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HomeMy WebLinkAbout0514 8. Until default u~ the ~x•rformance of tne coveuauts aud agnti~nents uf this mortgage, the murtg~bors shall be enUtled coU~t the mnts, issues and proiits irom the~premises he~einbeforo describecl, but in case of a default in any of the term~ uf tf~is mortgage, aud the filing of a bill ta foreclose this or any other mortguge encumbering the within desctibed property, the .~ssociation shaU immecliatel~~ 1nd witheut notice be entitlecl to the Appointme~t of a Receiver of tl?e mortgageci pr~perty, and „f the mnts, issues and profits thereof~ with the «sual power af Receivers in such cases, and such Receiver may be continuecl > ~n pos;essiun of the s:iid propert~~ until thc time ~f the sale thereof under such foreclosure, and unld the confirmation of surh .ale bv the Court. 9. lE a conveyance should be made by the mortgagors of the premisc.~s herein described, or any thereof, ~vithout s +h~• ~vritten crn~sent oE il~e Association, and ~~itl~o~:t assumption in regular form of ln~v by the grantee of t ~e obligutions to the ~ 1..ociation created bv said promissory note and this mortgage, then, and en that event, and at the option uf the Asscrciatiun. ~ .~u~l ~vithout notice, all sums of mnney sec~~rec1 hereby shall imm~diately and a~ncurrently with such conveyance bc•co~ne due and l~ati•able and in default. Tha Association may deal with successurs in interest with reEcrence to this mortgage and the debt herebv = ,ecured in the s.~me manner as with the mortgagors, and may furbear to suc or may extend time for payment of the debt, securei! ~ hereby, or othenvise act withoid dischar~u~g or in any ~~:~y aifecting the liability of the mortgagun hereunder or upon the debt hereby seeurecl. The Assoeiation may also deal H~ith the Mortgagon and/or with suecrssors in interest with reference to this ~ ,~~urtg.~ge aad th~ debt hcrebv securecl by [orbenring to sue, extending the time for payment of the debt, providing for different monthly pay~nents and/or a different intemst rate, and by other express rncxlifications of the contract, ~~•ithout losing 1ny priorih- ; t he Association has ovec other mortg~gees ~r licnors or holders of any junior interests in the propc rty secured hereb~•, ~ l0. That in the c~vent the pmmises hcreby mortgaged~ c~r any part thereof, shall be condernned and taken for publie use wulcr the po~ver of eminent domaiu, the Assuciation shall havc the right to dcmand that all damages awarded for the taking oE or damages to said pmmises shall be paid to ihe Association, its successors or assigns, up to the amoant unpaid on this mortgage and mav be applied upon the payment or payments last jxz~~able thereo~t. ~ I1. It is specifically agreed that time is the essence of this contract 1nd that no w•aiver of any obligation hereunder or of tl,e ~abligation secureci hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument serured hereby. 1~. If foreclosure procec~clings of any second modgage or second trust cleed or any junior lien oE Any ldnd shouId be insti- tutcd, the Association may at its option, immediately or ther~after derlare this mortgage and the indebtedness se~cured hereby due ~ and payable. ~ 13. To the extcnt of the indebteciness of ihe Mortgagors to the Associltion described herrin or secured hereby, ihe Asso- y c~;;,~ion is hereb~• subrogated to the lien or liens and to ihe rights of the o~vners and holden thereof of each and every modgage, lirn or other eueumbranee on the land deseribed herein which is paid and(or) satisfiecl, in ~chole or in part, out of the ~~f the la~n described hcrein or securecl hemby, and the respectivc liens of said mort~ages, liens or other encumbranccs, s~pass t~~ and be heid by the Assoceation herein :u serurity for ihe indebtedness to the Assxiation herein described or hereby secured, to thc wme ex!ent that it ~vould have bcen preserved and ~~ould ha~•e been passeci to and been held by the Association had it bet~r? ~luly and regularh• assigned, transferred, set over and delivered unto the Associat~on by separate