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HomeMy WebLinkAbout0326 3 8. Until Jefault in the pcrformance oE the covruants und agrcYments of this mortgage, the n~ortgagors shall be entidecl ~ ~u collect the rents, issu~~s and profits frorR the premises he~einbeforo describecl, but in case af a default in any of the term~ of f this mortgage, and the filing of a biU to foreclose this or any-other mortg~ge encumbering the within described property, the ~ :lssociation shall immecliately und withaut notice be entitled to the appointment of a Receivet of the mortgaged property, and ~ of the rents, issuc~s and profits thereof, with the usual power of Receivers in such rases, snd such Receiver may be cvntinuec! ~ ~n ~ecsion of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of such ~ .:?!e b~• thc Gourt. ~ 9, lf a rnnveyance sl~ould be made by the mortgagors of the premis~~s hercin described, or any part thereof, without ~h~• ~~•ritten crn~sent o( the Association, and ~~•ithout assumption in regular [orm of law by the grantee of the obligations to the ~ ~..~~ciatio~ created bv said promissory note and this murt gage, then, and in d~at event, and at the option af the Auoci.~tiun. ~ :~r.~l without notice, all sums of m~ney sec~,red hereby shall immediately and concurrentlv with such ec?nveyance bet~me clue and ~ ~~a}••+ble and in def~ult, The Associacion may deal with successors in interest ~vith reference to this mortgage and the clebt hereb~~ _ .ecured 'ui the same manner as w~ith the mortgugors, and may forbear to sue or may extend time for p:iyment of the debt, secureil ~ he~eby, or othen~~ise act without discha~-gmg or in any way aEfecting the liability of the murtgagurs hereunder or upon the debt ~ hereby secured. The Association may also deal with the Mortgagors and/or wzth succrssors in inirrest with r~ference to this ~nurtgage and tho debt hereby securc~cl by forbearing to suc, extending the time for payment of the debt, providing Eor differeait ~ inonthly payments and/or a different interest rate, and by other express moclifieations of the eontr.~ct, without losing nny priorit~• ; the Association has over other modgsgees or lienors or holders of any junior interests sn the pro~rty securecl hereb~•, ~ 10. That in tha event the pmmiscs hec~eby mortgaged, o~ any part thereof, shall be co~dernned aud taken for public use under the pc>~ver of eminent domau~, tl~e Aswciatiun shall have the right to demand that all damages awarded fur ihe taldng of or damages to said pmmises shall be paicl to the Association, its successors or assiGns, up to the amount unpaid on this mortgage and m~v be ap~licd upon the payment or payments last payable thereon, 11. It is specifically agreed that time is the esse~ce oF ihis contract and that no wuver of any obligatiun hereunder or of tlie oUligation secured hereby shall at any time thereaEter be held to be a waiver oE the terms or of the instru~.~~f secu"~1r hereby. 1`~. If foreclosure proceedings of any second mortgage or second trust deed ar any junior lien of ~ny ldnd should be insti- tntcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due :?nd pa~•able. 13. To the extci~t of the indebtedness of the ~lortga~ors to the Assacultion described hercin or securecl hereby, the Asso- c~;.?tion is hereb~• subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lic•n or other eucu~nbrance on the land described herein which is paid an~l(or) satisfied, in w•hole or in part, out of the proceeds ~~f the la~n described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shallpass n~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to thc ~me ex!ent that it ~vould have been presen•ed and ~~•ould have been ~useci to and been held by ihe Association had it been ~iul~~ and regularly assigned, transferred, set ovcr and delivered unto the Associatian by separate deed of assignment, notwithttand- ;n~ the fact that the same mav be satisfied and cance]led of record; it bcing the intention of the P:uties hereto that the same ~vill i~ saSsEied and cancelled of~record by the nolders thereof at or about the time oE the recording of this mortgage. 