The URL can be used to link to this page

Home My WebLink About1164 f` ~ ~ ( {t ~ r . t ~ 1 ' ~ . l ~ UnW defau~f ln the parformaneo of the Fovensnts and agreemenls of thIs mortgage, d~e mortgagon shal! be entitled 1; to ooltect the rerit~c~ tssues snd proflts from the prer~Ises heretnbefora described, but in casa of a default in any of the term~ of t- this mortgaga, and the filIng of a bill to foreclose thls or any other mortgage encumbering the within described property~ the Assoctation shall immedlately and without notice be entitled to the appointment of n Receiver of the ~mortgagecl property, nnd of the rents, issues ~nd profits thereof, wlth the usunl ;~ower of Receivers In such cases, 1nd such Receiver may be continued ~ in pos.esston of the saId property until the time of ihe s~le thereof under such foreclosure, And until the conftrmntion oE such ' ' snle by. the Court. ' 9.•.if a conveycu~ce should be mAde by the mortgagors of the premises herein described~ or any part thereof, without tt~e written con'sent of the Associatlon, And without nssumption in regular form of Iaw by tha grantee of ttie obligutIons ta the Associntion crented by suid promtssory note and this mortgnge, then, and in thnt event, And nt the uption of tl~e Associntion, ~inci ~vithout notice, ali sums of money sec~~red hereby shnll ir.:mediately nnd concurrentlv with such conveyance become dua and ~~ayable And in defnult, Tha AssociaHon m~y deal with successors in interest with reference to this mortgsge and the debt hereby secured in the same mannrr us with the mortgagors, and may Eorbenr to sue or muy extend time for payment of the debt, secured hereby, or otherwise act without discharguig or in any k•:;~ uffecting the liat?ility of the mortgAgurs hereunc~er or upon the debt hereby sccured. Tho Associatiom m~y also deal with the Mortgagors ond/or with successors in inlerest wIth reference to this mortgage ancl tho debt hereby secured by forbearing to sue, extending the !ime for payment of ihe: debt, providing for different f monthly payments und/or a d~fferent interest rnte, and by other express modliirntions of the contrnct, without losing nny prioritv ' the Association has over other morigagees ur lienors or holders of uny ~wiior interests in the property secured hereby. 10. Th~t in the event the premises hcreby mortgaged, or a~iy pnrt thereof, shall be eondemned And taken for publio use under the power of eminent domaui, the Assucintian shAl1 hAVe tha right to demnnd that nll damages awarded for the taking of or damuges to s~~id premLses shall be pald to the Association, its suceessors or ussigns, up to the amount unpaid on this mortgage and m~y be npplied upon the payment or payments last payuble thereon. 11. It is specifically agreed that time is the essence of this contract and that no wniver of any obligation hEreunder vr of the obligatlon securec,l hereby shal[ at uny time thereafter be held to be n waiver of ihe terms or of ihe instrument secured hereby. 12. If foreclosure proceedings of any second mortgnge or secbnd trast deed or any junlor lien of any kind should be insti- tuted, the Association may at its ogtion, immecliately or thereafter declare this mortgage and ihe indebtedness secured hereby clue ! and payable. ~ 13. To the extent of the indebtedness of the Mortgagors to the Associntion described hen.n or secured liereby, the Asso- ciation' is hereby subrogated to the lien or liens und to the rights of the owners and hatders thereof of euch and every morigage~ { lien or other er~cumbrAnce on the land descrtbed herein which is paid ancl(or) satisfied, in whole or in part, out oE the proceeds ~ of tha laan describea hecein or seeuretl hereby, an~ the res~ctive liens of snid mortguges; liens or other encumbrances, shallpa ss to nnd be held by the Association herein as security for tl?e uidebtedness to the Association herein described or hereby secured, to the same ex:ent that it would have been preserved and would hnve been passecl to and been hetd by the AssociatIon had it been duly and regularly asstgned, tr~nsferred, set over and delivered unto tho Association by separate deed of assignment, notwithstand- ing fhe fact that the same