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Home My WebLink About0937 I • 8. Until default in tbe perfo~mance oE the covenauts ~nd agirecyi~e~~ts oE this mortgage, the mortgagors at?all be entitkd to collcct the reats, issues andprofits from the Premi~s h~m'nbef°re d`~'b`''d• bu` i" case of a default in any of the te~nu af this uiortgage, and the filing of a biU to foreclose thLt o~ any other mortgage encumbering the within describad pro~xty, the :~ssociation shall immediately and without notiee be entitled to the appointme»t of a Receivcr of the mortgaged property. end of tbe rents, issuNS and p~fits thereof. with the usual power of Reeeivers ia such cases, and such Receiver may be eoutinued po~sion of the said propeity until the time of the sab thereof under such fomlosure, and unta the ronfi~ution of s~ch sale b~~ the Court. ' - 9. lf a conveyaoce should be made by the matgagors of the premises herein described, o~ anyput thereof, without thc writter consent of the Association, and ~~lthout assiunptio~ ip ~egular. form of 1aw by the grantee of tfie obli~ations to tbe :~~caciatan created by said promissory note and thic mortgage. tt.en, and in that evenk ar?d at the option of the Association, :md .vithout rwtice, all sums of mcmcy secareci hereby shall immediately und concurrently with such rnnveyance beoome due and ere payable and in defaul~ 'The Association may deal with svccessors ia interest with referec~ce to this mortgagc and the debt hereb secured in ihe same mannrr as H1th the mortgagors, and may forbear to s~+e or may extend time for ixiyment of die debt, m hercUy. or othenvise ad witlwut discha?gu~g or in any way affecting the liability of t~:e mortgs?gcxs he~eunder or upon the de t hereby secured. Tt~e Associatioa may aL~o deal with the Moctgagors and/or. with successors ~n interest with reference to this ~nortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, Providing for different „nonth]y payments and/or a diEfereat interest rate, and by other express n?oc]ifications of the contr.?ct, without bsing any priorih• the Association has over othet m~rlbage~s or lienors or holders of any jwuor interests in the propertv secu*ed herebY• l0. TFat in the eveat the pmmises 1~ereby mortgaged, or any pmut thereof, shall be condernned and taken forpu blic use' under the power of emit~ent danain, the Assuciation shall have the right to demand that aII damages a~rarded for the taldng of or damages to said premises sha11 be paid to the Association, its successors or assi~nns, up b the amount unpaicl on this nw~tga$e and mav be applied upoa the payment or pay~ments last pa?yable thenwn. 11. It is specifically agreed that time is the essence of this contruct and that no waiver of any obligation here~nder or of the obUgation secured hereby shall at any time the~eaf~er be held to be a~vaiver of ihe terms ~ of the instrumeat secured hereby. 12. If foreclosnre proceedings of any second mortgage or second tnut deed or pny junior lien of any ldnd should be uuti- tuted, the Association may at its option, immediately or thereafter declare this modgage and the indebtedness secui~ed hereby due and pn~~abk. 13. To the exte~t of the indebtedness of the ~iortgagors to the Association desaibed hereni or secured hereby, the Asw- ristion is hereby subrogateil to the lien or liecu and to the rights of the owners and holders theceof of each and every mortgage, lien or other encumbrance on the land desEribed herein which ic paid ancl(or) satisfied, in ~vhole or in part, out of the~~ ~~f ihe loan d~scribed herein or securetl hereby~ and the respectivc liens of said modgages, liens or other encumbrances,~~ t~ ~nd be held by the Association herein as security for the indebtedness to the Association herein described or hereby , to the ssme eztent Niat it ~vould have been preserved and ~vouW 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 sei±arate deed of assignment, nohvithstand- ;ug the fact that the same may be satisfied and cancelled of record, it being the intention af