HomeMy WebLinkAbout0859 ,
• s
'
,
;
;
~
;
8. Until default in the performance of ihe coveuants •rnd agrt,rments uf d?is mortgage, the n~urigagors shall be entitlecl ~
to coUect the rents, issucs und profits from the premises hereinbefora describecl, but in c~se ot a default in any of the ternv oE ~
this mortgage. a~d the filing of a bill to foreclasa thls or any other mortgage encumbering the within described property, the
~s~ciation shall immediately 1nd without natice be entided to the uppointment of u Receiver of the moitgagedpro
perty, und
of the rents, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be continued ~
in pos.cession of the said property until the time of the sale thereof under such forecloswe. and until the confirmation of sucl~ ~
,.~le b~• the Court.
9. If a rnnveyance should be made by the mortgagors of the Nremiscs herein described, or any part thereof~ without
thc: ~vritten consent of the Association, and ~~~thout assumption in regular form of law by the grantee of th~ obligations to the
.~.u~ciatio~ cteated by said promi~.sory note and this mortgage, then, and in tluzt event, and at the option of thr Associatiun, _
aucl ~.~thoiit uotice, all sums of money secared hereby shall immediately und concurrently with such rnnvey;?nce become due and
payable a~xl in default, The Association may deal with successors in interest with reference to this mortgage and the debt herebv
secured in the same ms?nner s~s vvith the mortgagors, and may forbear to sue or may extend time for ~Ztyment of the debt, securecl
hereby, or otherwise act without dischargu~g or in any w•:?y affecting the liability of the mortgagurs hereunder or upcm the debt
hereby secured. The Association mav also deal with the Modgagors and/or with sucressors in interest with referedce to this
mortgage and tho debt heteby secured by forbeariug to sue, extending the time for payment of the debt, providing for different
monthly payments and/or a differant interest rate und by other expmss moclifications oE the contr.ict without iosing rny priorih•
the Assaciation has over other morlgape~c or lienors or holders of any jmiior inter~sts in the property securecl hereby.
10. That in the event the premises hereby mortgaged, or any part thereof, shaA be condemned and taken for public use
undcr the power of eminent domain, the Assuciation shall have the right to demund that all damages awarded for the taldng of or
dar!mages to said premises shaq be paid to the Association, its successors or assigns, up to the amount unp~id on this mortgage and
mav be Api
lied upo~ the payment or payments last payable 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 obUgation secured hereby shall at any time thereafter be held to be a waiver of thc terms or of the instrument secured hereby.
12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd should be insti-
tutcd, the 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 the Mortgagors to the Association de,u7ibed herein o~ secured here:by, the Asso-
ciation.is hereby subrogated to ihe lien or liens and to the rights of the owners and holders thereof of each and eve~y mortgage,
lien or other eucumbrance on the land described herein which is paid stnd(or) satisfied, in whole or in part, out of the~~ -
of the loan descsibed hecein or secunYl hereby, and ihe respectivc liens of said mortgages, liens or other encumbrar~ces, pass
to and be held by the Association h~rein ac security for the indebtedness to the Association herein described or hereby seeured, to
the s:~me ex±ent that it «rould have been preserved and ~rould have been passed to and been held by the Associateon had it beer~
duly and regulady assigned, transferred, set over and deliverrd unto the Associ:~tion by separate deed of assignment, notwithstand- .
ing the fact that the same may be satisfied and cancelled of record, it bcing the iniention af the psrties hereto that the same will s
be sa~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. _
14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at an}
time by the Association, becat~ of the failure of the 11fo:tgagors to perform, comply with and abide by each and every stipula-
tions, a~reements, conditions and co~ena~rts of s~~id promissory note and this deeci, or either, and every such payment shall bear
interest fmm date at the rate stated in the note secured hereby.
15. That he ~vill~e
rmit, commit, or suffer no waste, impairment, or deterioration of said pro~ty or any part thereqf; _
and in the event of the failure of the biort~;agors to keep the buildings on said premises and those to be erected on s.1id premices, ~
or improvements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem
necessary for ihe proper preservation thereof, and the fu1! amount of surh payments shall be secured by the lien of this mortgage
and shall at the option of the Association be immediately due and payable. or payable in such monthly installments as the Associa-
tion may detcrmine, and every such Irayment shall bear interest from date at the rate stated in the note secured hereby.
16. 1'hat iE the Association and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon
I their lives in an arZeunt equal from time to time to the amount of indebtedness herehy secured, making said Association benefi- ;
I ciary thereu~der, and that the said Association maypa
y the premiums for such ir~surance (in the event the I?iortgagors do not),
and add each such ~n~~nent to the un~ d balance of the loan, as of the first day of the then cturent month, and it shall become
additional indebtedness secured by thic mortgage payable upon demand. _ `
~
17. That in the event that this mortgage be given to secure a construction loan, failure on the pazt of the 11lortgagors or ~
` their contr.ictors to complete said building in accordance with Construction La~n Agreement, of even date herewith, or to build ~
said consiruction. in accordance with plans and speciEications filed with the Association, shall constitute a breach of this mortgage,
ancl, at the option of thc Association, immediately mature the entire amount of principal and interest harcby secured and the Asso-
ciation may immeciiatel~~ in;titute prpoeedings to foreclose_this morteage. ~
18. That the abstract or abstracts of title covering the mortga~c~ci properiy shall at all times, during the life of this mort-
Gage, remain in the possession of the Association and in tha event of the forec]osure of this mortgage or other transfer of title to
the mortgaged proPerty in extinguishmcnt of the indebtedness securecl hcreby, all ri~ht, .tide, and interest of the Mortgagors in
and to any such abstracis of title shall pass to the purchaser or grantee.
19. The Association shall have the right, in its discretion, to require that the ~tortgagors pay into the Association in addi-
tion to the monlhly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage,
an amount equal~to one-twelfth of the annual installments of any taxes on the mortgageci premises levied or assessed by ai~y
governmental authority, and one-hvelfth of the annual premiums for Fire and Eitended Coverage insurance on the mortgageci
premises as hereinbefore required M• the Association, and the ~tortga~ors' failure to make such payments shall consNtute a default
under this mortgaae.
Ii~ W1T\ESS «'HEREnF, the said ~iortgag~n herc~!nto set their hands and seals the da,y and year first above ~vritten.
Signed, sealed and dcli~•erec! ' the pr e~of: ,
~ ~ ~
~ .
- _ ( SEAL)
~
~ - ~ al Graham
• , , : ; ~ --~\~i.' l = ; ~ . ~ ~p-+^~ ~li=~C~~-, ( SEAL ) ;
~ - hylli Jean Graham
;
_ _ (SEAL) ;
!
~
_ _ (5EAL) ~
(W IINESSES) (MORTGAGORS)
? r i z5U rAGf 8JJ
~
~f ^
~
~ .w
~°~~'~s : ~ : ~ t
5 _ . _ _ 3~^~;^.l.?."~-~t,
~ ~`~a`~'s`~ _ _ . ~
.s ~wY'-~~