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8. UnW default in the performanoe of the covenants and Agrecments of tWs mortgage, the mortgagora shall be cr~titled
to collect the rents, issues andpro
fits fr~a the premises hereinbefore descri}x~i, hnt in rncn of e f~YFAtI~~ in any of the tenn~ of
thu mortgage, and the filin of a bill to foreclose this or an other mortgage encumbering the within described property, the
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~lssociatioa shall immediatey and without notice be entided to the appointment of a Receiver of the mortgagedp~pe
rty, and
of the rents, issues and profits thereof~ with the usual power of Receivers in such cases, and such Aeceiver may be rnntinued
in poa~ession of the said property until the time of the sale thereof under such foreclosure~ and until the confirmation of sach
,ale by the Court.
9. If a conveyance should be made by the mortgagors of the premises herein described, or uny part thereof~ without
the .vritten consent of the Association. and without assumption in r~egular form of law by the grantee of tFis obUgations to the
~1s.wciation created by said pmmisso~ry note and this mortgage, then, and in that event, and at the option of the Association,
:~nd ~~~thout notice. aU sums of maney serired hereby shall immediately and concurrently with such cc?nveyance become due and
payable and ia default. The Association may deal with auccessors in interest ~vith reference to this mortgage and the debt herebv
serured in the same u~anner as with the modgagois, and may forbear to sue oi may extend time for payment of the debt, securec~ .
hereby, a~ otherwise act without dischargmg or in any way affecting the liability of the mortgagors hereundes or upon the debt
hereby secured. The Assoeiation may also deal with the Mortgagors and/or with successors in interest with ~ce to this ?
mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different ~
monthly payments and/or a d~fferent intetest rate, and by otber express modifications of the contract, without losin any ~xiorih• ~
the Association has over other mortgagees or lienors or holders of any jwuor interests ~ r~~~cy ~,~a ~~y. ~
10. That in the event the premises hcreby mortgaged, or any part thereof, shall be condemned and taken for public use
under the power of eminent domain, the Assaciation shall have the right to demand that all damnges awarded for the taking of or
damages to said premises shall be paid to the Association, its successors or assigns, up to the amount ungaid on this mrntgage and
mav be ap~lied upon the pay~aent or payments last payable thereon.
11. It is specificalty agreed th~t time is the essence of this contruct and that no waiver of any obligation h~eunder or of
the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the inshvment secured hereby.
12. df foreclosure proceedings of any second modgage or second tnLCt deed or any junior lien of any ldnd should be insti-
tuted, the Association may at its option, immeciiately or thereafter declare this mortgage and the indebtedness sr,cured hereby due
and payable.
13. To the extent of ihe indebtedness of the Mortgagors to the Association described hemin or secured hereby, the Asso-
ciation i's hereby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage,
lien or other encumbrance on the land desrribed herein which ic paid ancl(or) satisfied, in whole or in part, out of the] ~
~~f the loan described herein or seruced hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s1~~x
t~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secure~l, to ~
the same ex!ent that it ~vould have been preserved and «rould have been passed to and been held by the Association had it beea
duly and regulady assigned, transferred, set ove~r and delivered unto the Associs?tion by separate deed of assignment, notwithtitand-
ing the fact that the same may be satisfied and cancelled of record, it being the intention of the ~aarties hereto that the same will
be ra5sfied and cancelled af record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay aIl and singular the costs, charges, and expenses including lawyer's fees, reasonably incumed or paid at any
!ime by the Association, because oE.the failure of the Aiortgagors to perform, comply with and abide by each and every stipula-
tions, agreements, conditions and covenants of said promiaory note and this deed, or either, and every such payment shall bear
interest from date at the rate statecl in the note secwed hereb~•.
15. That he willperm~ t, commit, or suffer no waste, impairment, or deterioration of said property or any part~ thereof; ~
and in the event of the af ilure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises,
or impro~~ements ihereon in good repair, the Association may make and pay for svch repairs as in its discretion it may deem
necessarv for the nroner nreservation therenf and thr• fnll amnnnl nf cnn}~ navmnntc e1~~11 i,o esv...ra+~ 1n. t1.o l:a.. ..L ~l.:e ......a......e
:~nd shall at the option of the Association be immediately due and payable, or
payable in such monthly installments as tbe Associ~a-
tion may determine, and every such payment shall bear intezest from date at the rate stated in the note secured hereby.
18. That if the Association and the rtodgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~
their lives in an arr3eunt equal from time to time to the amount of indebtedness hereby secured, ma{dng said Association benefi-
' ciary iherennder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not),
; and add each sach p~ycnent to the unp~
d balance of the loan, as of the first day of the then c~urent month, and it shall become
:~dditional indebteciness secured by this mortgage payable upon demand.
17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the :~4ortgagors or
their contractors to complete said building in accordance with Cansiruction Loan Agreement, of even date herewith, or to build
said construction in aocordance with plans and specifications filed ~vith the Association, shall rnnstitute a breach of this mortgage, ~
cmd, at the option of the Associntion, immediately mature the entire amount of principal and interest hereby secured and the Asso-
; ciation may immediately institute proceedings to foreclose this mortgage.
` 18. That the abstract or abstraMs of title covering the mortgageci property s~all 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 extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
and to any sach abstracts of title shall pass to the purchaser or grantee.
= ~ 19. The Association shall have the right, in its discretion, to require that ihe Mortgagon p~y into the Association ~ addi-
_ tion to the monthly installments of principal and interest to be paid by the \tortgagors under the note secuned by this mortgage,
.,n amount equal~to one-twelfth of the annual installments of any tnxes on the modgaged premises levied or assessed by any
_ ~o~•ernmental authority, and one-hvelfth of the annual premiums for Fire and ~ctended Coverage insurance on the modg,aged
= ~~remises as hereinbefore required by the Assoc~iation, and the !liortgagors' failure to make such payments shall constitute a delault -
E under tlus mortgage. l~~ f--:,_ '
_ IN WITNESS ~YHEREOF, the said :1Sorigagors hereunto set their hands and seals the day and year first a~pY~,~yrit~ea." _
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_ Signed, sealed and delivered in the presence of: C. F. SHAWVER CONSTRU~ .,~~'~~1Cs
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