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Home My WebLink About2571 8. Uatil default in the perfom~ance af the covenants aad a~ts oE tbis mo:tgage, tbe iacutgagors shall be entitlal to collect tM roats, issues andp~oRb froca the promises heretabefore describdd; but in case of a~default in any of the tern~ of th~ moitgage, And the filta oF a btll to fa~eclase tbb a~ an other martgage e~cumberL~g tbe within deac~ibed propaty, tbe mo ~ y ~ociatioa s}?all immediat yand without aotice..be entitled to the appointment of a Receiver of the matgagedp~o~y , and of the rents, issues and profib thereof, wtth tL~ usualpo w~ ~ Reoeivas in such cases, and such Receivat auy ~e-coAtinued irt posses~sion oE the said proparty until the time of tbe sale thenwf uader such foreclosure, aad uatil the conf~nnatIon of such ss~le by the Court. 9. IE a oonveyance should be made by tbe mortgagas oE the premises herein described, ~ any part thereof, without the written cons~t of the Association, and without assumption in rego4r forn? of Iaw by the grantee of ttie obligations to the :~ssociation crented by said promissay note and this mortgage, then, and in that event. and at the option of the Association. :md ~vithout notice, all sums of mme}? sec~~red hereby atwll immediately and ooncurrently with sucb ccaiveyance beoome due and PaYable and ia defauh. T6e Associstion may deal with suocessors in interest with reference to thia martgage and tbe debt hereby secvred in ihe same manner as with the mortgagors~ and may forbear to sue or may extend tlme for paymcnt oE the debt, aecurecl hereby, oc otherwise act witbous di~charging or In any way affecting the liability of the mortgagors hereunder or upon the debt hereby secured. 17?e AssociaNoa may Lso deal with tbe Modgagora and/or with suocessors in interest with nference to this mortgage and the debt hereby secur~d by forbearing to sue, estending the time far psyment of the debt, ix~ovidiag fa diEfannt montlily paya~enb and/or a differeat intecest rate, and by otber e:preu uwdiBcations of the contract, without losin any ptiorih the Association has over other moztgagees or lienors or ho1~L = ~f :i i, interats in the property secured here~y. 10. That in the event the premises her~eby mort~ag~d, or any pa~t thereof, ahall be oondemned and taken forpu blic use under tbe power of eminent domain, the As.sociation at~all hava the right to deinund that all damages awarded for the taking of or damages to snid p~emi~es shall be paid to the Associatioq its succ~ssors or assigna, up to the smonnt unpaid on t~ mortgage ared may be applied upon the payment oc paya~ents last payable therca~. 11. It is spectEically agree~ that time is the ~e of this contract and that no waiver of any obligation berewideT ur o£ the obligatioa secured hereby shall at any time thereafter be held to be a waiver of the terans atr of the ~t secured Lereby. 12. If foreclosune proceedings of auy seco~nd mortgage ~ seoond trust dced or any junior lien of any ]dnd sl~ould be inati- tuted, the Association may at ics option, immediately or thereaRer declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent oE the indebtedness of the Mortgagors to the Associut~n de.sczibed hemin or secured hereby, tl~e Asso- ciation is bereby subrogated to tlze lien or liens and to the rigbts of the ownen and holders thereof of each and martg;age, lien or other encumbrance on the land d~cribed her~ein which is paid and(~) satisfied, in whole or in part, out of prooeeds of the loan described herein or secureci hereby, and the r~spective liens of said mortgages; liens or other encumb~, sha to and be held by the Association herein at secunty for the,indebtedn~s to the Association herein described a~ hereby zecurc~ M ecure M the same ex!ent that it would have bcen p~served and ~vould have bee~ ~au~i to and been held by the Association had it been duly and regularly assigned, trander~+ed, set over and delivered unco the Assoc;ation by separace deed of assignment, notwichstand- ing the fact that the same may be satufied and cancelled of.rec~ocd, it being the intentiaa of the parties bereto that the same will be sa~isfied and canoelled of secozd by the holders thet~of at or atwut the time of the recd?~sg of this mortgage. 14. To pay aD and singular the ooats, charges, and ~penses including lawyefs fees, reasonably inctnred or paid at any t;me by the A.aociation, because of the failure of the r~ortgagors to perforn~, comply with and abide by each and every stipula- tions, agreements. conditions and covenants of said promissory note and this deed, or either, and cvery such payment shall bear interest from date at the rate stated in the note secured h~~by. 15. ?hat he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part t~,er~f; and in the event of the ~ailnr~e of the Mortt;agors to keep the build'mgs on said amd those M be erected on said premises, or improvements thereon ia good repair, the Association may make and I'~Y ur~such repairs as in its discretion it may deem necessary for the proper re9ervation thec+eeof, and the full amount of such payments shaD be secured by the liei? of this matgage e o and shall st the option o the Association be immediately due and payable, or payable in such manthly uLStallments at the Aasocia- 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 A,ssociation and the ~lortgagors agree, the Mortgagors will carry a policy or policies of insurance upun their lives in an arr~eunt equal from time to time to the amount of indebtedness hereby secur~ed, malang said Association benefi- ' ciary thereunder, and that. the said Association maypa y the premiums for such insurance (in the event the Mortgagors do not), and add each such payment to the unpe~d balance of the loan, as of the first day of the then c~ns~ent month, and it shall become ~ ! additional indebtedness secured by this mortgage payable upon demaad. 17. That in the event that this nwrtgage be given to secure a canstruction loan, falure on the part of the Modgagors or their contractors to completc said building in accardance with Construction Loan Agreement, of even date h~ewith, or M build said construMion in aocordance with plans and speci6cations filed with the Association, shall constitute a breach of this morigage, ; and, at the oPtian of the Associatioq immediately mature the eatire amount of principal and interest hereby secvred and the Asso- ~ ~ ciation may immetiiiately inctitute proceedings to foreclose this mortgage. { ~ 18. That the abstract or abstracts of tide rnvering the mortgaged property shall at all times, during the life of this mort- i ~ gage, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of tide to the mortgaged prope~ty in eztinguishment of the indebtedness secured ~ereby, all right, tide, and interest of the Mortgagors in °r and to any such abstracts of tide shall pass to the purchaser or grantee. ~ 19. The As9ociation shall have the right, in its discretion, to require that the Mortgagon p~y into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the Alortgagors under the note secured by this mortgage, ! ~ an amount equal•to one-iwelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~ i governmental suthority, and one-twelfth of the annual premiams for Fire and Esiended Coverage insurance on the mortgaged ~ ~ premises as hereinbefore required by the Association, and the Iliortgagars failare to make such payments shall rnnstitute a default under this mortgage. ~ IN WITNESS WHEREOF, the said Mortgagors hereunto set their hnnds and seals the day and year first above written. ~ Signed, sealed and delivered in the presence of: ;t t ~ , ~ ; i, F / • - - f.~"'f_~J~~~?tif ~ ' ~ ~(~G~--~--. _ .'~'t!1'Q.7G~ ~ ; ~ ~ - S~'~~ ~ ~ " _ evis Kav agh ~ ~.T ~ ~ _:.t.lJ~%~ ~ • !~C~ ~ sE~. - ~ - • - - - _ _ - _ - - - ~ ~ ~ ~ ~ ~ - - - - - - - - - ~ . ~ - - - - - . - - - - - - - - - - - _ _ _ (SEAL) ~ (WITNESSES) (MORTGAGORS) n ao~K243 P,~2571 .._a;:.~.~ - , ~ . , : i ~