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HomeMy WebLinkAbout0915 8. Until defaWt in the performance of the covenuuts and ag~ecments of t}~is mortgage, the mortgagors shall be entided to colleet the rentc, i.mie.s anci pmfitc fmm the premises he~inbefora decerihed, but in case af a dcFault in any of the ternu of this mortgage. and the Eiling of a bill to foreclose this or any other mortgage encumbering the within desrribed property~ the ~ssociation shuU immediatelv and without notice be entided to the appointment of a Receiver of the mortgaged p»perty, and of the rents, issues and pro~its thercof, with the usual power of Receivers in such cases, ~nd such Receiver may be rnntinued in pos~ession of the said property until the time of the sale thereof under such foreclosure, and until the confirmation of suc}~ v~lc b~• the Court. ii ~ cu~vey~nc~e s'ri~uici oe ritiade oy tne r~o~g~agars oi iiie pren~u~ ficreitti uiseritied, or ~ny part inereai, wittwui the .vritten cmuent af the Assocu?tion, und ~~~thout assumption in regular form of law by the grantee of tha obligations to the \ssociation cre:ited bv said promissory note and this mortgage, then, und in tt?at event, and at the option c,f t}ie Associatiu~~, :~nd ~~~thout notice, all sums of money secared hereby shall immediately and cc>ncurmndy with such rnnveyance become due und i~ayable ancl in dcEault, The Association may deal with successors in interest with reference to this mortgage and the debt hereby secured in thc same mannrr as with the mortgagors, and may forbc~ar to suc or may extend time for payment of the debt, securec~ hereby, or otherwise act H~thout dischargmg or in any H•ny affecting the liability of the mortgagurs hereunder or upon the debt hereLy secured. The Association may also deal with the Mortgagors und/or w~th successors in interest with reference to this mortg:?ge and tho debt hereby secured by forbearing to sue, extencling the time for payment of the debt, providing for different monthly payments und/or a different interest rate, and by other express modifications of the contr.ut, ~vithout losing ~ny priorit.• the Association has over other mortgagees or lienon or holders of any jwiior interests sn the propedy secured hereb~•. 10. Th.~t in the event the premises hereby mortgaged, or any part thereof, shal! be condemned and taken for public use undcr the po~vc~r of eminent domau~, the Assuciaticro shall have the right to dema~~d that all damages awarded for the taking of or damnges to s.1id premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on thu mortgage and ma~~ be apl lied upon the payment or payments last ~yable thereon. 11. It is specifically agreed that time is the essence of this contract and that no ~vaiver of any obligation hereunder or of the obligation secureci hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foredosure proceedings of any second mortgage or second trust deed or any junior lien of any ldnd 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 exte~~t of the indebtc~clness of the ~iortgagors to the Assoc6~tion described hemin or secured hereby, the Asw- ciation is heceb~• subrogated to the lien or liens and to the rightc of the oN~nen and holders thereof of each and every modgage, licn or other eucumbrance on the Iand described herein which is paid and(or) satisfied, in whole or iu part, out of the proceeds ~~f the 1a~n described hercin or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, shaApass t~ and be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~e~ued, to the same ex!ent that it ~~~ould have been preserved and ~~•ould have heen passed to and been held by the Association had it beeii duly and regularh• assigned, transferred, set over and delivered unto the Associstion by separate deed of assignment, nahvithstand- ing the fact that the same may be satisfied and cancelled of record, it being the inteniion of the-p~rties hereto that the same will I~e sa5sfied and cancelled of record by the holders th~eof at or about the time of the recording of this mortgage. 14. To pay a11 and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any time by the Association, bcra~ue of the failure of the \fortgagors to pedonn, comply ~vith and abide by each and every stipula- tions, agreements, conditions and covenants of said prumissory note and this deed, or either, and every such payment shall bear interest from date at the rate statecl in ihe note secured hemb~~. 15. Z'h:.t he ~vill permit, commit, or suffer no waste, impairment, or cleteriuration of said property or any part thereof; :~nd in the cvent of the failure of the riortgagors to keep the buildings on said premises and those to be erected on said premises, ~~r impro~•ements thereon in good repair, ihe Association may make and pay for such repairs as in its d"ucretion it may deem nccessary for the proper preservation thereof, and the full amount of such p:?yments shall be secured by the lien of this mortgage ; :ind shall at the option of the Association be immediately due and payable, or payable in such monthly installments az the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secwed hereby. 16. Tl~at if the Association and the ':ltortgagors agree, the !~fortgagors will carry a policy or policies of insurance upon ~ their lives in an arri~~mt 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 such insurance (in the event the 1ltortgagors do not), i :md add each such pa}'~nent to the unpaid balance of the loan, as oE the Eirst day of the then current month, and it shall bcxomr f additional indebtedness secured by this mortgage payahle upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the 4lortgagors or ~ their contr.?ctors to complete said builciing in accordance with Construction Loan Agreement, of even date herewith, or to build ~ said construction in aecordance ~~tith plans and specifications filed ~~•ith the Association, shall eonstitute a breach of this mortgage, ~ and, at the option of thc Association, immediately mature the entire amotu~t of principal and interest hercby secured and the Asso- ~ ciation may immediately institute proceedings to foreclose this mortgage. ~ 13. That the abstract or abstracts of title covering the mortga~ed property shall at all times, during ihe life of this mort- ~,age, remain in the possession of the Association and in the event of tl~c foreclosure of this mortgage or _other transfer of title to the mortgaged property in extinguishment of the indebtedness secured };creby, all right, tide, and interest of the Mortgagors in ~ 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 the \iortgagon pay into ihe Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the Jtortgagors under the note secured by this mortgage, an amount equal~to one-hvelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any ~rovernmental authority, and one-tK-elfth of the annual premiums for Fire and Extended Coverage insurance on the mortgaged ~ ~~remises as hereinlxfore required b~• the Association, and the Atortga~ors' failure to make such payTnents shall constitute a default ~ under this mortga~e. ~ ~ I;~ R~IT~ESS WHEREnF, ihe said ~lortgagors hereunto set their hands and seals the day and ~•ear first above written. 3 ~ Signecl, sealc~i and deli~'emd in the presence of: n a z r ~ ~~f' ~ ~~~it ~A' ~ /~~~~-~-J i[.l.Gff / , ~ ~ . - _ _(SEAL) ; ~ ~ , Bett D. Kr tz ~ ~ ~ C~` J - - (SEAL) ~ ~ n - (SEAL) ~ ; ~ ; a - - - (SEAL) I ~ fWITNE5SES1 - ~MnoTr.e~.noc~ i ~ • - - - ~ ~ ~ f~~ 915 ~ 253 - ~ ~ r - ~ h Y~'