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Home My WebLink About0951 ~ ~ . 1 ~ ! ~ 8, Unt31 default tn the performance of the covenants and agreements of this mortgage~ the n~ortgAgors shall be entided ~ to collect the renb~ issues and proflts from the premises heretnbefora described, but in cuse of n default in any of tho termy of a this mo~tgnge~ and the fillng of a bill ta foreclose this or any other mortgaga eneumbering the wtthin described propeety, the ~ AssoclatIon shaU immedIntely and w3thout notice be~ entitled to the nppointment of u Receiver of the mortgaged prop~rty, and ~ of the rents, issues and proEits therc~?f, with the usunl power of Receivers in such cases, and such Receiver may be continued i in posaesston of tha said property until tha time of the sale thereaf un~ier such foreclos«re, t?ncl until the confirm~?tion af such ~ snle by the Court, j 8. If a conveyance should be made by the mortgagors of the premises herein described~ ue nny patt thereof, without : the written consent of tl?e Association, pnd without ussumption in regular form oE lnw hy the grantee of tl~e oblig:ttions to the i Assoclntion cr~nted by suic~ promissory note and this mortgage, then, and in thnt event, and nt the option of t1~e Associ~tian, i. nnd without notice, ull sums of mone,y sec~~red hereby shAll immediately und concurrently ~vith such crnveyance become due nnd paynble and in dcfault, The AssociaHon may dr,al with successors in interest ~vith reference to this mortgnge und the debt hereby j secured in tha s~1me mnnner us with the mortgngors, and may forbenr to sue or mny extend time for payment of the clebt~ secureci t hereby, or otherwise act without discliurguig or in any wny afEecting the linbility of the mort~ugors liereunder or upon the debt 1 }~ereby secured. The Assoctation may also deal with the Mortgagors nnd/or with successors in interest with reference to this ; mortglge unci tho debt hereby secured by forbeuring to sue, extending the time for payment of the debt, providing for different i mont7ily paynnents and/or a different interest r~ete, t~nd by other express mocliEicltions of the contract, without losing nny priorit~~ ~ ; the Associatton has over other morigagees or lienors or holders of uny junior interests in the property secured hereby, t; l0. Thnt in the event the premises hereby mortgaged, or nny pnrt thercof, shail Ue condemned nnd tuken for public use ~ under the power of eminent domain, tl~e Assuciatiun shnU have tl~e ri~ht to demund thnt all damages awa~rded for the tuking of or ; damages to snid premises shnll be paid to the Associntton, its successors or assigns, up t~ the amount unpaid an this mortgage and ; mAy be npplied uiwn the paymeni or payments last paynble thereon. °F'~'~ 11. It is speeifically ngreed that time is the essence of this contrnct and that no wniver of Any obltg~tion hereunder or of the obljgation secured hereby shall at Any time thereafter be held to be n watver of the terms or of the instrument secureei hereby. 12. IE foreclosure proceedings of any second mortgnge or second trust ~eed or any junior lien of uny kind s1?ould be insti- tuted, the Association may at its optIon, immediately or thereafter declare this mortgAge and the indebtedness se.cured hereby due and payable. ~ I3. To the extent of thc indebteclness of the Mortgagors to the Associntion described hercui or secured here:by~ the Asso- 4~` . ciation is hereby subrogated to the lien or liens und to the rights of the owners snd holders thereof of euch and every mortgage, _ lien or other ei~cumbrnnce on tha land described herein which is paid and(or) satisfied, in whote or iii part, out of the proceeds of the loan clescribed herein or securect hereby, and the resnectivc liens of said mortguges, liens or other encumbrnnces, shall pass ~ to nnd be held by the Association herein as security for the indebtedness to the Association herein described or hereby secured, to ; the same ex;eni that it would hAVe been preserved nnd ~vould huve been ~assed to und been held by the Associution had it been _ duly and regularly assigned, trunsferred, set over ~nd delivered unto the Association by separate deed of assignment, nohvithstuna- j ing the fact that the same may be satisfied and cancelled of record, it being the intentton of the parties hereto ihat the same ~vill be sa~sfied and cancelled of record by the halders thereof at or nbout the time of the recording of this mortgage: 14. To pay n11 and singular the costs, charges, and expenses including lawyer's fees, reasonsbly incurred or paid at any time by theyAsso~iation, because of the failure of the rTortgagors to pedorm, comply with and nbide by each and every stipula- tions, ngreernents~,`ronditions and ~ovenants of s:zid promissory note and this deed, or either, and ev~ry such payment shaIl bear interest fro~.date at the rate stated in the note secured hereby. 