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Home My WebLink About0776 ~ 8. UnW default in the performance of the covenants and ag~ecments oE dus mortguge, the mortgagors shaU be en4tled tu collect the rents~ issues and prafits from the premises hereinbefora described, but in case oE a default in any of the terma of thic mortgage, und the filing of a bill to foreclose this or any other mo~tgage encumbering the withu~ described property, the :lssociation shall immediatelv ~nd without notice be entitlecl to the uppointment of a Receiver of the mo~tgagedpro pecty, and of the rents, issues and pro~its thereof, with the usual power of Receivers in such cases, and such Receiver may be continued ~n ~OS.;c.'ssion of the said propert~~ ~mtil the time of the sale thereof under such foreclos~ue, and unti) the confirmation of sucl~ .:?le by thc Court. 9. lE a eonveyance should be made by the mortgagots of the premisrs herein described, or anypart thereof, without thc ~vritten con.cent of the Association, and ~~ithout assumption in regular form of la~v by the grantee of t~C~ obligations to the ~.u?ciation crented bv said promissory note and this mortgage, then, und in that evenl, and at the uption of the Assaci:?tiuu. :uul ~~~thuut notice, all sums of money sec~~reci hemby shall immecliately and concurrentlv ~~~th such rnnveyance became due and ~~ayable and in default. The Association may deal with svccessurs in interest ~vith refemnce to this mortgage and the debt hereby sec;ured in the same mannrr as with the mortgagors, :u~d may forbear to sue or may extend time for payment of the debt, securec~ hereby, or otherwise act Hzthout discha?ging or in any ~v~y affecting the liability of the mortgugon hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors und/or with successors in interest with reference to thic mortgage and tho debt hemby seciued by forbearing to sue, extending the time for payment of the debt, providing for different ~nanthly payme~ts and/or a different interest rate. and by other express mcxlifications of the contr?et, w•ithout losing nny priorit~• the Association has over other morigagecs or lienors or holders of any junior interests in the property sccured hereb}. 10. That in the event the pmmises hereby mortgaged, or any part thereof, shaU be condemned and taken for public use undcr the po~ver of eminent domain, the Aswciatiwn shall have the right b demaud that aU damages awarded for the taking of or ciamages to said premises shaU be ~x+id to the Association, its successon ~r assigns, up to the amount unpsid on thu mortgage and mav be ap»lied upon the payTnent or payments last payable thereon. ll. It is specifically agreed that time is the essence oE ihis contract and that no waiver of any obligation hereunder or of the obligution secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 1~. lf foreclosure piocreclings of any second morigage or second tnLCt deed or any junior lien of any ldnd should be insti- tutccl, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~~able. 13. To the extent of the indc6tedness of the Vtortgagors to the Association described herein or sec:ureci lien~by, the Asso- ciation is hereb~• subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every modgage. licn or other ei~cumbrance on the land described hemin which is paid ancl(or) satisfied, in ~vhole or in p.1rt, out of thepr oceeds ~~F the loan described herein or securecl hereby, and the respectivc liens of said mortgages, ltens or o:her encumbrances, shall~a t~~ and he held by the Association herein ns security for the indebtedness to the Assxiation herein described or hereby s~ecured, to thc ~me ex!ent ihat it ~voiild have been preserved :?nd ~~ould have been pas~sed to snd been held by the Association had it been ~luly and regularly assigned, transferred, set over and delivered unto the Association by separate deecl of assignment, nohvithstand- in~ the faM that the same may be satisfied and cancelled of record, it being the intention of the Exuties hereto that the same will }~e sa5sfied and rancelled of record by the holders th~eof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyei s fees, reasonably incurred or paid at any time by the Association, bcraiue of the fail~re of the 1liortgagors to perfonn, comply with and ubide by each and every stipula- tions, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part ihereof; ~nd in the event of the failure of the ~iort~agors to keep the buildings an slid premises and those to be erected on said premises, ~,r improvements thereon in good repair, the Association may make and pay for such repairs as in its disc7rtion it may deem nccessary for the pmper 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 pa,vable, or payable in such monthly installments as the Associa- tion ma_y detcrmine, and every such payment shail bear interest from date at the rate stated in the note secured hereby. 16. That if the Association and the ':ltortgagors agree, the 111ortgagors will carry a policy or policies of insurance upon ; thcir lives in an a~tleunt equal from time to time to the amount of indebtedness hereby secured, ma}:ing said Association beneEi- ~ c~iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the ?ltortgagors do not), i .+nd add each such Yn}~nent to the un[~aid balance of the loan, as of the first day of the then c~urent month, and it shall become ~ additional indebtedness secureci by this mortgage payable tepon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Aiortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build f ~.~id construction in accordance ~vith plans and speciEications filed ~~•ith the Association, shall constitute a breach of this mortgage, ~ .::~d, at ihe option of the Association, immediately matwe the entire amount of principal and interest hercby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstraM or abstr.icts of title covering the mortgaheti property shall at alI times, during ihe 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 extinguishment of the indebtedness secured hcreby, all ri~ht, title, and interest of the Mortgaaors in :~nd to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. The Association sha11 have the right, in its discretion, to require that the rtortgagon ~y into the Association in addi- tion to the monthly installments of prineipal and interest to be paid by the ~fortgagors under the note secured by this mortgage, :~n amount equal to one-t~velfth af the annual installments of any taxes on the modgaged premises levied or assessed by am ~ tio~~emmental authority, and one-hvelfth oE the anmial premiums for Fire and E_itended Coverage insurance on the mortgageci ~ ~~rcmises as hereinbefore required b~~ the Association, :md the 1lortgagors' failare to mal:e such pa~~cnents shall constitute a default ~ undcr this mortgage. ~ I:~ ~VITNESS ~VHEREnF, the said ~loriganors hcre~mto set thcir hands and seals the day and S•ear first abo~~e ~vritten. ~ ~ Signeci, sealed and deli~~ereci in the presence of: _ ~ l j% ; ; ~ S , , ~ ~ ~ ^C C~'~_-c~ _ t G~-. ~ :.L'-~~~~~'~' _ _(SEAL) ~ ~ Ralp Colexxian ~ ~ L ~_~~:,~tinL~-.t~- ~sE~.) ~ - - _ _ . ~~C o~eman ~ ~ ~ _ _ (SEAI.) i ~ ! ~ (SEAL) ' - - - _ _ _ ~ tW i TNESSES) (MORTGAGORS) i ~ ~ r- ~ , . t ~ BG~K ~~~1 ~'AGE ~•i ~ ~ ~ ~ ~ ~ < % ~ ~~~~r~~ - ~ ~ ~ _ ~ ~