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Home My WebLink About0026 8. Unt~ default ia the perfora?anoe of the ooverwnts and ag~recmeots of this moetgage, the matgagas shall be mtitbd to oollect tbe rents~ iuues andpro fib fran tLe p~+emi~ heretabefore descxIbed, b~rt in c4se oE a dehuk in any af tl~s t~m~ of thb mortgage, and the filing of • biU to farecbse tl~s a any other mortgsge encuaabe~iog tbe witbin de~a3bed prope~ty. tbe AssocLttia? ahall immec~ately and without notioe be entitled to the appotnm~ent af a Reodv~ of the a~o~tgaSed propeity, aad u of tbe reab, issues and profits thar~of, with t6e uswl wer of Reoeiv~er: in such cases, ~ud such Re~ceivet may ~s-continued in possassion of the satd pmperty until tbo time of the thereof undet such foreclosore, and uutil the oonfimwtiua oE such snk by the Court. 9. IE a oo~nveyance should be made by t6e mottgagors of tbe premises berdr deacribed, or any part th~eof, without the writtea ooc~ent of the Associatioa, apd witbout assumptiat~ in regnlar farm aE law by the gFautee of tTie oblig~tio~ to tbe ~s.sociatioa created b said promistory note and this m~rt age, thea, and ia that event, and at tbe option o£ the Association. y m~ and ~vit}wnt notice, all suma of mc+oev sec+~d hereby immediatelp and concurrenth? with such emveryance beoome due and P~Yabk and in defanl~ ?be Associatiaa may deal wtth suooessors in inte:est with referenoe to this fiaactgage and t6e debt e~by secured in the same murmr as with tbe mortgagors, and may fa~bear to sue or may e~ctend tiane f~ payment of the debt. s~x:+ued hereby, ar otherwise act without harging or in any way affecting the liability of the matgagas ha~au~da or npon the debt hereby secureci. T1ie Assodatioa awd~~y als~ deal wlth the Modgsgors +~ndla witb suc~ors in interest with refereiwe tio tLis mortYa,ge aacl tbe debt hereby ~seecured by forbeoring to sue, eutending the time fo~ paymeat of tbe debt, Ix~ovidin8 far diffenat ~~Y i~Y~nb and/ar a cliffer~s~t interest rate, wxlby otl~er e:ix~eas a~odificationa of the oontract, without lLoa~~~~~~~a~ny piorih the AssociatIa~ has over other mostgagea or lienors or bolders of any j~mior iaterests in the ProI~~Y 10. That in the event the prcmises hereby ortgag~d, or any part ther~eof, shall be oondemned and takeu forpn blic use uncler tbe power of eminent domain, the Assciciationmahal_ l have the cight to demand t6at all damages awar~ed for the ~g of or damages to snid premisGS shall be paid to the A.aa3aKa~, its successois or sssigns, up to the amo~uit unpaid oa this matg~ge and may be applied upon the gayaseat or payments last p~yabk thei~eon. 11. It is specifically agreed thst tune is the cs~ca of this rnntrad and that no waiver of any obligation Lae~mder or of the obligatioa 9ecured hereby shaIl at any tlme thereafter be hdd to be a waiver of the ternv a~ of the instrument sec~rcd ~y. 12. If f~ectosure proceedings of any second ge or seoond tr~t dced or any iunior liea oE any kind should be i~tt- sec tuted, the Associatia~ may at its option, ima~ediately or t reafter declare this mortgage and the indebtedness sec~u~ed hereby due and payabk. . ~ 13. To the extent of the indebtedness of the Mortgagors to the AssocLltian desaz'bed herein or secured bereby, the Asso- riatian is hereby subrogated to the lien ar liens and to tbe rtghts of the owncn and lwldets thereof of each andever~? a~artg~ga, lien or other ec~unbrance on the land descdbed herein which is Paid and(ar) satisfied, in who]e or in p~rt. out oE t6e prooeeds of the ban desaibed herein or secnr~ed hereby, and tbe respectivc liens of said matgages, liens or other er?cvmbiaacrs, s6sD~pass to and be held by the Association herein as secun~ty fot the indebt~ to tlte Assoclation heaein described oc he~~eby sec+ued, to the same ez!ent that it would have been p~ved and ~vaild bave been ~Seci to and bee~ held by tLe As~ociaKon bad it bem duly and regularly assigned, transferred, set over aad delivered unto the Association by sepnrate deed of a~aig~nnnent, notwithsm~l- ;ng the fact that the same may be satisfied and cancelled of rec~ad, it being the iwtention of tho p~rties bereto that tl,e same wfll be sa5afied anc) cancelled of reoord by the holders thereof at or about the time of the reoo~ding of th~ ma:tgpge. 