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Home My WebLink About0934 !2. Until default in the performance of the covenants and ugrctiments of t}us mortgage, the mortgagors shall be entitled . to coAect the rents. issues and profits from the premises hereinbcfore described, but in case of a default in any of the term~ uf this mortgage, and the filing of a bill to foreclose this or any other mortgage encumbering the within d~scribed property, the :~ssociation shall immeciiately and without notice be e~titled to the uppointment of a Receivcr of the mortgaged p»perty, and of the reats, issues and profits thereof, with the usual power of Receivers in such cases, snd such Receiver may be rnntinueci ;n pos,ession oF the said properti~ until thcs time of the sale thereof under such foreclosure, and until the confirmation of such ,.11e b~• thc Court. ~ 9. If a conve}~ance should be made by the mortgagors of the 4xemises herein described, or any part thereof, without ; thc ~vritten eunsent of tl?e Associ:~tion, and ~~~thout assumption in regular form of ln~v by the grantee of the obligations to th• i ~\csociation created bv said promissory note and this mortgage, then, nnd in that event, und at the uption of the Ass~~ciation. ' an~l ~~~thout notice, ~Il sums of mone~~ sec~~red hereby shaU immediately and coucurrendy a~tith such rnnveyance ~ec.~me due and ~~a~~able and in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt herebv sc~cured in the same mnnnrr as v?•ith the mortgagors, and may forbear to sue or may ~xtend time for payment of the debt, secureil hereby, or otherwise act without d'uchargu~g or in any ~vay affecting the liability of the mortgagurs hereunder or upon the debt hereby secured. The Association mav aLso deal with the Mortgagors and/or K~th successors in interest with reference to this mortgage and tho debt hereby secured by forbearing to suc, extending the time for payment oE the debt, providing for different monthly payments and/or a diffetent interest rate, and by other express moclificatioru oE the contruct, without losing Any priorit~• ~he Association has over other mortgagees or lienors or holders of any jm»or interests in the propert~ secured hereby. 30. That in tho event the pr~mises hcreby mortgaged, or any part thereof, shall be condernned and taken for public use under the powrr of eminent domain, die Assuciatiun shall have the right to demand that all damages a~varded for the taking of or damages to said pmmis~,~s shal) be paid to the Association, its successors or assigns, up to the amount unpaid on thu mortgage and mav be applied upon the payTnent or pa~~ments last ~yabie thereon. 11. It is specifically agreed that time is the essence of this contraM and that no ~vaiver of any obligation hereunder or of the obligation securecl hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreclosure proceedings of any second mortgage or second trust deed or any junior lien of any lond should be insti- tuted, the Association may at its option, immediately or thereafter declare this mortgage and the indebtedness seciued hereby due and pa~~able. 13. To the extent of the indebteclness of the ~tortgagors to the Associ.ltion described hemiu or secured hereby, the Asso- riation is hereby subrogated to the lien or liens and to the rights of the o~~nen and holders thereof of each and every mortgage. lien or other et~cumbrance on the land described herein which is paid and(or) satisficd, in ~vhole or iu part, out of the pnoeeds ~~f the loan described hercin or securecl hereby, and the res[~ecti~•c liens of said mortgages, liens or other encumbrances, shall~as. m and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby securc~ci, to thc wme ex±ent ihat it ~voi~ld have bcen preserved and ~~•ould have been passed to and been held by the Assoc7ation had it been duly and regularl~ assigneci, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact ihat the same mav be satisfied and cancelled of record, it being the intention of the ~rties hereto that the same will be sa5sfied and canceUed 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 inciuding lawyer's fees, reasonably incurred or paid at any time bv the Association, berause of the falure of the 1liortgagors to petf`onn, comply with and abide by each and every stipula- tions, agreements, conditions and covenants of said promissory note and this dectil, or either, and every such ~,yment shall brar interest from date at the rate stated in the note secured hemb~•. 15. That he will permit, commit, or suffer no waste, impairment, or deterioration of ~.aid property or any part thereof; ~n<i in the event of the fsilure of the titortgagors to keep the buildings on said premises and those to be erected on said premises, nr 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 :ind 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 bear interest from date at the ratc stateci in the note secwed hereby. 16. Tl~at if the Association and the \Tortgagors agree, the ~iortgagors ~vill carry a policy or policies of insurance upon their lives in an arr~unt eqii~l from time to time to the amount of u~debtedness hereby secured, mal:ing said Association benefi- riary lhereunder, and that the said Association may pay the pmmiums fur suct, incurance (in the event the \tortgagors do not), 4 :~nd add each such p~~Tnent to ihe un~aid balance of the loan, as of th~ first day of the then ciurent month, and it shall become ~ additional indebtedness secured by th'is mortgage payabie upon demand. ~ I7. That in the event that this mortgage be given to securc a constniction loan, failure on the part of the ~lortgagors or ~ their contr.lctors to complete said buildin~ in accordance ~vith Consiruction Loan Agreement, of even date here~~lth, or to build j said c~nstruction in accordance with plans and specifications filed ~~~ith the Association, shall constitute a breach of this mortgage, ~ and, :?t the option of thc Association, immediately matwe the entire amount of principal and interest hereby secured and the Asso- i ciation may immediatei}' institute proceedings to foreclose this mor±gage. ~ ; 18. That the aUstraM or abstracts of tide covering.the mortga~eci property shall at all times, during the life of this mort- ~ ;age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of tide to the mortgaged property in extinguishment of the indebtedness secureci hcreby, all ri~ht, title, and interest of the Mortgagors in ;?nd to any such abstr:icts of title shall pass to the pumhaser or grantee. ~ ~ 19. The Association shall have the right, in its discretion, to require that the :1lortgagors pay into the Association in addi- ~ tion to the mm~thly installments of principal and interest to be paid by the ~tortgagors under the note secured bv this mortgage, :~n amount equal to one-hvelfth of the snnaal installments of any taxes on the mortgageci premises levied or assessed by any ~ governmental authority, and one-h~•elfth of the annuai premiums for Fire and Extended Coverage insurance on the mortgaged ~ ~ircmises as hereinbefore required bv the Ass~ciation, and the ~tortgagors' failure to make such pay~rnents shall constitute a default s undcr this mortgage. ~ I~' ~'~'IT\ESS ~~'HEREnF, the said ~iort a~nrs hcreunto set thF~ir hands and seals the da and ear first above ~vritten. ~ ~ . . y. t ; ~ Si nPd, sealed and dclivercd in the prc~encc of: 1 i_ ~ g ~ C~ ~~CCI~:.~ _ • (SEAL) e ~ Willi C. Richardson ~ - ; Is:~.~~ t,~ . C~:4.t,_.l~ ~~.<~~,L " ~ ' ~~ds~? ` Patrici~ Richar~ ; ~ ~ - . (SEAL) ~ ~ ( SEAL ) ; (W ITNESSES) (MORiGAGORS) a ~ ~ ~ : 254 f.1~f y34 ~ . - r - ~ ~ ~ ~ _ : a _ = _ _ _ ~