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HomeMy WebLinkAbout0183 t _ ~ 8. Uati! default in tbe perforniwce of tha covenants aad ag,~ennents of this matgage, the awrtgagors aha11 be entitled to colloct the rents, issues andp~+ufib baan tbe ~ hereinbefore descxibed. 1wt in c~ese of a deEault in any of tbe te~sus of this woztgage, aad the filiiag of a bill to foreclo6e thi~ ac an otl~ mortgage encumbering the within d~bed prope~ty, tbe wot Assoctation sball immeciiately and without notioe be entt to the appoinm~ent of a Receivcr of the moitgagedp~ecty , and of tbe re~ts, issues and pcofits theraof, wtth the usualpo wer ~ Reoeivers in such c~ses. and such ReceIver aiay be-aoutinued ia possession of the said property until tbe time af the sale thereof uader such Eoreclosure, and until the confinnation of such sale by the Couct. 9. If a oonveyance should be made by tbe mortgagaca of the pcemises hecein described, or anypart thereof, without the written consent of the Association, snd without assumptio~n it~ regular fwm of law by the grantee of the obligations to tbe ~ssociation cre~ted by said promissory note and this m~rigage, theq and in that event, and at the option di the Association, tind .vittwut notice, all sums of mc~nep secwwred hereby sball immediately i?ud concurrentl)? with such cnnveyance become due and I~Yabk aad in defa~l~ The Ass~ociation may deal with suooeasors in iaterest with reference to this mortgage and the debt hereby secured in the same manner as with the mortgagors, and may forbear to suc or may eutend tia~e for payment of tbe debt, se~urecl hereby, ac otherwise act wlthont dixhargu~g or in any way affecting the llability of the moztgagors hereunder or upoa the ~debt hereby se~ued. The Assodation awy al~a deal with the Mo:tgagors andl~ with suocessors in interest with nference to thLc mortgage ancl the debt hereby ~ecured by fa~beariug to sue, extending the time faz payment of the debt, providing for different monthlY P~Y~ts and/or a diEferent interest rate, and by other e:press modific~ations ~ the contrnct, withont losmg any priorit?. the Associat~on has mrer other martgagees or ljenors or }wlden of any junior interests in the property secu*ed haeby. 10. Tlwt in the event the pmmises hereby mortgag~d, or nny part thereof, stwll be c~demned and taken farpu blic u~e under tbe power of ~t danain, tha Association shall have the right to demand that all damages awarded for the takiag of or damages to said premises slsall be paid to the Association, its saccessors or assigns. np to ihe amount unpaid oa this mortgage and may be applied upon ihe payment or paymeats last payable thereon. 11. It is spec~ficglly agreed that time is the enence of this contract and that ~ waiver of any obligation here~mder or of the obligaHon se~red heceby shall at any time the~after 1~e held to be a waiver oE the terms ac vf the instrnment sec+u~ed h~eby. 12. If foreclosure proceedings of any second mortgage or seoond tnut deed or any junior lien of any kind atwuld be insti tuted, the Association may at its option, immedistely or thereaker declare this mortgage and the indebtedness secu~+ed henby dae and paysbk. ~ 13. To the extent of the indebtedness of the Mortgagors to the Association desaribed herein or secured hereby, tbe Asso- ciation is hereby subrogated to the lien ~ liens and to the rights of the owners and holdecs thereof of eo?ch andevery mo~tga8e. lien or other encumbrance on the )and desaribed herein which is paid and(or) satisfied, in whole or in p~t, out of the of che loan descxibed herein or saeured hereby, and the respectivc liens of said mo~tgages, liens or other encumbrances, ~haIl~ to ~nd be held by the A.ssociation 1~ as ' far the indebtedness to the Association herein described o~ heseby s~~re~ o ~ the s:une ex!ent that it would have beAt'pm~~~ and ~vouid h~ve been I~assed M and been held by the Associatiaa had it beea ~ duly and regulazly assi~aed, trandened, set over and delivered unto thc Aswciation by sep~rate deed of ass~ig~nment, tatwithttand- ing the faM thlt the same may be _~atisfied and cancelled of record, it being the intes~tion of the pe~rties hereto that the same will ~ be sa~ and cancelled of r~ord by the hoWets thereof at or about the time of t6e iecording of this ma~tgage. 