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Home My WebLink About0543 8. Uatit defauh ia the pe~fornaanoe af tue oove~anb aad ~g~rae~neais of t~is mortgage. the mortgagora shail be eatitlod to collect the rcats, issue: and profib from the premi~es heradnbefore desaibed, but in case of a dehult ~n any o~ tbs ~ms oE - this ~nortgage, aad the fitin of a bill to faecLose tLb cr an other mortgage eocumberiag the wlthiu desaibed p~opaty~ tbe ose y ~ociatioa sl,all imu,edia and witlwut notlce be entitled to the appoimm~cnt of a Recdver of tbe mo:tgagedparo~ty, and of tl~a re~b, iss~~es and p~ib thereo~f, wtth tbe usualpow~ ~ Reoeivers ia sucb cases, and such Recotv~ar may be-cootinued ia pos3essiou of the said propaty tmd'1 th. time of tbe snb tbEreof undar such faecloaure, and tmtil the confirmaHon of such sak by the Conrc. 9. If a oonvey~uce should be made by die matgagars of the premises herein described, a any port thereof, withqut the writtea con,seat of the Associatt~, and witbout assumpt~m in regular foim of law by the g~a~ee of ~ie obtig,~~o~u to tbe Association created by said promiscory note and tbis mo~rtpage, thcn, and in that event, and at the option of the Association. aad ~vithout notice, alt sums of mc+ney say.ired he~eby sh~ll inimediatety and concnrrentlv witb such ecxrveyance becoma due and PaYgble and ia defauh. TLe Assxiai~ may deal with suooaaao~s in inten~st with reference to tbia ma~tga~ and tbe debt hereby sec~ued 'm tbe same manner as with the mortgagoRS, aad may fo~bear to sue or may extend time for payment oE the debt, securoc~ hereby, ar otbawise act without ~in g o~ in any way affecting the IiabiL~y of tbe martgagors hereundai or upon the debt hereby senurd: Tfie Assoriation awd~y also deel ~with tl~e Mortgagois and/os with suoces~ors in intere~t witb rrfo~ce to this mort~age and t6a debt ha~serured by forbearing to sue. e~ctending the tiaM for poyment of the debc, peo~vidiag foc difEa~ent . ~~Y P~Y°~b and/ar a t interest rate, aad~y otber enpcess modifica~ons oE the oontract, without l`os~ia~~~ any piiority the Associatioa bas mror other maortgagax or lienozs or hoklers of any junar intesests in the ProIx~Y 10. That in tbe event tbe preanises he~+eby g~d, or any part thereof, shall be ooede~nned and takea forpu blic use under tl~e power of enninent doaoain, tLe Associatian~l have the right to demand that all damages awarded fa~ the ~1dng of or damages to said pre~aises shall be paid to the Association, ib sueoessors or ass~gr~s, up to the aawunt ~mpaid an thia matgage and may be applied upon dre paya~ent or payiooeats last payable therea~. ~ . 11. It is specifically agreed that time. u t~ ~ of this contract and that no waiv~r of aay obligatioa ha+e~mdtr or of the obligatioa secured het+eby shall at any time thereafter ba Leld to be a waive~ o£ the tera~s oc of the iost~mmt secured herehy. 12. If faecloaure proceedings of any aeoa~d awrtg ge or seoond trust deed or any jnnior lien of any ldnd should be inati- tuted, ihe Associatioa may at its option, i~nmedlately or d~ker declare this m°d8a8e and the indebtedness secured he~eby dne anci puyable. - 13. To the eztent of the indebtedness ~ the Mortgagars to tbe Association d~n'bed herein or secured hereby, the Asso- ciation is Lereby subrogat«1 to the lien or liens and to the rjghts of the owners and }w~dess thereoE oE ench and every mo~tg,age, lien ar other encumbrance on the land desaibed ~rein which is paid and(or) satisfied, in whole or in part, out of tbe of the loan described herein or secured hereby, and the respectivc liens of said moitgages, liens or other enc~mrbranoes, s~ to and be heW by ihe A.tsaciatian herein as sec+vi~ty far the indebtedness to tl~e Aasociation hes+ein described or ha+eby securec~M the rame extent that it wrould have been preservecl and would have been passed to and been held by ihe A~or.~iation had it been dWY and ~gular~Y assigned, transferred, set over and delivesed unto the A.