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HomeMy WebLinkAbout1275 8. Until default ir? thc perEormance of the cove~ants und agreements of this mortgage, the mortgagors shaU be entided to collect the rents, issues and profits fmm the premises hereinbefora described, but in rase of a default in any oE the terma oE this mortgage~ and the filing of a bill to foreclose this or any other mortgage cncumbering the within described property, the ~1s9ociation shall immecliatelv and without notice be entitled to the appointment of a Receiver of the mortgaged pmperty, and of the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued in pos.ession of the said ~roperh~ until the time of the sale the~eof under such foreclosure. and until the confirmltion af such .ale b~~ thc Court, 9. lf a c~nveyance should be made by the mortgagors of the premises herein described, or any part thereof, ~vithout the ~vritten consent of the Assoriation, and ~~~thout ass~~mption in mgular form of la~v by the grantee of the obUgations to the i.~ocuition createci bv said promissory note and this mortgage, then, and in that event, and at the option of the Aswcixtiun. :uul ~~rithout notice, all sums of money secared hereby shall immecliately and rnncurrently with such rnnveyance become due and }~yable nnd in default. The Association may deal with successors in interest ~vith reEerence to this mortgage and the debt herebv secured in the same manner as with the mortgagors, und may forl~ear to sue or may extend time for payment of the debt, secureil ; hereby, or othenvise act wzthout discliargu~g or in any H•ay a(fecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal ~vith the Mortgagors and/or with successors in interest ~vith reference to this ~n~ngage and the debt hereby secured by forbearing to sue, exiending the time for payment of the debt, providing for different monthly payments and/or a difEerent interest rate, and by other express moclifications of the conUact, without losing nny priorih• lhe Association has over other mortgagees or lienors or holders of any junior interests in the property secured hereby. 10. ThTt in the event the pmmises hcreby mortgaged, or any part thereof, shall be condemned and taken for public use undcr the po~ver of eminent domain, the As.wciation shall have the right to demand that all damages awarded for the taking of or damages to said premis~s 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 1~3st payable thereon. 11. It is specifically agreed ihat time is the essence of this contract and ihat no wuiver 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 secwed hereby. 12. If foreclosure proceedings of any second modgage or second tnut deed or any junior lien of any ldnd should be insti- tutcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~~able. 13. To the extent of ihe indebtedness of the ~lortgagors to the Assoei.ltion d~ccxibed heren~ or seeured liereby, the Asso- ciation is hereb~• s~brogated to the lien or liens and to the rights of the oHmen and holders thereof oE each and every mortgage, licn or other eiicumbrance on the land described herein ~vhich is paid and(or) satisfied, in whole or in part, out oE the pr~ceeds nf the loan described herein or secured hereby, and the respecti~c liens of said mortgages, liens or other encumbrances, shallpass to and he held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to thc s:ime ex±ent that it ~vould have been preserved and ~vould have been passed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Associatian by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties ~hereto that the same ~vill he satisfied and canceiled 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 la~vyer s fees, reasonably incurred or paid at any time by the Association, lx~ra~~se of the failure of the 111ortpagors to perform, comply ~~~th and abide by each and every stipula- tions, agreements, conditions and ccwenants of said promissory note and this deeci, or either, and everv such payment shall' bear interest from date at the rate stated in ihe note secured hereb}'- 15. That he ~vill perntit, commit, ot suffer no waste, impaument, or deterioration of said pmperty or any part thereof; :~nd in the e~~ent of the failure of the Mort~;agors to keep the buildings on said premises and those to be erected on said premises, or improvements thereon in go«l repair, the Association may make and pay for such repairs as in its discretion it may deen necessary for the proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage :ind shall at the option of the Association be immediately due and Irayable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall beai interest from date at the raie stated in ihe note secured hereby. 16. That if the Association and the \tortgagors agree, the ?14ortgagors ~vill carry a policy or policies of insurance upon their lives in an arr~sunt equal from time to time to the amount of uidebtedness hereby secured, making said Association benefi- ciary thereuncier, and that ihe said Association may pay the premiums for such insurance (in the event the \~ortgagors do not), ' and add each such pa~~ment to the un~aid balance of the loan, as of the first day of the then cturent month, and it shall become t additional indebteclness secured by th'is mortgage payable upon demand. i l7. That in the event that this morigage be given to secure a construction loan, failure on the part of the ~tortgagors or ~ their contractors to complete said building in accordance wzth Construction Loan Agreement, of even date here~4zth, or to build ~ ~.~id construction in acrnrdance ~vith plans and specifications filecl ~vith the Association, shall constitute a breach of this mortgage, ~ :~nd, at the option of the Associ:ition, immediately matwe the entim amo~u?t of principal and interest hercby secured and the Asso- ciation may immediately institute proceedings to foreclose this mor±oage. ~ ~ 13. That the abstract or abstrxts of tide covering the mortgaheci property shall at all times, during the life of this mort- ;age, remain in the possession of the Association ancl in the event of tlie foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtcdness securccl hcrehy, all right, title, and interest of the 114ortgagors in and to anj~ such absiracts of title shall pass to the purchaser or grantee. ' 19. The Association shall have the right, in its discretion, to ra~uire th:it the Atortgagors ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, :~n vnount equal to one-hvelfth of the annual installments of an~• ta~es on the mortgagecl premises levied or assessed by any ~ovemmental authority, and one-hvelfth of the anmial premiums for Fire and Extended Coverage insurance on the mortgageci ~ ~~remises as hereinbefore required b}• the Ass~xiation, :ind the ~tortgagors' failure to make such pa}'ments shall constitute a default ~ under this mortgaoe. ~ I;~ VVITNESS ~~'HEREnF, the said ~tortga~ors hereunto set their hands and seals the da~~ and ~•ear first above ~vritten. ~ S~gnQd, sealed and dcl~vered ~n the prc~sencc of: ~ ~ t-. , , c` r / 'J ~ ~ ~~~7-~ <J~ ~-f.~''~ L ~ Z [~o . ' /'i 7 , 1 ~ % ~`""--(SEAL) ~ ~ ~ - ' Curtis~. McKu en ~ ~ ~ c :i~~~- .a~.,~ ~ ~ ~ 11~-~ ~ lr ~(SEAL) ~ Laura Lois McKuhen ~ ~ (SEAL) ~ ~ . ( SEAL) ~ ( W I TNESSES) (MORTGAGORS) t 300K 238 ~~~E 1274 ~ ~ _ t - - - _ - - - A ~:`'~;a ~ ~ -