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Home My WebLink About0050 • i t . ; 8. Uutil default in the l~rfo~mance of the covenants and agrcrn,anls of this mortgage, t}?e murtgagors shall be enlitled 4 to collcct the rents, issucs and profits from the premises hereinbefore described, but in case of a default in any of thc term~ of s this mortgage, and the filing of a biU to foreclose this or any other mortgage encuinbering the within described property, the ; :\ssociation shall immediately and without notice be entided to the uppointment of a Receiver of the mortgaged property~ and uf the rents, issues and profits thereof, with the ?uual power of Receivers in such cases, and such Receiver may be zontinued ~n ~ession of the said property until the time of the sale thereof under such forecloswe, and until 1he confirmation of such ; .ale b~• the Court. 9. lf a conveyance should be made by the modgagors of the premucs herein described, or any part thereof, ~vithout t1~~~ ~vritten crnuent oE the Association, and ~~~ethout assumption in regular form of law by the grantee of the obligations to the 1>wciation created by said promissory note and this mortgage, then, and in that event, and at the option of the Aswciatiou, i :~ud ~vitho~t notice, all sums of mone~~ securecl hereby shall immediately nnd concar~ently wtith such rnnveyance become due and . ~ ,~ayable and in defuult. The AssociaHon may deal with successors in interest ~vith refere~ce to this mortgage and the debt hereb~~ ; ~ecured in the same niunnrr as with the mortgagors, and may forUear to sue or may extend time for payment of the debt, secunil ; I~creby, or other~vise act without dischar~u~g or in any w~ay affecting the liability of the mortgagurs hereunder or upon the debt f }~ereby secured. The Association may also deal with the Mortgagors And/or with successors in interest with reference to this 4 ,nortgage and tho debt hereby secured by forbearing to sue,.extending the time for payment of the debt, providing for different ` monthly payTr?ents and/or a diffemnt interest rate, and by other express malifications of the contr:?ct, wi~hout losing any priorih• ; the Associntion has over other morig~gees or lienon or hulders of any jm»or interests in the property sec~ired hereby. ~ l0. Th~t in the event the~ pmmiscK hereby mortgaged, or any part thereof, shaU be condernned and taken for public uce uu~cr the po~yer of eminent dom.iu~, the Assuciation shall h:ive the right to demand that all damages awarded for the taking of or ~ ~lamages to s:tid premises shall be paid to the Association, its successors or assi~ns, up to the amount unpaid on this mortgage and r»av be applied upon the payment or ~yments last gayable thcreon. 11. It is s~cifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of t}?e obligation seciued he;eby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure procecYlings of any second mortgage or second trust deed or any junior lien of any Idr?d should be insti- tuted, the Association may at its option, immecliately or thereafter declare this mortgage and the indebtedness secured hereby due ~ and pa~•able. 13. To the extent of the indebtedness of the :1lortgagors to the Associ~tion described herein or secured liennby, the Asso- ~ ci;~tion is hereby subrogateci to the lien or liens and to the rigHts of the oH~nen and holders thereof of earh and every mortgage, licn or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or iu part, out of the prooeeds = ~~f the loan described herein or secureci hereby, and the respecti~•c liens of said mortgages, liens or other encumbrances, shallpass ~ r~~ and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby s~e+cured, to the wme ex!ent that it ~vould have been preserved and ~~•ould have been passc~ci to and been heid 6y the Association had it been cluly and regularlti• as~jgned, transferred, set over and delivered unto the Association 6y separate deed of assignment, norivithstand- ing the fact that the same may be satisfied and cancelled of record~ it being the intention of the puties hereto that the same wi11 Ire sa~sfied and cancelled of record by the holders therec?f at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and expenses including lawyer's fees, reasonably inciured or paid at any = time by the Association, because of the failure of the Aiortgagors to perfonn, comply with and abide by each and every stipula- ~ tiuns, agreements, conditians and covenants of said promissory note and this deed, or either, and every such payment shall bear ~ ir.terest from date at the rate stated in the note secureci hereby. f 15. Th:+t he will~erm it, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ' :~nd in the e~•cnt of the af ilure of the Mortgagors to keep the buitdings on said premises and those to be erected on s.1id premises, or impm~•ements 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 payments shall be secured by the lien of this mortgage ' xnd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ! tion may det~rmine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ~ 16. That if ihe Association and ihe ~tortgagors agree, the I~iortgagors ~vill carry a policy or policies of insurance upon ; their lives in an arrl~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ~ c•iary t}iereunder, and that the said Association may pay the premiums for such insurance (in the event the A{ortgagors do not), ~ E :~nd add each such p.lyTnent to the un~aid balance of the loan, as of_ the first day of the then c~urent month, and it shall become ! ~ additional indebtedness secureci by th'u mortgage payable upon demand. ; l7. That in the event that this mortgage be given to securc a constn~ction loan, failure on the part of the ~iortgagors or t their contractors to complete said building in accordance with Constn~ction Loan Agreement, of even date herewith, or to build r said construction in accordance with plans and specifications filed ~vith the Association, shall constimte a bmach of this mortgage, ~ :~nd, at the option of the Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ~ ciation may immeciiately institute proceedings to foreclose this mor!gage. ~ ~ 18. That the abstract ur abstracts of title rnvering the mortgagea property shall at aU times, during the liFe of this mort- ~ ~ ~~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to ~ :he mortgaged propcrty in extinguishment of ihe indebtedness secureci hereby, all right, title, and interest of the Mortgagors in R and to any such abstracts of tide shall pass to the purchaser or grantee. ; ~ 19. The Association shall have ihe right, in its discretion, to rcyuire that the Mortgagors pay into ihe Association in addi- ; ~ tion to the monthly installments of princi 1 and interest to be paid bV the ~tortgagors under the note secured by this mortgage, ± ~ an amount equ.al to one-tweUth of the afinual installmenis of any t:ixes on the mortgaged premises levied or assessed by any yovemmental authority, and one-twelfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgageci ~ ~xcmises as hercinbefore required bv the Association, and the ~fortgagors' failure to mal;e such pa«nents shall constitu~ a default i undcr this mortgaoe. ; - I~ WITNESS WHEREnF, the said ~iortgagors hereunto sct their hands and seals the day and y.~s,~irsk~bq~~~yritten. ~ . re . a, ~ P 5 SignQd, sealed and delivered in ti~e presence of: NaY'htOC DeVelo ment ` o '~~s Q'ri,~ti,.~' ~ ~ ~ . ~ • _ ' '~~~~.Gi. ~'L~l,i.~~ BY' _ ~ L ^ - ~~4, _ j ~ - - - I= ~ ~ , os hine Cothrai~, Prg~ .,etif ; ~ _ ~ _ . ~4~.~~,~ ~ ~s , ~ ; - ' . . _ ~SEAL) ~ k _ _ - - (SEAL) } ~ (WIiNESSES) - . (MORTGAGORS) z ~ # i 3 _ G r t 2~~ FAGE ~