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Home My WebLink About0508 ~ ~ s ~ . ~ . ~ 8. Until default in the performance of thg covenants arid agrecrmnts of thi's mo~tgaga. tLe ~ortgago~s shail be entitleci ~ to coAect the rents~ issues and profits from the premism hereinbcfore described. bur ~n'c~ae of a d~ault in any of tbe terms of ~ thu mortgage, and the filing of a bill to foreclosa this or any other mortgage encumbering the withia describad propesty, the ~~ssociation shall immediately und without notice be entided to the appointment oE a Recelver of the mortgaged~xo~ rty. and ~ of the rents, issues and profits thereof. with the ~uual power of Receivers in such cases. and such Receiver may be continuad ;n possession oE the said property until the time of the sak thereof under such foreclosure. and until the confirmAtion of such ' ~ .;ile by the Court. ~ 3 9. lf a conveyance should be made by the mo~tgagon of the premises hereir~ descdbed, or any part thereof, without ~ the written consent of the Association, and without assumption in regular form of law by the grantee of tFi~ obligations to the ~ ~xu?ciutiori creAted by said promissory note and this mortgage, then, and in that eve~t, and at the optior~ of the Association. ~ :~n~i ~vithout notice, all sums of mcu~ey secared hereby shall immediutely and concarrendy with such canveyance become due and ~~ayable and in default. The As.u~ciation may deal with successors in interest with reference to this mortgage and the debt herebv scrured in the same mannrr as with the mortgagors, and may foibear to so~ or may eztend time for payment of the debt, seeurec~ hereby, or othenvise act without dischacgu~g or in any way af[ecting the liability of tt~e mortgagurs hereunder or upon the debt hereby secured. The Associati~ may also deal with the Moitgagors and/or with suooessors in interest with reference to this ,nortgage nnd the debt hereby secured by forbearing to sue, extending the time for payment of the debt, pmviding for different monthly payments and/or a d~fferent interest rate, and by other express nwdifications of the contract, without losing any prioritr the A.ssociation has over othe~ modgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in the event the premises hcreby mortgaged, or any part thereof, shall be condemned and taken for public use ~ under the power of eminent doma'v~, the Aswciation shaU have the right to demand that aU damages awarded for the taking of or i damages to said premises shall be paid to the Associaiion, its successors or assigns, up b the amount unpaid on thit matgage and mav be ap~nlied upon the payment or payments last payable thereon. ~ 11. It is specifically agreed th~t time is the essence of this contmct and that no waiver of any obligation hereunder or of s the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. ; 12. If foreclosure pmcecdings of any second modgage or second tnut deed or any junior lien of any ldnd should be insti- € tuted, the Association may at its optioq immediately or thereafter declare this mortgage and the indebtedness secured hereby due ? and paysble, ~ 13. To the extent of the indebtedness of the INortgagors to the Associat~n described herein or secwed henby, the Asso- ; ciation is hereby subrogated to the lien or liens and to the rights of the o~men and holders thereof of each and every mortgage, ~ li~n or other ei~cumbrance on the land described herein which is paid and(or) sxtisfied, in whole or in part, out oE the ~ ~~f the loan described herein or securcYl hereby, and the respectivc liens of said mortgages, liens or other encumhrances~ s~sll~s ~ t~~ and be held by the Association herein :is security for the indebtedness to the As.cociation herein described or hereby , to the s:?me ex±ent that it would have been preserved and ~vould have been Passed to and been held by the Association had it been ~iuly and reg~larly 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 intentia~ of the p~rties bereto that the same will ~ t~e sa~sfied 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, reasonabty incurred or paid at any = time by the Association, because of the failure of the 1ltortgagors 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 payment shall bear ir~terest from date at the rate stateci in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said prorerty or any part thereof; and in the e~ent of the failure of the Mort~agors to keep the buitdings on said premises and those to be erected on said premises, ur impro~ements thereon in good repair, the Association may make and pay Eor such repairs as in its discretion it may deem .s necessary for the pr+oper preservation thereof, and the full amount of such payments shall be secured by the lien of this mcxtgage ~ :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ tion may determine, and every such payment shall bear intetest from date at the rate stated in the note secured hereby. ~ 16. That if the Association and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ their lives in an arrl~unt ec~ual~from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), ~ .~nd add each such p~yment to the unpaid balance of the loan, as of th~ first day of the then c~urent month, and it shall become ~ additional indebtedness secureci by this mortgage payable upon demand. ~ s 17. That in the event that this mortgage be given to secure a construction loan, failure on the Part of the 1liortgagors or ` j their contr?ctors to complete said building in aecordance with Construction Loan Agreement, of even date herewith, or to build s ~ ~.~id construction in accordance with p]ans and specifications filed ~+~ith the Association, shall coristitute a breach of this mortgage, = j and, at the option of the Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- i ~ iation may immedi3tely institute praceedings to foreclose this mortgage. - 18. That the abstract or abstracts of title covering the moctganea property s~all at all times, during the life of thes mort- ~ j ~_age, remain in the possession of the Association and in the eveni of the fareclosure of this mortgage or other transfer of tide to thc mortgaged proPerty in eztinguishment of the indebtedness secured hcreby, all ri~ht, title, and interest of the Mortgagors in :>>>d 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 ihat the Mortgagors pEiy into the Association in addi- ~ tion to the manthly installments of principal and interest to be paid by the ~tortgagors under the note sec~u~ed by this mortgage, ~ a n amount equal ~ to one-twelFth of the annual installmenLs of any taxes on the mortgaged premises levied or assessed by any s j .~o~•emmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurunce on the mortgageci ~ } ~~remises as hereinbefore required by the Asscxiation, and the \fortgagors failure to make such pay~nents shall constitute a default ~ ! under this inortgaae. ~ ( IN WITI~ESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ ~ ~ Signsd, sealed and dclivered in the presencc of: ; .,1 ~ ~ ` ~~-a-~t/~ - V _(SEAL) ~ - • ~ - ; • , , / ~ Joseph Lau ia, Jr. , ; / • - ~ Y' ` • . ! ~ ~ ` ~ ~i ~ ~ ~~Lt. `•`~Y~~-) ; Audrey A. L~.iria 3 _ ' _ ' _ . . ~ . . . . . .~~L'AL~ y i s k ~ - - - - . ~ - - (SEAL~ ~ (W ITNf SSES) (MORTGAGORS) a ~ 7 ~ ' 9J0~7~?V~/ [I~LC ~VV , 4 5 ,t.,.- .+~3` - 6 ~,~`°'r+T ..~k.~~~~ ~ 4~ Y ~ :i s-.`"~'`~• ~ ,,,p~~, T~~, . . . ~~a.,. x-~..~~L . _ . ~~~~'.~r... .