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Home My WebLink About0597 8: Until dcfault in the per(onnanc~ of the covri~ants und a~;r~~inents uf ihis mortbage, the murtgagors shall be entitlecl t~, collect the re~ts, issues and pm(its from the premises hereinbeforo describeci, but i~ case of a defauit in uny of the terms uE this ~nortgage, and the filin of a bill to forccluse this or,any other mortgage cncurnbering the ~vithin describecl property, the .\ssocistiou shnll immediate~v and withcut nutic~c lx~ entidec: tu the apfwu~tment of a Recei~•er of the mortgaged property, and ~~f tl~e rents, issues and profits thereof, ~vith the usual power of Receivers in such cases, ane~ such Recriver may be contiuueci ~n pos;essiun of the said propert~~ until the time of the sale thereof under such (oreclosure, and witi) the confirmatiun of sucl? ~t~~ a~~~rt. 9. lf a cum~evanc~c shuuld ~ made by the mortgagon of the pmmixs herrin descri?~eci, or any ~k~rt thereof, without !h~• ~~•ritten rnnsent of the Association, and ~rit}?out ussumptiun in rcgalar Eonn of~la~v by the grantee of d~e obligations to the ~..~~ciation created ln~ tiaid promissorY note and this ~~~urtgage, then, •?nd in that e~~ent, and at the u~~tion of tl~r As.uciatiun. u~~l ~vithout noticc, :tll sums of mone~~ sec~irecl hemby shall immedialely :itid cYmcurre•ntiv ~~•ith such conveVance I~ec~me c~ue a~~~~ ~~a~~able a~?<l in default. The AssociaNon may deal with successors in interest ~vith refemnce to this mortgage and the debt hereb~• ,ecurcd in the same mannrr as ~~•ith the mortgagon, and ma~~ forlx•ar to suc or ma~~• rxtend time fur pay~rnent uF tLe debt, securcil hereby, or othen+~ise act ~~~ithout discharging or in any wa~• affccting the liability of the mortgagurs liercunder or upon the debt hcreby sec~uccl. 'fhe Association may ulso deal ~~~ith the :1lortgagors and/or with JIICYY SSOTS in intcrest ~vith reference to this ~ ~~~urt~age :u~d thc debt 1?creb~~ scc~~rc~cl bv forbeari~~G to sur, exicnding the time Eor paymeut uf the debt, providing for diEferent ~nonthly payments and/or a diffemnt intcrest rate, and Uy other express moclifications of thc contrurt, ~~ithout losing anv priorih- the :lssoeiation }~as over other morigagees ur licnors or holciers of any j~nior interests ~n the pru~x•rty secumcl hrreb~•. 10. That in the tvent the premises hercb~• ~nortfiagecl, or anv ~~:irt thereof, shall be condeinned aud taken for publie us~ uucicr the ~w~vrr of emin~•nt dumain, the ~~vx•iation sha?t have tl~c: right to clem:uid th.~t all damages a~~~ardeci Eor the tal:ing of or ~lama~es to said premises shall be paid to the Associatiun, its successors or assi~~ls, up to the amount unpaid on this mortgage and ~n:~.• be applieci u~wn the pa~~ment or pa~~rnents last par:+ble thcreou. i l. It is s~xrcifically agreecl th~t time is the cssencr of this amtr.sct :+nd that no waiver oF :w~• ubligation hercunder ar of the uhligation secured hereb}• thall at an~~ timc thereaEter be held to t~e a~vaiver of the terms or of the instnunent sccured hereby. 1?. If foreclosare pra-eedings of an~ sernnd mort~age or sec~nd tn~st deed or any junior lien uf uny lond should be insti- t~it~•d, the Association m3y at its optiun, immediately or thereafter declare this mortgage and the indebteclness ~ecured hgreby d~e .~ncl pa~•able. 13. To thc cxtr~~t of tl~e indcbtedness oE the \fortgagors to thc Associ:ition desrribed hcr~•in or securecl l~en~by, the Asso- ~ i.~tion is hcreb~~ subrogated to the lien or liens and to the rights of the o~.•ne•rs and holders thereof of cnch and every mortgage, li~•n or othcr cucuinhr.~ncr on the land dcscribecl herein ~~•hich i~ ~>aid anclforl satisficcl, in ~~•hole or in part, out of the proceeds ~,f the loan described hercin or secure~l hemtn~, ~nd the res~x~cti~•c liens of klid mort~a~es, liens or other encumbrances, shallp~ ss t~~ .?nd I~e held M• the Assc?ciation herein as seeuritv for tl~e indebtc~ciness to the Assxiatic~n herein desrribed or herebv seeured, to tl~~~ sume ex!ent that i1 ..