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Home My WebLink About0162 . 8. Until default in the performance of the covenants and agrecments of this mortgage, the mortgagors shaU be entided to coAect the rents~ iaues and poofits from the premises hereinbefore described. but in case of a default in any of the ternu of this mortgage~ and the filing of a bill to foreclose this or any other mortgage encumbering the within described property~ the As.sociation shall immediately and ~vithout r?otice be entided to the appointment of a Receiver of the mortgagedproperty, and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be oontinued in possession of the said property until the time of the sale thereof under such foreclosure, and until the oonfnmation of such .ale by the Court. 9. If a conveyance should be made by the modgagors of the premises herein described, or any part thereof, without the ~vritten consent of the Association, and ~vithout assumption in r~ular form oE luw by the grantee of the obligations to~dte' -~~.tociation created by said promissory note and this modgage, then, and in that event, and at the option of the Assuciation. :?nd ~~~thout notice, al! sums of mcx~ey secnred hereby shall immediately und concurrendy with such rnnveyance become due and payable and in defauit. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv secured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securecl hereby, or othenvise act without dixhacgmg or in any ~vay affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Ass~iation may also deal with the Mottgagors and/or with successors in interest with reference to this ~nortgage and tha debt hereby secared 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 modifications of the contrnct, without losing any priorit~• the Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the pmmises hereby mortgaged. or any part thereof, shall be condemned and taken for public use imdcr the power of eminent demain, the Assuciation shall have the right to dem:ind that AD damages awarded for the taldng of or damages to said premis~c shall be paid to the Association, its snteessors or assigns, up to the amount unpaid on this mcxtgage and mav be Ap~lied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligntion hereunder or of the obligation securecl he,reby shall at ar?y time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosnre proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this modgage and the indebtedness sec~u+ed hereby due and payable. 13. To ihe extent of the indebtedness of the 1liortgagors to the Association descxibed herein or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of ihe ownen and holders thereof of each and every mortgage, lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the pnceeds ~~f the loan described herein or securc~cl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass to and be held by the Association herein as security for the indebtedness to the Ass~ciation herein described or hereby secured, to thc s:?me extent that it wou]d have been preserved :uid ~~•outd have been passed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate dced oE assignment, nohvithttand- ing the fact that the same may be satisfied and cancelled of record, it being [he intention of the ~rarties hereto that the same will 1>e sa5sfied and cancelled of record by the holders thereof 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 incumed or paid at any time by the Association, because of the failure of the 1lfortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deeci, or either, and every such payment shall bear interest from date at the rate stateci in ihe note secured hereby. 15. That }ie will permit, commit, or suffer no waste. impa'ument, or deterioration of said property or any part thereof; and in the event of the failure of the Mort~agors to keep the buildin~s on said premises and those to be erected on said premises, ; or improvements thereon in good repair, the Association may make and pay for such repairs as in its discxetion 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 , ; and shall at the option of the Associatian be immediately due and payable, or payable in such monthly installments ~s the As.wcia- ~ ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby. ~ 16. That if the Association and the ~iortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- c•iary thereunder, and that the said Association may pay the premiums for such insurance (~n the event the rlortgagors do not), and add each such psyment to the unp~ d balance of the loan, as of ths first day of the then ctutant 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 ~tortgagors or - their contractors to complete said builcling in accorclance with Construction La~n Agreement, of even date herewith, or to build ~.zid construction in accordance with plans and specifications filed ~~7th the Association, shall constitute a breach of this mortgage, ~~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immecli3tely institute proceedings to foreclose this mortaage, ~ 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 property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the r4ortgagon_ Fray into ihe Association in addi- tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the nate secured by this modgage, an :imount equal~to one-hvelfth of the annual installmeats of any taxes on the mortgagecl premises levied or assessed by any ' ~~o~•emmental authority, and one-hvelfth of the annual premiums for Fire and Estended Coverage insurance on the mortgaged •~rcmises as hereinbefore reqirired by the Association, and the ~tortgagors' failure to make such pa~Tnents shall constiEute a default ~ under this mort~a~e. ~ I~ ~VITIESS ~\'HEREnF, the said ~iortgaaors hereunto set their hands and seals the day anil ycar first above written. ~ ~ SignQd, sealed and deli~•ered in the presence of: ?ar r. i ~ , v _ C~~-?~~'~' ~ _ ~ i - -~SEAL) _ ^ ~ / f er e . , , ~ . ~ ~ ~ ~~7~ ' ~ ~ EAL) ~ ristine L. arte ` - - - - _ - - ( SEAL ~ s ~ ~ ; : ~ - - - - - - - - - _ . . _ . (SEAL) } ( W I TNESSES) (MURiGAGORS) ~ ~ F ~ ~ ~8 encE 1s2 ~ _ _ . . . _ _ . Y{~ Y 3^ [ _a ~~.~~t,_.~ . ~ ~ m , . - vr°`.°T_._~~~