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Home My WebLink About1220 ~ 8. Unti) clefault in the perforniance of the covenants and agr~~inents of this mortgage, the murtgagors shall be entided t~~ collect the rents. issues and profits from the premises hercinbefore described, but in rase of a default in any of the term~ oE this mortgage, and the filing of a bill to foreclose ihis or any other mortgage encumbering the within described property, the :~ssociation shall immecliatelv 1nd without nutice be entided to the appointment of a Receiver of the mortgaged property, and uf the rents, issues and profits thereof, with the usual power oi Receivers in such cases, ~nd such Receiver may be continueci ,n pos~essioz~ of the said propertp until the time of the sale thereof under such fureclosure, ant~. until~ the conftrmation ot such .ale b~• thc Court. ` 9. If a c~nveyance should be made by the mortgagors of the premisc~s herein described, or any part thereof, without the ~~Titten consent of the Association, and ~~~thout assumption in rc~ular fonn of la~v by the grantee of tfis obligations to the 1..~xi:~tion c~eatecl b~ said pmmissory note and this mortgage, then, and in that event, and :~t the option af the Assuciati~~n. :u~~l ~~~ithout notice, all sums of monev sec~irecl hemby shal) immediately and c~ncurrentiy ~vith such rnnveyance bec~me due anct pay~xble and in default. The Association may deal with successors in interest ~vith reference to this mortgage und the debt herebv ,ecured in the same mannrr as with the mortgagors, and may forbear to sue or may e~tend time fur paymeret of the debt, secureil hercby, or othenvise act ~vithout discharging or in any ~vay ~ffecting the liability of the mortgagurs hereunder or upon the debt hereby secureci. The Association may also deal with the Mortgagors and/or ~~~ith succ~~ssors in interest with mference to this ~nurt~age and tho debt herebv securecl by forbearing to sue, extending the time for payment of the debt, providing for different ~nonthly payments and/or a different interest rate, and by other express modifications of the contr.~ct, ~vithout losing :?ny priorit~• the Association has over other modgagees or lienors or holclers of any jwiior interests in the property see~ed~~ereby. 10. That in the e~•ent the pmmises hcreby mortgaged, or any part thereof, shall be condernned and taken for public use unclcr the [w~~~er of eminent domau~, the Ass~xiatiun shall have the right to demund that ~11 damages awarded for the taking of or ~iama~cs to said premises shall be paid to thc Association, its succcssors or acci~ns, up to the amount unpaid on this mortgage and ma.~ be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver oi any obligation hereunder or of the obligation securecl hereby shall at any time ihereafter be held to be a~~•aiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of uny laind should be insti- tutecl, the Acsociation may at its option, immediately or thereafter declare this mortgage and the indebteclness seciued hereby due .~nd pa~•able. 13. To the extent oF the indebteclness of the ~iortgagors to the Associltion described hercin or secureci l~ereby, the Asso- :tion is hereb}~ submgated to the lien or liens and to the rights of the oamen and holders thereof of each and every mortgage, ]icn or other e~icumbrance on the lancl described herein which is paid an~l(or) satisEied, in ~~•hole or in part, out of the proceeds ~~f the loan described herein or secureci hereb}', and the respectivc liens oE said mortgages, liens or othrr encumbrances, shallpas~ t~, :,nd he held bv the Assaciation herein as security for the inclebfedness to the Assxiation herein describecl or hereby secured, to t1~~• same ex•.ent that it ~vuuld have lxen presen~ed and ~~•ould have been pas+ecl to and been held by the Association had it been ~luh• and regularh• assignecl, transferred, set over and delivered untc, the Associ,?tion by separate deed of assignment, nohvithstand- ing~the fact that the same may be satisfied and cancelled of record, it l~eing the intention of the p:uties hereto that the same ~vill I,e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. ' 14. 