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Home My WebLink About0422 . . } l 8. Until defu~~it in tt~e performance of the covenants and ugntiinents uf this mortgu~e, t}?e murlgagurs shull be entitlyd ! to collect the rents. issues and proiits from the premises hereinbeforo described, but in case oE a default in ~ny of the term~ uE this mortgage, 1nd the filing of a bill to foreclose this or any other mortgage encumbering the within described property, the .~ssociation shaA immecliatelv and withcut notice be entidcd to the aprx?intment of a Receiver of the mortgageci property, nnd uf the rents, issucs and pro~its therc~f, with the ~uual power of Receivers in such cases, ~nd such Receiver may be continued ~n po~easiou of thc said property ~u~til the tune of the sale thereuf under s~ch forecloswe, and until the confirmatiun of sucL .alc Ur thc Court. j 9. lf a cc~nveyance st?ould bc made by the mortgagors of the premises hereui dc~scribed, or any part thereof, ~vithout ~ ~f~~• ~~•rittc~i ro~ue~~t of the Auaiatior~, A~cl ~~~t}~o~~t azcuinPtion in mgular form of law by the grantee of th~ obligations to thr 1.~uciatior~ crelted by said pt~missory note and this mortgage, then, and in that event, and at the uption of tl?r Assuciatiun. ,~wl ~~~thout notice, all sums of monev sec~ired hemby shall immecliatcly and a?ncurrendy ~~~th such rnn~•ey:u~ec bec.~me due und ~~~~uble and in clefault. The Association may deal with succeuors in interest ~vith refemnce to this mortgage a~d the debt herebv ,crured in the same munnrr as N•ith the mortgagors, and may forl~ar to sur or muy extend time for payment of the debt, secureil hereb~~, or othenvise act without discharging or in any way affecting the liability of the mortgagurs hereunder ur upon the ciebt hereby secured. The Associadon mav also deal with the Mortgagun and/or with successors in interest ~~•ith reference to this ~nortgagc and tho debt herebv securecl by forbearing to suc, extending the time fos payment of the debt, providing for different ~nonthly payments und/or a difEerent interest rate, nnd by other express mcxlifications of the contr.~ct~ ~vithout losing nnV priorih• ~ the Association has uver other mortgsget.•s or lienors or holdcrs of any jw~ior interests in the properiy secured hereb~•. 10. That in tho event the prcmiscs hereby mortgagcd, or any part thereof, shall be condemned aud taken for public use ue~dcr tl~e po~~'er of eminent domain, the As.wciation shall have the right to demaod that all damages a~varded for the taking of or damages to said pmmises shall be paid to the Associatic~n, its succesu?rs or asti~~ls, up to the amount unpaid on this mortgage and ma~~ be ap~ lied upon the ga}•ment or pa}'me~ts last gayable thcreon. , 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 inshvment securesi hereby. 12. If foreclosure pmceeclings of any seconci mortgage or second tnut deed or any junior lien of any kind should be insti- tietecl, the Assoeiation may at its option, immediately or thereafter clectare this mortgage and the indebtedness seeured hereby due and pa3~abie. 13. To the extent of the indebteciness of the ~7or¢gagors to the Association described herein ar seciued hcreby, the Asso- c~iution is hereb~• subrogated to the lien or liens and to the rights of the o~vners and hol~ers thereof of each and every mortgage, licn or othrr eucumbrance on the Iand described herein which is paid and(or) satisfied, in whole or iu part, out of the proceeds ~~f the loan descrilxd herein or securcYl hereby, and the respectivc liens ot said mortgages, liens or other encumbrances, shallpa ss t~~ ~nd be held bv the Association herein as security for the indebtedness to the Assxiation herein described or hereby serured, to thc s:ime ex!ent that it ~vould have been preserved :~nd ~~•ould have been passed to and been held by the Association had it beeii ~l~ly and reg~larly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvit}utand- ing tlie fact that the same may be satisfied and cancelled of record, it bcing the intention of the parties hereto that the same will l~e sa~sfied and cancellecl of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay a11 ar?d singular the costs, cllarges, and expenses including lawyer s fees, reasonably incurred or paid at any time bv the Association, hec:~use of the fail~~re of the :11ort~;agors to pr_rfonn, comply with and abide by each and every stipala- tions, agreements, conditions and rnvenants of said pmmissor~ note and this deed, or either, and every such payment shall be~ar interest fmm date at the rate stated in the note secured hecebv. 15. That he .~~ll permit, commit, or suffer no waste, irnpairment, ~r deterioration of said pmperiy or any P.vt thereof; ~nd in the c~~ent of the failure of the :~lort~agors to keep the buitdinQs on said premises and those to be erected on said premises, or impro~•ements thereon in good repair, the Astociation may make and pay for such repairs as in its disc.~retion it may deem . necessary for the proper preservation ihereof, and the full amount of such payments shall be secured by the lien of this mortgage .?nd shall at the opti~n of the Association be immecliately due and payable, or payable in such monthly installments as the Associa- tion may detcrmine, and every such payment shall beaz interest fmm date at the rate stated in the note secured hereby. 16. That if the Association and the \tortgagors agree, the Atort~agors will carry a policy or policies of insurance upon ~ their lives in an arltvunt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ~ ciary thereunder, and that the said Association may pay the premiums for suc}, insurance (in the event the ~tortgagors do not), f :ond add each such plyment to the un~a id balance of the loan, as of ths first day of the then ciurent month, and it shall become addiiional indebtedness secured by th'u mortgage pa~able upon demand. ~ l7. That in the event that this mortgage be given to secure a constn~c~ion loan, failu~e on the part of the \tortgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in acc~rdance ~ti~th plans and specifications filed ~sith the Association, shall constitute a breach of this mortgage, : and, at the option of thc AssociaGon, immediately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mor+.gage. ~ ~ 18. That the abstract or abstracts of tide covering the mortga~eci property shall at all times, during the life of this mort- ~ <~age, rernain in the possession of the Associaiion and in the event of the foreclosure of this mortgage or other transfer of title to ~ the' mortgaged property in extinguishment of the indebtedness secureci !-~creby, all right, tide, and interest of the 2~tortgaacts in and to any such abstracts oE title shall pass to the purchaser or grantee. 19. The Association shall have the riaht, in its discretion, to require that the ~tortgagon ~y into thc Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured bv this mortgage, ;~n amount ec~ual to one-hvelfth of the annual installments of am tti~es on the mortgaged premises levied or assesseci by anv ~ governmental authority, and one-h~•elfth of the annual premiums for Fire and E~tended Coverage insurance on the mortgageci ~ ~~remises as hereinbefore reqiured b~• the Associ:ition, and the ~fortganors' faiiure to make such pa~•ments shall constitute a default . undcr this mortgage. . ~ I!~ ~VITNESS ~~'IiEREnH, the said ~tortga~ors hcreunto set thcir hands and seals the da~~ and year first above written. ed, s aled and deli~~ered/~ t e prest~nce ~f: ~ ~ ~ ~ - ~ t / n ~ 1 ~ l~i-~.~`'~. ~ L ~ ~ ~a~-~\ ~ (SEAL) ~ ~ . ~ J F. Ho es ~ . . . .,c~ ~j . ~ ` ' C'' y ~ f ~~1 [-~~i~`~yt~ . • ( SEAI., ) ~ V,-' Patricia L. Holmes ~ . _ (SEAL) ~ s~ ~ {SEAL) ~ _ _ ~ ( W 1 TNESSES) (MORTGAGORS) c~ ~ ! r_~ FAGf ~ °