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Home My WebLink About1096 8. UnW dcfault in the performance of the covenauts and agrcr.ynents oE this mortgage, the mortgagon shaU Ue entided ' to collect the rents, issues and prafits fmm the premises hereinbefore described, but in case of a default in any of the ternu of ~ this mortgage.'and the filing of a biU to foreclose this or any other mortgage encumbcring the within desciibed property, the ~ Association shall immediately and without notice be entided to the appointment of u Aeceiver of the mortgagedproperty, and ~ of the n~nts, issues and profits thereof, with the usual power of Rcceiven in such cases, snd such Aeceiver may be continued ~ in pos,ession of the said property until the time of the mle thereof under such foreclosure, and until the confumation of such ; >.~le by the Court. ~ 9. if a conveyance should be made by t~ie modgagors of the premises herein described, or uny part thereof, without ~ the ~vritten consent aE the Association, und ~~thout assumption in regular form of Inw by the grantee of tTis obligatioi?s M the~ ~ssociatio~ created by said promissory note and this modgage, then, nnd in that event, and ~t the option of the Aswciation. ` :~nd ~vithaut notice, all sums of money secureci hereby shaU immecliately and concurrently with such cc+nveyance become due and ~ payable and in default. The Association may deal with successors in interest ~vith reference to this mortgage and tbe debt herebv ~ secured in ihe same manner as w~th the mortgagors, und may forbear to siee or may exte~d time for payment of the debt. securec~ ; hemby, or otherwise act wzthout discharging or in any wav a[fecting the liability of the mortgagurs hereunder or upcm the debt ; hereby secured. The Association may slso deal with the Mortgagors and/or with succ~swn in interest with reference to this ; mortgage und the debt hereby ~s~ecured by forbearing to sue, extending the time for payment of the debt, providing for different s monthly payments and/or a different interest rate, and by other express moclifications of the contr.~M, without losing any priorih• the Association has over other morigagees or lienors or holders of any junior interests sn the property secured hereb~~, s uiA p 10. That in the event the pmmises hereby mortgaged, or any part thereof, slu~ll be rondemned and tal:en ior ublic use undcr the po~ver of eminent domain, the As.wciation shall have the right to demand that all damages awarded for the ~]~ng of or - damages to said premises shall be Iraid to the Association, its successors or assigns, up to the amount ungaid on this mottgage and mav be applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contmct and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafier be held to be a waiver of the terms or of the instrument secwed hereby. 12. If forecl~ure praccedings of any second modgage or second tnut deed or any junior lien of ~zny ldnd should be insti- tuted, the Association may 1t its o~tion, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pnyable. 13. To the extent of the indebteclness of the Mortgagors to the Association descxibed hercin or secured liereby, the Asso- c;ation is hereby subrogateci to the lien or liens and to the rights of the owners and holders thereof of e~ach and every mortgage, licn or other encumbrance on the ]and described herein which ic paid and (or) satisfiecl, in whole or in part. out of the p~ eeds ~~f the loan described herein or securecl hereby. and the respeMivc liens of said mortgages, liens or other encumbrances. st ~x to and be held by the Auociation herein as security for the indebtedness to the Association herein described or hereby s~ecured, to the same ex!ent that it would have been preserved :u~d ~~•ould have been passecl to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivez~ed unto the Associution by separate deed of assignment, notwithstand- ing the faM that the same may be satisfied and rancelled of record, it being the intention of the ~rarties hereto that the same will be saSsEied and cancelled of record by the holders thereof at or about the time of the r~cording of this mortgage. 14. To pay all and singular the casts, charges, and expenses including lawyer s fees, reasonably incurred or paid at any time by the Association, because of the failure of the 1lfortgagors to perform, comply ~vith and abide by each and every stipvla- tions, agreements, conditions and covenants of said promissory note and this deeci, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereb}•. 15. That he wiU pecmit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; .md in the erent of the failure of the Mort~agors to ke~ the buildings on said premises 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 discTetion 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 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 secured hereby. 16. That if the Association and the 111ortgagon agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Mortgagors do not), I :?nd add each such ~xi~Tnent to the unpa~d balance of the loan, as of the first day of the then c~vrent month, and it shall become j additional indebtedness secured by this mortgage payable upon demand. - ~ li. That in the eyent that this mortgage be given to secure a construMion loan, failure on the part of the \tortgagors or ~ their contrictors to complete said building in accordanee with Constniction Loan Agreement, of even date here~vith, or to build said construction in accordance ~vith plans and specifications filed ~~~ith the Association, shall constimte a breach of ihis mortgage, ~ and, at the option of the Associatian, imme~iately mature the entire amount of principal and interest hereby secured and the Asso- ~ c•iatian may immedi.ltely institute proceedings to foreclose this mortgage. ~ ~ 18. That the absiract or abstracts of title covering the mort~.i;;eci property shall at all times, during the life of this mort- ~ ~;age, remain in the possession of the Association and in the event uf tlac foreclosure of this mortgage or other transfer of tide to the mortgaged proPerty in extinguishment of ihe indebtedness securc~cl ~creby, all ri~ht, title, and interest of the 1ltortgagon in :ind to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require th:~t the ;ltortgagon pay into the Association in addi- tion to the mondily installments of principal and interest to be paid by ihe \tortgagors under the note secured by this mortgage, :in amount equal~to one-hveUth of the annual installments of any ta~es on the n:ortgageci premises levied or assessed by any ~ governmenfal authority, and one-hvel[th of the ~?nnual premiums for Fire and Extendcd Coverage insurance on the mortgageci ~ premiscs as hereinbefore required b~~ the Association, and the ~fortga~ors' failure to makc such payments shall constitute a default ~ under this mortga~e. ~ I\ ~YIT!\ESS ~~'HEREnF, the said ~fortgagors hereunto sM thc~ir hands and seals the da~• and year first above written. ~ Signccl, ~raled and deli~~ered in the ~resence oE: ~ ' nesses to J n W. Prinkey. Jr. ' , / ~ / / ~ . n `'}l'~~, ~ . , ~ ~ ~ _ G~' ~ . (SEAL) ~t/ " ~ c ~ JOHN W. PR Y, J~. ' ~ ; ~ ~ , J ~ ~L-~ c i i ~ (SEAL) ~ ~1.,~ L a. - ~ V~'tnesses to K . P i ey ~ ~ ~°'.'ti~ c'-~~ , ~ ~ SEAL ) ~ ~ ~ , ,1- t c ~ ~ l tl 1,~, ~ _ 1C (SEAL) - - - - ~ RTGAGORS) (1NITNESSES) ti ~ / e0oK2~~ FAGE~~J, ~ ~ , ' ~ °~,.2~~ _ ~ - a _ ~ . _ ~ ~ -