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HomeMy WebLinkAbout0209 2i. Untll dcfault in the perFormance of tl?e covenants anJ uRr~Yn?rnis of d~is mortgage, tl~e ~nurtgagors sl~all be e~titlecl collect the rents, issues 1nd profits irom the premises hereinbe[or~ descritxxl, but in rase of a default in uny of the terms uf ?his mort~:ige, nnd the filing of a bill to foreclose this or any other mortgage encumbering the within dc~ribed property~ the .~ssociation shall immc~li:ttelv and ~vitheut notice be entitled to the appointment of a Receiver of the mortgagecl property, and ~ ~~f t}~e mnts, issues and profits theteaf, with the usual power uf Reccivers in such c~ases, and such Receiver may be conti~iuecl ~ !n pos~ession of the s:iid propert~• until the time of the sale thereof under such (oreclos~uc, and unti) the confirmation of sucl~ ~ .:ile b~• thc Court. ' 9, lf a convevance should t~c made by the mortgagors of the premises herein described, or any part thereof, ~vithout rh~• ~~Tittcn crn~sent o~ d~e Assoc•iation, and ~~•ithout as_cumption in re~ular form of law by the grantce of th~ obligations to the 1..uciation createcl bv said pmmissory note and this mur4gage, then, and in that event, and at the uptiun af dir Asxx•iatiuu. :u~~l ~vithuut noticr, all sums of monev sec~irecl hereby shal) immediatelY and concurrently ith such rnm•eyance becume due und E~ayubl~ anci in dcfault. The AssociaHon may deal with successors in interest ~vith refeirm _ to ihis mortgage and the debt herebv ;ec~ucd in ihe same munner as with the mortgagors, and ma) forbcar to suc ar may extend time for payment of the ciebt, secureil - hercby, or otherwue act ~vithout discharging or in any .vay af[ecting the liability of the mortgagurs hereunder or ~ipon the debt Lcreby seciued. The Association may also deal with the Mortgagors and/or with sucressors in interest with reference to this ~ ~n~~rtgage and tho debt hcrebv secured by forbearing to sue, rxtending the time for payment of the debt, providing for different ~ monthly ~ayments and/or a different intcrest rate, and by other express moclifications of the contr.~ct, without losing any priorih• the Association has over other motlgagees or lienors or hotclers of any jwiior interests in the pro~xrly secured herebv. 10. That in the event the prcmisec h~•reby mortgaged, or any part thereof, shaU be conder~ned aud taken for public use undcr t6e po~vc:r of eminent domaiu, the As~s~x:iatiun shall h:n~c thc right to demand that all damages awarded for the taking oi or ~lamages to said premises shall be paid to the Association, its successors or asciGns, up M the amount unpaid on this mortgage and n~a~~ be applicd upon the payment or payments last ~a~~able thcreon. 11. It is specifically agrecd that time is the essence of this contract and that no waiver of any obligation hereander ar of the oUligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second tnut deed or any junior lien of any lcind should be insti- ti~ted, the Associati~n may at its option, immecliately or thereafter declare this mortgage and the indebteciness secured hereby due :?nd pa~~able. 13. To the exte~d of the i~~clebtedness of the ;14ortgagors to the Association described hemin or sec~ired hcr+~by, the Asso- ~ i.~tion is hereb~~ suLrogated to the lien or lie~is and to the rights of the o~+mc•n and holders thereof of each and every mortgage, lic~n or other encumUrauce on the land described herein Khich is paid an~l(or) satisfied, in ~~•hole or iu part, out of the proceeds ~~f the la~n described he~ein or sccurecl hcreby, and the respecti~~c liens of said mortgages, iiens or other encumbrarices, shallpass t~~ :ind l~e held b}~ the Association herein :u security for the indebteduess to the Assxiation herein described or hereby secured, to tlic ~me cx'.ent that it ~~•ould have l~cen preserved and ~~•ould have been ~asscd to and been held by the Association had it ~~ee~n ciul~~ and regularlv assigned, transfenrd, set over and delivered unto the Association by separate deed of assignment, nohvithstand- in~ the fact that the same may be satis(ied and cancelled of record, it bcinfi the intention oE the p.uties hereto that the same ~~~i11 !