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HomeMy WebLinkAbout0567 i i 8. Until default in the performa~ue of the covenants itnd agra>ments of dus mortgege, the ~nartgagors shall Ue entided tu collect the rents, issues and pcofits from the premises hereinbefore described, but in case of a default in any of 'the tetma of ; this mortgage, and the filing of a bill to foreclose this or any other mortgs+ge encumbering the within described propeity~ the . :lssociation shall immecliately and without notice bo entitled to the Appointment oE u Receiver of the mortgagedpro perty, and j nf the rents, issues and profits thereof. with the usual power of Receivers fn such cases, snd such Aeceiver may be oontinued ~n ~ession of the said property until the time of the sale thereof under such foreclosure. and until the confirmation of such .ale by thc Court. 9. lf a conveyance should be made by the modgagors of the premis~~s hemin described, or any part thereof, without th~~ ~vritten crnuent of the Association, and ~~ithout assumptiun in regular form of luw by the grantee of t~Te obligations to the ~...~~ciation created by said promissory note and this mortgage, then, and in that event, and at the uption of the Association, ,~n~l ~~~thout notice, all sums of mnnev secured hereby shall immediately und concurrendy with such rnnveyance bec~me due ancl ~~ayable and in defuult. The Auociation may deal with successors in interest with reference to this mortgage and the debt herebv .erured in the same mnnnrr as with the mortgagors, and may forb~lr to sue or may extend time for p:?yment of the debt, secureci liereby, or othenvise act without discharg~ng or in any ~~~ay affecting the liability of the mortgagurs hereunder or upon the debt ~ hereby secured. The Association may ulso deal with the Moitgagors and/or with successors in interest with reference to this ~ mortgage and tho debt hereby secured by forbearing to sue, extending the time for payment of the debt, pmviding for different monthly payments and/or a different interest rate, and by other express mocliEications of the contr.ict, ~vithout losing any prioritr the Association has over other mortgagees or lienors or holclers of any junior interests in the property securecl hereby. 10. Th1t in the event the pmmiscs hereby mortgaged, or any part thereof, shall be condernned and takeri for public use ; undcr the po~ver of emine~t domain, the Assuciation shall have the right to demand that all damages awarded for the taking of or ciamages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on thu mortgage and mav be applied npon the payment or payments last ~yable thereon. 11. It is specifically agreed that time is the essence 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 ihe terms or of the instrument secured hereby. 12. If foreclosure proceedings of any sexond mortgage or second trust deed or any junior lien of any idnd should be iasti- tuted, ihe Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of ihe Modgagors to the Associ.ltion dt~cribed hemin or secured hereby, the Asso- ~ <•i;~tion is hereb~ subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, ~ lic>n or other ericumbrance on the land described herein which is paid and(or) satisfied, in w•hole or p~ part, out of tbep ~~f the loan described herein or secnrecl hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s}~~~ to and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured. o thc same ex!ent that it ~vould have been preserved and ~vouW have been passed to and been held by the Association had it becn duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nahvithstand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the p~vties hereto that the same wi11 l~e sa~sfied and cancelled of record by the hotders thereof at or about the time of the recording of this mortgage. 14. To pay ali and singular the costs, charges, and expenses including lawyer's fees. reasonably incurred or paid at any time bv the Association, beca~~se of the failure of the 1lfortgagors to perform, comply with and abide by each and cwery stipula- _ tions, agreements, conditions and rnven.lnts of said promissory notc and this deed, or either, and every such payment shall beai" interest from date at the rate stated in the note secured hereb~~. 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or any part thereof; ~ 1nd in the event of the failure of the riortgagors to keep the buildings on said premises and those to be erected on said premises, i ur iinpro~•ements thereon in gooci 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 payments shall be secured by the lien of this mortgage .ind shall at the option of ihe Association be immediately due and payable, or jrayable in such monthly installments as the Associa- tion may determine, :?nd every such payment shall bear interest from date at the rate stated in the note seciued hereby. 16. That if the Association and the !ltortgagors agree, the ~tortgagors ~+~ll carry a policy or policies of insurance upon j their lives in an arri~unt equal from time to time to the amount of indebtedness hereby secured, making said Association~ benefi- , c~iary thereunder, and that the said Association may pay the premiums for such insurance (in the event the ~iortgagors do not), ' and add each such jn~~ment to the unpaid balance of the loan, as of the first day of the then curreut month, and it shall become f aclditional indebteclness seeured by this mortgage payable upon demand. ~ ~ 17. That in the event that this mortgage be given to securc a construction loan, failure on the Part of the I~iortgagors or their contr.ictors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ ~.~id construction in aocordance with plans and specifiptions filed ~~~ith the Association, shall constitute a breach of this mortgage, ;~ncl, at the option of thc Association, immediately mature the cntire amoi:nt of principal and interest hercby sec~ued and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage. ` 18. ?hat the abstract or abstracts of title covering the mortga~ed property shall at all times, during the life of this mort- ~,age, remain in the possession of the Associalion and in the event of the foreclosure of this mortgage or other transfet of title to the mortgaged pro~ty in cutinguishment of the indebtedness secured };ereby, all right, title, and interest of the Mortgagots in und to any such abstracts of title shall pass to the pwchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 114ortgagon ~y into the Association in addi- !ion to the monthly installments of principal and interest to be paid by the \tortgagors under the note secured by this mortgage, :~n amount equal~to one-hvelfth of the annual installments of any t~res on the mortgaged premises levied or assessed by any ~overnmental authority, and one-hvelfth of ihe annual premiums for Fire and Ectended Coverage insarance on the mortgageci Premises as hereinbefore req~ured by the Association, and the Afortga~ors' failure to make such payments shall constitute a default ~ under this mortgage. , Il~ WIT\ESS ~~'HEREnF, the said ~iortgagors hereunto set their hanc~s and seals the day and year first above written. ; Signed led an~deli~•ercd in the prese e of: ~ ~ ~ Y i~~ - i ~ ~ i ~ ' ~ __L ~ ~ . _ . --~SEAL) ~ ~`~in A. H"arney ~ v ~ ~ ~ - ~ ~ . - l/~_ ~c-~-> _ ~t- . j _ ( SEAL) t ~ Mary A./Harney ~ . > ~ ~ _ _ ~ ~ - - (SEAL) i ~ # ' _ - - - - - - (SEAL) ~ - - - - (W ITNESSES) (MORTGAGORS) f i C i ~2V ~r~~ ~ I ~ ~ ~ , - _ . _ ~ - ~E Y , .c^~~ ~-.y *t . Ars. . . . .