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HomeMy WebLinkAbout2185 ' 4 ' J 8. Until default in tLe Perfora~anea of the covenants and agrecments of this mortgage. the modgagott sball be eatitled to collect the rents, issues andp~ ts from the premises hereiabcforo des~xibed, but in case oE a deEault in aay of tbe teran~ of thia mortgage, and the fitiag ol~ a biA to foreclosa thit or any other mortgage encumbering tlie within d~acribed p~ope:ty, the ~lssociation shall immediately and without notioe be entided to the appointment of a Receiver of the mortgagedprop~ty, and of the rents, isaues and profib tbereof~ with the utualpo wer of Receivers in such cases, 3u,d such Receiver may l~e-ooutinued ~n poasessjon of the said property ,until the time af the ssae ther~of undu such foreclos~ue, arid until the eonfirmation of such ..~le by the Court. ~ 9. lf a rnnveyaace should be made by the mo~tgagars of the psemiscs herein descxibed, or anypart thereof, without the written cauent of the Azsociation, and without acsumption in regular form of law by the grantee of tTie obligations to the ~s~cociation cr~ted by said promissary note and this mortgage, then, and in that event, and at the option of the Association, :md ~vithout notice, at1 swns of mme,y secured hereby suall immediate]y and concurnent}y with such rnnveyance become due and payaWe and in defaul~ The Association may ddal wlth ~ors in Interest ~vith reference to this moztgage and the debt hereby secured in ihe same manner as with the mortgagors, and may forbear to s~ie or may extend time for payment of the debt, secured hereby, or otherwise act without g,oac in su~y way affecting the liability of the mortgagors hereunder or up~ the debt hereby secured. Tht Associatiau mad~~ ~1 wlth t~e Mwtgagora and,~or with successors in interest with reference to thic ~nortgage and the debt hereby secured by forbearing to sue, extending the time fa~ payment of the debt, providing for different monthly payments and/or a~Lffereat int~ rate, and b other e:press mocli~cations of ihe ca~tract, withoat losing any priorih• a the Assocfation has over otbet mortgage~es or lienors ot ho decs oE any funior interests in thc property secored hereby, 10. That in the event the p~+emises hereby mortgag~~d, or any p~rt thereaf, shall be oondemned and taken forpu blic use under tbe powes of eminent domain, the Assuciation shall have the right to demand that aA damages awanied #or tbe taking of or damages to said premises shall be paid to the Assoriation, its successors or assigns, up to ihe amount unpaid on th~s matgage and may be applied upon the payment or payments last payable thereo~. I1. It is specifically agrced that time is the essenc~e oE this rnntmd and that no waiver of any obligation haeunder or of the obligatioa secuird hereby shall at any time thereaEt~ be held to be a waiver of the terms or of the instrument sectued hereby. I2. If fv:ec]osure proceedings of any second mortgage or seoond tnut dced or any junior lien of any kind s}wuld be intti- tated, the Associati~ may at its option, immediately or thereafter declare this mortgage and the indebtedness sec~ued hereby due and payable. I3. To the e~ctent of the indebtedr?ess of the Mortgagors to the Association d~.scsibed hemin ar secured hereby~ the Asso- ciation is hereby subrogatal to tl~e lien or lieas and to the rights of the owners and holders thereof of each and e~ry awitgage, lien or other encumbrance on the land desaibed herein which is paid ancl(or) satisfied, in whole or u~ part, out of the rp ooeeds nf the loan described herein or secun~ct hereby, and the rapectivc liens of said morigages, liens or other encumbraaoes, shall to ~nd be held by the Assoc;ation herein as security for the indebte+~ness to the Association herein described a~ hereby sec~u+e~ o the same eztent th~t it would have been presecved and would have been Passed to and bee~ held by the Association had it been duly and regulazly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be sa'fied and canceUed of reco~d, it being the intention of the parties hereto that the same will be sa~sfied and canceDed of necord by the holders t}~cof at or about the time of the recording of this raartgage. 14. To pay all and singular the costs, cbarges, and e:penses including lawyer's fees, reasonably `incurred or paid at any time by the Association, becaase of the failure of the I?fortgagors to perfom~, comply with and a6ide by each and every stipula- tions, agreements, conditions and covenants of said pmmissory note and this deed, or either, and every such payment sha12 bear interest from date at the rate stated in tbe note secured hereby. 25. 1~at he will t, commit, ~ suffer no waste, irnpairment, or deterioration of said property or any part thereof; ~ and in the event of the ailure of the Mortgagors to keep the buildings on said premises and ihose to be erected on snid premises, or improvements thereon in good repair, the A.ssociation may make and pay for sueh repairs as in its ditcretion it may deem necessary for the proper presetvation thereof, and the full aawunt of such papments shall be secured by the lien of this ma~tgage and shall at the option of ihe Association be immediately due and payable, or payable in such monthly installme~nts as the Assoc~a- tion may determine. and every such payment shall bear interest fmm date at the rate stated in the note secured hereby. 16. T'hat if the Association and the 1liodgagors agree, the Mortgagon will catry a policy or policies of ins~runce upan the"u lives in an a~vunt equal from tia?e to time to the amount of u~debtedness hereby secu~ed, making said Association b~efi- ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the Modgagurs do not), and add each snch pa~mnent to the unpeud balance of tlie laan, as of the first day of the then ciurent month, and it sball 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, fa~ure on the pait of the Mortgagors or their contractors to complete said building in ac~ordance with Constn~ction Loan Agrcement, of even date henhvith, or to uuild said conctruction in aecordance tvith plans and specifications filed with the Association, shall cons4tute a breach of tbis mortgage, and, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. 18. That the abstract or abstracts of tide covering the modgaged property sha11 at all times, during the life of this mort- ~age, remain in the possession of the Association and in tbe event of the foreclosure of this mortgage or other transfer of title to the mortgaged pro~erty in ertinguishment of ihe indebtedness secured hcreby, a11 right, tide, and interest of the Mortgagors in and to any such abstcacts of tide shall pass to the purchaser or grantee. 19. The Association sha11 have the right, in its discretion, to require that the 11io~tgagors p~y into the Association in addi- tion to the montlily installments of principal and interest to be paid by the liorigagors under the note secured by this modgage, an amount equal ~ to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any oovemmental authority, and one-twelfth of the annual premiums for Fire and Extendeci Coverage insurance on the mortgaged rremises as hereinbefore rer~uired by the Association, and the 1ltortgagors' faih~re to make such payTnenis shall eonstitute a uefault under this mortga~e. . ; - . r . Il~' WITNESS ~VHEREO~_~he.sei~i Mqrtgagors hereunto set their hands and seals the day and year first above written. S .i y. . t Y~. , ,-:A ~ . . . Signed, sealed and delivered in ~ p~~'o~~' • ~~,~s . - - - - - - - - _ ~ - AL) BONGIO O = ~ j . ~ . _ - - - - - - - - - - ' Z.r1~-~ - - ~ ~ ~ ''G~R~`R~TbE ~O 1 ~1~ - (s~. - - - - ~ - -(s~~..> - - . _ . - - - - - - _ SEAL (VNITNESSES) _ - - - - . . - (AAORTGAGORS) eo~~44 ~;~i85 - ' - - _ . ~ .