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HomeMy WebLinkAbout0671 8. Until default in the prrformance of the coveuants und agrecments of diis mortgage, tLe mortgagors shall be entided to collect the rents, issues r~nd pmfits fmc~ the premises hereinbefore described, but in case of a default in any of the terma of this mortgage. and the filing oE a bill to foreclose this or any other mortgage encumbering the within described property~ the Association shall immediately and without notice be entided to the appointment of a Receiver of the mo~tgagedpro~ rty. and of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in pos;e~sian of the said properh~ until the time of the sale thereof under such foreciosure, and until the cunfirmation of such .ale bv thc Coiut. 9. If a conveyance should be made by the moctgagors of thc premiscs herein described, or nny part thereof, without the ~vritten consent of the Association, and ~~~thout assumption in rc~ular form of law by the grantee of tFie obligations to the .~swciation cr~ted by saed promissory note and this mortgnge, then, and in that event, and at the option of tLe Assuciation. :~nci ~vithout notiee, all sums of money sec~ired hereby shall immecliately nnd concurrently with such rnnveyance become due and payable und in default, The Association may deal with successors in interest with reference to this mortgage and the debt herebv secureci in the same mannrr as with the mortgagors~ and may forbear-to sue or may extend time for ~yment of the debt~ secureii hereby, or othenvise aM ~vithout dischar~u~g or in any ~vay affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagon a~d/or with sucressors in interest with reference to this mortgage and the debt hereby secured by forbearing to sue, extending the time for payment of the debt, providing for diffe:ent monthly payments and/or a d~fferent interest rate, and by other express malifirations of the contr.ut, without losing any Ixiorih• the Association has over other mortgage~s or lienors or holders of any ju~uor interests sn the properiy secured hemby. 10. That in the event the pmmises hereby mortgaged. or any pan thereoE, shall be condernned and taken for public use under the pc»ver of eminent domaui, the Assuciation shall have the right to demand that all damages awarded for the taking of or damages to said premises shaU be paid to-ihe Association, its successors or assigns, up to the amount unpaid on this mortgage and . mav be applied upon the payment or payments last pawable thereon. 11. It is specifically agreed that time is ths essence of this eontraM 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 nf the instrun:ent secured hereby. 12. If foreclosure proceedings of any second mortgage or second tn~st deed or any junior lien of uny ldnd should be insti- tutcd, the Auociation may at its option, immediately or thereafter declare this mortgage and the indebtedness se~cured hereby due and pa~~able. 13. TQ the extent uf the indebtedness of the ~fortgagors to the Association descrioed herc in or secureci l~ereby, the As9o- ciation is hereby subrogated to the lien or liens and to the righta of the ownen and holders thereof of each and every rrwiRgage, lien or other ei~cumbrance on the land deacribed herein which is paid and(or) satisfied, in ~vhole or in part, out of thep ~~f the loan described herein or securecl hereby, and the respectivc liens of said mortgages, liens or other encumbrar~ces, sF~~s to and be held by the Assoc;atiore herein as security for the indebtedness to the As.sociation herein described or hereby secured, to the same ex!ent that it ~vould have bcen prescrved :?nd ~vould huve been passed to and been held by the Association had it becn ~ duly and mg~ilarl~• assigned, transferred, set over and delivered unto the Association by separate deed of assignment. nohvithstand- ing the faM that the same may be satisfied and cancelled of record, it being the intention of the ~rties hereto that the same will l~e ra5sfieci and cancelled of record by the halders thereoE at or about the time of the record'u?g of this mortgage. 14. To Iray all and singular the costs, charges, and expenscs including lawyer s fees, reasonably incurred or paid at an~• time by the Association, because of the failure of the Afortgagors to perform, comply with and abide by each and cwery stipula- tions, agreements, conditions and rnvenants of said promissory note and this deed, or either, and every such payment shall bear interest fmm date at the rate stateci in the note secured herebv. j 15. That he ~vill~enm t, commit, or suffer no -waste, impairment, or deterioration of said property or any part thereof; ~ and in the evec~t of the af ilure of ihe :~sortgagors to keep the buildings on said premises and those to be erected on ~id premises, or improvements thereoa in goal repair, the Association may make and pay for such repairs as in its discretion it may deem ; necessary for the proper preser~ation thereof, and the full amount of such ~xiyments shall be sacured by the lien of this mortgage ' and shall at the option of the Association be immediately due and payable, or ~ayable in such monthly installmenis as the Associa- ~ tion may determine, and every such payment shall bear interest fmm date at the rate stated in the note secured hereby. ~ 18. 17~at if the Association and the :1lortgagors agree, the I?tortgagors will carry a policy or policies of insurance uprn iheir )ives in an arrlt,unt equal from time to time to ihe amount of indebtedness hereby secured, mal:ing said Association benefi- E ciary thereunder, and that d~e said Assoeiation maypay the premiums for such insurance (in the event the \tortgagors do not), ~ and add each such pa~~ment to the un~aid balance of the 1oan, as of the first day of the then c~~rrent month, and it shall become ~ additiona) indebteclness secureci by this mortgage payable upon demand. . ! l7. Z'hat in the event that this mortgage be given to secure a construction loan, failure on the ~rt of the ?1~ortgagors or ! the"v contractors to complete said building in accordance with Construction Loan Agreement, of even date here~vith, or to build ~ said construction in accordance with plans and specifications filed ~vith the Association, shall constitute a breach of this mortgage, and, at the. option o[ the Association, immediately mature the enNre amoiint of principa) and interest hercby secured and the Asso- ciation may immecliately institute proceedings to foreelose thu mortgage. ~ ~ 18. That the abstract or abstracts of title covering the morigageci 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 tide to ' ~ the mortgaged property in extinguishment of the indebtcdness securccl hcreby, ~Il ri~ht, title, and interest of the 1liortgagors in ` ~ and to any such abstracts of title shall pass to the pt~rchaser or grantee. ~ 19. The Association sha11 have the right, in its discretion, to require that the 1liortgagon ~y into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ` ~ :~n amount equal to one-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any - governmental authority, and one-tK~elfth of the annual premiums for Fire and Eatended Coverage insurance on the mortgaged ~ ~iremises as hemin~fore rc~i~ired b~~ the Asuxiation, and the \fortgagors' failure to make such payTnents shall constitute a default ' under this mortgaoe. ; II~' ~VITNESS ~YHEREOP, the said \iortgagors hereunto set their hands and seals the day and year first above written. i + ~ y Sign~d, sealecl and deli~•ered in ihe presence of: ~ ~r~~ ~ / - i ~ lr. ~.~.Ct, - - ~ _ _ . _ . _ _ c ...t~ti-~ (SEALj . = Gr o MacKeen ; ~ ~ ~ ~ ~ ~~f-- ( SEAI. ) . ~ - Carol L. 1VIacKeen ~ ~ ~ _ _ _ . _ (SEAL) j ~ + ~ . : f ,1{ _ {SEAL) 4 (W I TNESSES) (MOR tGAGORS) ~ ;Y v } ~ .