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Home My WebLink About0986 8. UnW default in the performance of tbe covenants a~d agrocments of thia mottgage, tbe modgagors s~wU be eatitled to collect the rents, ~ssues and proffta Eroan the premises hecetnbcfore described, but in case of 4 default in aay of tbe tern~ of this mortgage, and the filing of a bill to farscloae this a any other mortgage e~cumbering tbe within described propezty, the As~ociaHoa shall immediately and without notice be eatitled to the appoiatment of a Reoeiver of tbe macgagedpro~ert , and of the rents. issues and profits thereof. with the usualpo wer of ReceIve:s ia such cases~ snd such Receiver may Le-oonYtinued tn poa~ssioc~ of tha said property until the time of the sab theceof under such ~foreclosure, and until the conftrmation of svch sale by the Court. 9. lf a conve should be made by the mortgagacs of the premises he~ein desc~bed, or anypazt the~eof, without the written coruent the Association, end without assumption in regular form of law by the grantee oE die obligations to the ~.sociation created by said promissory note and this mortgage~ then, and ia that evcnt, and at the option of the Association, ,md ~vithout aotice, all sums of mc+ney scrured hereby shall immediately nnd rnncurrently with such ecmveyance beoome due and paYable and in default. The Associntion may deal wIth sucoessors in interest with reference to this martgage and the debt hertby secured in the same mannrr as with the mortgagors, and may forbear to sue or may extend time for payment oE the debt, securecf hereby, or otberwise act witbout mg or in any way affecting the liability of the mortgugors herewider or upon the debt ' hereby secured. The Association mad~ deal with the Mortgagors and/or with suocessors in interest with reference to thLs ~nortgage und the debt hereby sec~n~ci by forbearing to sue, extending the time far payment of the debt, groviding for dtfferent monthly payments and/or a differcnt interest rate~ and by other express modifications of t6e contract~ without bsing any piiorih• the Associati~ has over other morlgagees or lienors or holders of any junior interests in the property secured hereby, 10. That in tha event the premises hereby mortgag~d, or any part thercof, shall be coc~demned and takeu for public use ~ under tbe po~ver of eininent domain, the Aswciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shall be paid to tLe Association, its successors or assigns, up to the amount unpaid on this mat~age and may be agplied upon the paymeat or p~yments last payable thei~eon. 11. It is speciEically agn~ed tbat time is the ~uence of this contmM and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any ttme thereafter be held to be a waiver of the tenns or of the instrument secured hereby. 12. If foreclosnre proceedings of any second mortgage or seoond tnict deed or any junior liea of any kind shouki be insti- tuted, the Association may at its option, immediately or theresker declare this mortgage and the indebtedne,ss secured }?ereby due and payable. ~ 13. To the extent of the indebtedr,ess of the Mortgagors to the Association descxibed hemin or secured hereby, the Asso- ciation is hereby snbeogated to the lien or liens and to t6e rights of the ownen and holden thereoE of each and mortgage, lien or other encumbrance on the land descrlbed herein which is paid and(or) satisfied, in whole or u~ part, out of of the loan described herein or securecl hereby, and t6e respectivc liens of said mortgages, liens or other enc~mbranc~es, s ll~~ to and be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, o thc same ea!ent that it would have been preserved and would have been ~assed to and been heldby the Assoriation had it bee~? duly and regularly assigned, transferreci, set over and delivered unto ihe Auociation by separate deed of assignmeM, iwtwitbstand- ing the fact th~t the same may be satisfied and cancelled of rccard, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at os about the tfrne of the recording of this moitgage. 14. To pay all and singular the costs, charges, and e~ses including lawryei s fees, reasonably incarred or paid at any time by the Association, because of the failure of the I?~ortgagors to perform, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of ~id promissory note and this deed, or either, and every such pavment shall bear interest from date at the rate stated in the note secured hereby. , 15. T'hat he willperm~t, commit, or suffer no waste, impairment, or deterioration of said property or any part tl~ereof; and in the event of the failure of the Mortgagors to keep the buildings on saidpremises and those to be e:ected on said premises, or impcovements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem necessary for tbe proper preservation tbere.wf, and the full amount of sach payments sball be secur~ed by the lien oE this mortgage :u?d shall at the option of the Association be immediately due and payable, or payable in such montlily uu~talLnents as t~ Associa- tian may detern,ine, and every such payment shall bear interest from date at the rate shated in the note secured hereby. 16. That if the Association and the 1ltortgagors agree~ the Mortga ors will carry a policy or policies of insurance upon their )ives in an ardeunt equal from time to time to the amount of indebt ess hereby secured, maicing said Association benefi- ciary thereunder. and that the sa~d Association maypaX the premiums for such insurance (in the event the 1liodgagors do not), and add each such payment to the unpa~'d balance of the loan, as of ths first day of the then civrent 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 secare a construction loan, failure on the part of the Mortgagors or I; their contractors to complete said building in acco:dance with Constniction Loan Agrc~nent, of even date herewith, or to build ' said construction in accordance with plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, and, at ihe option of the Association, immediately mature the entire amount of principal and interest hereby sec~e~d and the Asso- ~ ciation may immediately institute proceedingc to foreclose this mortgage. ~ 18. That the abstract or abstraMs of title covering the mortgaged property shall at all times, daring 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 ertinguishment of the indebtedness secured hereby, all right, tide, and inter~st of the Mortgagors in E and to any such abstracts of tide shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its djscreHon, to require that the Mortgagors p~y into the Association in addi- t;on to the monthly installments of principal and interest to be paid by the ?~todgagors under the note secured b'y this mortgage, an amount equal'to one-hvelkh of the ~nnual installments of any taxes on the modgaged premises levied or assessed by any govemmental authority, and one•twelfth of the annual premiums for Fire and Extended Coverage insurance on the modgaged premises as hereinbefore required by the Associ.ltion, and the Mortgagors' failive to make such payments shall constitute a default ~ under this mortgage. ~ IA' WITNESS ~Y~IEREOF, the said biortgagors hereunto set their hands and seals the day and year first aboke written. E ~ ' ed, sealed and delivered in the presence of: , , • ' p ~ ~ ~ ~ 'i.~/ ~ }'+l/`- - . . _S L r - - - - - - - - - - ~G~~~'t/w--- - - - - - - ( E~ ) ; es D. avi _ , ~ ~i// L--- - ~ ; - - - - - -C/~ ~ . ~ - - - - _ - - _ _ a2.1~-'Y . - ( S~-) ois . Y~ea tt ~ ~ - - . - - - -csE~+i.~ - - . ~ - - - - ~ ~ - - . _ _ - - - - - - - -(S~) - (VVITNESSfS) (MORiGAGORS) ~ ~ soox 245 PAGE 98~. _ ~ _ _ _ - - ~ _