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Home My WebLink About0055 ~ ~ . ~ ~ ~ } . ~ 8. Until defa~~lt in the performance of the covenants and ag~ec~nents uE this mortguge, the mortgagors shall be entidecl ~ to collect the mnts. issues nnd profits from the premises hereinbefora describect, but in case of a default in any of the terma oE this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the ~vithin described property, the .lssociation shall immediatcly 1nd ~vithout notice be entided to the appointment of u Receiver of the mortgagetipro perty, and of the rents, issues and profits thereof, with the usual po~ver of Receivers in such rases, and such Receiver may be c~ontinued in pos:ession of the said propertv unti) the time of the sale thercof under such foreclosure, and until the confirmation of suci~ .alc b~• the Court. ~ ~ 9. If a conveyance should be made b the modgagors of the premucs herein described, or any part thereof, without the ~vritten co~ucut of the Association, and ~~it~out assumption in regular form of law by the grante~ of th~ obligations to the ~~u~ci:?tion createci bv said promissory note and this mortgage, then, and in that event, and at the option of the Associatiun, :uu! ~~rithout notice, a!1 sums of monev sec~~red hereby shall immediately s~nd c~ncunendy with such rnn~•eyance become due snd (k1~'.ili~C and in default, The Associetion may deal with successors in interesi with reference to this mortgage and the debt herebv securecl in the same mnnnrr as with the mortgagors, and may forbear to sue or may extend time for payment of the debt, securee~ Iierebv, or othenvise act «~thout discharging or in any ~vay affecting the liability of the mortgagurs hereunder or upon the debt ' hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ~ ' mortg:tige and tho debt herebv secured by forbearing to sue, extenciing the time for payment of the debt, providing for diEferent munthly payTnents and0or a different interest rate, and bv other expsess moclifications of the contract, without losing nny priorih• f the Association has over other morigagees or lienors or ho~ders of any jwiior interests in the property secured hereb~•. ~ l0. Thnt in tha event the premises hereby ntortgaged, or any part thereof, shall be condernned and taken for public use t iu~dcr the po~~~er of eminent domau~, the Asscxiation shaU have the right to demai~d that all damages awarded for the taking oE or damages to sf?id pmmises shall be paid to the Association, its successors or assigns, up t~ the amount unpaid on this mortgage and ma~~ be applied upon the payment or irayments last p:ryable 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 securecl hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secweci hereby. ~ 12. If foreclosure procec~clings of any second modgage or sernnd tnut deed or any junior lien of :ny lond should be insti- ~ h~ted, the Association may a[ its option, immeciiately or thereafter deciare this mortgage and the indebtedness secured hereby due and pa~~able. ~ . _ ~ 13. To the extent of the indebtedness of the htortgagors to the Association dt~scribed herc in or secured henby, the Asso- ~ c•iation is hereb~~ subrogated to the lien or liens and to the rights of the o~vncrs and holders thereof of each and every morigage, . ~ iicn or other er~cumbrance on the land dcscribed herein which is paid and(or) satisfied, in ~~•hole or in part, out of the ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgagc~s, liens or other encumbrances, s~~~a ~ to ancl be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to ~ thc s:ime ex!ent that it ~~•ould have been preserved and ~rould have been passed to and been held by the Assoriation had it been ~ duly and regularl~• assigned, transferred, set over and delivered unto the Association by separate daed of assignment, nohvithstand- ~ ing the fact that the same may be satisEied and cancelled of record, it bcing the intention of the ~uties hereto that the same will ~ be sa~sfied and cancellecl of record by the holders ihereof 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 anv ~ time by the Association, beca~~se of the failure of the rlortgagors to perfonn, comply ~vith and abide by each and every stipula- ~ tions, a~rcements, conditions and rnvenants of said promissory note and this deeci, or either, and every such payment shall bear ~ interest from date at the rate stated in the note secured hereby. ~ 15. That he a~ll permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; ~ and in the e~•ent oE the failure of the ~fortgagors to keep the buildin~s on said premises and those to be erected on said premiSes, j ~~r impro~~ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem ~ necessary for the pmper pr~servation thereof, and the full amount of such pa~~ments shall be secured by the lien of this mortgage :md shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stateci in the note secured hereby. ~ 16. T'hat if the Association and the ~tortgagors agree, the ~iortgagors will cazry a policy or policies of insurance upon their lives in an ar~ieunt equal from time to time to the amount of indebtedness hemby secured, mal:ing said Association benefi- i , c~iarv thereunder, and that the said Association may pay the premiums for such insurance (in the zvent the ~tortgagors do not), ~ ancl add each such p~~~rnent to the un~aid balance of the loan, as of th~ first day of the then ciirrent month, and it shall become ~ I~ additional indebtcdness secured b,y this mortgage payable upon demand. 17. 'That in the event that this mortgage be given to secure a constraction loan, failure on the part of the ~iortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date here~~~th, or to build : ~ said construction in accordance ~vith plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, ? { .~nd, at the option ~f thc Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ~ ~ c•iation may immediately institute proceedings to foreclose ihis mort~age. ' ; 18. That the abstract or abstracts of tide covering the mortgahed property shall at all 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 th~ mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, title, and interest of the_ Mortgagors in s and to any such abstracts of title shall pass to the purchaser or grantee. ~ 19. The Association shall have the right, in its discretion, to require that t1~e 1ltortgagon pay into the Association in addi- ~ ~ tion to th~ monthly installments of principal and interest to be paid Uy the ~lortgagors under the note secured by this mortgage, - E :~n amount ec~ual to one-hvelfth ~f the snnual installments of any tires on the mortgaged premises ler•ied or assessed by am~ ! governmental authority, and one-h~•elEth of the annual premiums for Fire and E.+ctended Coverage insurance on the mortgagec~ ~ ~~remises as hereinbefore rc~uired bv the Association, and the !liortga~ors' failure to make sach pa~~nents shall constitute a default ; ~ unclcr this mort~aoe. ~ ~ I1 ~i'ITIESS ~~'HEREnF, thc said ~toriganors hereunto set their hands and seals the day and year first above written. i ~ Narhtoc Development, Glo~~~~tion ~ Si nc~cl, sealed and deli~•erecl in the presenee of: j , 4 ~ ~ ~-~.G~ ~Q • $ . ''~j%"~ , ' ` ~ ! _ i ~ / ~,D~~-~ y.' ;Jc'•C-~f.~ 'lSEAL) ~ S ~ ' ~ ose~ ine Co~ii~an;y P.~eBic~e~'~tt ~ i J ~~~~L"_ v . - ~ F: ~ : : _ i ~ ~ - - . . . _ . . . . . . . iJ~ ~A~y~~ ~ ~ ~ i ~SEAI..) ~ ~ ~ z i ~ ~wiTivessES) - - - - (SEAL) i ~ (MORiGAGORS) f ~ ~ i ~ • ; i 7 ~ ~5~ f~~ 55 ~