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HomeMy WebLinkAbout1297 8. Until defuult in the performance of the covenauts and agrccments of this mortgage, the mortgagors shall be entided to collect the rents~ issucs and profits from the premises'"hereinbeFore described, but in case oE a default in any of the term~ of this modgage. and the filing of a bill to foreclose this or any other mortgage encumbering the within described property. the Association shall immediately and without notice be entided to the appointment of a Receiver of the mortgaged pnperty, and of the rents, issues and profits thereof. with thc usual power of Receivers in such cases, snd such Aeceiver may be continued in pos,ession of the said property until the time of the sale thereof under such forecloaure~ a~d untii the confirmation of such snle by the Court, . 9. lf a comeyance should be made by the moKgagors of the premises herein described, or any~ thereof, without thc ~vritten consent of the Association, and ~~ithout asn~mption in regular form of law by the grantee of the obligations to the :~s.wciation creuted by said promissory note and this martgage, then, and in that event, and at the option of the Associatiou. :u~d ~~~thout notice, aU a-ums of mc~ney sea~red hereby shall immediately und concurrrntly with such rnnveyance become due and payuble and i~ default. The Association may deal with successors in interest ~vith reference to thic mortgage and the debt herebv secured in the same manner as with the mortgagots, and may forbear to sue or may extend time for payment of the debt, securec~ hercby, or otherwise act without dischargmg or in any wny affecting the liability of the mortgagurs herennder or upon the debt hereby secured. The Association may also deal with the Modgagors and/or with successors in interest with reference to this mortgage and the debt hereby securecl by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a d~fferent interest rate, and by other express modifications of the contrlct, without bsing nny priorih• the Association bas over other mortgagees or lienors or holders of any junior interests in the properiy secured hereb}'. 10. `I'hat in the event the premises hereby mortgagecl, or any pait th~reuf, shatl be condEr~lned and taken for public uu undcr the power of eminent doma~~, the Aswciation shall have the right to demuid that all damages awarded for the taking of or damages to s~~id premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this morigage and ma~• be apnlied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is ihe essence of this contmct and that no. wAiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terau or of ihe instrument secured hereby. 12. If foreclosure pznceedings of any second modgage or second trust deed or any junior lien of any land should be'- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa}'able. 13. To the extent of the indebtedness of the Ltortgagors to the Association descxibed hemin or secured hereby, the Asso- ciation is hereby submgated to the lien or liens and to the rights of the owners and holders thereof of each and every modgage, lien or other er~cumbrance on the land describeil herein which is paid and(or) satisfied, in whole or in part, out of the prooeeds ~~f the loan desccibed herein or secured hereby, and the respecti~~c liens of said mortgages, liens or other encumbrances, sha p~ss to and he held by the Association herein as security for the indebtedness to the Association herein described or hereby s~e~ued. tO the wme ~ex!ent that it ~vould have been preserved :u?d ~vould have been passecl to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate dced of assignment, nohvithstand- ing the fact that the same mav be satisfied and cancelled of record, it being the intenti~ of the parties hereto ihat the same will Ue 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 singulaz the costs, charges, and expenses including lawyer s fees, reasonably incurced or paid at any time bv the Association, becaase of the failure of the AtortRagors to perfonn, comply ~vith 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 stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impaument, or deterioration of said property or any part thereof; and in the event of the failure of the Mortgagors to keep the buildings on said premises and those to be erected on said premises, ' or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ; necessary for the proper preservation thereof, and the f~ill amount of such pavments shall be secured by the lien of this mortgage I and shall at the option of the Associatiou 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 stateci in the note secured hereby. ~ 16. That if the Association and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon their lives in an a~eunt equal from time to time to the amount of indebtedness hemby secured, making said Association benefi- c•iary thereunder, and that d~e said Association may pay the premiums for such insurance (in the event the ~iortgagors do not), and add each such pa~~rnent to the unpaid balance of the loan, as of ths first day of the then current month, and it shall become additional indebteclness seeurecl by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, Eailure on the part of the ~tortgagors or their contractors to complete said building in accordance v?zth Construction Loan Agreement, of even date herewith, or to build said construction in accorciance with plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ci.ltion may immecliately institute proceedings to foreclose ihu mortgage. 18. That the abstract or abstracts of title covering the mortgaged property shall at all times, during the life of this mort- ;age, remain in the possession ot the Association ancl in the event o[ tnc fur~~ctusure uf ti,is ~uurt~uge ur otl~re transfzr af tidz ta the mortgaged property in eutinguishment of the indebtedness securecl hereby, all right, title, and interest of the Mortgagors in and to any such abstracis of tide shall pass to the purchaser or giantee. 19. The Association shall have the right, in its discretion, to mquire that the I?iodgagon pay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors imder the note secured by this mortgage, an :~mount equal ~ to one-hvelfth of the annual installments of any tases on the mortgageti premises levied or assessecl by any go~~emmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci premises a. hereinbefore required by the Association, and the ~ltortgagors' failure to make such pa~~nents shall constitute a default undcr this inorigaec, I\ ~V1T~ESS 1~'iiEREnF, the said ~iortgannrs here~mto sct their hands and seals the day and year first above ~vritten. ~ Signed, sea}~~ci and deli~•ercxl in the presencc of: l . I ' ~ ^'`Z' ~1L.. /~'j : C~,GG~cacz c~,y Y ~ l- - _ EAL) , N • , / , _ i/ i' _ L~Ctt~~~ i`~, ~%y~x~c~ x• COR~ M.. J_ S E,~.) ~ (SEAL,) ~ _ - - _ _ (SEAL) (W ITNESSES} (MORTGAGORS) 6o~K244 PAGE1298 - - - ~ = ~ , - ~ , ~ _ - :p . ~'~3~'~"~`~'r- . _ . . '