The URL can be used to link to this page

Home My WebLink About0169 Fi. Until default in the ~~er(ormance of the covenants und ugr~timrnts of this mortgagc, the morigagors shall Ue e~titled = t~~ collc*ct the rents, issues and profits from the premises hereinbefora described, but in rase of a default in any oE the tern~~ uE - this mortg:?ge, and the fiIIn , of u bill to foreclose this or any other mortgage encumbering the within describeil property, the - .~ssociation shaA immediate~~~ and ~vithout notice i~c entidc~i to the 1p~wintment of a Receiver of the mortgaged propcrty, und ~~f the mnts, issucs and profits thereof, with thc ~uual power of Receevers in such cases, snd such Receiver may be continuecl ~n ~x~s.;essiou of the said property until the time of the s.~?le thereof under such foreclosure, and until the confirm:?tiun of such ,:~lc b~• thc Court. ' 9. lf a cv~n~~eyance should bc~ made by the mortgagors uf the premixs herein deseribE.~d, or any part thereof, without _ rh~• ~~~rittcn cv~nsent oE tl~e Association, and ~~ithout assumption in regular forni of la~v by the ~rantee of the obligations to the ~~«Kiatio~ rmated b~• ~aid promi~sory note and this mortgage, thci~, und in that evcnt, and at the uption of tLe Assuciatiu~~, ,u~~l ~~~thout noticr, all sums of mone~• sc*c~~recl herebv shull immediately and c<,ncurrend,v ~~tith such rnnveyance lxicv~me clue ancl ~~a~:~ble aYd'fTrtlefault, The Association n~ay deal with successurs in interest ~vith refemnce to thu mortgage and the debt herebv ~ .mur~n the same mannrr as ~~•ith the mortgagors, and may forlxrar to suc or may extend time for p:?yment uf the debt, secureil . hcrcbi~, or othcrw~ise act ~~ithout discLarging or in any ~~•ay a[fectuig the liability of the mortgagurs hereunder or upon the debt h~~reby secured. The Association may also deal ~vith the Aiortgagors and/or with sucrossors in interest ~~•ith reference to this - ~~~urt~~ge and tho elebt herebt• securcYl by Iorbearing to sue, extending the time for pa~~ment of the debt, provicling for different ~ ~:iouthly payments and/ot :t c1iEEerent interest rate, and by other express m«lifications of the contr.?ct, ~~~ithout losing :?ny priorit~~ the Association has over other morigagees or licnon or holclers of any janior intetests in the pro~x•rtv secured hereb~~, _Y 10. That in the e~~cnt the pri miscs herehy mortgaged, or any part thereof, shall be condernned and taken for public tue ~ uu~lcr the Ew~~•er of emincnt domaii~, the Aswc•iatiun shall have thc right tu dem:wd that all damages a~varded for the taking of or r ~l:imagc~s to said premises shall be p:iicl to the Association, its successors or assi~ns, up t~ the amount unpaid on this mortgage and ~ m:?.• be ap~ Ged upon the payznent or pa~~ments last p:?yable thereon. ~ 11. It is spexifically agreed th~t time is the essencc of this contract and that no ~vaiver of any obligation hercuud~r or of ' t}~e obligation secured hereby shall at any time themafter be held to be a~vaiver of the terms or of the instrument ser.ured hereby. 1?~_ If forerlnsure promeclings of any second mortJ;age or second trust deed or any junior lien oE sny kind should be insti- ~ t~ite•d, thc;' Assaciaiion m~iy ~t its option, immediately or thereafter declare this mongage and ihe indebteciness secured hereby due ~ :~nd pa~•able- ~ 13. To the cstcnt of the indebteclne~s oE the \tortgagors to the Association described hercin or sccured hcrrby, the Asso- t ~i.~tion is hcreb~• subrogated to !hc lien or licns and to the rights oE the o~~~ners :ind holdezs thereof of each and every mortgage, ]i~.~n or other ei~cumbrante csn the land describecl herein ~~•hich is ~k~id an~l{or) satisfiect, in ~vhole or in part, out of the proceeds ~ ,~f the lann descrilx~l hercin or securecl hereb~•, and the respecti~•~~ liens of s~id mortgages, liens or other encumbrances, shaUpa ss r~~ and l~e held b~• the Association herein as seeuritv for tl~e indebteclness to the Assxiatiun herein cleseribecl or hereby secured, to ~ th~~ same cx!ent that it ~vould ha~•e l?een presen~ed and ~~•ouW have been passed to and been held by the Association had it been < ~luh• and regularh• assi~necl, transferrecl, set over and delivered unto thc Associ:,tion b)' separatc deed of assignment, nohvithstand- ~ ,n~ the Eact that the same may~ be satisfied and cancelled of record, it l~eing the intention of the p.vties hereto that the same ~vill ~ t~r satisfied xncl eancellecl of reeord by the holc~ers thereof at or about the time of the reeording of this mortgage. ' I4. To p:ry atl and sin~ular the eosts, charges, and e!cpenses ineluding lawyer's fees, reasonably ineurrecl or paid at au~- i i~nc b~~ the Association, 1xY•ause: of the failure of the \fortgaGors to perfonn, comply ~~~th and abide by c:ich and every stipuha- h„ns, a~reements, conditions and cY~vc•nants of said pmmisson note and this deeci, or either, and everv such pavment shall bexr ' ;ntcrest from date at the r:?te stated in thc nate secured hereb~~. ~ 1~. That he ~~~ill permit, commit, or saffer no waste, impairment, or dcteriorition of said propertv or an~~ ~xut thereof; ;in~l in the c~~cnt of the failure of the \Sortgagors to keep the hoildin~s on ~.~id premises and those to Ue erecied on said prcmises, ~~r improrements thereon in goocl repair, the Association may make and pay for such repairs as in its discretion it may deem r~c•cessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage ~ ind shalf at the optiun of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ~ t u~n ma~- detcrminc, and e~•ery such paymcnt shall bear interest from date at the rate statecl in the note secured hereby. ~ 16. That if the Association and the ~tortgagors agree, the ~tort~agors will carry~ a policy or ~licies of insurance upon k ' chcir lives in ai~ am~~mt equal from time to time to the amount of indebtrdness hereby secured, making said Assceiation benefi- ; • i.u-~• ihereunder, and th~it the s:?id Association may pay the premiams for such insurance (in the event the ~tortgagors do not), ; +nrl~ add each such pa~-ment to the unpaid balancr. of the loan, as oF th~ first day of the !hen c~urrnt month, and it shall lx~come ' ,~clciiti~,nal indebtedness secured bv this mortgage payable upon demand_ 1 1'hat in the e~•ent that this mortgage be given to secure a constn~ction loan, failu~e on ihe part of the ~iortgagors or ~ !he•ir contractors to complete said builciin~ in accordance ~~~ith Constnictiun I.oan Agreement, of even date herewith, ~r to build s.iicl construction in accordance ~~~th plans and specifications filed ~~•ith the Association, shall eonstitute a breach of this mortgage, _ ; .~r~:l, :it the option of thc Association, immediately mature the entire amount of principal and interest hcrcby secured and the Asso- ~ ; ~ i:ition may immediateh' insGiute procecdings to foreclose thu mor!~age. ~ ~ 1S. 'I'hat the .~bstract or ab;tracts of tide rn~•crin~ the mortga;;cci property shall at all times, durin~ the life of this mort- ~ ~~.~~,e•, remain in the possession of the Asscticiation and in the event of the foreclosure of this inortgage or other tr.~nsfer of title to ` ~ th~• mort~agcd propcrtY in cxtinguishment of ihe indehteclness securecl }icrcb~~, al) ri~ht, title, and interest of the hlort~a~ors in ~ncl to an~• such abstracts of tiQe shall pass to the purchaser or grantee. _ ~ 19. The Association shall ha~~e the rioht, in its discretion, to rec~oire that the !ltorigagon p:ry into the Association in addi- ~ { t~~,n io the monthlt~ installmcnts of principal and interest to be paid b~• the ~tort~abors under the note secured by this mortgage, ~ ' .:n :~mount e~ual to one-twelfih of the annual installments of am~ taxcs on ihe mortgagecl premises levied or assessed by am~ ~ } r,~•ernmcntal authorit~•, and one-t~celfth of the .mm~al premiums for Fire and Eatendecl Coverage i~isuranc~e on the mortgageci ~ r ~~rc~tnises as hrreini~eFore r~~uir~ct b~• the Ass~K•iatiun_ .~nd the \tort~:i~ors' fail~~re to make such paymrnts sh:~ll constitute a default ~ !~nclcr this inortfi:~~e. I\ \t'IT\ESS ~~'IIGRF.nf~, thc said \lortfia,~>rs her~unto sct th~~ir hanrls :~nd seals the da~• and year first above ~vritten. ' ~i^nx~, s~•ale~i and dcli~•ered in th~ iuisenc;e of: , ~ ~ t` . / ~ , , r--. ~ ~1~/~_~,~,~t-~ (SEAL) - - - - • - - ~ - ` ~ / `1i^' ~ ~ enneth M. Garrison . ~ ~ " - /l i ~ - ~ F ~ c.- 7 ! ~ , ' ~~:2.tc~c.c;_ ~c:.... ~f~f.t_-s~x (SFAL) ~ Louise P. Garrison (SEAL) ~ ~ - : ; . . ; s , . r. _ ( SEAL ) s ~ (WITNESSES) , ' r ~ ~ j i~GE i~~ iMORTGAGORSi ~ _ i _ . _ _