HomeMy WebLinkAbout0735 8. Until default in the performance of the coveoants and agrctiynents of this mortgage, the mortgagon shall be entided
to collect the rents, issues and pmfits from the premises hereinbefore described, but in case of a default in any of the term~ of
this mortgage. and the filin of a bill to foreclose this or any other mortgage encumbering the within described property, the
:is.iasi.iuiQvic `s~u~u iaauii2'Ci~~-.".~P~' ~"2~~:^~~t ~ p~~!t-~ the anax~intment oE a Receiver of the ~mort~aged pI~CItv~ AII(~
of the rents, issues and pro~its thereof, with ihe usual power of Feceivers in such cases, snd such Receiver may be continued
;n ~OSSession of the said property until the time of the sale thereof under such foreclosure~ and until the confirmalio~ of such
.ale b~• the Court.
9. lf a c~nveyance should be made by the mortgagors of the premiscs herein described, or any part thereof, without
the ~vritten consent of the Association, and ~~ithout assumption in regular form of la~v by the grantee of tl~e obligations to the
~.u~ciation created by said promissory note and this mortgage~ then, and in that event, and at the uption af the Asscx~i~tiun,
.~nd ~~7thout notice, all sums of money sec~ued hereby shall immecliately nnd concurrendy with such rnn~•eyance becume due und
payable and in default. The Associution may deal with successors in interest with reference to this mortgage and the debt herebv
se~cured in the same manner as with the mortgagors, and may forbear to sue or may extend time fur payment of the debt, securei~
hereby, or othenvise act without discha_~-Qp u~g or in any w•ay affecting d~e liability of the mortgugors hereunder or upon the debt
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~nortg~ge ancl the debt hereby secured by forbearing to sue, extending the time for~payment oE ihe debt, providing for differ+ent
mont}ily payments and/or a difEerent interest rate, and by other express moclifications of the contract, ~vithout losing ~ny priorit~~
the Association has over other morigagees or lienors or holders of any junior interests in the properiy secured herebv.
l0. Th~t in the event the premises hereby mortgaged, or any part thereof, shall be condernned and taken for public use
under the po~ver of eminent domain, the Assuciatiun shall have the right to demand that all damages awarded for the taldng of or
damages to said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and
mav be applied upon the payment or payments last payable thereon.
11. It is specifically agreed that time is the essence of thu contract and that no wai~~er of any obligation hereunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby.
1~. lf foreclosure proceeclings of any second mortgage or second trust deed or any junior lien of any Ivr?d should be insti-
tuted, the Association may at its option, immediately or thereaker declare this mortgage and the indebtedness secured hereby due
and pa~~able.
13. To the extent of the indebteclness of the :lfortgagors to the Association described herc in or seciued hereby, the Asso-
ciation is hereb~~ subrogated to the lien or liens and to the rights of the owners and holders ihereof of each and every mortgage,
lien or other ei~ciimbranee on the land described herein which ic paid ancl(or) satisfied, in whole or in part, out of the p~oceeds
~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s} ~ss
t~~ and be held by the Association herein as security for the indebtedness to the Assnciation herein described or hereby secured, to
thc same ec!ent that it would have been preserved and ~vould have been passed to and been held by the Association had it beeri
duly and regularly assigned, transferred, set over and delivered unto the Associutian 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 p~uties hereto that the same will
}>e satisfied and cancelled of record by ihe holders thereof at or about the time of ihe recording of this mortgage.
14. To pay ali and singular the rnsts, charges, and expenscs inclsiding lawyer's fees, reasonably incumed or paid at anv
time bv the Association, because of the failure oF the \tortgagors to perfonn, 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 fmm date at the rate stated in the note secured herebv.
; 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof;
j ,~nd in ihe e~~ent of the failure of the Mort~agors to keep the buildings on said premises and those to be erected on said premises,
i ~~r impro~•ements thereon 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 oE the Association be immediately due and payable, or payable in such monthly installments as the Associa-
i 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 ihe :1lortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
; their lives in an a~unt equal from time to time to the amount of indebtedness hereby sectued, mal:ing said Association benefi-
~ ciar~• thereun~er, and that the saici Association may pay the premiums for such insurance (in the event the \lortgagors do not),
~ :md add each such p1~~nent to the unpaid balance of the loan, as of th~ first day of the then current month, and it shall become
~ :~dditional indebtedness secured by this mortgage payable upon demand.
~ 17. That in the event ihat this mortgage be given to secure a construction loan, failure on the part of the ~iortgagors or
~ their contractors to complete said building in accordance with Construction La1n Agreement, of even date here~s~th, or to build
~ said construction in aceordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage,
~ ~nd, at the option of the Association, immediately mature the entire amoiu~t of principal and interest hereby secured and the Asso-
ciation may immecliately institute proceedings to foreclose ihis mort~age. ~
~ 18. That the abstraM or abstracts of title covering the mortgahed rrof~ert~~ shall at all times, during the life of this mort-
~ ~,age, remain in the possession of the Association and in the event uf tlie foreclosure of this mortgage or other transfer of title to
a the mortgaged property in extinguishment of the indebtedness secured ~creby, all ri~ht, title, and interest of the biortgagors 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 ihe Nlortgagon pay into the Association in addi-
F :ion to the monthly installments of principal and interest to be paid by the ~fortgagors under the note secured by this mortgage,
- an amount equal to one-t~velfth of the annual installments of any ta~es on the mortgagecl premises levied or assessed by am~
= ~overnmental authority, and one-hvellth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci
~ ~~remises as hereinbefore required b~• the Association, and the ~ltortgagors' failure to make such pa~~rnents shall constitute a default
_ under this mortga~e.
- I':~ «'1T\ESS ~~'HEREnF, the said ~1ort~agors hereimto set th~•ir hands and seals the day and ~~ear first above ~vritten.
" Signed sealed and dcli~~ered in the presence of: _
,
~ C~~~ ` ~C~ y . lSEAL)
C. A WHIPKEY
; j , ~ ~ J ; c _-~c-, ~Lt c..~.t. ~ ( SEAL)
. 1,---~_- _ ~ E VA WHIPKEY , . ,
`5 _ _ (SEAL)
- _ _ _ (SEAL)
{WI7NESSES) (MORiGAGORS)
Bo~x 237 P,,~E 734
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