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Home My WebLink About1636 . ~ . 8. Unti! deEault in the perfora~anoe af the covenants aad agracments of thb mortgage, the moctgagon shAll be eatitkd to colloct the reats, issues andprofits Goma tLe premises ha~elnbefore dexcribed, but in case of • default in u~y of tbs tes~ of thii moitgage, and d~e filia of a biA to fa~eclome tl~ o~ any other ma~tgags eacumbering the withtn described prope~ty, the As~octatian shall immediate and without notice be entlded to tbe appointmeut of a Aeceiver of t6e mo~tgagedp~~o~ecty, aad of the n~ts, iu-aes and pro lb tl~.eroof, with tbe usual power of Reeeivers In such cases, snd such Aeceiver mty be ooatinuod ia possesaion of the satd property nntil the Hme of the sale thereof under such fonclosiue, and until the oonfirmation of such ~ale by~ the Court. y as 9. lf a con should be made b the mortgagars of the premiscs hereln desa~ibed, ac anypatt th~eof, without the writtea co:~sent o the Association, and without assumption in regulu form of law by the grantee of tfie oblig,ations to the ~ssociation cre~nted by said p~+omiuory note and this mortgage~ then, and in t6at event, and at the option of the Association, :~nd ~vithout notice, all sums of mcu~ey ~ecured hereby shall immediately and concurrentlp with such cmve~rance become due ancl paYabk and in default. The Association may deal wlth suooessors ta interest wtth refereace to this mortgage and tbe debt hereb secured in the same manner as with the mortgagois, and may forbear to sue or may extead time for payment of the debt, ~ hereby, or otherwise act without dtschargmg or in any way affecting the lfability of the mortgugors her~uader or upon the debt hereby secured. Tfie Association may also deal with tLe Mortgagors and/or with suocessors in interest with refereace to this mortgage and the debt hereby secured by forbearing to sue, eutending ihe time for peymeAt of the debt, providing for d~t imontWY payments and/or a differeat interest rate, and by otber esp~as modiBcatlona of the c~tract, without losin any ~xiorih I~ the Association has over other moitgagees or lienois or hoklers of any Junior interests in the property u~d y, 10. Tfiat in the event the pmmises hereby mortgag~d, or uny part thereof, sball be condemned and taken forpu blic use uncler the power of eminent domain~ the As.a~ciatioa s6all have the right to de~nand that all damages awarded f~ tbe taldng of or da~nages to said pre,nis~s shall be paid to the Assoc;ation, its succeuors or assigns, up to the amount unpatd on this mo~tgage and may be ap~nlied upon the paymeat or paya~ents last payable thereon. 11. It is specifically agrecd that time is the essence of this coatrad and that no waivea of any obligatio~ he~+eunder or of the obligation sec~red hereby shall at any time thereaher be bdd to be a waiver of the terms a~ of the instrumeat sccured h~eby. 12. lf foreclosure }~roceedings of any second mortgage ~ secoad trutt deed or any j~or lien of sny kind should be iaaN- tuted, the Association may at its option, unmediately or thereafter declare tbis mortgage and the indebtedness secured hereby due and pnyable. 13. To the extent of the indebtedness of the Ma~tgagon to the Association desciibed herein or secured hereby, the Asso. ciatia~ is her~eby subrogated to the lien or lieru and to tTie rights of the ownen and hdders tl~ereoE of eacb and mart~age~ lien or other encumbrance on the land described h~ein which is p~id and(or) satisfied, in whole or in p~rt, out of p~ooeeds of the loan d~uYibed herein or securecl hereby, and tbe respectivc liens of said morigages, lieas or other encvmbranc,~es, s llha ro 1nd be held by the Association herein as secunty for the indebtedness to the Axsociation herein described a~ hereby sec~M the same ez!ent that it w~ould have been preserved and ~voukl hs~ve beeo passeci to and ~een held by the Aseociation bad it Ueen duly and regulazly assigned, transferred, set over and delive~+ed unto the Association by separate deed of assigament, notwithstand- ing the fact that the same may be satisfied and canoelled of retocd, it being the intention of ihe parties hereto that the same will be sa~sfied and cancelled of record by the holders thereof at or about the time of the recordiag of this mortgage. 