14 To gay all and singular the costs. chazges, and ezpenses indading lawyer's fees, reasm~ably incurred a~ paid at any time by the Association, because of the failure of the 11~ortgagors to perform, camply with and abide by each and every stipula- tions, agrceaients, conditions and covenants of said pr~mis~ory note and this deed, or either, and every ruch payment shall besr interest from date at the rate stated in the note secured hereby. 15. That he willpernu t, commic, or suffer no waste, impainnent, or deterioration of said p~oPerty or any p~ut thereof; and in the event of the af ilur+e of the Modgagors to keep the buildings on saidprenus~ and ihose to be erec.~ted on said ~m~s, or improvements ther~eoa in good repair, the Association may make and pay for suchrepa~rs as in its disa+etion it may deem necessary for the proper preservation thereof, and the full amount of such pa,vments shall be ~cured by the lien of this martgage u~d shall at the option of the Associatioa be immediately due and payable, o~ payable in s~ch mont~ly ~ts as tbe A.s.soc3a- ~ tion may determine, and every snch gayment shall bear inter~st from date at the rate stated in the note sec~ued hereby. ' 18. That if ihe Association and the 1ltortgagors agree, the Mortgagors will catry a policy or policies of insuranoe upon ~ their lives in an ar~unt eqnal from time to time to the amount of indebtedness hereby sec~red, maicing said Associatio~ benefi- ciary thereunder, and that the said Associatian maypa y the premiums for such insuranoe (in the event the Mortgagurs do ~wt), t and add each such payment to the unpaid balance of the losn, as of d~e first day of the then clment maat}?, and it shall become ad3itional indebtedness secured by t}vs mortgage payabk ~upon demand. F 17. That ~ the event that this mortgage be given to secure a constn~ction loan, fa1ure ~ tLe gart of the Mortgagms ~ their contractors to complete said builcling in acca:dance with Constr~ctian Loan Agreement, of e~ven date herewith, or to build said construction in aocordance with plans and spectiEicatians filed with the Aswciation, shall oonstitute a breach of thia mortgage, and, at the optia~ of thc Association, immediately mature the entire amount of principal and interest hereby senu+ed and the Asso- ciation may immediately institute proceedings to fore~lose this mortgage. 18. That the abstract or abstrads of tide covering the mortgageci property shall at all times, during ihe life of this mort- . ~age, remain in the possession of the Association and in the event oE the forerlosure of this mortgage or other transfer of title to the mortgaged pro~erty in extingoishment of the indebtednes~ sec~ued hereby, all right, title, and interest of the Mortgagors in and to any such abstiacts of title shall pass to the purchaser ar grantee. ~ 19. The Association shall have the right, in its discretion, to require that ihe Mortgagors pay into the Associati~on in addi- tion to the monthly installments of principal and interat to be paid by the Atortgagors under tbe note secured by this mortgage, an amount equal-to one-twelfth of the annual installments of any tases on the mortgaged premises levied or assessed by any - governmental suthority, and one-tweffth of the annual premiuint for Fire and Extended Coveiage insuranee on the martgaged Premises as hereinbefore required by the Association, and the A'Iortgagors' faihue to make such payments shall constitute a d~aalt under this morigage. . II~T WITNESS ~VHEREOF, the said Mortgagors hereunto set their hands and seals the day and year first above written. Signed, sealed and delirered in the presence of: ' . ` - ' ~ - - _ ..c~~. - ' (SEAL) - - - - - - _ . Ste en P. Treece ~ . . ~/~C~.G - - - - -~~C.=- - - -~_-~--(SEAL) - - - - - - P ricia A. ree~ _ - - _ _ - - - - ~SEAI..) - - - - - - - - - - - - - - - ~S~-) (WITNESSES) (MIORTGAGO~~ g~~~ 257' P~ 2? . ^ ~q _ _ _ . , _ _