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Home My WebLink About1163 ~ , ~ i ~ - I ~ 8. Unti! default ~ tho perforaunoe of the covenants and agreernents of t}us mortgage, the moitgagors ahall be eatitled ~ to eollect t~ rents, issues andp~oHts Erom tbe pnmisea hereinbefora descYibed, but in case of a default ia any of the tem~ of thir mortgage, aad tbe filin oE a bill to foreclosa thi~ or any oth~r movtgage eacumbering twe within de~cribed psoperty, tbe m AssociaHoa shall immediat yand widwut noace 6e enaded to the appointment of a Receiver of the mo~tgaged property, and oE the rents, issues and profits thereof, with the ususl wer of Aeoeivers in suicb c~ses, 3nd such Receiver uwy~be~aoutinued n ire poaxasion of the said property until the time oE the then.wf under svch forecloa~ue, and until the oonfim~aNon of such sale by the Court. : 9. IE a con ce should be made by the mottgagats ~ the premiset ~ei~atn described, ~ any part thereof, ~ without as the writtea consent o the AssociaHon, and without as.sumption ire regular form of Iaw by the gantee of tTie obligations to the ~xsociation created by said promis.socy note aad tlus modgage, then, and ia that event, aad at the option of the Assaiatioo. nnd ~vithout notice, all sums of money serued hereby ahall immediat~y aud concunrntly with such ccxrveyance beoome due and I'aYable and in default. The Association may deal with suooessors in interest wlth refe~enee to this marigage aad the debt bes~eby secured in the same noanner as with the mo~rttgagors, and awy forbear to sue or may extend time for ~rayment of tl~e debt, secured hereby, or otherwsse act without dis~g or in any way affecting the liability of the mortgugors herew~der or upoa the debt hereby secured. The Associatiaa may deal with the Mortgagors and/or with successor: in interest with refeceaoe t~ this mortgage aad the debt hereb ~ by forbearing to sue, ezteading the time for pay~neat of tbe debt, Iu~o~vidin8 fot diffecaut nea monthlY PaYments and/or a' ereat inte~est rate. and by other Pacpr~ss awdifications of the contract, withart loaing any priorih• the Association has ovet other mortgagees w lienors or holders of any J~mior interests in the P~'oPert}' sec~'r~d herebY. 10. That in the event the premises hereby mortgag~d, or any ~mrt thereof, shall be condemned and taken focpu blic use under the power of eminent domain, the Association shall have the right to demand that all damagea awardcd for the talciag o# or damages to said preinises ahalt be paid to the Associatioq its successors or assigns, up to the amount unpaid on this matgage and may be applied upon the pa}znent or payments last payable theiron. 11. It is specif'x~ally agrced that tinne is the ~c~ af thts c~~rnct and that no waiver of anv obligation hare~uider or of the obligation secured hereby shall at any time th~aEter be held to be a waiver of the terms oc of the instnmctent secured hereby. 12 If foieclosure proceedings of any seoond mortgage or seoond trust deed or any funior lieu of any bnd should be insti- tuted, the Association may at itr option, immediately ar themEaher declare t}?is mottgage and ihe indebtedness secnred hereby dae and payable. . 13. To the extent of the u?debtedness of the Mortgagors to ihe Associution descxibed herein or secured hereby, the Asso- ciation is hereby svbrogated to the lien or liens and to tbe rights of the ownen and holders thereof of eacL and every mortgage, lien or other cmcumbrance on ihe land de.ocribed herein which ic paid and(~) satisfied~ in whole or u~ pnrt, out of ihep~o~ee~s nf the loan d~ocribed herein.or secured hereby, and the respective Uens of said mortgages, liens or other encumbrance,t, s ll~a to and be held by the Association herein as sec~nty for #he indebtedness to the Association herein de.scribed ~ bereby sec~u+ec~M the same ex!ent that it would have been preseaved and ~vouid have been passeci to and been held by the Assoriation had it bcen duty and regularly assigned, transferred, set over and delivered unio the Association by separate deed of assignmeat, notwithstand- ing the faet that the same may be saticfied and eaneelled of rec.~ocd, it being the intention of the parties hereto that-the same wiA be sa~sfied and cancelled of reco~d by the holders thereof at or about the time of the record`mg of this mortgage. 14. - To pay all and singular tlie casts, charges, and expenses induding lawyer's fees, reasonably incurred or paid at any time by the Association, because of the faiiure of the I?tortgagors to perform, comply with and abide by each and every stipula- tions, agneements, conditions and covenants of said promissory note and this deed, or either, and evcry 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, impairnnent, or deterioration of said property or any part thereof; ~ and in the event of the failare of the Mortgagors to keep the build'nngs on saidp and those to be erecicd on said premites, or improvements thereon in good repair, !he Association may make and pay for~ smuc~h ps in its disa+etion it may deem necessary for ihe proper preservation thereof, and the fiill amount of such payments shall~secured by the lien of this moitgage and shall at the option of the Association be immediately due and payabie, or payable in sud~ monthly in~allments as the A.uocia- tion may determine, aad every sud? payment shalt bear interest from date at the rate stated in tLe note secured here6y. 16. That if the Association and the I~tortgagors agree, the Mortgagors will rarry. a policy or policies of ~s~nce upon their lives in an arBeiunt equal from time to time to the amount of indebtedneu hereby secured, maldng said Association be~?efi- ciary thereunder, and that the said Association may ythe premiums for such insurance (in the ever~t the Mortgagors do noi), and add eack such psy~rnent to.the unpa~d balance o~the loaq as of the first day of the then current rnonth, and it sball beco~ne additionat indebMdness secured by this mortgage payabk ~pon demand. 17. That in the event that ilvs mortgage be given to s~ure a cons4uction loan, failure on the part of the Mortgagors or their contractors to complete raid twilding in accordance with ConstruMion Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed with the Association, shall constitvte a breach of this mortgage, and, at the option of the Association, unmediately matune the eniire amount of princijral and interat hereby sec~red and the Assa ciation may immediately institute proceedii?gs to foreclo~ this mortgage. 18. That the abstract or abshacts of tide covering the modgaged 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 tide to the mortgaged property in extinguishm~t of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any such abstzacts of title shall pass m the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors p~y into the Association in addi- tion to the mont}ily installments of principal and interest to be paid by the 111ortgagors under the note secured by this matgage, an :unount equal ~ to one-twelfth of the annual installments of any taxes on the mortgaged premis~s levied or a~d by any governmental auihority, ana one-twelfth of the anneial premiums for Fire and E.xtended Coverage inrurance on the mortgaged . premises as hereinbefore reqaired by the Association, and the 11~ortgagors' failure to make such payments shall constitute a default under this mortgage. IN WITNESS WHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. Si ed, sealed and deliv in presence of: - . . . -'-L-~---• f - - - - - - - - - - yL ----~SEAL) - - - L~~`/~.'.~3~ - ~ - - ~ _ Loui~/Kupcty.k . , . - - . - - - -cs~+~.~ ~ ~ - - ' ~ Sarah Kup _ - _ - - - (SEAI.) - - - - - - - - -~SEAI.) - _ IW~TNESSfsi - _ _ (MORTGAGORS) BooK243 PA~1163 „ - _s _ _ _ . _ . ~ ~ : . . . _ . . . . , _ I F, 't,~"~t~ i, ~ ~ A ' ~