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HomeMy WebLinkAbout0262 ~ ~ ( s ~ S. Unii! default in the performance of the covenunts and ugreen~ents of this mortgage, the morigagors shall be entided ~ t~~ collect the rer~ts, issues and profits from the premises hereinbefore described, but in rase of a default in any of the term~ of I this mortgage, and the filing of a bill to foreclose this or any other mortgage encu:nbering the within described property, the :lssociation shaU immediatelv and ~vithout notice be entitled to the appointment of a Receiver of the mortgaged property, and ' of the rents, issues and profits thereof, with the usual power of Receivers in such rases, and such Receiver may be continued in ~ws~ession of the said propert~~ until the time of the sale thereof under such foreclosure, and until the confirmation of such .ale b~• thc Court. 9. lf a conveyance should be made by the mortgagors of the premucs herein described, or any part~thereof, without ; th~• ~vritten c~nsent of the Association, and w~tho~~t assumption in re~ular form of lnw by the grantee of th~ obligations to the ` 1.tiociation created bv said promissory note and this mort age, then, and in t}uzt event, and at the option of the Assc~ci.itiou, :~n~i ~~~thoid notice, all sums of money sec~~red hereby sha~l immediately und coi~cunentlv with such rnnveyance beoome due unti ~~a~•able and in default, The Association may deal with successors in interest ~vith reference to this murtgage and the debt herebti• secured in the same mannrr as with the mortgagors, ancl may forbe<ir to sue or may extend time fur ~x?yment of the debt, securei~ hereby, or othenvise act ~vithout dischargu~g or in any ~vav affecting the liability of thQ mortgagurs hereunder or upon the debt }iereby secured. The Association may also deal with the Mortgagors and/or with successors in interest ~vith reference to this inc~rtg.~ge and tho debt herebv seeureci by Eorbearing to sue, extending the time for payment oE the debt, pro~~iding for different ~nonthly payments and/or a different interest rate~ and by other express modifications of the contr.?ct, without lo~sing any priorit~• the Association has over other morigagees or lienors or holders oE any jwiior interests in the proE~erty secured hereby. l0. That in the event the pmmises hereby martgaged, or any part thereof, shall be condernned and taken for public use under the po~~•er of eminent domai~~, the Assuciatiun shall have the right to demand that all damages awazded for the taking of or clamages to ~.1id pmmises shall be ~aid to the Association, its successors or assiGns, up to the amount unpaid on this mortgage and mav be npplied upon the payment or rayments last ra}'able thereon. 11. It is s~cifically agreed that time is the essence of this contract and that no waiver of any o~ligation hereunder or of the ~bligation securecl hercby shall at any time thereafter be held to be a waiver of the terms or of the inshvment secured hereby. lY• IE foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any lund should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~•able. - ~ 13. To the extent of the indebteciness of the ~tortgagors to the Assoc;iltion described herrin or secured hen~by, the Asso- ci:?tion is hereb~• subrogated to the lien or liens and to the rights of the o~vners anJ holders thereof of each and every mortgage, lien or other eiicumbrance on ihe innd described herein which is paid an~l(or) satisfieci, in ~vhole or in part, out of the »ceeds r ~~f the loan described herein or secured hereby, and the respecti~•c liens of said mortgages, liens or ot}~er encumbrances, s pass to and he held b~~ the Association herei~ as security for the indebtednesc to the Assxiation herein described or hereby serurecl, to thc s:ime e~~ent ti?at it ~ti~ould have been preserved and ~~•ould have been passed to und been held by the Association had it beezi claly and regularly assigned, transferred, set over and delivered unto thc Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisFied and cancelled of record, it bcing the intention of the p~uties hereto that the same will ~ be sa5sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To Iray all snd singular the costs, charges, and expenses including lawyers fees, reasonably incurred or paid at any time b~• the Association, becatue of the failure of the Atortgagors to pedonn, comply avith and abide by each and every stipula- tiuns, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereb~~. 15. That he ~vill permit, commit, or suffer no waste, impairment, or deteriuration of said pmperty or an~~ part thereof; anci in the e~~ent of the failure of the ?~iortgagors to keep the buildings on said premises and :hose to be ereeteci on said premises, II or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may dcem i necessary for the pmper preservation thereof, and the full amount of such 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 determine, and e~•ery 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 Mortgagots will carry a poliey or policies of iresurance upon ~ their lives in ar~ a~unt eq~k11 from time to time to the amount of indebtedness hereby sccured, making said Association benefi- ~ c•ian~ thereunder, and that ttie said Association may pay the premiums for such insurance (in the event the ~iortgagors do not), ~ and~ add each such pa~Tnent to the unpaid balance of the loan, as of ths first day of the then cturent month, and it shall bec.~ome additiana) inde6lc~clness secured by th'~s mortgage payable upon der~eand. Ii. That in the event that ihis mortgage be given to secure a construction loan, failure on the part of the ,tortgagors or their contractors to complete said bailding in accordance with Constniction Loan Agreement, of even date here~ith, or to build said construction in accordance ~vith plans and specifications filed ~vith the Association, s}tall constitute a breach of this mortgage, and, at the option of thc Association, immediatel,v mature the entire amount of principal and interesE hercby secured and the Asso- ~ ciation may immeciiately institute proceedings to foreclose this mortgage. ~ ~ 18. That the abstract or abstracts of title covering the mortga~,eci property shall at all times, during the life of this mort- ~,afie, remain in the possession of the Association and in the event of the foreclosure of this mortfiage or other transfer of title to ~ the mortgaged propcrty in extinguishment of ihe indebtedness secureci hereby, all ri~ht, title, and interest of the Mortgagors in ~ and to any such abstracts of tide sha11 pass to the purchaser or grantee. 19. The Assaciation shall have the right, in its discretion, t~3` require that thc ~Torigagon pay into the Association in addi- ~ tion to the monthly installments of princijral and interest to-~e~a`id by the \tortgagors under the note secured by this modgage, an amount equal to one-hvelfth of the 3nnual installments of any taxcs on the mortgaged premises levied or assessecl by any ~ govenzmental authority, and one-h~elfth of the annual premiums for Fire and Ettended Coverage insurance on the mortgaged ~ rremises as hereinbefore required b~~ the Asx~c;iatiun, and the \fortgabors' failure to make such ~a~-rnents shall constitute a default ~ under this inortgaoe. ~ I\ R'ITNESS WHEREnF, the said ~tortgabors hercunto sct thc•ir hands and seals the day and year first above ~vritten. ~ Signed, sealed and deli~•ered in the presence of: 13 ~ ~ ~ ~ . • r ~ I 2j'- -(SEAL) . 1 i t~ard M. arb ~ ~n , ~ ~ ~ ~L~ ~ ~ ~ ~ ~ y - w ) k ~ Eliza eth J. Barb (SEAL) _ ~ _ ~z _ ~ . _ _ - _ . - - . - - _ . (SEAL) ~ ( W I TNESSES) (MORTGAGORS) ~ ~ ~ < <:; z5z ~z ~