73~ ~~'~aE ?i~ ~viu'permit, commit, or suffer no wnste, impairment, or deterioration af said property or any part thereof; • vi = nn~i in~th$ event of the fiailure of the Mortgagors to ke~p the buildings on said premises and those to bes erected on snid premises, : or im proveirienfs thereoq in goocl re pair, the Association ma y make and pay for such repairs as in its discretion it may deem necess~F3.~'or t}~~,• proper preservation thereof, and the full umaunt of such payments shall be secwed by the lien of this mortgage and $hall at the option of the Assoeiution be immedinteiy due and payable, or j~ayable in such monthly installments as the Associa- tiom m~y;determine, and every such payment shall beAr interest from date ut ihe rate stated ia the note secured hereby, 18, .~'h~t,1f the Assoeiatian and the I~tortgagors ~gree, tlie Mortgagors will carry a poliey or policies of insumnce upon ~ ~ their lives in an arrTeunt equal from time to time to the amount of indebtedness hereby secured, making suid Association benefi• ciary thereunder, and that the said Association maypa y the' premiums for such insurance (in the event the l~Tortgagors da not)~ _i and add each such p~yment to the un~aid balance of the loan, as of the first day of the then ciurent month, and it shall become additional indebtedness secured by th'~s mortgage payable apon demand. 17. That in the event that this mortgage be given to secure a construction Ioan, failure on the part of the I~4ortgagors or their rnntrlctors to complete said building in accordance with Construction Loan Agreernent, of even date herewith, or to build f~ said conshuction in accordance with plans and sp~eciEications filed with the Association, shall eonstitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amount of principal pnd interest hereby secured And the Asso- E 'ciation may immediatety institute proceedings to foreclose this mortgage. 18. That the lbstract or abstracts of tide cavering the mortgaged property sh~il at all times, during the life of this mort- ~age, remain in the possession of the Association and in th~ event of the fareclosure of this mortgage or other transfer of title to the mortgaged propedy in extinguishment of the indebtedness secured hcreby, all right, title, and interest of the Mortgagors in and to any such abstracts oE title shall' pass'to the purchaser or grantee. , ! 19. The Association shall have the right, in its dl'scretion, to require th~t the Mortgagors p:iy into the Association in addi- . tion to the monthiy instaltments of principal and interest to be paid by the Mortgugors under the note securecl by this mortgage, ' nn nmount equal•to one-twelfth af the annual installments of any taxes on the mortgaged premises Ieviecl~~Qr~~s'~Z#sed.,by any ~ govemmental suthority, and one-twelfth of the annual premiums for Fire and Extended Coverage insurqat~ on tlr~~rnaitgaged , premises as hereinbefore required by the Associ~tion, and the 1liortgagors . faitt?re to make such payment~~all ~~StIUtG~~Qe~t~,ult under this mortgage. ~t ; ~ ti IPi WITNESS t'VHEREt~F, the said Ivqortgagors hereunto set their hnnds nnd seals the day aud 'y$ar, f irst ~Q,4A~~t~A~itter~, ~ ~ ~ ::~~s Sign sealed and liv re in th~ presence of:,~_ D A D ~ S r 'N ~ ld ~ . . . , INC. , a ~$1da cyp,~r~o~~f~o~ ~ ~ j~/, i r~ , ; . . s ` . ~ L~- -~==1~-----•- - • ~ _.K~2- .---1--------I~LAL) r.~ ^-~_------^-V---~------- - yo Dick on, Vice Presi en~~~`. , ~ , . ~ ~ ~ ' C ' : _ .~r.c.~:__ -------cS ~ ~ ~ ~ J,~' W. 'ckson, Secretary . ~ --•---•--.(sE~.) ; - . - --------y.._..---__~..__-------------~-------=--~------_(sEAr.) ~ITNESSES) (MQRTCiAGORS) ~ ~ ~ ~ ~ i 8t~~x ~ fe(E t .