14. To gay all and singular the costs, ahaiges, and eapes~ses indudiag lawyer's fees, reasonab1y incurred o~ paid at any time by the Association, because of th~ failure of the 1liortgagors to perform, compiy with and abide by each and every stipula- tions, agreements. conditions and covenants of said promissory note and this deed, or either, and every snch payment shall bear interest from date at the rate stated in the note sec+u~ed hereby. 15. That he willpernut. couunit, or suffer no waste, impairrcent, or dMeriotation of said property or any part tl~ereof; and in the event of the af ilure of the Mortgagon to keep the buildings on said~ and thos~e to be erECted on said premises, or improvements thereon in good repair, the Association may make and pay fot such irs sis in its discretion it may deem m necessary for the proper preservation thereof, and the full amount of such pa,vments shall secured by the liea of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such montlil~? installmeats as tbe Assxia- 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 Associaition and the Atortgagors agree, the Mortgagors will carry a po]icy or policies of ~suranoe upan their lives in an ar,l~ani equal frnm time to time M the amo~mt of indebtedness hereby secured, making said Association benefi- ciary thereunder, and that the said Associatian may~aay the premiums for such ins~uance (in the e~+ent the 1?iodgagars do nat), and add each such pnyment to the unpaid balance of ihe loan, as of the first day of the then cutrent month, and it shaII become additional indebtedness secured by tWs mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a constn~ction loan, fa$ure on the pazt of the Modgagors or their cantractors to complete said building in acromdanoe with Construction Loan Agreement, of ~ven date herewith, or to build ! said construction in aa:ordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ and, at the optian oE the Association, immediately mature th~entire amount of principal and interest hereby secnreti and the Asso- ciation may immediately institute pmoeedings to foreclose this mortgage. { 18. Tfiat the abstract or abstracts of tide covering the mortgageci prope:ty shall at all times, during t6e life of this mort- ~ ~age, remain in the possession of the Assaciation and in the event of the foreclosure of this mortgage or other transfer of tide to ~ ,L~ ,;.;,,~g~~~u ~,rvy~i~~ u. rsu.,guiai•menr oi ii~e indeoceciness securecl hereby, aU right, title, and inte~est of the Modgagors in } E and to any such abstracts of tide shall pas; to the purchascr or grantee. 1 ! l9. Tfie Association shaA have the right, in its discretion, to reyuire that ihe Mortgagors p~y into the Association in addi- ~ f tion to the monthly installments of principal and interest to be paid by the :liorigagors under the note seciued by this mortgage, ~ ~ an amount equal'to one•twelkh of the annual instaIlmeats of any taxes on the martgaged premises levied or assessed by any f governmental authority, and one-twelfth of the annual premiums for Fire and Eztended Coverage insurance on the martgaged € ~ premises as hereinbefore required by the Association, and the ~liortgagors' failure to malce such payments shall constitnte a default under this mortgage. f j IN WITNESS ~'VHEREOF, the said Mortgagon hereunto set their hands and seals the day and year first above written. ~ i ' ; Signed, sealed and delivered in the presence of: - f~ - ~ ~ v ; - / / ~ , : , ~ ~ C~<-s--e~ ~l{~' - - - - ----~SEAL) - _ ~ _ ~pkey - - - , , C.A. . - ~t~--'_. - - - - - (SEAI.) 1`~"' . , . - - - ~~u-(JUV " . ~ L v~a Whipkey ~ - - - -~SEAL) f I ` _ - - - - - - - - - -~SEAL) - - - - - - - - - ! (WIiNESSES) (NfORTGAGORS) BOGK 243 pa~E 183 ~ ~ _ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ' ~ - ~~~~~-~t"`"~'