14. To ~ay all and sino lar the costs, charges, and eapenses induding lawyer's fees, reasonably incarred or paid at anv time by the Association, bec:iuse of the failure of the ?~iortgagors to perfonn, comply with and abide by each and every stipula- tiuns, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such p.~vment shall bear interest from date at the rate stated in the note securecl hereby. - r 1~. Th.+t he .vill permit, commit, or suffer no waste, impairment, or deteriuration of said pmperty or any ~art thereof; :incl in the c~~ent of the failure of ihe ~tort~agors to kecp the baildings on said premises 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 d'ucretion it may deem r~ccessary 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 immediate]y due and payable, or payable in s~ch monthly installments as the Associa- tion may detcrmin~, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. TLat if the Association and the \tortgagors agree, ihe I?~ortgagors ~vill carry a policy or policies of insurance upon i thcir lives in an a~+aunt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- f ~~iam thereundcr, and that the saicl Association may pay the premiums for such u~surance (in the event the !~Iortgagors do not), ~ ~nd acld each such pa~Tnent to the unpaid balance of the loan, as oE the first day of the then curmnt month; and it shall becomc y ,~clditional indebtedness secured Uy this mortgage payable upon demand. € 1i. That in the event that this mortgage be given to secwe a constniction loan, failare on the ~art of the ~fortgabors or ~ t}ieir contr.ictors to complete said biiilding in accordance with Construction Loan Agreement, of even date hereN~th, or to build taid rnnstructiun in accordance ~vith plans and specifications filed ~eith the Association, shalt constitute a breach of this mortgage, ; ~ :~nd, it the option of thc Association, immediately mature the entire amount of principal and interest hereby secured and ihe Asso- ~ ciation may immed'u1te1~~ institute proceedings to foreclose this mor!gage. ~ : ~ I8. That the abstract or abstracts of title covering the mortga~cci property shall at all times, during the life of this mort- ; ~~e. remain in the possession of the Asscxiation and in the event of tlie fareclosure of this mortgage or other transfer of title to ~ thc mortgaged property in extinguishmcnt of the indebtedness secureri hcreby, all ri~ht, tide, and interest of the ~~otta~~OrS in ~ and to any such abstracts of tide shall pass to the purchaser or gr.intee. ~ I9. The Association shall have the right, in its discretion, to require that the ~tertgagors ~y into the Asso^iation in addi- ~ ti~m to the monthly installments of principal and interest to be paid by the ~tortgagors under t he note secu r e d by t his mortgage, :~n ;unount .qual to one-t~vclfth of the ~nnua! installments of any taxes on the mortgagecl premises levied or assessed by am• ~*~n~ernmcnt:+l authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on d~e mortgage<l ~~rcmises as hcreinix~fore re~uirecl b~• the Asscx:iation, and the ~tortgagors' failure to make such pa~Tnents shall constitute a default i,ndcr this ina~t~aoe. I'.~ ~VI'f~ESS ~1'HEREnF, thc said ~iortga;ors here~mto sct thcir hands ~nd s~s 1he da~• and ~~ear first above ~vritten. ~ - ~ Si~n~•cl, sealed and deli~•ered in the presence of: . .,k ~ ^ ~ , ~ • ~ ~ ~ ~~!!L ' \ ~~',,1',,~ _ f,y~'~'?Z- (SEAL) ~ arry A~j en Miner ' ~ 1- SEAL) ~ ~ C-C-s~~-c.~1/ ~ • ~ZLQ~~.../ ( ~ ~ ~ ~ ~ (SEAL) ; ~ ` i (SEAL) ~ (W 17NESSES) (MORTGAGORS) } 1 i BOC~K ~~t ~ PALE 3~ ~3 ~ _'y } . - ~ f ~v ~ '!,s'+?~~ 'Yr."~-r',r~S/ ~ ~ ~ '+~T ~ ~r L, x vi`?,j y ~.~3FS4~^~y~;~.. p= r~r'~~t. _ . '1C`C.. ~ ~-V. .