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8. Until deEault in the performance of the covenunts and agrecments of this mortgage, ihe mortgagors shall be entided
to collect the rc~ts~ issues and profits from the premises hereinbefora described, but in rase of a default in any of the temu of
this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the wIthin described pmpeity~ the
~lssociaiion shall immecliatelv and without notice be entitled to the Appointment of a Aeceiver of the mortgaged property, und
of the rents, issues and pro~its thereof, with the usual pc?wer of Receivers in sueh eases, and such Receiver may be eontinued
~n ~ession of the said propert~~ unW the time of the sale thereof under such foreclosure; and unti) the confirmation of such
.~le bv the Court.
9. lf u conveyance should be made by the mortgagors of ihe premisc~s herein described, or a~y part thereof, without
thc ~vritten consent of the Association, and ~~thout assumption in regular form of law by the grantee of the obligations to the
~\.tiocintion cce.lted bv said promissory note and this mortgage~ thcn, und in that event, and :~t the uptio~ of tl~e Associatiu~~,
,~u~l ~~~thout notice, all sums of money secured hereby shall immeciiately und cc,ncurrend,v with such rnm•eyance become due and
~~ayr~ble and in default, ?he Association may deal with successors in interest ~vith reference to this mottgage and the debt hereby
secured in the same manner as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, secured
}icreby, or othenvise act µ7thout dischar~u~g or in any ~vay lffecting the liability of the mortgagurs hereunder or upon the debt
hereby secwed. The Association may aLco deal ~vith the Mortgagors and/or with successors in interest with reference to this
~nartgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for different
monthly payments and/or a difEerent interest rate, and by other express modifications of the contract, ~~•ithout losing any priorit~•
the Assoei.ltion has over other moctgagees or fienon or holclen of any jwiior interests in the property secured hereb~•,
10. That in the event the pmmises hcreby roortgaged, or any part thereof, shall be condernned and taken for public uu~
undcr the po~~•er of eminent domain, the Aswciatiun shall have the right to demand th:?t all damages awarded for the taking of or
ciamages tn said premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on thu mortgage and
mav be ap~
liecl upon the payment or payments last Ix?yable thereon.
11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligaNon hereunder or of
the obligation secured hereby shall at any time themafter be held to be a waiver of the terms or of the instrument secured hereby.
12. If foreclosure proccedings of any second mortgage or second tnlst deed or any junior lien of Any Idnd should be insti-
t~~ted, ihe Association may ~t its 'option, immediately or thereafter declare this mortgage and the indebtedness sr.cured hereby due
and pa~•able.
13. To the extent of the indebtedness of the Nortgagors to the Association described hercin or secured hereby, the Asso-
ciation is hereb}• subrogated to the lien or liens and to the rights of the o~+~ners and holders thereof of each and every mortgage,
licn or other ei~cumbrance on the land described herein ~vhich is paid an~l(or) satisfied, in ~~•hole or in part, out of the
~~f the loan described hercin or securerl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s~pa
r~~ ~nd be held b~• the Association herein as secnrity for the indebtedness to the Assxiation herein described or hereby secured~~o
the s:ime ex!ent that it w~oulcl have been preserved nnd ~vould have been passeci to and been held by the AssochationTiad it beeri
~tuly and regularly assigned, transferrecl, set over and delivered unto the Association by separate deed of assignment, nohvithstand-
ing the fact that the same mav be satisfied and cancelled of record, it bcing the intention of the parties hereto that the same will
l~e sa~sfied and cancelled of~record by the holders thereof at or about the time of the recording of this mortgage.
14. To pay all and singular the costs, c},arges, and expenses including la~vyer's fees, reasonably incurred or paid at any
time by the Association, brrause of the fail~re of the :~fortgagors to perfonn, comply with and abide by each and every stipula-
tions, agreements, conditions and coven:~nts of said pmmissory notc and this deed, or eithcr, and everv siich payment shall bear
interest from date at the rate stated in the note secured herebv. ~
15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
:md in the c~•ent of the failure of the :~lortfiagors to keep the buildings on said premises and those to be erected on ~.1id premises,
~~r impro~~ements thereon in good repair, ihe Association may make and pay for such repairs as in its discretion it inay deem
necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage
:~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments az the Associa-
tion may detcrmine, and every such payment shall bear interest from date at the rate stated in the note secured hereby,
16. That if the Association and the ~tortgagors agree, the ~licrtpagors will carry a policy or policies of insurance upon
thcir lives in ar? arrisunt equal from time to time to the amount of indebtedness hereby sccured, mal:ing said Association ber?efi-
ciarv thereonder, and that tl~e s.1id Association may pay the premiums for such insurance (in the event the ?1lortgagors do not),
and~add each such p1~~ment to the unpaid balance of the loan, as of th~ first day of the then cturent month, and it shall become
:~ciditional indebteclness secured by this mortgage payable upon demand.
] 7. That in the evcnt that this mortgage be given to securc a construction loan, failure on the part of the :~fortgagors or
their contr.ictors to complete said building in accordance v~7th Consiruction Loan Agreement, of even date here~+7th, or to b~ild
' ~.~id construction in acrordance ~vith plans and specifications filed ~vith the Association, sl~all constitute a breach of this mortgage,
; and, at the option of the Association, immediately mature the entire amoiint of principal and interest hercby serured and the Asso-
i ciation may immediately institute ~procecdings to foreclose this mortoage. ~
` 18. That the abstract or abstracts of title covcring the mortga~ca Property shall at all times, during the life of this mort-
! ~,age, remain in the possession of ihe 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 }~~ereby, all ri~ht, title, and interest of the I~tortgagors in
.?nd to any such abstracts of title shall ~1ss to the purchaser or grantee.
~ 19. The Association shall have the right, in its discretion, to require that the 1liortgagon ~y into the Association in addi-
! t ion io the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage,
an amom~t eqaal to ~ne-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assesseci by any
~ ~~overnment:il autho:ity, and one-hvelEth of the annual premiums for Fire and Eztended Coverage insurance on the mortgaged
; ~~remises as hercinbefore required b~~ the Assnciati~n, and the \lortga~ors' fa~lure to make such ~~~Tnents shall constitute a default
undcr lhis martgaoe.
; II~ ~~'ITNESS «'HEREOF, the said ~lortga~ors hercunto set their hands and seals the day and year first above written.
;
Sign~d, sealeci and deliverec~ in the presenee o~
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~ (~l•~~~a/ - ~ : ../t. " 4,. , ,.r . _(SEAL)
~ ~ en Winkler '
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~ C'C~/ 1~!'~_ t !j~
- ~/~=G~G ~ ~ ~U,.~~ / (SEAI.)
: Mar~ret Winkler
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- (YVITNESSES) " (MORTGAGOR5) ~SEAL~
EU~K ~ FAGE Ve3~,
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