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HomeMy WebLinkAbout0179 ~ ~ 8. Untii defauh in the perfara~auoe of tbe covenants aad a~nei?ls of this martgage, the mortgagors sball be eatitled to oo~llect the reats, issues aadp~ Hts fra~a tbe premiaea hereinbefore desaibed, but in cese of a defauk in any of the tenns oE chts moitgage, and tbe fiUsg oE a bW to focecbse this a~ a~np othe~r matgage encumbering tha within. dexsibed prupaty, the As~ociation shall immedtntely and wtthout notice be entitled to the appointment aif' a Recdver oE d~e.inortgagedp~p~ty , and n of the reats, issues ~nd profib tLereof, vv~th the usual wer of Reoeivers 6? sucb' cases, 3nd such Receiver may be-continued ;n poas~Soa of the said property until tbe time aE the therrof under such #orecWsure, and until the confumation of auch sale by the Court. 9. If a oaaveyance should be made by the arottgagors of the premisc3s herein described, or any part thereof, without the written con.~ent of the Associatio~, and without assumptian in regular f~m of law by ihe gtantee oE tl~e obli~ations to the Association aeated by said promiasory note and thla mo~tgage~ then, and in that event, and at. tha option of the Association, smd ~vithout notice. all sums of mmep securccl hereby sball immediately und concurrently wIth auch ccmveyance beoome due and ~ PaYable aad in defanlt, The Assocfation roay deal with suc~ors in inteiest with refer«ice to this mottgage aad the debt heraby secnred in tbe saa.a a~anner as with the mortgagors, and a?ay forbear to sue or may ext~d time for payment of tbe debt, secured hereby, ar otherwise act without g or ia any way affecting the liability of the mortgagors hereunder or upon the debt hereby aecured. Tl~e AssoclaHon mad~~ deal with the Mo:tgagors and/or with s~x~oessors in interest with refetence to thjs mortgage and the debt hereby ~cured by forbearing to sue, extending the tune fa~ payment of the debt, P~'ovid'ai8 for different monthly paymcnb aad/or a di~erent interest rate, and by otber ezpress modiBcations of the cwntract, without losing any piiority the Association has over other mostgagees or lienors or holden of any 3imior interests in the property sectued bereby. 10. That in the event the pre~nises hereby aged, os any part thei+eof, shall be oo~demned and taken forpu blic use under the power of ~ent domain, the Assc~ciatioA s~l have the right to demund that all damages awarded fa~ tbe taking of or damages to said ps~ernises shall be paid to the Associatlon, its s~~ccessors or assigns, up M the amount unpnid oa tbis matgage and may be applied upon the payment or payme,uts last payabk theYeon. ' 11. It is specificnlly agreed that time is the e:ssenc~e of this contrad and that no waIver of any ob}igation hereunder or of the obligatioa secu~red hereby sball at any t&ne thereaher be held to be a waiver of the tenns ~ of the instrumeat aeau+ed hereby. 12. IE foreclosure proceedings of any second mortgage or seoond trust deed or any junior lirn of any jond sho~ld ba inati- tuted, tLe Association may at its option, immediately or thereaRer declare this mortgage and the indebtedness secured hexeby due and payabk. 13. To the extent of the indebtedness of the Mo~tgagors to the Association d~sa~Ibed herein or secured hereby, the Asso- ciation is hereby subrogated M the lien or liens and to tbe rights of the owners and holders then.•af of each and every matgage, lien or other encumbrance on the land described herEin whieh ic paid end(~) satisfied, in whok or in part, out of thep~oee~s of the loan described herein or sec~recl hereby, and tl~e respectivc liens of said mortgages, liens or other encun?brances, s llha to and be held by the Association herein ~ security for the indebtedness to the Association herein de,9cribed ~ he~+eby secure~tO the same ex!ent that it would have becz? pre~erved an~ wou]d bave been passeci fo and bean held by the As9ociation had it beEa duly and regularly assigned, set over aad delivered unto the Association by sepnrate dead of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa~sfied and cancelled of reoord by the ~holde.rs thereof at or about tbe time of the recording of this mortgage. 14. To pay all and singular the oosts, charges, and expenses indudiug lawyer's fees, reasonab inc~rr~ or paid at any time by the Association, because of the failure of the Matgagors to pcrform, comply with and abide y each and every stipula- tions, agreements, rnnditions and covenants of said promissory note ancl 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 willpe~cut, commit, or suffer no waste~ impairment, or deterioration of said property or any part thereof; and in the event of the af ilur+e of the Mortgagors to keep the buildings a~ said premises and those to be erected m said premises, or improvements thereon in good repair, the Association may make and pay for snch repairs as in its discretion it may deem neccxsary for the proper preservation thereof, and tue full annount of such payments shall be sec~ued by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such mo~?thly in~mllments as the Associa- tion,may determine, and every such payment shaII bear intere.st frum date at the rate stated ia the note secured hereby. ~ 16. That if the Association and the 111ortgagon agree, the Mortgagors wiII catry a policy or policies of insuranoe upon their liv~s in an auleunt equal from time to time M the amount of indebtedness hereby secured, maldng said Association benefi- ' ciary thereunder, and that ihe said Associa° maypa y the premiums for such insvrance (in'the event the Mortgagors do not), ~ and add each such payment to the unp~ balance of the loaq as of the first day of the then c~urent moath, and it shall become ~ additional indebtedness secureci by tlris mortgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, fa~ure on the pazt of the Mortgagors or ~ their contractors to complete said bnilding in accordanoe with Construrtion Loan Agrcement, of even date herewith, or to build i said construction in aocordance with plans and specifcations filed with the Associntion, shaU oonstitute a breach of this mortgage, and, at the option of tl~ Associatioq immediately mature the entire amount of principat and interest hereby secared and the Asso- ~ ciation may immediately institute pmceedings to foreclose this mortgage. 18. Tl~at the abstract or abstracts of tide covering the mortgaged property shall at all times, d~uing_ 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 transEer of title bo the mortga~;ed pronerty in extin~nishment of lhe indebtedness secured hereby, all right, title, and interest of the Mort~a~ors in and to any such abstracts of tide shall pass to the purchaser or grazitee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secu~+ed by this mo~tgage, an amount equal ~ W one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any govemmental authority, and one-twelfth of the annual premiums for Fire and Extenderl Coverage insiuance on the mortgaged premi5es as hereinbefore required by the Association, and the Mortgagors failure to make svch payments shall rnnstitute a default ~ under this mortgage. ~ IN WITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ Signed, sealed and delivered in the presence of: . a ~ Y ~ - - - - - - - - - ~SE~,~ : - - - - - - ~ - - - ; ~ r M. Schindehette, Jrj ~ i ~ ~J' ~ ~ ' ~ G~C~ ~ - ` ~ ~ t t . ~ - - - - - /.N-) ~ ~ - Ja uel . S hindehette ; € ~ ~ _ - - - - - - - - .(SEAI.) - - - - - - - - - _ - - - - - (SEAL) (VIliiNES5E5) (MORTGAGORS) ~ Bo~K 24 ~ ~ 3 1~'9 ~ ~ c`~ = ff# _ _ - ~ "~-Fi'~=~,~ ~ ~ ~ ~ ~ ~ ~ ~ _ _ - _ ~ K.~.~~.- .