the p~rties hereto that the same will be sa~sfied and cancelled af record by the holders thereof at or about the time of ihe recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including Iawyer s fc~.,, rrea~„a.Lly ;nc~rr~d ar praid at an}- time bY ~e Association, because of the faiiure of the :~tuzt~agors to perfoim, comply a~~th and abide by each and every stipula- tions, ap~reements, conditions and covenants of s~id promiswry note and this deed, or either, a:~d every such payment shall bear int~rest from date at the rate stated in tLe note secured hereby. - 15. That he will pernut, commit, or suffer no waste, impaiRnent~ or ueterioration of said property or any part thereof; and in the event of the failure of the !livrtgagors to keep the buildings on said premises and those to be e.~ected on said premices. or improvements thereon in goot~ repa'v, the Associab°n maY make and pay for such repairs as in its disa~etion it may deem necessary for the proper preservation thereof, and the fiill amount of such payments shall be secured by the liea of this mortgage .~nd shall at the option of the Association be immediately due and payable, or payable in svch raanthly itutallments as the Associa- tion may detcrmine, and every sach paymec?t shall bear interest from date at the rate stated in the note secured hereby. 16. That if the ~lssociation and the ~tortgagors agree, !he Mortgagots will carry a policy or policies of insurance upon their lives in an a~eunt equal from time to time to the amount of indebtedness hereby secured, making said Association benafi- i c~iary thereoncler, and that the said Association may pay the premiums for such insurai?ce (in the event the \iortgagorc do not), ~ and add each such pnyment to the un~ balance of the loan, as of the first day of the then current month, and it shall becoine additional indebtedness secured by morigage payable upon demand. ~ 17. That in the event that tlus mortgage be given to secure a construction loan, failure on the pazt of the ~iortgagors or _ their contracton to rnmpl~te said building in accordance with Conshvction Loan Agreement, of even date hercwith, or to build said construction in accordance with plans and specifications filetl ~ti~th the Association, shall constitute a brcach of this mortgage, and, at the option of the Association, immediatel~ mature the entire amount of principal and interest hereby secured and tbe Asso- ciation may immediately instituie proceedings to~foreclose this mortgage. ~ 18. That the abstract or abstraMs of title cavering the mortgaged properly shall at all times, during the life of this mort- ~~age, remain in the possc~ssion of the Association and in the event of the fc?reclosure of this mortgage or other transfer of tide to the mortgaged pmperty in e:tinguishment of the indebtedness securecl hcreby, all right, tide, and interest of the I?iodgagors 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 Mortgagors ~y into the Association in addi- tion to the monthly installments af principal and interest to be paid by ihe ~lartgagors :u~der the note secured by thu mortgage, an amount equal to one-hvelfth of the annu:~l installments of any taxcs on the mortgaged premises levied or assessed by any ~overnment:il authority, and one-hvelfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgaged Premises as hereinbefore reqaired b~ the Association, and the :lfortgagors' failure to make such pa}~m~nts shall constitute a default ~mder this mortgage. ' I\ ~YIT?~ESS ~VHEREOF, the said ~fortgagors hereunto set their hands and seals the day and yrar first above written. ~ C. F. SHAWVER CONSTRUCTION CO. , INC. SignQd, sealed and delivered in the presence of: ~ ^ . , ' • . ' '.~(S13AI.) >x.~',~. ~ " ~ ` ~ - ~ - , - - - - - C. F. SHA VEl~, Presic~e~;. ~ < ~ , - - ~ ~ ~'-~:(~,3,~,1 ' 1 - _ . _ . . _ . _ . . - - - - e ~ ~ ~ ~ ` . • - . . ' ---^`-----31 ~~~W`~~ - - _ _ ,,;\~ti _ . ' _ _ ----~`SEAI') - - - - - - - -II R r~c~ - -(MORTGAGORS) ~ cwirNESSES~ g00K (•?J~ PAf,f ~7t~~ - _ i ~ ~ s ~ a µ - W~