~e sa~isfied and r.incelleci of record by the holders thereof at or about the time. of the recording of this mortgage. x 14. To pay all and singular the costs, charges, and ezpenses including lawyer's fees, reasonably incurred or paid at an~~ tirne bv the Association, hecause of the failure of the \fort~agors to perfonn, comply ~~~th and abide by each and every stipula- t~uns, agreements, a~nditious a~~d rnvenants of s:iid pmmissory notc and this deed, or either, and everv such payment shall bear • interest fmm date at the rate statecl in the note securecl herebv. ' 15. That he will permit, commit, or suffer no waste, impairmeret, or deteriuration of said property or any part thereof; ~ ,~nd in the c~•ent of the f~ilure of the I~lortgagon to keep the buildings ou klid premises and those to be erected oi? s.~id premises, i ~~r impro~•ements thereon in goai repair, the Association may make and pay for such repairs as in its disc~retion it may deem ~ ncrescary for the proper preservation thereof, and the full amount of such pa~~ments shall be secured by the lien of this mortgage , , :~nd shall at the option of the Association be immediately d~e and payable, or payable in surh monthly instaUments as the Associa- f ~ ti~~n may dctem:ine. and every such pa~~ncnt shall bear interest from date at the rate stated in the note secured hemh~. 16. Tliat if the Association and the ~tortgagors agree, the !lfortga~ors will carry a policy or policies of insurance upon . thrir lives in an arr3bunt eclual ~rom time to time to the amount of indebtedness hereby secured, making said Association benefi- ; f ~ iar~~ thereun<ler, and that the ~:?id Association may pay the premiums for sucL insurance (in the event the ~[ortgagors do not), ~ ~ncl add each such p1~Tnent to the unraid balance of the loan, as of th~ first dsy of the then curmnt month, and it sha11 become ; ,~dditiunal indebtcdness securcci by this mortgage payable upon demand. ; 1i. That in the event that this mortgage Ue given to securc a constn~ction loan, failiire on the part of the \[ortgagors or ~ thcir contractors to complete s~id building in accordance with Construction Loan Agreement, of e~•en date here~sith, or to build ~ .:~icl con~huction in acc~rdance ~vit}~ plans and sjx~cifications filecl ~~~ith the Association, shall constitute a breach of this mortgage, ~ .u~d, .it the option of thc Association, immecliately mature the entire amot?nt of principal and interest hercb~~ secured and the Asso- ~ < iation mav immediatel~~ instiiute prc~cecdings to foreclose this mor!~age. ~ ~ 18. ,That the abstract or ab,tr.icts of tide co~•ering the mortga~eci propert~~ shall at all times, during the life af this mort- , ~a~~e, rcmain in the possession of the Association and in the event of tlic forcclosure of this mortgage or other transfer of title to ~ th~• mortgaged ~ropcrty in extinguishment of ihe indebtedness secu~ed hereb}•, all ri~ht, title, and interest of ihe 111ortga~ors in :~nd to any such abstracts of title shall pa~s to the purchaser or grantee. ~ 19. The Association shall have the rieht, in its discretion, to rccluire that the \iort~agon p.iy into the Assoeiation in addi- ~ tiun io thc~ monthly installmcnts of principal and interest to be paid by the ~tortgagors tmder the note secureci bv this mortgage, ~ ,~n :imou~it rqual to one-hvelEth of the annual inst.illments of any taxes on the mc~rtgagecl premises le~~ied or assessed by an~~ ~ ~~uvcrnmental authority, and one-t~~~ci(th of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ ~,rcmis~s as hc reinbc~fore re~uired b~~ the Ass~?ciation, and the \fortg:i~0i5~ failure to make such pa}~ents shall constih~te a default i~ndcr this mort~ape. ~ I\ WIT\ESS \\'fIEREnF, the said ~tortga~ors hereunto sc~t th~~ir hlnds and seals the da~~ and ~•ear first above w~ritten. ; ~ ~ Si m~~d, sealed :ind d~li~•ered in the prescnce of: ~ ~ ~ ~ -i! y`'- ~-GCi ~ ~C~JJt-%~~'~i (SEALI - nseph Lauria, Jr. ~ ~ ~ .~-~~~,L~ ~'I, L~ f- Ij' A : , ~s~.~ ~ Audrey A. Lauxia _ ~ ~ ~ ~s~:~i.) ~ ~ ~ ( SEAL) ~ ( W I TN ESSES) (MORT(iAGORS) f~ ~ ~ ~ T z~~ ~ _ _ ~ ~ _ _ : _ ~ ' ti~ s ~ • - ~ _s~ . ~ ~wy_ . ~ _ ~ .