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Home My WebLink About2777 : s ~ i 8. UnW defuult in the performauc~ of the covenants. and agreernents of this mortgage, the mortgagors shall be entided to collect the rents~ issues and pmfits from'the premises htreinbefore described. but in case of a default in any of tbe ternu of s this mortgage, and ihe filin of a biD to f~eclose thls o~ an other mortgage encumbering the within described property~ the ~ P~ t r'~ociuiiun siuill imm~Iiaiey a~d wi~twut nu[i~~es t~ ~?tiil to tf,e u~c,u~t,,,~~~t uf a R~.~i~er uf t1~e inut~gug~~i3 --~cty, ui~d . of the rents, issues and profib thereof~ with the urual power of Receivers in such cases, snd such Rereiver may ~ continued ~ in pos,-ession of the said property until the time of the sale thereof under such forecbsure~ and until the confumation of sucl~ + aale by the Court. ~ 9. lf a conveyance should be made by the mortgagars oE the premises herein described, or any part thereof, without ~ the written consent of the Association, and without assumption in re~lar form of 1uw by the grantee of tTie obligations to the ~ .~~wciation created by said promissory note and this mortgage~ then, and in that event. and at the option of the Association. ~ and ~~~thout notice, all sums of mcmey sec~urd her~eby shall immediately und concurmntly with such rnnveyance become due and payable and in defaul~ The Association may deal ~vith succe~ors in interest ~vith reference to this mortgage and the debt hereLy secured in the same manner as with the mortgagors, and may forbenr to si~c or may extend time for payment oE the debt, securecl hereby, or otherwise act without discha~gmg or in any way affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Associatlon may aLm deal with the Modgagors and/or wzth successors in interest with reference to this ~ inortgage und the debt hereby secured by forbearing to sue, eatending the time for payment of the debt, providing for different monthly paymenb aad/or a different interest rato, and by other express modifications of the contnM, ~vithoui losing any priorih• the Association has over other mortgagees or lienors or holders of any junior interests in the pmperty secured hereby. 10. That in the event the premis~s hereby mortgaged, or uny part thereof, shall be condemned and takeri for public use under the power of eminent domain, the Aswciation shaU huve the right to dem:?nd that all damages aware~ed for the taking of or damages to said premises shall be paid to the Association, its successors or assi~ns, up M the amount unpaid on this mortgage and may be applied upon the payment or payments last payable thereon. 11. It is specifically agreed ihat time is the essence of this contrad and that no waiver of any obligation hereunder or of the obUgation secured hereby shall at any time thereafter be held ro be a waiver of the terms or of the instrument secured hereby. 12 If foreclosure proceedings of any second modgage or second trust deed or any j~nior lien of sny ldnd should be insti- ~ tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured-hereby due y and payabk. . 13. To the extent of the indebtedness of the Mortgagors to the Association d~scxibed herein or secured hereby, the Asso- ciation is hereby subrogatecl to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other ericumbrance on the land described herein which ic paid and(or) satisfied, in whole or in part, out of thep ~~f the loan described herein or secured hereby, and the resPectivc liens of said mortgages, liens or other encumbrances, st~ to and be held by the Assoc;ation herein az security for the indebtedneu to the Assxiation herein described or hereby secured.~to ~ the same ex!ent that it ~vould have been preserved and would have been passecl to and been held by the Assoriation had it beeti ~ d~ly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assigament, notwithstand- ing the fact ihat the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will i be sa5sfied and cancelled 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 lawyer s fees, reasonably incurred or paid at any time by the Association, because of the failure of ihe 111ortgagors to perform, rnmply with and abide by each and every stipula- tions, agreements, rnnditions and covenants of ~id 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 willperm~ t, commit, or suffer no waste, impairment, or deterioration of said property or any pait thereof; and in the event of the af ilure of the Mortgagors to keep the buildings on saidpre mises and those to be erected on said premises, or impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its disa+etion it may deem ; r?ecessary for the proper preservation thereof, and the full amount of such pciiyments shaA be secured by the lien of this mortgage and shall at the option of the Association be immediately due 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 se~cured hereby. i ifs. inat ii tne Association and tne riortgagors agree, we r~ortgagors w~u cazry a poucy or poLCies oi insurance uPon tneir lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, malang said Association benefi- c•iary thereander, and that d~e said Association maypa y the premiums for such insurance (in the event the \iortgagors do not), ~ and add each such ~ayment to the unp ~'d balance of the loan, as of the first day of the then ciurent month~ and it shall become j ~ additional indebtedness 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 ~iortgagors or ~ ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ; - said conshuction in accordance ~vith plans and specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ ± :~nd, at the option oE thc Association, 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 abstracts of title covering the modgabea 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 title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the Mortgagors in and to any such abstracts of title shall ~ass to the purchaser or grantee. ~ 19. The Assa:iation shall have the right, in its discretion, to require ~that the Mortgagon pay into the Association in addi- tion to the monthly installments of principal and intemst to be paid by the ~fortgagors under the note secured hy this mortgage, :~n amount equal ~ to one-twelfth of the annual installments of any tases on the morigaged premises levieci or assessed by any ~o~•enunental authority, and one-twelfth of the annual premiums for Fire and E~tended Coverage insurance on the mortgaged }~remises as hereinbefore rec~uirc~cl bv d~e Assoeiation, and the ~tortgagors' failure to make sueh payments shall eonstitute a default ~ under thts mortgaoe. ~ Il~~ WITNESS ~VHEREnF, the said ~iortgagors hercunto set their hands and seals the day and ycar first above written. Signed, sealed and deli~•ered in the presence of: ~ - /f ! . ~ ~ / ; . ~~lG!I~G=Gl.c.G - ---~SEAL) ~ ~ ~ Hardin E. Ross ~ . ~ _ , ' ~ ~ - -1/ ~ a ~~.G~?~a~- Gr ~ tsE~..~ ~ Tabitha A. Ross ~ ~ - - - - _ (SEAI.) ~ ~ ~ - _ _ _ _ _ _ ~ (SEAL) ~ (V1/ITNESSfS) (MORiGAGORS) ~ ~ ~ BUi)i(~t~7ay PACE~7~ ~ _ ~.y~~ + ` k~_ ~ , ~ . . _