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Home My WebLink About0345 8. Until default in the perfomnance of the cove~ai~ts and agrec~nenls of this mortgage, the mortgagots shall be entitled to coUect the res?b, issues andprofits from the premises hereinbefore described, but in case of a default in any oE the tem~., of this mortgage, and the filing of a bill to f~ecMae this or any other mortgaga encumbering the wit}iin descxibed properiy, the ~~ssociatiun shall ianmediately and wfthout notice be entided to the appointment of a Receiver of the mortgagedp~o~erty, and of the rents. issues and profits thereof. with the usual power of Receiven in such cases, snd such Receiver may be ooatinued in poa,iession of the said prope~ty until the time of the sale thereof under such foceclosure~ and until the confirmation of such sale Ly the Court. ~ 9. if a conveyance should be made by the mortgagors of the premises hercin described, or anypart thereof, without the written consent of the Associarion, and without auwnrjtion in reqular form of k?w by the grantee oE tTie obligations to the Association crented by said promissory note and this mortgage~ then, and in that event, and nt the option af the Assaciation, :uxl ~~hthout notice, all sums of mcu?ey sec~.~red hereby shaU immediately und concurrently with such rnnveyance become due and }rayable and ia default. The Association may deal with successors in interest ~vith reference to this mortgage and tbe debt }~erebv secured in the same manner as with the mortgagors, and may forbear to si~e or may extend time for payment of the debt, securec~ hereby, or othenvise act without discharging or in any way affecting the liubility of the mortgagcxs hereunder or upon the c3ebt hereby secured. The Associatio~ may a]so deal with the ~iortgagors and/or with successors in interest with refereace to this mortgage s?nd the debt hereby ~secured by forbearing to sue, extending the time for payment of the debt, providing for diEEerent monthly payments und/or a different interest rate, and by other express moclifications of the ca~tr.ict, without losing any Ixiorih• the Association has over other morigagees or lienors ur }wlders of any junior interests in the pmperty secured hereby. l0. Th~t in the event the pmmises hereby modgaged, or any part thereof, shall ~ be condernned and taken forpt~blic use unJer the power of eminent domau~, the Aswciation shall have the right to demand that pll damages awarded for the taldng of or damages to said premises shall be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and mav be Applied upon the payment or payments last payable thereon. 11. It is specifically agreed that time is the essence of this contmct and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thet+eafter be Leld to be a waiver of the terms o= of ihe instrument secured hereby. 12. If foreclosure psoceedings of any seoond modgage or second trust deed or any junior lien of uny idnd should be iruti- tutcd, the Association may at its option, immediately or thereafter derlare this mortgage and the indebtedness sectved hereby due and pa~•abk. 13. To the extent of the indebtedness of the Mortgagors to the Association described hercin or secured hereby, the Asso- ciation is hereby subrogated to the lien or lienc and to the rights of the ownen and holders thereof of each and mortgage, lien or other er~cumbrance on the Iand described herein which is paid and(or) satisfied; in whole or u~ part, out of p of the loan described her~in or secureci hereby, and the respectivc liens of said modgages, liens or other encumbrances, sl~~~ax to and be held by the Association herein as sec~rity for the indebtedness to the Assxiation herein described or hereby secured, to the same ex!ent that it ~vould have been preserved and ~vould have been Passed to and been helcl by the Association had it been duly and regularly assigned. transferred, set over and deliven~d unto the Association by separate deed of assignment, notwithstand- ir,g_the fact that the same may be satisfied and cancelled of record, it being the intention of the parties her+eto that the same will be ra5sfied and cancelled of record by the holders thereof at or about the time of the recording of this martgage. ' 14. To pay all and singulaz the costs, charges, and expenses inclnding lawyer's fees, reasonably incurred or paid at any time by the Association, becaiue of the failure of the Alortgagors to perfonn, comply with and abide by each aad every stipula- tions, agreements, conditiQns 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 event of the failure of the Mortgagors to keep the buildings on saidpre mises and those to be erected on"~id premises, or improvements thereon in good repair, the Association may make and pay for such repairs as in its ~ discxetion it may deem . • necessary for the proper 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 install~nents as the Assoria- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 16. ?hat if the A,ssociation and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ~ the'u lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, maldng said Association benefi- ~ ciary thereunder, and that the said Association mav pay the premiums for such insurance (in the event the ~iortgagors do not), and add each such pa}'ment to the unpa~d balance of the loan, as of the first day of the thett civrent month, and it shall becomc additional indebtedness secureci by this mortgage payable upon demand. i7. That in the event that this mortgage be given to secure a construction loan, failure on the part of the Mortgagors or their contractors to complete said building in accordance with Construction Loan Agreement, of even date herewith, or to build said construction in accordance ~vith plans and specifications filed with the Association, shall constitute a breach of this mortgage, and, at the option of thc Association, immediately mature the entire amount of principal and interest hercby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of title covering the mortgageci property shall at all times, during the life of this mort- gage, remain in the possession of the Association and in the event of the farecloseue of this mortgage or other transfer of title to the mortgaged property in extinguishment of ihe indebtedn~ess secured hereby, a11 right, title, and interest of the Modgagors in and to any such abstraMs of tide shaU ~z?ss to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to require that the 11~ortgagors ~y into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note seciued by this mortgage, an amount equal-to one-twelfth of the annual installments of any taxes nn #hP ......-Fa~bAa PTemises levied or assessed by any govenunental authority, and one-hvelfth of the annual premiums for Fire and E.~tended Coverage insurance on the mortgagecl premises as hereinbefore reqtured b~• the Association, and the rtortgagors' failure to make such gayments shall constitute a default under this mortgaoe. I:~T \VITNESS ~VHEREOF, the said ~tortgagors hereunto set their hands and seals the day and year first above written. SignQd, sealed and delivered in the presence oE: ~ ~ . l ~ ~.l~fw`'`''.'` i3u:.y~,c~~ ~ 1~ - --(SEAL) ; ~ ~ - - - - - - os P. McDe mott, Sr. _ ~ ,/J~ ~ - ~ .,~s ~ ~ ,LZ~E~~ _ %~'LUi~uL~SEAi,) ` C~'i ~ Eliza th McDermott ' f i . _ - - - (SEAL) : - - . - _ . . r . _ i - ~ ; ~ - - - - - - - (SEAL) ~ - - - - - (W ITNESSES) (MpRiGAGOQS) ~ ~ E' r~ 25~ PA6f L~ : , - ~ ~ ~ K~. ~ - - _ _ . ~ . _ _ . ~ . _