~oc;ation by sepnrace dead of aasignmeat, nawithsmnd- ing tbe fact that the same may be satisfied and cancelled of reoord, it being tha inteation of the parties Le~eto tbat the same will be sad~ed aad cancelled of rcoo~d by tbe holders thereof at or about the tune of the record'uog of this mortgage. 14. To pay all aud singular the oosts, d~aiges, antl e:penses ind~ding lawyei s fees, reasonab1~? innured a~ paid at any time by the Association, becauce of the failure of the 1ltoitgagors to perfoTm, comply with and abide by each and every stipula- tions, agreemet?ts, conditions and eovenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the r~ie siu~ert in tLe note sdciuecl I~eby. 15. ?1~at he willpermit, commit, ~ suffer no waate, impairment, or deterioration of said property or any pait thereof; and in the event of the af 7u~ of the Mort~;agors to keep tl~e buildiags on saidp~m and those to be erected m said premises, or improvements tLereon in good re~ir, tbe Association may make and pay for s~rep~us ~s in its discretio~ it may deEm necessary? for the .ProPerp~se rvation thereof, and the full amount of such payments shall be Ssec+u~ed by the liea of this mact~age and shall at the option of the Assoc~atian be immediately due and PeYa~, ~ P~Y~Ie in s~c:h monthly iastaDmea~s as the Assoc~a- tion may deteimine, and every auch payment shall bear interest fmm date at the rate stated in the note seciued Lereby. 18. That if the Assoeiati~?± a.ul tl,P 1~irn~Foaoarm ocrrrn~ +l~P Aifortvaatm tvill r~rrv a rr?linv r~e arnlirine ~+F inen~anra~ nrr~n their lives in an su3eunt equal from time to time to the ~no~mt of inde~ hereby seriued, making said Associatio~n beaefi- ciary then~under, and that the said Association maypay t~ ~emiums for such iiuuranoe (in the event the Mortgagocs do not). and add each such payment to the unpaid balance of the loan, as of the first day of the then csureat a?onth, and it shall become additional indebtedness secured by tfus mo~tgage payable upon demand. 17. That in the event that this moitgage be given to secure a construction loan, failure ~ the pazt a£ the Morcgagors or ~ their contractors to complete said building in aeeordanoe with Constructian Loan Agreement, of even date herewith, or M build said constn~ction in aocordance with plans and speci6cations filed with the Association, shall oonstitute a breach of this matgage, and, 3t the opKon of the Assoriation, immediately matut+e the entire amount of pru~cipal and interest hereby secured and the Aao- c;ation may immediatety institute proceedings bo foreclose thit mortgage. ~ 18. That the abstract or abstracts of tide covering the awdgaged property shall at all times, during the life of this mort- ~ gage, remain in the possession of the Association and in t~ event of the foreclosvre of this mortgage or other transfer of title M ' the martgaged property in eactinguishment of the indebtedness secared hereby, all right, title, and interest of the Mortgagors in ~ and m any such abstracts of title sl~all pas~s to the purchaser or grantee. ~ 19. TLe Axsociation shail have the right, in its discretion, to require that the Martgagors gay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the Mortgagors under the note secured by this mortgage, ~ an amount equal'to one-hvelfth of ihe annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twel[th of the annual premi~s for Fire and Eatended Coverage inwrance oa the mortgaged € premises as hereinbefore reqnired by the Association, and the MortRagors failure to make such payments shall constitute a default 4 under this mortgage. E IN WITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. ~ ~ ~ 3 ' ed, sealed and delivered in the presence of: j ` ~t S ' . - ~_lrS.~. ~_Gc-~_~~-I.c~C#~ ---(S~) ~ ~ Mar are`t E. Ba ha ~ ~ g ~ : F , ' ~v`~~ ~ - - - - - - ------~SEw) ~ - - - - - - ~ ~ - - - - - - _ _ . . ---~SEAI.) E ~ "s s - - - - - - - - - ~SEAI..) (VYITNESSES) (MORTGAGORS) [ ~ ~ eo~K 243 PAGE 543 ~ . . € ~ . ~ F _ c ~ : :a - ~ ,~;r' i :a~ sz _ _ ~=~r=<