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Home My WebLink About1843 8. Until dcfault ia the performance of the coveaanb aad agecaients of this mortgage, the mortgagors ahalt be entItled to col~ect the reata, iuues aad~o fits h~om ihe pre~nises hereinl~eEore deacxibed, but in case of a default in any of t6e tecma of e this mortgage, and the filIn of a bitl ~o fareclose thii a aay other mo~tgage encumbering the withtn descsIbed pro~ecty. the Associatton shall immedtatefy ~a Wic~uc ~~atled to the appointq~ent oE a Reoeiver of tl~e ~mo:tgagedpm~rty , and of the ronts, iasues and profib thereof, with the usualpo wer of Receivers in such csses. snd suc~ Receiver may be-oo~ntinuod ;n pos~sion of the said propetty untll the time of the sale thereof under such foreclaauro, and until the conflnnation of such ,.~le by the Court. 9. If a oonveyance s~wuld be made by t6e mottgagon of the premiscs herein described, o~ anyp~t the=eof, without the written consent of the Association, and without assumptiat in regular form of law by the grantee of the obUgations to the .association creuted by said promissory note and thLs m~rtgage. then. and in that event, and at the option of the Association. :?nd ~vithout notice, all sums of mcu~ey serired hereby shall immediately aad concurrently with such ecx~veyance 6eoome due and payable and in defaul~ The Assocjatia~ may deal with suooaason in interest wlth refercnce to thit martgage and t}~e debt hersLy secured in the same manner as with the mortgagoss, and ms~y forbear to sue or may extead time for jrayment of tbe debt~ secured hereby, or otherwise act without disc~rgmg a~ in any way affecting the liability of the mortgugors hereunder or upon tbe debt hereby secured. The Associatia? may also dea~ with the Moztgagon and/or with successors in interest with refereace to tlds ~nortgage and the debt hereby ~s~ecvred by forbearing to sue, ~tending the time fa: payment of the debt, providing for differeat ~nonthly payments and/or ~ a diEferent interest rate, and by other express moclifications of the contract, without losing any priorih• the Association has ovec other mortgageea or lienois or holders of any iunior interats in the property secured ~ereb). ~ 10. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemoed and takea forpu blic use under t6e power of eminent domain, the Asa~ciatioa sball have the right to demand tbat all damages awarded for tbe t~lcing of or damages to said premises shall be paid to the AssociaNon, its succ~sors o~ assigns, up b the amount unpaid ai this mat$age and mav be applied u~wn d~e payment or payments last payable thereo~. 11. It is specIfically agreed that thne is the essence of this contrad and that no waiver of any obligation hereunder or of the obligation senu~ed hereby shall at any time thereafter be hdd to be a waiver of the terms aar of the inshument secured hereby. 12 If foreclosure proceedings of any second mortgage or second trust dced or any junior lien of any lond should be insti- tuted, the Association may at its option, Lnmediately or thereafter derlare this mortgage and the indebtedness secured henby due and payable. 13. To the e:tent of the indebtedness of the l~iortgagors to the Association desaibed herein or securecl hereby, the Asso- ciation is hereby subrogated to the lien or liens and to tbe rights of the owners and holdezs thereof oE each and evety mortgage, lien or other er~cumbrance on the land described her~ein which ii paid and(or) satisfied, in wlwle or i~i part, out of the~~ ~~f the loan described herein or secnrc~cl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, er co and be held by the Aswciatia~ herein as secunty for the indebtedness to the Associatioa herein described or hereby secvrec~to thc same ex!ent that it would have 6een preserve~ and would hava been ~SSeci to and been held by the Association had it been duly and regularly assigned, transferrc~i, set over and delivered unto the Association by separate deed of assignment, notwithatand- ing the faM thut the same may be satisfieci and cancelled of record, it being the intentian of the parties herato that the same will be satisfied and canoelled of reoord by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the oosts, charges, and e~cper?ses including lawyer s fees, rea.oonably incnrred or paid at any time by the Association, beruuse of the failure of the 1liortgagors to perform. comply with and abide by each and every atipula- tions, agreements, conditions and covenants of said promissary note and this deed, or either, and every such payment shaII bear interest from date at the rate stated in the note secnred hereby. 15. That he wiliperm~ t, commit, or suffer no waste, impairment, or deterioration of said pmperty ar any pazt thereof; and in the e.ent of the af ilure of the Mortgagors to keep the buildings on saidpremises and those to be erected on said premises, or impmvements thereon in good repair, tbe A.swciation may make and Iray for such repairs as in its disaetion it may dcem necessary for the proper preservation thereof, and tl~e full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Assoria- tion may determine, and every such paymc:nt shall bear interest from date at the rate stated in tl~e note sec~ued hereby. " 16. That if the Association and the 1lfodgagors agree, the Mortgagors will carry a policy or policies of insurance upcm i their lives in an anleunt eq~al from time to time to the amount of indebtedness hereby secured, making said Association benefi- E ciary thereunder, and that the said Association maypa y the premiums for such insurance (in the event the Modgagors do not), E and add each such payment to the unpeud balance of the loani, as of the first day of the then current month, and it sl~all became ~ additional indebtedness secured by this mortgage payable npon demand. ~ 17. That in the event that this martgage be given to secure a cm?struction loan, fa~ure on the pait of the Mortgagors or ~ their contractors to complete said building in acoonlance with Constructlon Loan Agreement, of even date herewith, or M build ~ said construction in aocordance with plans and specifications filed ~vith the Associution, shall constitute a breach of this mortgage, and, at the option oE 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 abstraM or abstracts of tide rnvering the mortgaged property shall at all times, d~ring the life of this mort- ~age, remain in the possrssion of the Assnciation and in the event of the fareclosure of this mortgage or other transfer of tide to the mortgaged property in eztinguishment of ihe indebtedness secared hereby, all right, title, and interest of the Mortgagors 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 Mortgagon ~y into the Association in addi- t ion to the monthly installments of principal and interest to be paid by the !liortgagors under the note secured by ihis mortgage, an amount equal ~ W one-twelfth of the annual installments vf 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 the mortgaged rremises as hereinbefore required by the Association, and the r~ortgagors failure to make such payments shall constitute a default under this mortgage. ~ IA~ WITNESS ~VHEREOF, the said 1liorigagors hereunto set their hands and seals the day and year first above written. ~ Signed, sealed and d ered in the presence of: ~ x - ~ ~--r\ EAL) µ ~ • . - 1 - V ~ - - - _ Mar rit . Pazey ~ ` -(SEAL) - - ~ - - - - - _ _ _ - - - - _ -(SEAL) ~ - _ . _ - - - - - - - - _ _ - - - - - - (SEAL} (YVITNESSES) I~NORTGAGORS) Bo~K~4~ FAGE1839 :~-qr.~~r~~:;,~ ~ ' - . . -L - r .7 _ ~ 'r3;a-y, ~ " ' Hw " _ ~ ; ~ _