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Home My WebLink About0419 8. Until default in the Performance of the cove~ants and ugrcements of this mortgage, die rmutgagors shall be entitled . to collect the rents, issues and profits from the premises hereinbefora d~cribed, but in case of a default in any of tbe terms of : this mortgage. and the filing of a bill to foreclose this ~ any other mortgage eacumbering the within described ~o~ty, the ; :lssociation shall immediately and without notice be entided to the appointment of a Receiver of the mo*taagedp~o~erty, and ; of the rents, issues and pmfits theraof, with the usual power of Receiven in snch cases, snd such Receiver may be continuecl ~ in possession of the said property until the time oE the sale thereoE under such foreclosure. and until the confirmAtion of such ? .11e by the Cotut. ' 9. lf a oonveyance should be made by the mortgagors of the premises herein described, or any part thereof, without ' the writte~ consent of the Association. and without assumption in regular form of law by the grantee of tFie obligations to the ~...wciation creuted by said promissory note and thit mortgage~ then, and in that event, and at the option of the Associatiun, ~ :~nd .vithout notice, all sums of mcmey serlred hereby shall immediutely nnd concurrently with such conveyance become due and ' E~ayable and in default. The Association ~nay deal with succeuors in interest ~vith reEerence to this mortgage and the debt hesebv ; s~eured in the same mannrr as with the mortgagon, and may forbear to sue or may extend time Eor payment of the debt, secvrec~ hemby, or otherwise act without dicchargu~g or in any way affecting the liability of the mortgagors hereunder or upon the debt ; hereby secured. The Association may aLso deal with the Mozigagors and/or with successors in interest with rcfrsrnce to this mortgage and the debt hereby secured by forbearing to sue~ extending the time for payment of the debt, providing for different ; monthly pay~ments and/or a diffeten~E interest rate. and by other express malifications of the contraM, without losing any priorih• " the Association has over other mortgagees or lienors or holders of any junior interests in the property secured bereby. ~ l0. That in the event the premis~s hereby mortgaged, or any part thereof, shall be condemned and taken for public use ' iuxler t6e power of eminent domain, the Aswciation shall have the right to demand that all damages awarded for the taku~g of or ~ damages to said premises shall be paid to the Association, its successors or assiQns, up to the amount unpaid on this modgage and 3 mav be applied upon the payment or payments last payable thereon, ~ 11. It is specifically agreed that time is the e.ssence of this rnntract and that no waiver of any obligation here~nder or of the obligation secured heceby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. ~ 12. If foreclosure proceedings of any second mortgage or second trust deecl or any junior liea of any ]dnd should be insti- ~ hitcd, the Association may at its option, immediately or thereafier declare this mortgage and the indebtedness secured hereby due and papsble. ~ 13. _ To the eactent of the indebtedness of the Morigagors to the A.ssociation des~ribed hemin or secured hereby, the Asso- ~ c;ation is hereby subrogate~d to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, ; licn or other er~cumbrsnce on the laad described herein which is paid ancl(or) satisfied, in whole or in part, out of the] ~ ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s1 lla~~ ~ m a~xl be held by the Association herein as security for the indebtedness to the As,vxiation herein described or hereby secured, to = thc same ex~ent that it ~vould have been preserved and ~vould have been Passed to and been held by the Association had it beezi ~ duly and re~ularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- - ing the faM that the same may be satisfied and cancelled of record, it being the intention of the p~rties hereto that the same will ~ be sa~sfie~ and cancelled of reoord by the holders thereof at or about the time of the recording of ihis mortgage. ~ 14. To pay all and singular the costs. charges, and expenses including lawyer s fees, reasonably incurred or paid at any ~ time by the Association, because of ihe failure of the ~tortRagors 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 interest from date at the rate stated in the note secured hereby. 15. That he willpernv t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ~ and in the event of the aif 'lure of the Mortgagors to keep the buildings on saidpremises and those to be ereMed on said premises, or 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 and sball at the option of ihe-Association be immediately dae and payable, or payable in such monthly installments as the Associa- 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 the 1lartgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arrlbunt equal from time to dme to the amount of indebtedness hereby secured, making said Association benefi- F i ciary therennder, and that the said Association may pay the premiums for such ~na~r~n~ ~e event the 1liortgagors do not), E .~nd add each such payment to the unpaid balance of the loan, as of the 6rst day of the then cuaent month, anci it shall become :~dditional indebtedness securc~ by this mortgage payable upon demand. " i ~ ; 17. That in the event that this mortgage be given to secure a construction loan, failure on the Part of the 1ltortgagors or : ` their contractors to complete said building in accordance with Construction La1n Agreement, of even date herewith, or to build . q said construction in aocordance with plans and specifications filed with ihe Association, shall constitute a breach of this mortgage, $ ~ :snd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ q ciation may immeciiately institute proc~eedings to foreelose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortgabea pmperty shall at all times, during the life of this mort- ~ <,age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of tide to ~ the mortgaged property in eztinguishment of the indebtedness secured hereby, all riaht, title, and interest of the Mortgagors in ~ and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to requue that the 11Sortgagors p~y into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~lortgagors under the note secureci by this mortgage, ~ an amount equal to one-hvelfih of the annual installments of any taxes on the modgaged premises levied or assessed by any ~ «<n~ernment:il authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ }~rcmises as hereinbefore reqirired by the Association, and the Atortgagors' failare to ma1:e such payments shall constitute a default ~ ~ under ihis mortgage. ~ I~' WLTi\ESS \VHEREOF, d~e said ~iortgagors hereunto set their hands and seals the day and year first above written. Signed, sealed and deli~•ered in the presence of: C ~ _ i i S ~ / : ~ s - ~ -~SEAL) ; ~ - - - - - - - ~ C de E. Ra eb r Y ~ ~_.p ~ ~ ~.~c... - ` ~ 4' l ~GL ~-z-L... ~ c~.~f~ ( SEAL. ) ( ~ . / o Ai1n Rathge r G~~~~~ t fi ( ~ t (SEAL) ; - - - - . . - - _ - - ~ ~ ~ ~ x t ~ ; ~ _ _ (SEAL) - - - - - - _ - ~ (WIiNES5E5) (MORTGAGORS) ~ ~ s; ~ F, 23g ~E 418 ~ aocK P~ - ~ - , * _ _ _ - - - - ~ : ~ _ ~_~~a__, r__~._. , . :