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Home My WebLink About0963 . . _ ~ 8. Until default in ihe performance of the covenants a~d agrecments of this mortgage, the modgagors shall be entitled to collect the rents, issup and profits from the premises hereinbefora described, but in case of a default in any of the tenm oE . ; this mortgage, and the filing of a bill to f~eclose this or any other mortgage enewabering the within described property, the ~ssociation shall immediately and without notice be entided to the appotntment of a Receiver of the nwctgaged property, and of the rents, issues and profits thereof, with the usua! power of Receivers in such cases, and such Receiver may be oontinued ~ in pos..ession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such ss?le by the Court. • 9. lf a conveyance should be made by the mortgagocs of the premises herein described, or uny part thereof. without the written co~uent of the Association, and without assumption in regular form of law by the grantee of the obligations to the Association created by said promissory note and this mortgage~ then, and in that event, and ~t the option of the Asu~ci:+tion. :md ~vithout notice, all sums of maney sec~ired hereby shal! immediately uad concurrendy with such rnnveyance become due and payable and in default, The Association may deal with successors in interest with reference to this mortgage and tbe debt herebv secured in ihe same manner as with the mortgagois, and may forbear to sue or may eatend time for payment of the debt, securecl hereby, or otherwise act without dischargu~g or in a~y way aEfecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or wiih successors in interest with reference to this mortgage und the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a different interest rate. and by other express modifications of the contr.ut, without tosing any priorih• the Association has over othec mortgagees or lienors or holders of any junior interests in the property secured hereby, 10. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned and taken fo~ public use undcr the power of eminent domain, the Associafion shall have the right to demand that all damages awarded for the taling of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applied upon the payment or payments last payable thereon. il. It is specifically agrecd that time is ihe essence of this eontmct and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held b be a waiver of ihe ternu ar of the inshvment secured hereby. 12. If foreclosure proccedin¢s of anv second mod~a~e or second tnut deed or any junior lien of anv-Idnd should be insti- tuted, the Association may at its aption, immediately or thereafter declare this mortgage and the indebtedness secured hereby ~ue and payable. . 13. To the extent of the indebtedness of ihe Mortgagors to the Association d~scribed hemin or secured hereby, the Asso- ciation is hereby subrogated to the lien or liens~n d to the rights of the ownen and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land de~cribed berein ivhich u paid and(or) satisfied, in ~~~ho1e or in part, out of ihep of the loan descTibed herein or secun~cl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, sl~~~sss to and be held by the Asso~,ation herein as secvrity for the indebtedness to the Association herein described or hereby s~ecured, to thc s:ime extent ihat it would have Ueen pt+eserved a~d ~vould have been passecl to and been held by the Associatioa had it beea duly and regulady assipned, transferred, set over and delivered unto the Associution by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and c~ncelled of record, it being the intention of the parties hereto that the same ~vill be sa~isfied and cancelled of record by the holders the~eof at or about the time oE the recording of thic mortgage. 14. To pay all and singnlaz the costs, charges, and expenses including lawyer's fees, reasonably incwred or paid at any time by the Association, because of the failure of the I?tortgagors to perform, comply with and abide by each and every stipula- tions, agreements, rnnditions and covenants of said promicsory note and this deed, or either, and ever,y such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he willpe rmit, commit, or suffer no waste, impairment, or deterioration of said property or any Part thereof; and in the event of the fa'dure of the Mortgagors. to keep the buildings on said premises and those to be erected on x?id premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its disrretion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of thia mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installmeats as the Associa- tion may determine, and every sach payment shall bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and ihe l~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an arr~aunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ciary there~nder, and that ihe said Association maypa y the premiums for such insurance (in tlie event the Modgagors do not), and add each such payment to the unpa~d balance of the loan~ as of the first day of the then ciurent month, and it shall become additional indebtedness secured by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on th~ part of the 1?tortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount oE principal and interest hereby secured and the Asso- ciation may immediately instiiute proceedings to foreclose thu mortgage. ~ 18. That the abrnact or abstracts of title covering the mortgagea pmperty shall at all times, during the life of this mort- 8•~ i8iiediTi i~~ t~ic YwSca~ivTi uf i,ic taaux;i:itiOti aiiti iti iiie eVe~lt ut~ tile i«r~i~suie uf iiii~ u~uri~a~e t~r uiiicr ira~uier of riiie to he mortgaged property in eatinguishment of the indebtedness securecl hcreby, all ri~ht, title, and interest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the btortgagors pa}' into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~fortgagors under the note secured by this mortgage, an amount equal~to one-hvelkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twelfth of the :innual premiums for Fire and Extended Coverage insurance on the mortgaged premises as hereinbefore required by the Association, and the ?liortga~ors' fail~~re to make such pa}'ments shall constitute a default under this inortgaoe. - I\ VVITIESS R'HEREOF, the said tiiortgagors hereunto sct their hands ~~d seals the day and year first above written. SignQCl, sealed and delivered in the presence of: r ; - _ _ ' . ~ / ! j , ! • ' ~ ' " ~ V _ I . -~`~~,1` y._~* - ~r. ~ ~ ~ --(SEAL) ~ I ~i;b--A: -P ~t R ~ . ~ ' . Li~ t(~l _ GZ;-~ ~ ~ . . ~,~"G~"1-~' / ~ `l4 l~ - ~ 1- _ - f ~ BEULAH - - _P 6~_. ~AI.) AR 1~ : ~,19~s`" - - ~;,t - _ _ ~sE,+i.~ . , . . . ~ - - - - _ _ _ - _ _ - - (SEAL) ' ~ , ' ' ~ ' (YVITNESSES) , ` ~ _ (Al1pRTGAGORS) , t, ' . BILUE L' DOwE! L 3~.. i~:~~ ~ 0 P. n • ?'uDiic~ ingham •:..~~tv. Mi~j, ~ . ~ BUOK244 PAGE J~ h1~r ~e~missia~ Ea~:+:~s 2-23-77 ~o~;+~~_ . - - ~:~x.~. ~ __~.~-~~r . _ . L ~ e.~