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HomeMy WebLinkAbout0142 8. Uutil deEault in the perfurniance of the covenants and agrc~menls of t}~is mortgage, the mortgagon shall be entitlecl to coUect the rents, issues and profits from the premises hereinbeforo describecl, but in case of a default in any of the term~ of this mortgage, a~d the filing of a bill to foreclose this or any other mortgage encumbering the within d~ccribed property, t~ie :lssociation shall immediately and ~vithout notice be entitled to the uppointment of a Receiver of the mortgaged property, s?nd of the rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be continued in possession of the said propert~• until the time of the sale thereof under such foreclosure, and until the coafirmation of surl~ >ale b~~ the Court. ~ 9. lf a conveyance should be made by the mortgagors of t}~e premiscs herein described, or nny ~art thereof, without the ~vritten crn~.cent af the Association, and H~thoi~t assumption in re~ular form of law by the grantee of t~ie obligations to the 1...~~ci:ition created by taid promissory note and this mortgage, then, und in that event, and at the option of the Associatiu~~. ,~ncl ~~hthuiit notice, all sums of monev sec~~red hereby shall immecliately and concurrently with such rnnveyance bea~me due and ~~ay:~ble and in defau.t. The Association may deal with successors in interest with reEerence to this mortgage and the debt herebv secu~ed in the same mannrr as with the mortgagors, and may forbcar to sue or may extend time for payment of the debt, secureil }~ereby, or othen~~ise act ~~1thout discharging or in any ~~~ay affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with succ~essors in interest ~vith reference to this ~nurigage and tho debt hereby secured by Eorbearing to sue, extenciing the time for payment oi the debt, providing for different inonthly payments and/or a different interest rate. and by other express malifications of the contract, ~~~ithout losing any priorit~• the Association has over other morigagees or lienors or holclers of any junior interests in the pro~rlv secured hereb~•. 10. That in the event the prc mises hereby mortgaged, or any ~art thereof, shall be condernned aud taken for public use undec the po~+~er oE eminent domain, the Assuciation stwll have the right to demand that all damages awarded for the taking of or damages to said pmmises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be applicd upon the payment or payments lazt payable 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 oUligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceeclings of any second mortgage or second trust deed or any junior lien oE any ldnd should be insti- t~~ted, the Association may at its option, immeciiately or thereafter declare this mortgage and the indebtedness scscured hereby due and pa~~able. ~ 13. To the extent.uf the indebtedness of the :?Tortgagors to the Association described hemin or secured l~eneby, the Asso- riation is hcreby subrogateci to the lien or liens and to the rights of the owmers and holders thereof oE each and every mortgage, lien or other eucumbrance on the land describeci herein which is paid and(or) satisfieci, in ~~•hole ot in pnrt, out of the procecds ~~f t!~e loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shall~ss m and 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 ~vouW have been preserved and ~~•ould have been passed to and been held by the Association had it been ~luly and regularh~ assi~ned, transferred, set over and delivered unto the Associati~n 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.vties hereto that the same ~vill f~e sa5sfied and cancelled of record by the holders thereof 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 bv the Association, bec:mse of the failure of the \fortgagors to pedonn, comply with and abide by each and every stipula- tions, 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 herebv. ~ 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; and in the e~~ent of the failure of the Atortgagors to keep the buildin~s on said premises and those to be erected on ~.1id premises, or 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 proper preservation thereof, and the full amount of such pavments shall be secured by the lien of this mortgage ! :?nd 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 beaz interest from date at the rate stated in the note secured hereby. I 16. That if the ~csociation and the ~tortgagors agree, the !ltortbagors will carry a policy or policies of inswance upon E thcir lives in an arr~eimt equal from time to time to the amount oE indebtedness hereby secured, making said Association benefi- ' ciarv ihereunder, and that the said Association may pay the premiums for such insurance (in the event the \Iortgagors do not}, ~ and add each such jr_?~~rnent to the un~a id balance of the loan, as of th~ first day of the then curmnt month, and it shall become ~ additional indebtcdness secured by th'IS 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 Aiortgagors or ~ their contr:utors to complete said building in accordance with Construction La~n Agreement, of even date herewith, or to build said constn~ction in accordance ~~~th plans and c~ifications filed ~~•ith the Association, sl~all constitute a breach of this mortgagc, ~ and, at the option of thc Association, immediately mature ihe entire amoimt of principal and interest hercby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose thu mortgage. ~ ~ 18. That the abstraM or. abstracts of title covering the mortga~eci pmperty shall at all times, during the life of this mort- ~ ~,age, remain in the possession of the Association and in the event of thc fareclosure of this mortgage or other transfer oE title to the mortgaged property in cxtinguishment of the indebtedness secnred hcreby, all ri~ht, title, and interest of the ;~iort~a~ors in :ind to any such abstracts of title shall pass to the purchazer or grantee. ~ 19. The Associatinn sha11 have the right, in its diseretion, to require that the \iort~agors pay into the Association in addi- ~ t ion to the monthly installments of principal and interest to be paid by the ~t~rtgagors under the note secured by this mortgage, ~ :~n amount equal to one-hvelfth of the annual installments of any taxes on the mortgaged pmmises levied or assessed by any ~ ~overnmental aathority, and one-h~•elfth of the ~nnual premiums for Fire and Ectended Coverage insurance on the mortgageci ~~remises as hereinbefore re~uired b~• the Asscxiation. and the ~iortgabors' fa~lure to make such payTnents shall constitute a default ~ tmder this mortgaoe. ~ I\ WITI~ESS \1'HEREnF, the said ~fortgagors hereunto set their hancls and seals the day and year first above ~vritten. ~ 'j Signed, sealed and dcli~•cred in the presencc of; C. F'. Sh er ~onstruetion Co paIly, ~1C. ~ ~ v l ~ .~J~ By. - ' G~GL'~~ - (SEAL) ~ C. ~F. er, President ~ ~ ~ - ~a- ~t~ _ ~'g~ - . csEU.~ ~ ~ ~ ~ ~ . (SEAL) ~ 4'i ~ ~ - _ - - (SEAL) ~ ( W I TNESSES) (MORTGAGORS) ~ ~ ~ ` ; ~53 F~~~ ~.~2 ~4 ~ ' ' ' ~ '~t"3 ~ _ Y'- . , , ~ . . . . . ~ . ~ . , .