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Home My WebLink About0371 ~ a • t ~ ~ 8. UnW default in the performance of tbe covenants and agrc~..hnents uf this mortgagc, the mortgagors shall be er?tideJ to collcct the rents. issues and profits from the poemises hereinbefore described, but in casa of a default in any of the term~ of this mortgage, and the filing of a bIll to foreclosa this ot any other mortgage encumbering the within described property, the :lssociation shall immediately and without notice be entided to the appointment of u Receive; of the moztgagedproperty, and of the rcmts, issues and profits tberoof. with the usual power of Receivers in such cases, and such Receiver may be continuecl in possession of the raid property until the time of the sale thereof under such foreclosure. and untii the confirmation of such ,ale bv thc Court. 9. If a conveyance should be made by the mortgagors of the prcmiscs herein described, or any part thereof, without the written consent of the Association, ar?d ~~~thout assumption in regular form of law by the grantee of tFie obli~ations to the lxsociation creuted by said pmmissory note and this mortgage, then, and ia that event, and at the option of the Associntioii, :~n~l ~vithout notice, all sums of money secared hereby shaIl immeciiately and concurrently with such rnnveyance becume due and payable and in default, The Association may deal with s~ccessors in interest with reference to this mortgage and the debt herebv secured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment oE the debt, securec~ ~ hereby, or otherwise act without discha~gu~g or in any way affecting the liability of the mortgagors hereunder or upon the debt i hereby secured. The A.tsociation may also deal with the Mortgagors and/or with successors in interest with reference to this ~ mortgage anK the debt hereby se'~i"i~ci by forbearing to sue, exiending the time for payment of the debt, providing for diffe~ent ~ monthly payments and/or a d~fferent interest rate, and by other express moclifications of the rnntraet~ without losing any priorit~• the A.ssociation has ovet other modgagees or lienors or holders of any jwuor interests in the properiy secured hereby. l0. That in the event the premises hereby mortgaged, or any part thereof, shall be ca~demned and take~ 'forpu blic use ?mder the power of eminent domain~ the Assuciat:on shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to the As.mciation, its successon or assiQns, up M the amount unpaid on this matgage and mav be npplied upon t6e payment or payments last payable thereon. _ 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation he.reunder or of the obligation serured hereby shall at any time thereaker be held to be a waiver of the terms or of the instnunent se+cured hereby. 12. lE foreclosure proceedings of any second morigage or second trust deed or any junior lien of any Idnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payabk. ~ ~ ~ 13. To the extent of the indebtedness of the Mortgagors to the Association described hemu~' or secured henby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every modgage, licn or other er~cumbrance on the land described herein which is Iraid and(or) satisfied, in whole or in part, out of thep ~,f the loan described herein or secured her~by, and the respertivc liens oE said mortgages, liens or other encumbrances, s}~ tc~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or bereby ~r~ O thc same ex±ent that it would }iave been preserved and ~~•ould have been Passed to and been held by the Association had it been duly and r~gularly assigned, iransferred, set over and delivered unto the Association by separate deed of assignn?ent, rwhvithttand- inR the fact that the same may be satisfied and cancelled of record, it bcing the intention of the ~rarties hereto that the same will l~e sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyers fees, reasonably incurred or paid at any time by the Association, because of ~the failure of the 1liortgagors to perform~ rnmply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stateci irt the note serured hereby. 15. That he willpe rmit, commit, or sufEer no waste, impairment, or deterioration of said property or any pazt thereof; and in the event of the fa'~ure of the MortRagors to keep the buildings on said premises and those to be erecied on said premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its disac~tion it may deem necessary for ihe proper preservation thereof, and the full amount of such payments shall be secur~ed by the lien of this mortgage :?nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the r,ote secured hereby, s 16. That if the Association and the ~tortgagors agree, the 1liortgagors will carry a policy or policies of insurance upon ~ ~ their lives in an a~unt equal from time to time to the amount of indebtedness hereby secured, malang said Association benefi- ~ i ciary thereunder, and that the said Association may pay the premiums for such uuurance (in the event the ~tortgagors do not), ~ ; :ind add each such payment to the unpa~d balance of ihe loan, as of the first day of the then curmnt month, and it shall become ~ additional indebtedness secured by this mortgage payable upon demand. E 17. That in the event that this mortgage be given to secure a construction lazn, failure on the Part of the ~tortgagors or ~ their contractors to complete said building in acconlance with Construciion Lean Agreement, of even date herewith, or to build ~ said construction in accordance ~vith plans and specifications filed with the Association, shall rnnatitute a breach of this mortgage, ~ and, at the option of thc Association, immediately mature the entire amoimt of principal and interest hercby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this morcgage. ~ ~ 18. That ihe abstraet or abstr:icts of title covering the mortgafiecl property shall at all times, during the life of this mort- ~ ~ age, remain in the possession of the Association ancl in the event of ihe fareclosure of~ this mortgage or other transfer of title to thc mortgaged property in extinguishment of ihe indebtedness secured };creby, all right, title, and interest of the Mortgagon in . ~ ancl to any such abstraMs of title shall pass to the purchaser or grantee. : 19. The Association shall have the right, in its diseretion, to require that the riortgagon p:ry into the Assoriation in addi- _ ~ tion to the snonthly instailments of principal and interest to be paid by the ~tortgagors under the note secured bv this mortgage, ~ an amount equal~to one-iwelfth of the annual installments of any t~res on the mortgaged premises levied or assessed by any ~ governmental ai~thority, and one-hrelfth of the .~nnual premiums for Fire and Extended Coverage insurance on the mortgaged ~~remises as hereinbefore reqtured by the Association, and the ~lfortgagors' failure to ma1:e such payments shall constitute a default ~ under this mortgaoe. I\ WIT~ESS WHERE(~F, the said ~iortgagors hereunto sct their hands and seals the day and ~•ear first above written. ~ ` Signed, sealecl and delivered in the presence of: • ~ ~ . • , . , • ~ ~ _ l _ C (SEAL) , ~ H. . Cooper, Jr. - - - ~ • l% ~ ~ `\~•'~Wi~ . V:v.._ -Ji.i ' ~_"?~c,uc. ~ L~zr.~. -i (sEA1..) Nancy Cooper : (SEAL) ~ ~ - - - - (SEAL) (W IiNESSESy (NIORiGAGORS) s~~K244 PAGE 371 ';N k - ~ _ ~~~~a~~.~~ .<_.W _ -