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Home My WebLink About0587 • 8. Until default in the ~Crformance oE the coveaants and agrcYiueMs uf this mortguge, the murtgagon shaU be entitled ~ to collect the rents, issues and profits from the premises hereinbefora described, but in rase of a default in any oE the terma of ; this mortgage, and the filing of a bill to foreclose this or uny other mortgagc encumbering the within described property, the ; :~ssociation shall immediately and without notice be entitlecl to the appointment of a Receiver of the mortgaged pr~perty, and of the rents, issues and profits thereof~ with the usual power of Receivers in such cases, and such Receiver may be continued ~n Fws~ession of the said property untJ thc time of the sale thercof under such foreclosure, and until the confirmation of surh .ale by thc Court. ~ 9. If a conveyance shauld be made by the mortgagots of the premis~~s hemin described, or any part thereof, without ~ the ~vritten crnisent of il~e Assoriation, and ~+ithout assumption i~ reg?ilar form of law by the grantee of th~ obligations to the 1.ux•iation created bv said promissory note and this mort gage, then, and in that event, and at the option af the Associ:diun. :?nd ~vithaut notice, all sums of m~ne~• sec~~mcl hereby shall immecliately and cuncunendy ~vith such a?nveyance bea~me due und ~~ayable and in default: The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv secured in the same m~nnrr us vvith the mortgagors, and may forbrar to st~e or may extend time for paymcnt of the debt, securecl i l~ercb~•, or otherwise act without discharguig or in any ~~~ay aifecting the liability of the mortgagurs hereunder or upon the debt i i~creby secured. The Association may also deal with the Mortgagors and/or with succcssors in interest ~vith reference to this ~ inortg:ige and tho debt her~bv secun•d by forbearing to sue, extentiing the time for payment of the debt, providing for different ~ ~nonthly payments und/or a diffemnt interest rate, and by other express moclifications of the contr,?ct~ without losing nny priorih• ~ the Association has over other moctgagees or lienors or holders of any jw»or interests in the pn~perly secured hereby. ]0. Th~t in the event the pmmises hereby mort~aged, or any part thereof, shall he condemned and taken for public use ~ uudcr the po~eer of eminent domsin, tlie Associatiun shall have the right to demand that all damages a~varded for the taking of or damages to said pmmises shall be paid to the Assnciation, its successors or assigns, up to the amount unpaid on thu mortgage and ~ mav be applied upon the payment or pa}~ments last Ix?Yable thereon. 11. It is sPecifically agreed that time is the essence of this contract and that no waiver of any obligation hereunder or of t??e obligation secured hereby shall at any time themafter be held to be a~vaiver of the terms or of the instrument secured hereby. ~ 12. If foreclosure proceedings of any second mortgage or second trust deed or any jur:ior lien of any Idnd should be insti- tutcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~~ablc. 13. To the extent oE the indebtc~clness of the ~lortgagors to the Assaci.~tion described herein or sec~ired henby, the Asso- j <•i:,tion is hcreby subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every martgage, ! licn or other eucumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the proceeds ~ nf the loan described hcrein or secured hereby, and the mspeMivc liens of said mortgages, liens or other encumbrances, shall~c t~~ and be held by the Association herein az security for the indebtedness to ihe Assxiation herein describecl or hereby secured. to the same ex!ent that it ~vould have been preserved artd ~~•ould have been pasced to and been held by the Association had it been cluly and regularh~ assigned, transferred, set over and delivered unto the Association by separate deecl of assignment, nohvithstand- ing the fact that the same may~ be satisEied and cancelled of record, it bcing the intention of the ~rties hereto that the same ~vill be sa5sfied and cancelled of record by the holders ihereof at or about the time of the recording of this mortgage. ; 14. To pay all and singular the costs, charges, and expcnses including lawyer s fees, reasonably incurred or paid at an~~ ~ time bv the Association, bera~~se of thc failure of the :ltortgagors to perfonn, comply with and abide by each and every stipula- ' ~ tions, agreements, conditions and covenants of s.1id pmmissor}~ note and this deed, or either, and every such payment shall bear : interest from date at the rate stated in the note secured hereb~~. ~ 15. That he w~ll permit, commit, or suffer no waste, impairment, or deterioration of said property or any gart thereof; ;~nd in the event of the failure of the ~lortgagors to keep the buildings on said premises and those to be erected on said premises, ~ ur impro~~ements ihereon in good repair, the Association may make and pay for such repairs as in its dix7etion it may deem + necrssary for the pmper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and s}~all at the option of the Association be immediately due and payable, or payable in surh monthly installments as the Associa- tion may determine, and evcry such payment shall bear interest from date at the rate statecl in the note secured hereby. ~ 16. 'I'hat if the Association and ihe ~tortgagors agree, the :ltortgagors ~vill carry a policy or policies of insurance upon j thcir iives in an arrl~unt equa! from time to time to the amoant of n~debtedness hereby secured, making said Assoziation benefi- ' ~~iar~• ihereundcr, and that the s~1id rlssociation may pay the premiums for such insurance (in the event the \iortgagors do not), i :ind add each such ~~Tnent to the unpaid balance of the loan, as of th~ first day of the then curr~nt month, and it shall becomc { additional indebtedness secureci by this mortgage payable upon demand. ~ 17. That in the e~•ent that this mortgage be given to secure a constn~ction loan, failare on the part of the ~tortgagors or ~ thcir contractors to complete said builcling in accordance ~~th Construction Loan Agreement, of even date herewith, or to build ~ said construction in accordance ~vith plans and specifications filed ~~~th the Association, shall constitute a breach of ihis mortgage, :u~d, at the option of the Association, immediately mature the entire amount of principal and interest hereby secnred and the Asso- c iation may immeciiately instiiute proeeedings to foreclose this mor:gage. ~ 13. That the abstraM or abstracis of title covering the mortga ;eci ~~roperty shall at all times, during the life of this mort- ~;:ige, remain in the }wssession of the Association and in the event of thc forcclosure of this mortgage or other transfer of title to the mortgaged propecty in extinguishment of the indebtedness sccureci hereby, all right, tide, and interest of the Aiortgagors in :u~d to an~• suc}~ abstracts of title shall pass to the purchaser or grantee. 19. 'I'he Association shall have the right, in its discretion, to require that the riortg:~gon pa~~ into the Association in addi- ~ ti~n to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, ~ .+u amount t~ual to one-hvelfth of the annuat installments of anv ta_res on the mortgaged premises levied or assessed by am• ~o~~ernmental authority, and one-hcelfth of the cmnual premiums for Fire and Extended Coverage insurance~on the mortgageci E~rernises as hereinbefore required b~~ the Association, and the \tortgaaors' failure to makc such pa~•ments shaU constitute a default i~ndcr this cnortgaoe. I\ ~VIT\ESS WHEREnF, the said \fortga~~rs hc~reunto sM thcir h~nds and seals the day and year first above «~ritten. a Sign~•d, sealed and dcli~~ered i the prescnce of: ; ~ ~ , ~/~C~~~? - C~~~~ (SEAL) ~ c~ D ald A. Sc ba r ( . ~ ,~~~[,Gt,G l~% ~ . c~~~~,~~~'L) ~ j y H. Scham ch ~ ~ , (SEAL) (SEAL) ~ ~ ( W I TNESSES) (MORTGAGORS) ~ ?'r: ~ ~v ~ FAGf ~ ~ ~ ~ ~ - - - _ . _ _ _