tlus mort~age and the debt hereby aecured by forbearu~g to sue, extending the time for pa?yment of the debt, Iu~oviding for different ioi montlilY P~Ymenb and/or a diEferent inter~st rate, and by other express modificatio~u of the contract, without loain any priorih• the Assoctatioa has over other mo~rtgagees or l~enors or holders of any junior interests in the property sccured 10. That in the event the pre~nises hereby mortgag~d, or any part thereof, shall be oondemned and taken forpu blic use under the power of eminent domain, the Assuciation ~ st~all have the right to demand that all damages awarded foz tLe taking of or damages to said premises shall be paid M the AssociaHon, its succes.wrs or assigns, up M the amount unpaid on ih~s matgage and may be applied upon the paya~ent or paymeats last payable thereor~. 11. It is specificaIIy agrecd that time is the ~ce of this contract aad that ao waiver of uny obligati~ hereundet or of the obligation secured hereby shall at any tirne thereafter be held to be a waiver of the terms or of the instrmoaeat secured he~reby. 12. lf forecloaure ~+oceed'u~gs of any second mortgage or second trust deed or any junior lien of sny ldnd should be insti- tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness sec~ued hereby due and peryable. 13. To ihe eztent of the indebtedness of the Modgagors to the Association desQibed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or lieat and to the rights of the owners and holders thereof of each and e~ery mortgage. lien or other encumbrance on the land described herein which is p~id and(or) satisfied, in whole or u~ ~mrt, out of the~~ of the loan described herein or secured hereby, and the respectivc liens of said mortgages, lie~s or ather encumbrances, p~. to and 6e heW by the Association herein aS setYUity for the indehtedness to the Association herein describ~i ar hereby s~u~ed, M the same eu!ent that it would have been preserved and wouW have been paaeci to and been held by the Associati~ had it beea duly and regularly assignecl, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being ihe iate~tion of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the tune of the recording of this mortgage. 14. To pay all and singular the coats, charges, and ~ induding lawyeis fees, reasonably incurred or paid at any time by the Association, because of the failure of the riortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such p~yment shall bear interest from date at the rate stated in the note secured hereby. - 15. That he willperm~ t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event oE the failnre of the Mortgagors to ke~.p the buildings m~ said mises and those to be erected on said premises, m or impmvements thereon in good repair, ihe Association may make and gay or suchre~s as in its disaetion it may dcem necessary for tbe proper preservation thereof, and the full amount of such payments shall be sec~red by the lien of ihis mortgage and shall at the option of the Association be immediately due and payable, or payable in suc:h montiily installments as the Associa- tion may determine, and every such payment shall bear interes~t fmm date at the rate stated in the note secured hereby. I~ 16. Tbat if the Association and the 1?tortgagors agree, the Mortgagors will cazry a policy or policies of insurance upon ~ their lives in an arrleunt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ciary ihereunder, and that the said Association maypa y the premiums 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 clurent month, and it ~ shall become additional indebtedness securecl by this mortgage payabk 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 conh~aMors to complete said building in aocordance with Construction Loan Agreement, of even date herewith. or to build said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the optian of the Association, immediately mature the entirc amount of principal and interest hereby secured and the Asso- ciation may immediate]y institute proceedings to foreclose this mortgage, 18. That the abstract or abstracts of title covering the mortgageci 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 title to the mortgaged pro~erty in extingnishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 1liortgagon pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the Aiortgagors under the note secured by this mortgage, ; an amount equal-to one-twelhh of the annual installments of any tanes on the mortgaged premises levied or assessed by any ` governmental authority, and one-twelfth of the annual premiums for Fire and Eztended Coverage insurance on the modgaged rremises as hereinbefore required by the Association, and the 1liortgagors failure to make such payments shall constitute a default under this mortgage. IN WITNESS ~YHEREOF, the said Mortgagors hereunto set their hlnds and seals the day and year first above ~vritten. ~ Signsd, sealed and delivered in the presence of: - - - - -----C..~`7.'~-r"~ l/~ui__~'~K~ -L'-- --%ft ~,~e!~[-G-IL~r..-(SEAL) . ~ Vmcent T. McVicker - , ' _ ~ , - 7.'.%'~~. ~ct-- ~ ~,~~t zl - - - _ - - - (SEAL) Margue~ite cVick~~-- - ~ - - - - - - - _ _ - _ ~ - - ..._~SEAL) - - - - - - - - - (SEAL) - - - - - - - - - - - - . (W ITNESSES) (MORTGAGORS) ~ 60011 ~~7 PACE 1~~~ , - • ~ - - ~ _ , ~ . _ .