~ould have ~en preservecl and ~~•oidd have 1x~n rassrd to ~nd bcen held by the Association had it been s ~lul~~ and regularl~~ assi~nccl, transferrcd, sei o~~er and deli~•ered unto thc Asscx•iatian by separate cieed of assignment, not~vithstand- ~~i~ the fact that the same ma~~ be satisfiecl and cancelled of record, it l~ing the intention of the parties hereto that the same ~~zll 1«• satisfied and.canceUed of~record b~• the holders themof at or about the time of the recording of this morigage. ~ 14. To pa~ ~!1 ~nd sin~ular the costs, charges, and expenses inciuding lawyer's fecs, reasonabh• incurrecl or paid at an~• iirne b~~ the Association, lx~c:uise of th~• failure of the \tortg:~gors to perfnnn, comply «•ith and abide bv each and every stipula- ti~ms, a~~rcements, rnnditionc and rn~•e~nants of s:~id ~mmisst?ry notc an<l this cl~ed, ar eitlu•r, and every such pavment shall ~ar E interest from date at the rate statcd in the• uote sc~c•urrd hereb~•. 1S. Thc~t 1?e will pem~it, commit, or suffer no ~~-aste, impairtnent, ~x ~lctcrior.ition of said pmpcrtv or am• part thereof; :~n<l in the e~~ent of the f:~ilutir of the ~fort~~agors to ket;p the buildin~c on ~:iid premises and those ta be erertecl on s:~id ~remises. ; ~,r nnpro~~ements thcreon in g«xl repair, the Association mav m:?ke and pay for such repairs as in its discretion it rna~~ deem 5 ~ n~ccssan~ for the proper preservation thereof, and the full amount of such pa~-ments shall Ue secured b~ the lien of this mortgage ; ~r~d shall at the option of the Association Ue immediatelv due and pati~able, or ~zyabie in such monthly installments as the Associa- ; ~ tinn may determine, and e~•erv such pa~Tnent shall bear interest from date at the rate statecl in the nate seeured herehy. : i 16. Tl~at if the Assoriation and the \tortga~ors agree, the ~tort~a~urs ~~'ill carry a policy or ~licics of insurance upon ~ { rh~•ir li~~es in an rm~unt eclual from time to time to the amount of indeLte~dncss herebv secured, making said Association benefi- ` ~ i:u~~ thereuncler, and that tl~e s:~icl Asscx:iation may paV thc: premiums for suc}, insurar~ce (in the event the \iort~a~ors da not), ~ ,n~l :~dd each such ~~~-ment to the unpaid balance of the loan, as of th~ first day of the then cunrnt month, and it shall becamc ' :«Irlitional indebtcdness secured l~v t}iis mort~aQe payable u~n detnand. p - ' I That in the event that this mort~a~e be given to secure a constn?ction loan, failure on the rart of the ~tortga~ors or ~ ~lieir cYmtr.ictors to cornplete said bnildin~ in accordance ~eith Constnution Loan A~rcrment, of even date hare~+•ith, ~r to build ~ ~.~i~l c~~nstrucfion in acc~~rdance ~vith plans and s~ecifications filecl ~t•~th the :ssociation, sliall constitute a breach of this mort~age, ~ u~el, :it thc o~tion of thc Association, immi•cliatel~~ mature the entire amount of prineipal and interest hercby secured and the Asso- ~ : i.~.ion mav immcdi:~h• instiiute• proccedings to foreclose this ~nor!na~e. ~ ~ l8. That the abstract or ab~tracts of title co~•erin~ the mortfia~c~ci pro~~erh- shall at all times, clurin~ the liEe of this mort- ~ ~~.i~,c'. rem~in in the ~ssession of the Association and in the event nf thc• k~reclos~re "of tl~is mort~age or other transfer of title to ~ r?u• mnrt~a~cd proPerty m cxtin~uishment of tlie indebtedness serur~yi t;crrbv, all ri~ht, title, and interest of the \ioriga~on in ~ .~nd to an~• snch ahstr:icts of title shall p:~ss to the purchaser or grantee. # 19. 'Che As~ciation shall ha~•e ihe right, in its discretion, to rcc~uire that the \tortR,~gors p,it~ into the Assoc•iation in addi- - ~ ti~~n t0 tI1P IB(lil~}~h• it~stallments <rf Principal :ind intcrest to be p:iid 1>~• the \fort~a~ors uncler the note sect~red Uv this mortgage, ~ ~n :imount equ~l to ~ne•-h~•clfth of the ~nnual installments of an~~ tases on the D1U1"~~:i~cd premises levieci or ass~•ssed by anv ~"~~crnm^ntal authorit~•, and one-t~~clfth of the :innual premiums for I~ire and Extended Cover.~ge insurance on the mortgaged ~ ~~rcmisc~s :is L~•r~inlx•fnre re~~iiire•~l h~• thc :1~s~~ci.~ti~m, :mcl the ~tort~a~ors' failnre t~ make such pa~•ments shall ccrostitute a default ~ undcr this in~~rt~a!~c. ~ ~ I\ ~l'I'C\ESS \1'HI:tiE(>E~, thi• caid ~inrtt;a~nrs h~~reunto ,ct th~•ir h:~n~ls and seals the da~- a?td ~~ear first abo~'e ~vritten. ~ • - Sign^d, scalf~d and cl~li~-ercd in thc prc~cncc o(: C. F. ShaWV r~Construction Co. , lilc. _ ' ~~~tir R-- By: '~L_..;~-~~~1 ~ {SEAL1 ~ ver President ° ~ C. F. Shaw , ~ ~ ~ f r~ X~~C~''S~ _ . f~. c s~~L~ _ ~ . _ _ f , . . ~ '3 ' ~ ` ~ ~ . (S~4L) s (WI*NESSESJ iMORTGAGOR3) . ~ A r=;~ ~5~ f,,~.E 5~5 . ~ ; ~ ~ ~ ~ ~ ~~`'r` ~r ~ . ~ . _ ~ . . _ _ . _ , . , _ . « u, ' . ,