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Home My WebLink About0246 r ~ 8. Until defadt in the performanoe of the wvenaats and a~nents of this martgage, the mortgagon shall be ~titkd to oolloct the renta, issues andp~ its from the pceinisas hera~ubefora de~cribed, but in c~e of • deEault in my of tbe te~ of thta mortgage, and the filtng o~ a btll Eo fareclose this or aay other ma~tgage encumberiag. tbe witlda de~acribed~ p~opeity. the AssociaKoa shall imnnediutety and wit}wut norioe be entitlal to the appointment of a Reoeiva o~ tbe ~mortgs~ged propedy, and of the reats, issues and p~ofits thereof, wtth tbe ~sualpo wer of Reoeivers ia such cax~ and such Recefves awy be oontinued in poss~siwn of the said property until the time of the sab theteof under such foreclos~u~e, and until the oonfirmaHa~ of auch ~nle by the Court. 9. lf a oonveyance shoutd be r,udeby the mo~tgagas of tbe premiscs herein descxibed, or anyp~rt thereof, witl~out the written consent of the Associatioi?, and wittaut assumptioa~ in regular form of law by the gnntee af tFie oblig~tions to the Associatioa crented by said ~nisaory note u~d this mat age~ tben, and ia that event. and at the option oE the Association, ;ind ~vithout notic0. all sums of mcx~ey secrired ha+eby ~ unmediately and concurmntlv with such cmveyancc beoome due aad PaYabk and 'm defaah. Tbe Associatiou inay deal wlth suooessors in interest with reference to this matgage and tbe debt haeby secured in the same manmr as with the moztgagors, and may forbear to sue or may extend time for payment of thc debt, se~cureci hereby, a otherwise act without ~g or in any way affecting the lfability ~ tbe mortgagors hereunder or upon tbe debt hereby securrd. '17~e Associatiaa awy deal with the Moctgagon and/o~ with suocessors in interest with ref~noe to this mort&age ancl the debt hereby secured by forbesring to sue, eutending the time for payment of the debt, lxovidtng f~ diffa~ent x~ monthlY P~Y~'~~ °~~or a different interest rate, and by other espress modifications of tbe contrnct, without bsin any ~xioritv the AssociatioA has over other mortgagces or lienors or holders of any Jiu~ior iatere.sts in the ProPe'~Y Y• 10. ~at in the event the premises hereby mortgaged, or any part thereof, s6all be condenu~ed and talcen for~w blic use under tbe power of dminent da~ain, the Association ahall hare tt~e right to demund tLat sIl damages awarded for the ~ng of or damages to said premises shall be paid to the Associstion, its s~cce~ors or assigns, up to ihe smount unpaid oa thb mactgage and may be applied upon the payment os peya~ts last payabk thereon. 11. It is specifically agreed that time is the essence of thit co~tract and that no waiver of any obligation her~urder or of the obligation se~red ba~eby shall at any time thereafter be hdd ro be a waiver o~ tl~e ternns o~r of the instrua~t secvred Loroby. 12. If foreclosure proceedtngs of any second awrt ge or seoond hvat deed or any ~anior lien of any Idnd should be insti- tuted, the Association may at its option, icnanediately or g~ker declare this mortgage and the iudebtedness senu~ed hereby due and payable. I3. To the eztent of the indebtedness of the Mortgagors to the Assocu?tion desrn'bed he~eia or secured hereby, the Asso- ci~tion is hereby subcngated to the liea ~ ltens and to the rights of the owners and holdezs thereof of each andev~y mo~tgage, lien or ot~er ericumbrance on the land described hereir? which is paid and(~) satitfied, in whole or in pa~t, out of tbe of the loan described he~+ein or secured brreby, and the respectivc liens of said moitgages, l~ens or other cnc~mbranoes, ~I~wll~ to and be held by the Association herein asse~vnty far the indebtedness to the Associatia? herein described or hereby s~xure~ o the same ex!ent that it would have been pre~ved end ~rould have bee~ ~xusecl to and been held by the Associstion had it been duly and regulariy assigned, transferred, set over and delive~ed unto the Association by separate deed of assignmeat, notwitbstand- ing the fact that the same may be satisfied and c~ancelled ~ record, it being tLe intention oE the p~rties hereto that the same will be sa~ied and canoelled of ~eoo~d by the hoiders the~eof at or about the time of the recording of tLis mo~tgage. 