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Home My WebLink About0780 8. Until default in the perforn~ance of the covenants and agr~timenls of t}~is mortgage, the morigagors shall be entitled to coAcct the rents. issues and profits from the premises hereinbeEoro described, but in case oE a defnult in any of the term~ of this moKgage. ~?nd the filing af a bill to foiccloso this or any other mortgage encumbering the within described property, the Association shall immeciiatel nnd without notice be entitled to the Appointment oE a Receiver of the mortgaged pr~perty, and of the rents, issucs and pro~its thereof, with th~ usu~l power of Receivers in such cases, snd such Receiver may be rnntinuecl ~n ~ession of the said propert~• until the time of the sale thereof under such foreclosure, and until tl~e confirmation of sucl~ .~le by the Court. 9. If a conveyance si~ould be made by the modgagors of the premiscs herein described, or any part thereof, without the wiitten consent of the Associ.ition, And w~tho~~t ass~imption in rc~ular form of law by the grantee of the obligations to the ~~.ux•iation created by said promissory note and this mortgage, then, und in that event, and at the option of tLe Asu~ciation. :~nd .~~thout notice, all sums of money secureci hereby shall immecliately und concurrently ~vith sueh rnnveyance become due and ~~ayable and in de[ault. The Association may deal with successors in interest ~vith reference to thit mortgage and the debt herebv secured in the same mannrr as with the mortgagots, and may forbear to sue or may extend time for payment of the debt, securec~ hereb~~, or otherwise act Hrithout discha~ging or in any vvny afEecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ~ mortgage anci tho debt hereby se.r~reci by forbearing to suc, extencling the time for payment of the debt, providing for different ~nonthly payments and/or a different interest mte. und bv other express moclifications of the contr.~et, ~~•ithout losing Any priorit~- the Association has over other morigagees or lienors or hofders of any junior interests in the property secured hereby. 10. Tl?.zt in the event the pmmises hereby mortgaged, or any part thereof, shall be condernned and taken for public use i~ndcr the po~ve~ of eminent domain, the Assuciatiun shall have the right to dem:uid that all damages a~varded for the taking of or ciamages to said premises shall be paid to the Association, its succecsors or assigres, up to the amount unpaid on this moctgage and mav be applied upon the payment or payments ].~st payable thereon. 11. It is srecifically agreed that time is the essence of this contract and that no waiver of any obligation here~mc~er or of the obligation securecl hereby shall at any Nme thereafter be held to be a waiver of the terms or of the instnunent secureci hereby. 12. If foreclosure proceeclings of any second mortgage or second tnut deed or any junior lien of any kind should be insti- ~ tuted, the Association may at its option, immediately or thereaker declare this mortgage and tha indebtedness secured hereby due and pn~~able. 13. To the extent of the indebtedneu of the ~4ortgagors to the Associltion described heren~ or secured l~ereby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the oH~nen and holders thereof of each and every modgage, lien os other ei~cumbrance on the land described herein which is paid ancl(or) satisfied, in w•hole or in part, out of the praoceeds ~~f the loan described herein or securc~l hereby, and the res~ecti~'c liens of ~aid mortgages, lier~s or other encumbrances, sh llpass t~~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~ecured, to tt~c same ex!ent tl?at it ~vould have been preserved and ~~ould have been passeci to and been held by the Association had it ~ ~luly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisiied and cancelied oE record, it being the intention of the parties hereto that the same ~vill l~e sa5sfied and cancelled of record b~• the holders thereof at or about the time of the recording of this mortgage. 14. To pay 111 and singuiar the costs, charges, and expenses including lawyer s fees, reasonably~ inciured or paid at ani• time by the Association, because of the failure oE the Afortgagors to perfonn, comply ~vith and abjde by each and every stipula- tiuns, agreements, conditions and rnvenants of said promissory notc and this deed, or either, and every such payment shall brar interest from date at the rate stated in the note securetii hemby. 15. That he ~vill permit, commit, or suffer no waste, impairment, or deteriuration of said properiy or any part thereof; :ind in tl~e cverit of the failure of the Tlortgagors to keep the buildings on saidpremises and those to be erected on said premises, ~~r impro~ements thereon in good repair, the Association may make and pay for such repairs as in its disrretion it may deem r~ecessary 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 payable, or payable in such monthly installments as the As9ocia- t inn may detcrmine, and ever,y 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 'liortgagors will carry a policy or policies of insurance upon their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ~ <•iary thereunder, and that t}?e said Association may pay the premiums for such insurance (in the event the ~?tortgagors do not), i .~-~3 add each such p:?~Tnent to the un~a~d balance of the loan, as of the first day of the then cturent month, and it shall becomc ~ aclditional indebtedness secureci by this mortgage payable upon demand. ~ 17. That in the event that this mongage be gi~en to secure a construction loan, failure on the part of the ~fortgagors or ~ t}~eir contr.~ctors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build said construction in accordance ~vith plans and specifieations filed ~~•ith the Association, shall constih~te a bmach of ihis mortgage, ~ and, at the option of the Association, immediately mature the entire amount of prineipal and interest hercby secured and the Asso- ~ ciation may immediately institute proccedings to foreclose this mor!gage. ~ 18. That the aUstract or abstracts of title covering the mortga ;en property sha11 at all times, during the life of this mort- ~ ~,age, remain in the possession of the Association and in the event of tlie fareclosure of this mortgage or other transEer of title to the mortgaged property in extinguishmen~,~ihe indebtedness secured hereby, all riaht, title, and interest of the htortgagors in :~nd to any such absiracts of title shall pass to the purchaser ot grantee. 19. The Association shall have the right, in its discretion, to reyuire that the 1ltortgagors ~y into the Association in adda- ~ t ion to the mnnthly installments of principal and interest to be paid by ihe \iortgagors under the note secured by this mortgage, :~n :imount equal to one-hvelfth of the annual installments of any t~?xes on the mortgaged premises levied or assessed by any ~ govemmental authority, and one-hvelfth of the annual premiums for Fire and Ertended Coverage insurance on the mortgagec~ ~ ~~rcmises as hcreinbeFore required b~~ the Assoriation, and the \1UIth3aOr5' failure to make such pa~~nents shall constitute a defaiilt undcr this inorigaae. ~ IN \~~ITIESS ~~'HEREnF, thc said ~fortga~on hercunto set their hands and seals the day and ,year first above written. ~ Sign~ci, sealed and deli~ered in the presence of: ;;J / ~ ; , / . . ' ~ 1%-r- 7--..... L~ ~ ~L-. ~ ' ~ v~, (SEAL) ~ ~ Joh~u F. Wil n ~ ~ ( , ; s ~ ~ ~ ~~'i~..G! ~/L~-~c-~L~ (SEAL1 s ~ Doris Wilson - } ~ t ~ - (SEAL) t ~"z F ~ ~ ~ _ - - (SEAL) . . _ ~ (W ITNESSFS) iMORTGAGORS) s. ~ ~ SL~K~ri', ~1 ~ v r,~c~ 7 ~ ~ ~ _ __y - ~ : . ~ ` . ~ ~ ~ - , ~ ,