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HomeMy WebLinkAbout0743 1 ~ I ( 8. Until default in the pedormance of the covenants and agrecments of this mortgage, the morlgagon shall be entitle~d to collect the rents. issues andprofIts from the premis~s hereinbefore described, but ir? case of a default in any of tbe term, of this mortgage, and the fil~ng of a bill to foreclose this or any other mortgage encumbering the v?~ithin described property, the ~lssociution shall immediately and without notice be entitled to the appointment of a Receiver of the mottgaged pt~operty, and of tha rents, issues and profits thereof, with the usual power of Receivers in such cases, and such Receiver may be contiauod in possession of the said propert~~ until the time of the sale thereoE under such foreclosure. and until the confirmation of such .ale b~• the Court. ' 9. If a conveyance should be made by the mortgagors of the premis~ herein described, or any part thereof, withaut the written consent of the Association, and without assumption in re~dar form of lAw by the grantee of tFie obligations to the ~1~cociation created bv said promissory r:ote and t}~is mortgage, then, and in that event, and at the option af the Associatiuu, :~ud ~vithout notice, a11 sums of mnr~ey sec~~red hereby shal) immediately and concurrently with such conveyance become due and payable and in default. The Association may deal with successors in interest with reference to this mortgage and the debt herebv secured in the same manner as with the mortgugois, and may forbear to sue or may extend time for payment of the debt, securec~ hereUy, or otherwise act without dischargaig or in any way affecting the liability of ihe mortgagurs hereunder or upon the debt hereby secured. The Association may also deal with the Mortgagors and/or with successors in interest with reference to this ~nortgage and the debt hereby securecl by forbearing to sue, extending the time for payment of the debt, providing for different monthly payments and/or a different interat rate and by other express malifications of the contract ~~•ithout bsing nny priorit~• the Association has ovrr other modgagees or lienors or hulden of any junior interests in the property secured herebv. l0. That in tl~e event the pmmiscs hereby mortgaged, or ~ny jra~t thereof, shall be condernned a~~d !al~~n for public use . iindrr the Ex,~~•cr of emincnt doman~, tl~e As.wc:iation shaU have the ri;ht to dem:ind that aU dama~es a~~~arded for the taking of or damages to s.1id premises shail ae paid to the Assaciation, its successurs or assigns, up to the amount anpaid on thu mortgage and mav be applied upon the payment or payments lasc payable thcreon. 11. It is specifically agreed ihat hme is the essence oE this eontract and that no waiver of any obligation hereunder or of the obligation secwed hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. IE foreclosure proceeclings of any second mortgage or second inut deed or any junior lien of any ldnd shouid be insti- tutcd, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness secured hereby due and pa~~able. 13. To the extent of the indebtedness of the Mortgagors to the Association deuribed hercin or seceaed heresby, the Asso- ciation is herebv subrogated to the lien or liens and to the rights of the o~vnen and holders thereof of each and every mortgage, lien or other er~cumbrance on ihe land described herein which is paid an~l(or) satisfied, in whole or in part, out of the.p ~~f the loan described herein or securc~i hereby, and the respecti~~c liens of said mortgages, liens or other encumbrances, sl~~ to ~nd be held by the Association herein as security for the indebtedness to the Association herein described or hereby s~acured, o the wme ex!ent t)u1t it would have been preserved and ~~rould h~ve been passec~ to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignuient~ notwit~utand- ing the faM that the same may be ratisfied and cancelled of record, it being the intention of the parties hereto that the same will be sa5sfied and cancelled of record by the holders thereof at or about the time of the recordiag of this mortgage. 14. To pay all and singular the costs, charges, and expenses including lawyer's fees~ reasonably incurred or paid at any time by the Association, bec~ause of the failure of the ~fortgago~s co perform, comply with und 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 hereby. 15. That he will permit, commit, nr suffer no waste, impairment, er deterioration of said pmperty or any pa~t thereof; and in the event of the failure of the Mortgagors to keep the buildings on saidpremises and those to be erected on said premises, • ~r improvements thereon in good repair, the Association may make and pay for such repai~s as in its diu~retion it may deem necescary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage ' .?nd shall at the option of the Association be immediately due and payable~ or Irayable in such monthly installments as the Associa- tion may detcrmine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ' 16. That if the Association and the ~lortgagocs agree, the Mortgagors will carry a policy or policies of insurance upon I their lives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said Association benefi- ~ ciary ihereunder, and that the said Association may pay the premiums for such insurance (in the event the !1lortgagors do not), ~ :ind add each such pa~~nent to the unpaid balance of the loan, as of the first day of the then cturent month, and it shall became additional indebtedness securecl by th'u mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~liortgagors or their coniractors to complete said building in accordance with Construction Loan Agreement, of even date herek~th, or to build ~ said construction in accordance with plans and specifications filed with the Association, shall constitute a breach of this mortgage, ~ and, at the option of ihe Association, immediately mature the entire amount of principal and interest hereby secured and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. ~ i 18. That the abstract ur abstracts of title covering the mortgaged properly shzil at all times, during the life o~ this mort- ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to the mortgaged ptoperty in extinguishment of the indebtedness securecl hereby, all ri~ht, title, 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 111ortgagon ~y into the Association in addi- tion to the monthly installments of princi~ral and interest to be paid by the ~tortgagors t?nder the note secured by this mortgage, ~ :~n amount equal to one-hvelfth of the annual installments of any tvres on the mortgaged premises levied or assessed by any p govemmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci premise~s as hereinbefore required by the Association, and the ~tortgagors' failure to make such payTnents shall constitute a default ~ under this mortgaoe. . ~ Il~ R'ITIIESS \VHEREnF, the said ~tortga~ors hereimto set their hands and seals the day and year first above written. ~ ~igned, sealed and dclis•ered in the presence of: ; ~ . ~ ~ ~ .(SEAL) , ~ Mitchell R. James ~ 5 ~ t ~ (~i--t-~ ~~G? ci- ~ ~t ::~7 / • ~C~-~~c _ 1-t SEAL ) ~ Angel~r~i. James . a ~ ~ _ - - _ __(SEAL) ~ - ~ _ _ _ - . - - - - _ ~ _ - - - ~SEAL) ~ (VI/ITNESSES) (MORTGAC,ORS) i _ r A ~c~ ~ E::~ ~~~t FAGE 7~J ~ , _ . ~ _ _ _ .