14. To pay all and singular the costs, charges, and e~cpenses inclucling lawyei s fees, reasonab1y inc~nred or p~id at any time by the Associatioq because of the failnre of the l~ioitgagors to perform, oomply with and abide by each and every stipnla- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payme+nt sball bear interest from date at the rate ataGed in tbe note sec~red hereby. - 15. T~at he willperm~t, cmnmit, or suffer no waste, impairment, or deterioration of said property or any part therEOf; ,nd in the event of the fail~u~e of the Mortgagors to keep the buildings on said and ihose to be erected oc? said premises, or improvements ihereon in good repair. t~e As~ociatiaa may make and pay o~ as in its discr~tioa it may deem necessazy for tbe properp tioo the~+eof, and tbe fiill amount of such payroenb shaII~secured by the liea of thia mortgage and shall at the option of t~ ~Associatioa be iramediately due and payable, or payable in such manthly inStallments as tbe Asso~tia- tion may determine, and every such payment shall bear iaterest from date at the rate stated in the note secured hereby. 16. That if the Association and the I?iodgagors ag~+ee, the Mortgagors will carry a policy or policies of insurance upon their lives ia an a~eunt equal from time to time to the smount of indebtedness hereby seciup.d, making said Association benefi- ciary thereunder, and that the said Association maypa y the ~emiums for svch insurance (in the event the Mortgagas do not), and add each such pay~nent to the nnpa~'d balance of the loan, as of the first day of the then ciurent montb, and it shall become additional indebteciness secured by this morcgage payable upon demand. ; 17. That in the event that t}?is mortgage be given to sec+ae a construciion loaq fa~ure on the pazt of the Mortgagors or i their contractors to complete said building in accozdance with Construction Loan Agreement, of even date herewith, or M build ~ said construction in aocordance with plans and specificati~ns filed with the Association, shall constitute a breach of this matgage, ~ and, at the option of the Associatioq immediately mature the entire amount of grincipal and interest hereby sec~ued and the Asso- ciation may immediately instiiute proceedings to foreclose this mortgage. ~ 18. That the abstract or absiracts of tide oovering the mortgaged property shall at all times, during the life of this mort- € gage, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title t~ ~ the martgaged proPerty in extinguishment of ihe indebtedness secured hereby, all right, tide, and iaterest of the Mortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. T'he Association shall have the right, in its discretion, to require that the Mortgagors p~y into the Assoctiation m addi- ~ tion tothe monthly installments of principal and interest to be paid by the ~iartgagors under the note secured by.this mortgage, an amount equal'to one-iwelfth of the annual installmeats of any taxes on the mortgaged premises levied or assessed by any ; govemmental authority, and one-twelkh of the annual pre~oniums for Fire and Extended Coverage insurance on the mortgaged ~ premises as hereinbefore required by the Association, and the Mortgagors' failure to make such paymenis shall constitute a default ~ under this mortgage. ~ 1N WIT11iESS ~'VHEREOF, the said Mortgagors hereunto set their hznds and seals the day and year first above written. s ~ a ~ ; Signed, sealed and delivered in the presence of: ~ , - ; ~ " , ' : / ~ i - - --c-`--i-°"1:-='~ . L-._L._~-.t.: ~ i~--. - - ~ r%j =('~3"-`r` :'K~..~[_ .t~~__G~_tir-,_(SEAL) ~ ~ ~ Frank J. ~e a~ . , O ~ .,G(!"~.l.Ci , ~ ~ , ~l l ~ V _C~ CG r~~ _ _'(.-G~'-~ ~ - _ _ - - ~ M~, garet . Seaman ~ . _ . - - _ _ - ~ -~SEAI.) ~ . r - - - - - - - - - - - - ' - - - - - - - . _ . - -~SEAI.) ~ ~wirNesses) (MORTGAGORS) ' ~ ~R~ ~ s~~x~45 P~~E 245 ~ ~ ...r w ~ - d~- r a : ~ ~ ~ ~ ~ ~ ; ~ _ _