HomeMy WebLinkAbout1694 8. Until default in the performance of the covenants s~nd agrecmenls of t1?is mortgage, the mortgagors shall be entided
to coUect the rents. issues and profits from the premises herelnbefoca described, but in case of a default in any of the ternu oE
this mortgage~ and the filing of a bill to foreclose this or any other matgage•encumbering the within described property~ the
~lssociation shall immediately and without notice be entided to the appointment of a Receiver of the mortgagedprope rty, and
of the rents, issues and profits thereof, with the usualpo wer of Receivers in such cases, snd such Receiver may be oontinued i
in pos+~ession of the said property until the time of the sale thereof under such foreclosure~ and until the confirmation of such '
..11e by the Court, ~
9. lf a oo~veyance should be made by the mortgagors of the premises herein described, or any part thereof, without ~
thc ~vritten consent of the AssociaHon, and without assumption in regular form of ls?w by the grantee of tltie obligations to the ~
:\s.wciution created by said promissory note and this mortgage, then, und in that event, and at the option of the Association, ~
:?~~d ~vithout notice, all sums of inex~ey sec~~red hereby shall immediately und concurrendy with such canveyance become due and 3
payable and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt h~reby
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securec~ s
hereby, or otherwise act without discha~gmg or in any ~vay affecting the liability of ihe modgagors hereunder or upon the debt ~
hereby secured. The Association may also deal with the Modgagors and/or with successors in intere3t with reEerence to this
mortgage and ihe debt hereby senued by forbearing to sue, eactending the time for payment of the debt, providing for different
mont}ily payments and/or a different interest rate, and by ather expras moclifications of the contract, without bsing any priorih•
the Associstion has over other mortgagees or lienors or holders of any jiuuor interests in the property secured hereby.
10. That in the event the pmmises hereby mortgaged, or Any pazt thereof, shall be rnndemned and taken for publie use
under the power of eminent domain, the Assuciation shall havc 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 assigns, up to the amount unpaid on this mcMgage and
mav be ap~lied upon the payment or payments last payable ihereon.
11. It is specifically agreed that time is the essence of this contract and that no waiver 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 instnunent secured hereby.
12. If foreclosure proceedings of any second modgage or second tnist dced or any junior lien of any ldnd shauld be insti-
tuted, 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 the indebtedness of the 11Sortgagors to the Association described herein or secured hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage,
lien or othet er~cumbrance on the land de'scribed herein which is paid and(or) .satisfied, in whole or in part, out of thep
~~f the loan described herein-or securecl hereby, and the res~ectivc liens of said mortgages~ liens or other encumbrar~ces, sl~~~asss
m:?nd be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~ecured, to
thc s:ime rxtent that it would have been preserved and would have been passed to and been held by the Assoriation had it been
duly and regularly 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 canceUed of record, it being the intehtion of the p~rties hereto that the same will
l~e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this modgage.
14. To pay all and singulaz the costs, charges, s?nd exper?ses including lawyer
s fees, reasonably incurred or paid at any
time by the Association, because of ihe fzilure of the \tortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and covenants oE said pmmissory note and this deed, or either, and every such payment shall bear
interest from date at the rate statecl in the note secured hereby. ~
15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
and in the event of the failure of the Mortgagors to keep the build'mgs on said premises and those to be erected on s.1id premises,
or improvements thereon in good repair, the Association may make and pay for such repairs as in its disc7etion it may deem
necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of ihis mortgage
and shall at the option of the Association be immediately due and payable, or ~rayable in such monthly uutallments as the Associa-
tion may determine, and ever_y such payment shall bear interest from date at the rate stated in the note secvred hereby.
16. That if the Association and the Atortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
! their lives in an a~sunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi•
~ ciary ihereunder, and that the said Association maypa
y the premiums for such insurance (in the event the 11~ortgagors do not),
; and add each such payment to the unpaid balance of the loan, as of the first day of the then cturent month, and it shall become
~ additional indebtedness secured 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 Mortgagors or :
their coniractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~
said construction in aocordance with plans and specifications filed ~~~th the Association, shall constitute a breach of this mortgage,
and, at the option of the Associltion, immediately mature the entire amount of principal and interest hereby secured and the Asso-
ciation may immeciiately insticute proceedings to foreclose this mortgage. ~
18. That the abstraM or absiracts of title covering the mortga~eci property shall at all times, during the life of this mort-
& ~,age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to
the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors 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 reyi?ire that the I?iortgagors pay into the Association in addi-
tion to the monthly installments of prinr~Pa] and interest to be paid by the \tortgagors under the note secured by this mortgage,
;~n amount equal to one-hvelfih of the annual installments of any t:~Kes on the mortgaged premises levied or assessed by any ;
gnvemmental authority~ and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged
i~rcmises as hereinbefore required b~• the Association, and the ~iortgagors' failure to make such payrner?ts shall constitut~ ~ default
~ under this mortsaoe. ` ' ` ' :
Il~ WITNESS NHEREOF, the s~3id \iortgagors hereunto set their h~nds and seals the day and yedr ~-~v~•wfitten.
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~ Signecl, sealed and deli~•emd in the presence of: S P S C ERCIAIi , V-a ~T~.
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