1~::~ ~1) ^^a ~:^~~l^* t1.a Metc~ r}~~roovc anr~ vY~ncftc inclodint~ ~SWyCi~S f~CS, reasonably lI1CllIi~ OI paid at am' i ti~ne bv the Association, bec:uise of the failure oE the ~fortgagors to perfonn, comply with and abide by each and every stipula- ; t iuns, agreements, conditions and rnvenants of said promissory note and this deed, or eithcr, and everv such pavment shall bear ~ interest from date at the rate stated in the note securecl hereby. E 15. Th:st he ~vill[~ermit, commit, or suffer no waste, impairment, or deteriuration of said ~ro~ert~~ or any part thereof; E :incl in the event of the failure of the Mortga~ors to keep the buildin~s on said premises and those to be erected on said premises, ~ ~~r im rw•ements thereon in ood re a~r the Association ma make and for such re us as in its disrretion it ma deem ~ neces~ry for the proper presgervation thereof, and the full amount oE such pa~Tnents shall be secured by the lien of this mortgage :u~d shall at the option of the Association be immediatel~~ due and pa~~able, or payable in surh monthly installments as the Associa- ~ ti~m may detcrmine, and every such payment shalt bear interest from date at the rate statecl in the note secured hereby. ^ 16. That if the Association and the \tortgagors agree, the Mortoagors ~vill carry a policy or policies of insurance upon ~ their lives in an arr~unt eqaal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ~ ian~ ihereunder, and that the said Association may pay the premiums for such insurance (in the event the ~fortgagors do not), ~ ~ncl add each such p1~~nent to the un[~aid balance of the loan, as of th~ first day of the then currrnt month, and it shall becomc , ,uldiiional indebtedness secured by th"~s mortgage payable upon demand. * l7. That in the event that this mortgage be given to secure a ronstniction loan, failure on the part of the ~tortgagors or ~ thcir contractors to complete said building in accordance with Constniction Loan Agreemcnt, of even date here~~~th, or to build ~ ~~id construction in accordance ~vith plans and speciFications filecl ~~•ith the Association, shall constitute a breach of this mortgage, j ~nd, at the option of thc Association, immeciiatelv mature the entire amowit of principal and interest hereby secu.*ed and the Asso- < iation ma~• immecliatel~~ instiiute proceedings to foreclose this mort~age. ~ ~ 13. That the abstract or abstracts of title coverinQ the mortgareci pro~~ert}' shall at all times, during the life of this mort- ~~i~~e•, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to i thc m~rt~a~ed ProPerty in extingaishment of the indehtedness securcci herel~y, all ri~ht, tide, and interest of the A~ort~a~ors in ~ti .ind to an~~ such abstracts of tide shall pass to the purchaser or grantee. ,ti~ 19. The Association shall have the right, in its discretion, to reqoire that the Atortg:~gors pay into the Association in addi- ti~,n to th~ monthly installments of principal and interest to be paicl bv the Vort~agors under the note sect~red by this mortgage, .~u :uno~u~t equal to one-hvelfth of the ~nnual installments of anv taxcs on thc mort~agcd premises levieci or assessed by am- ~~u~~crnmcntal authorit~•, and one-h~•elfth of the annual premiums for Pire and Extended Coverage insurance on the mortgageci ~~remis~s as hercintx•fore requircd b~• thc Ass~xiation, and the ~fortg.?~ors' failore to makc such pa~~ments sh~ll constitute a default undcr this mortga~e. ,,,;,,,,;.~r,, I\ ~t'IT\ESS ~~'IiERE(~~, the said ~lortga~~rs here~intu s~t th~~ir hands :~nd seals the dat~ and yea~O`,st ~b~v,e tVrltttin. . ~ ' . .i~~. : Signed, scaled and dcli~~emd in the presence of: C. F. SHAWVER CONSTRIJ~,`~I'Y~-C'~:.~~~ L~ ' _ ~ 1 / ' J • (1 ~V''-, y' • ~ L .r / r J BY • 1 ~~,',,%.l ~ ~G~~ r . ~ _ C~F. SHAWVER, Pr, e~~' , ' / { ' ~ ± / . . ~ ' ' - } ic /~~t. ~~~-'l- . ( g~R~-1 = C. F." SHAWVER, In~ivi~dtiat~i~?, . ~srnL~ _ ( SEAL ) - ( W I TN ESSE S) (MOR ~GAGORS) :-_~i aaox 2~7 P~cE ~2~.9 :::t a - ~ _ - - _ w:,, . _ . _ - -