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HomeMy WebLinkAbout0429 8. Until default in the perfora~ance of the covenan~ and agrcements oE thic mortgage~ the mortgagors shall be es~titled to collect the rents~ issues andp~ofits fraa the premisos hereiabefora deuribed, but in case of a default ia any of tbe temia of this mortgage, and the filin of a bill to fa~eclose this or any other mortgage encumbering the within des~xibeci property, tl~e Association shall tmmeciiate~j? a~d without notice be entided to the appoiatment of a Receiver of the mortgagedproperty, and of the rcats. issues and profits thermf, with the usualpo wer of Receivers in such cases, and such Aeceiver may be continued ;a possession of the said pmperty until the time of the sale thereof under such foreclos~ue. and until the confirmation of such sale b~• the Court. 9. If a rnnveyance should be made by the mortgagors of the premises herein described, ~ unypart thereof, without the ~vritten consent oE the Association, and without assumption in regular form of law by the grantee of tbe obligations to the .~ssociation creuted by said promissory note and this mortgage, then, and in that event, and at the option of the Associatiun, :~nd ~vithout notice, all sums of mc~ey sec~ued hereby shall immediately und rnncurrendy with such rnnveyance become c:ue and paysble and in default, The Association may deal with successors in iaterest with reference to this mortgage and the debt hereby sacured in ihe rame manner as with the mortgagors, and may forbear.to sue or may extend time for ~xiyment of the debt, secvn~ci hereby. or otherwise act without dischacging or in any way affecting the liability of the mortgugors hereunder or upon the debt hereby secared. The Auociation may also deal with the Moitgagors and/or with suocessors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for payment oE the debt, providing for different monthly payments und/or a different interest rate, and by otber ea~press modifications of the contract, without losing any priorit~• the Association has over other modgagees or lienors or holders of any junior interests in the propedy secured 6ereby. a~ 10. 7'}wt in the event the pcemises hereby mortgaged, or any part thereof, shall be ca~demned and taken for ublic use . under the power of eminent domain, the Association shall huve the right to demand that all damages awarded for the ' g of or damages to said premises shall be paid to the Association, its successon or assigns, up ta the amount anpaid oa this mortgage and • mav be applied upon the payment or payments last Irayable th~ea~. ~ 11. It is specific~lly agreed that time is the essenee of this contract and that ao waiver of any obligution hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the ternu or of the instr~ment secured bereby. ~ 12. If foreclosure proceedings of any seeond mortgage or seeond trust deed or any junior liea of any ldnd should be insti- " tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association desc~ibed herein or secured hereby, the Asso- ciation is hereby subrogated to the. lien or liens and to tbe rightc of the owr~en and holders thereof of each and every mortgage, lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in whole or u~ pad, out of the ~?f the loan described herein or securecl hereby, and the raPectivc liens of said mortgages, liens or other encumbrances, s Il~ to and be held by the Association herein as secunty for the indebtedness to the Association herein described or hereby secure~to~ thc s:une ea!ent that it ~vould have been preserved and ~vould h~ve been hassed to and been held by the Association had it been - s duly and regularly assigned~ transfern~, set over and delivered unto the Association by sepazate deed of assigncnent, notwithstand- ing ihe fact that the same may be satisfied and cancelled of record, it being the intentian of the p~rties hereto that the same will be sa ~sfied and canoelled of record by the holders thereof at or about the time of the recording of this mortgagc. 14. To pay all and singular the oosts, charges, and eapenses including lawyer's fees, rea~onably incurrEd or paid at any time by the Association, because of ihe failure of the riortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this deed, or either, and e,wery such payment shall bear interest froro date at the rate stated in the note secured hereby. 15. That he will~ernu t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the event of the af ilure of the Mort~agors to keep the build'mgs on saidpremises and those to be erected on ~said premises, or impro~~ements thereon in good repair, the A.csociation may make and pay for such repairs su in its di~a~etion it may deem necessary for the proper preservat'wn thereof, and the full aawunt of such payments shall be secured by the lien of this mortgage ; and shall at the option of the Association be immediately dae and payable, or payable in such montLly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secared hereby. ' 16. That if the Association and the 1?tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon { their lives in an anleunt equal from time to tune to the amount of indebtedness hereby secured, making said Association benefi- ~ ciary thereunder, and that the said As.wciation may pay the premiums for such insurance (in the event the Mortgagors do not), I and add each such pa~~nent to the unp~d balance of the loan, as of the first day of the then cturent 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 construciion loan, failare on the part of the Mortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in aocordance with plans and specifications filed with the Association, shall constitute a breach of ihis mortgage, and, at the option of the Association, immediatelv mature the entire amaunt of princiFral and interest hercby secured and the Asso- ~ ciaNon may immediately institute proceedings to ~foreclose this 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 of the Association and in the event of the foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interest of the I?iortgagors in and to any such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into ihe Association in addi- tion to the monthly installments of principal and interest to be paid by the biortgagors under the note secured by this mortgage, an amount equal-to one-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurance on ihe mortgaged rremises as hereinbefore requimd by the Association, and the 11~ortgaeors failure to make such payments shall consNtute a default under this mortgage. Il~' WITNESS ~'VHEREOF, the said :liortgagors hereunto set their h~nds and seals the day and y~ear first above written. Signed, sealed and delivered in ihe presence of: ~~1 ~ / , ~ . - ; . . _ 1__~ ! C~ - l _.4_ = ~ 'f ~ ~~C-Ct - - l~ff',4(SEAL) \ RONALD L. COCHR.AN ~ ' 0~,4~ Q o~o~ - . - - - - _ - - - - - - - . _ _ - (SEAI..) e ~ . _ - _ . _ _ .(SEAL) - - - . - _ _ ~ _ _ _ - _ _ - - - - - - - - - - _ _(SEAL) (VYITHESSES) (A110R7GAGORS) BG~K ~~5 PAGE 4z~ ~ - - - _ ~ : . ~ ~ - ~ ~ _ . . .