deed of assignment, nohvithstand- ing the faM that the same may be satisficcl and cancelled of record, it being the entention of the parties hereto that the same ~vi11 he sa5sfied and ranceiled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and expenses includ.ing lawyer's fees, reasonably incutred or paid at any time bv the Association, berause of the (ailure of the \tortgagors to perfonn, comply «~th and abide by each and every stipula- tions, ~areements, conditions and coven.ints of s:~id promissory note and this c~eeci, or either, and every si~rh pavment shall bear interest from date at the rate stated in the note secured hereb~~. ls. That he ~vill~e rmit, commit, or suffer no waste, impairment, or deterioration of said pmperiy or an~~ part thereof; ; :~nd in the e~•ent of the failure of the \lortgagon to keep the buildings on said premises and those to be erected on s:~id premises, ~~r impro~~ements thereon in good repair, the Association may make and pay fnr such repairs as in its discretion it may deem t~c~cescary for the proper preservation thereof, and the full amovnt of such pa~~rnents sha]l be secured by the lien of this mortgage :+n~l sha~l at the option of the Association be immediately due and payable, or payable in s~ch monthly installments as the Associa- tion may determine, and every such paymcnt shall bear interest from date at the rate stated in the note secured hereby, 16. That if the Association and the ~iortgagors agree, the :~~orteagors will carry a poIicy or policies of insurance upon - thcir lives in an arri~iint equal from time to time to the amount oE indebtedness hereby secured, mal:ing said Association ber~efi- ~ ian> thereuncler, and that the said Association may pay the premiums for such insurance (in the event the \iortgagors do not), .~nd add each such p1~Tnent to the un~aid balance of the loan~ as oE th~ first day of the then cturent month, and it shall becomc ,~dditional indebtedness secured by th'~.s mortgage payable upon demand. s 17. That in the event that ihis tnortgage be given to secwre a constn~ction 1oan, failuce on the part of the l~iortgagors or ~ their rontnctors to complete said building in accordance ~~th Constn~ction Loan Agreement, of even date herewith, or to build ~aid construction in accordance with plans and specifications filed ~~•ith the Association, shall constitute a breach of this mortgage, :~t~d, at the option of thc Association, immediatel_y mature the entire amount of principal and interest hereby secured and the Asso- ; ~~iation may immeciiately institute procecdings to forectose this mor!aage. ~ 18. ?hat the abstract or absG*:uts of title covering the mortga;eci pro~~erty shall at all times, during the life of this mort- ~,c~~e, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transEer oE title to # thc mortgaged propcrtY in extinguishment of the indebtedness secured hereby; all right, tiNc, and interest of the 1ltortga~ors in ; .~nd to any such abstracts of title shall pass to the purchaser or grantee. ~ 19: The Association shall have the right, in its discretion, to ra~uim that the \tortgagors pa~~ into the Association in addi- tion to the monthly insiallments of prinripal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ; an amount ec~ual to one-hvelfth of the annual instaUments of anv taxes on the mortgagcd premises levied or assessed by any ~uvemment~il authority, and one-hvelfth oE the annual premiums for Fire and Eatendeci Coverage i~isurance on the mortgaged i~rcmisec as hcreinbefore required h~• the Assoc:iation, and the ~tortga~ors' failure to make such pay~nents sh:~ll constitute a default >>ndcr this inortga~e. I~ 1~'IT\F,SS ~~'IiEREOF, the said ~Tortgarors hereunto set thc•ir hands and seals the dat~ and vear first above ~~~ritten. 5~ ~d, ~ealed and deli~•ered in t}~e presenee of: , . 1 ~ ~~1~~- ~ ~ ` L.I.L'`.' ~~L / ~ . ~ G(J`lu-'~~ ~G[~~ ( SEAL) ~ ~av~d Aul ~ ~~s ric.':., ,~i' ``~~~L~t'~-Q.. ~-~--C~~ ~SEAL) Tina Ault (SEAL) tWITNESSES) - t SEAL~ iMORiGAGORS) f , ~ ~ E~~:~~lf ~14 t ~ . , - ! 1 r s ~,y" ~ ~ , ~..~?"~~'a~~''=a:=~."~~" - . . . .