14. To pay aIl and singular the costs, charges, and ~ses induding lawyer's fces, reasonably incurred or paid at any time by the Association, because oE the fAilure of the 1liortgagors to perform~ comply with and abide bj? each and every stipula_ tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such paymeM shall bear interest from date at the rate stated in the note socured hereby. 15. That he willper~ut, commit, or suffer no waste~ impairment, or deterioration of said property ~ any part thereof; :?nd in the event of the failure of the Moctgagors to keep the buildings on saidpre and those to be erected on said preaiises, or impravemenis thereon in good repair, the Association may make and pay of r smuc~h repairs as in its dis~etion it may dcem nec~ssary for the proper preservation t~?ereOf, and the full amount of such payments shall be secured by the lien of thit mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installmeats as the Associa- tiaa may determine, and every such payment sl~all bear inter~st from date at the rate stated in the note sec~ued hereby, 18. That if the Association and the 1ltortgagors agree~ the Mortgagors will carry a policy or policies of ins~u~nce upon their lives in an sul~BUnt eqoaI from time to time to the amount of indebiedness hereby secured~ maldng said Association benefi- ciary thereunder, and that ihe said Association may pay the premiums for such insurance (in the event the Mortgagors do not), and add each such puyment to the unpeid balance of the loaq as of the first day of the then ctIIrent month, and it shall become additional indebtedness secureci by tb~s mortgage payable upon demand. 17. That in the event that thic morigage be given M secure a construciion loan, fa~ure on the pait of the Mortgagors or their contractors to complete said building ia accordanoe with Construction I.oan Agreement, of even date herewith, or to build said construction in aocordance with plans and specif'cations filed with the Association, shall conshtute a breach of this mortgage, , and, at the option of thc Associatioq immediately mature the entire amount of principal and interest hereby se~ured and the Asso- ; ciation may immecliately institute proceeding,s to foreclose thic mortoage. ' 18. That the abstract or abstracts of tide covering t}~e mortgaged property shaU 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 transfec of title to i the mortgaged property in extinguishment of the indebtedness secured hereby, all right, tide, and interat of the ~D!Io~tgagors in and to any such abstracts of tide shall pass M the purchasec or grantee. ~~~~~aa~~i~n~~~~~ 19. The Association shall have the right, in its.discretion, to require that the Mortgagors pay into•~tl~i~ , tio'd~~p addi- tion to the monthly installments of principal and interest to be paid by the Aiortgagors under the note.•' ' ge, an :imount equal • to one-twelkh of the annaal installments of any taxes on the mortgaged premises;'16~ec3 ; - y any ~ govenunental authority, and one-twelfth of the annual ~xemiums for Fire and Estended Coverage ~od.on~tbe`,i~o~ t g~ ged p r em i s e s as herein b e fore requi r e d by t he Association, an d t he 1 4 tortgagors fa i lure to make such paympr~ shaJl~rot~titute-a a fult under this martgage. • _ . . : - ' - - , ; ~ ~ . _ WITNESS ~YHEREOF, the said Mortgagon hereunto set their hands and seals the day a~c}~yeai',~ ~a~, 't~. ~ . _ . . . . y~ ; Signed, sealed and delivered in the presence of: TTER HOIVIPS , INC. ~ ~ ' ~ , i - - - - = G~~~~'~'~ - - . A - ke P ident'--- ---~SEAL) ~ P Y, - - _~l~ ~ ~ S ~ (SEAL.) - - - ~I i Iiam S. ~~Morgan; - --e~a,r;y - I - - - - - - (SEAL) ~ - - - - - - ~SEAL) _ . - - - - ~ t1N1TNES5E5) ' pMORTGAGORS) - - _ - ~ ''~F ~4`" 16~i> E~~K J ~~cr ~ E i - ~ - . ~ _ ~ t - - - - - - _ . _ _ . } . r~ ~;~~.~x«~ ~ ~ z -