may bc satisfiec~ and cancelled oi ;,ecord, it being tha intentIon of the p:uties hereto that the same wi]I be sa~sfied And cancelled of record by the holders thereof at or about the time of the recording of ihis mortgage. ~ 14. To pay all and singular ihe oosts, charges, and expenses includIng lawyers fees, reasonably incurred or paid at any time by the Associution, because of the fnilure of the riortgagors to perfonn, comply witli and ubide by each and every stiputa- tions, agreements, conditions and covenants of snid promissory note ana this deed, ar either, and every such payment shall bear interest from date at the rate statecl in the note secured hereby. 15. That he willpe rmit, commit, or suffer no waste, impairment, or deteri~ration of said property or nny gart thereof; I nnd in the event of the failure of the Mortgagors to keep the buildings an suid premises and those to b~ erected on s~1id premises, ( or imnrovements thereon in good repair, the Association ms~y make and pay for such repaits us in its discretion it may deerri necessary for the proper preservation thereof, and the full umount of such pavments shall be secured by the lien of this mortgage and shall at the option of the Associutioa be fmmediatzly due and payable, or payable in such monthly installments as the Associa- i tion may determine, nnd every such payment shall bear interest from date at the rate stated in the note secured hereby. 18. That if the Association and the I?iortgagors agree, the Mortgagors will carry a policy or policies oE insurnnce upon their lives in an ar~unt equal from time to time to the amount of indebtedness hereby secured, making said Assoctation benefi- ciary thereunder, and that the s~1id Association may pay the premiums for such insurnnce (in the eYent the Mortgagors do not), and ndd each such payment to the unpaId balance of the loan, as of the first day of the #hen current month, and it ahall become additional indebtedness secured by th'~s mortgage payable upon demand. 17. That in the evant that this mortgage be given to secure n construction loan, failu~e on the part of the Morigagors or their contrlctors to complete said building in uccordanee with Construction Loan Agreement, of even date herawith, or to build - said construction in accordance with pluns and spzcifications filecl with the Associntion, shall constitute a breach of ihis mortgage, nnd, at the option of the Association, immecliately mntiu~e the entire amount of principal und interest hereby secur~d and the Asso- ciation may immediately institute proceeclings to foreclose this mortgage, 18. That the Abstract ur abstrncts of titie covering the mortgaged prope~ty shull at all times, during the life of this mort- gage, remain in the possession of the Association and in the event of t[~e foreelosure of this mortgage or othcr transfer of title to , the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title~ and interest of the Marigagors in and to any such abstracts of title shall pass to the purchaser or grantee, : 19. The Associution shal! have the right, in its discretion, to recjuire that the Mortgagors ~ray into ihe Assodation in addi- { tIon to the monthly installments of principal and interest to be paid by the Mortgugors under the note seeured by this mortgage, ~ nn zmount equal-to one-twelfth of the annual installments of any taxes on the mortguged premises Ievled os assessed by any govemmental authority, and one-twelfth of the r?nnuAl premIums for Fire and Extended Covernge insuranc~a on the mortgaged ~ pramises n3 heteinbefore required by the Association, and the hfortgagors' fuilure to make such payments shall rnnstitute a default under 'this mortgag~. ; , I*ly', WI~NESS VVHEREO~ the satd Mortgagors he:eunto set their hnnds nnd seats the day and year first abova written. ~ y - ' ~~r 4 ` ~ . ~ Sigi~ sea~ed'an d ivere the ence,of: ~ ,y ~ . S,~ q ~ '!./`j ~ ~ • ' ~ - - - - - - .~L ~~~~t~~'~'~'-._.(SEAL) ~ r ~ : . Y - V~I ia ~~~lk / -G~ . . _.c~~. ~ _ _ - - ~ ~i (5~.~,) G%G?~ CZara B. Volk . . ~ ~w ~j. .tJLi~LI i ..M. .._---------__~...___-~ITNESSE~_______________---- ---------------------~TGAGORS) ------...._~_.._...._(SF,AL.1 ~ p A . 80~K ~O4 E~ACE,6't