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Home My WebLink About0316 F • ' l 1 r tt 8. Until default in the perforn~ance of the covenunts And agrctimeMs of this mortgxge, the morigagors shall be entidecl # to collect the rents, issues and poofits from the premises herelnbeforo described, but in caso of a default in any of tbe ternu oE this mortgage, and the filing of a biU to forecloae this or any other mortgage encumbering the within desaibed propetty, the ,-~ssociation shall immecliately nnd without notice be entitled to the appoi,~tmrnt of a Receiver of the moctgaged property, and of the rents, issues and profits d~eeeof, with the wval power of Receivers in such cases, snd such Receiver may be continued in pos.,essioo of the said property until the time of the sale thereof under sueh foreciosure, and until the confirmntion of such ,alc~ b~• the Court. 9. lf a convcyance should be made by the mortgagors of the premises herein described, or uny part thereof, without thr written consent of the Association, and K~ithout assumption in regular form of law by the grantee of the obligations to the ~ ~ 1.wciation cr~lted bv said promissory note and this mortgage, then, and in t}wt event, and at the uption of the Associatiun. :~ncl ~~~thout notice, all sums of money securttil hereby shaU immc~iiately und concurmndy with such rnnveyance become due and ~ ~~ayable and in default. 1'he Association may deal with successors in interest with reEerence to this mortgage und the debt hereby ,ecured in the same mannrr sts with the mortgagors, and may forbear to sue or may extend time iur payment of the debt, securecl hereby, or otherwise act without dischargu~g or in any w~ay affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Association may also deal with the Modgagors s?nd/or with successors in interest with reference to this ,nortgage and the debt hereby secured by forbearing to sue, extending the time for payment ~f the debt, providing for different monthly 1rarayments uad/or a differe~t interest rate, and by other eacprzss modifications of the contr.?ct, without losing nny priorit~• the Association has over other modgagees or lienors or holders of any junior interests in the property secured hereby. 10. That in tho event the pmmises hcreby mortgaged, or any part thereof, shall be condernned and taken for public use , under the po~ver of eminent domau~. the Assuciatiun shall have the right to demand that nll damages awarded for the taking of or r clamages to said premises shaU be paid to the Association, its successors or assigns, up to the amount unpaid on thi4 mortgage and ; mav be npplied upon the payment or payments last Ix?yable thereon. 11. It is specifically agreed that time is the ~ssence of this contract and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or seoond tnut deed or any junior liea of any ldnd should be insti- tuted, the Association may at its option, immediately or thereafter declare this modgage and the indebtednest secun~d hereby due and pa}•able. 13. To the extent of the indcbtedness of the Mortgagors to the Associltion desaribed her~ in or secured I~enby, the Asso- c•iation i's hereby svbrogated to the lien or liens and to the rightc of the o~vners and holders thereof of each and every mortgage, lien or other encumbrance on ihe land described hereu~ which ic paid ancl(or) satisfied, in whole or in part, out of ihe ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s ll~~ss t~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~ecured, to thc same erent that it ~vould have been preserved :?nd ~~•ould have been passed to and been held by the Assuciation had it beet? ~luly and regularly assigned, transferred, set over and delivered unto thc Associution Uy separate deed of a~signment, notwithstand- ing the fact that t6e same may be satisfied and cancelled of record, it bcing the intention of the ~rarties hereto that the same will t~e sa~sfied and canceUed of record by the holders thereof at or about the time of the recording of ihis mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incumed or paid at anv time by the Association, lxcnase of the f:?ilure of the 2ltortgagors to perform, comply with and abide by each and every stipula- tions, agreements, rnnditions and covenants of said promissory notc and this deed, or either, and every s~ch payment shall bear ~ ;nterest from date at the rate stated in the note secured herebv. 15. 'Th:.t he will permit, commit, or suffer no wazte, impairment, or deteriuration of said property or any part thereof; and in the event of the failure of the 11iort~agors to keep the buildings on saidpt emises 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 discretion it may deem necessary for the proper preservation thereof, and the full amount of such pavments sha11 be secured by the lien of this mortgage :?nd shall at the option of the Association be immediately due and paysble. or payable in svch monthly installments az the Associa- tion may determine,'and every 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 1liortgagors will carry a policy or policies of insurance upon I their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, mal;ing said Association benefi- c•iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the 1liortgagors do not), :ind add each such p1}'~nent to the un~aid balance of the loan, as of the first day of the then c~urent month, and it shal) becomr ' additional indebtedness secured by this mortgage payable upon demand. i l7. That in the event that this mortgage be given to secwe a construction loan, failure on the Part of the I?iortgagors or ~ their contr.ictors to complete said building in accordanee with Construction Loan Agreement, of even date herewith, or to build ~ said conshuction in accordance with plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, ~ :ind, at the option of thc Association, immediately mahue the entire amo~u~t of principal and interest hereby secured and the Asso- ~ ciation may immeciiately institute proceedings to foreclose this mortgage. ~ . ~ 18. That the abstract or abstracts of title covering the modgageci property shali at all times, during the life of this mort- ~ ~,3ge, remain in the possession of the Assceiation and in the event of the foreclosure of this mortgage or other hansfer of title to tlic mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, title, and interest of the Mortgagors in ~ :~nd to any such abstracts oE title shall ~zss to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that the rlortgagon ~y into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the :~fortgagors under the note secured by this mortgage, .~n amount equal~to one-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~overnmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~remises as hereinbefore rec~uired b~• the Association, and the 11lortgagors' failure to ma{:e such pr.~Tnenis shall constitute a default ~ under this mortgage. I~ WITNESS ~VHEREOF, the said ~iortgagors hereunto set their hands and seals the da~~ and year first above written. ~ ~ Sign~cl, sealed and delivered in the prescnce of: _ 5 ~ ~ / ~ ~ .Lir-,~wK- / ~s-~--~-c ~ SEAL) ~ - - . . _ _ - - - - - - ~ Kenneth E. Penny , s ~ ~ ~ ~ : i r L L i ~ i / . ~ .t~_ t ; , z ( E ) ~ . . _ - - - - - - S AL Marion E. Penny ~ ~ - _ _ _ - - - _ _ _ _ _ (SEAL) ~ ~ (SEAL) ~ - . - - - - - - . _ - ~ (VI/ITNESSES) (1NORTGAGORS? ~ ~ - ~ r:.t 248 P~~ 3~.5 ~ ~ _ _ _ _ _ . ~ ry~r~ 1~ . . _ . ~ . ~