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Home My WebLink About1297 ~ r . ~ ~ . ~ . . ~ „ ; , . . . 8. Uatl1 defautt in the perfuruian..-~e of the covonants ~nd agr~emants of this mortgsge~ tha martgagors :hall be endtled ~ to ooltiect the reAb, issuw and~cofits from the premises heretnbefora descHbed~ }~ut in crose of a defsult in any of tbe terms oE l tt~ mortgaga, and the ftling of A blll to f~eclose this or ~ny oth~r mortgage eacumbertng the withtn dascribad property, the ! As~oc[ation shall immedlutely and without nottco be eutltled to t!~e appointnient of a Recetver of the 'moctgogedproperty. and ; of tbe rents, issur,s and profits thereof, with the usual po~rer of Receivers in such cases, and such Receiver may be-continuecl ' i in pc~s.cesslon of the saId pinperty witll the time of the sala thereof under such foree]osiue~ and unHl the conitrmntton of such ~ ~ snle by the Court. ~ ~ 8. If a canveyance should be made by ihe mortgagars of the premisos hereln described, or uny nart thereof~ wiihuut t . tha wriiten consrent oE the Assoctation, and without assumpKon in regular form of lAw by tha grantee of t~ir. .,bligaHons to the ~ Assoelation creuted by said promissory note and thLs martgnge, then~ and in that event, and at th~ option ,of the AssocintIon, ` ~ nnd ~vithout notice, a]t sums of money secured hereby shall immedtntely and concurrrntl,y with such ennveyc~nce bacoma due and i payable and fn default. The Associat3on may c~eal with successors in interest with reference to this mortgage and the debt hereby secured in the same m~anner as wtth ihe mortgagors, and may forbeAr to sue or may extend ttme for p.ny~pent of the debt~ sccurecl ~ ~ hereby, ar otherwise act without dlschargu~g or in any way ufEecttng the liability of the mortgngors hereunder or upan the debt ; hereby secured. The Assoaiatian may also d~al with the Mortgagors ~nd/or wIth successors in interesi with reference to this ' mortgage und the debt hereby secured by forbeuring to sue, extendtng th~ tlme for payment of the debt, provlding for different ~ monthty payments and/or a d~fferent interest rate, and by other exprc~s m«llfieations af the contrnct, witt~out losing nny priorily . the Assoclat3on has uver other mortgagees or lienars or holders of any Junior interests in the property secured hereby, ~ 10. Ths+t in ihe event ihe pmmises hereby mortgaged~ or nny part thereof, shall be condemned and taken for publiQ usc under thq power of eminent domaui~ the As.s~ci$tion ahal! huve the right to demand that ull damages awarded for the ta3:ing of or damages to said premises shnll be patd to th$ Assoctatfon~ its sucressors or asstgns, up to the amount unpaid on thts mortgage and ~ may be applted upon the payment or payments last payable therean, ~ 11. It is specIfieally agreed that time is the essence of this contract.and that no wuiver of any obligntion hereunder or of the obllgation secured hereby shall at any Kma thereufter be held to be a waiver of the terms or of the ins~nunent s+ecured hcreby.. ! 12. 1f forec]osure proceedings of any second mortgage or seoo~ld trust deed or any iuntor lten of any Idnd should be insti- ? tuted~ the AssocJation may at Its option~ immediatety or thereafter dectare this mortgage and the indebtedness s~cured hereby due ~ t and puyable. ~ ~ 13. To the cactent of tho indebteclness of the INortgagors to the Associntion descxibed herein or secured hereby, the Asso- ` ciattaa ~s hsrtby submgated to ihe l~n or llena and to the rights of the owners and holders thereof of each and every mortgage, lien or other er~cumbrance on the lanci described hereln which is paid and(or) s~tisfted, in whota or i~i purt~ out of ihe ~~~ceds r snces, pa ~f the loan deacribed hercin or secureci hereby~ and the respeMive liens of said mortgages; liens or other encumbr~snces, s to and be held by the Associatton herein ns secunty for the indebtedness to the Associat~on heretn describeci o: b~reby s~xured, o the snme ex!eat that ii would have been preserved an~l would Z?ave been passect to and been held b~y tho Association had it be~n ~ - duly and regularly assi~ned, transferred, set ovec and delivered unto tho Association by sepsrate doed of assignment, notwithitand- ing the faM thut the same may be satisfied and canceIied of record, it being the fntention of the parties hereto th»t the same wlll ~ be sacisfied and canc~lled of record by tbe holders thereof at or ahout the time of the r+ecording of this martgage. E~ 14. Ta pay ali and singular the costs, charges, and expenses including lawyer s fees, reasonably ineurrecl or paid at any time by the Association, because of the failure of the l~iortgagors to perform, comply wtth and abide by each and every stipula- tions, agreements, conditions and covenants of suid pmmtssory note and this deed~ or ~ither~ and every such payment shall bear ; - interest from date at the rate stated in the note secured hereby. 15. That he willpe rmit, commit, or suffer no waste, impaLment~ or detertoration of said property or t?ny part thereof; und in the event of the failure of th~ Mortgagors to keep the bt3ldings on said premLses and those to be erected on ss+id premiscs, ~ or improvemenis ihereon fn good repair~ the Association may make and pay for such repairs ns in its disc~etion it may deem ~ necessary for the proper preservation ihereof, and the full amount oE such payments shall be seeured by the lien of this mortgage and shall at the option of the Associution be immediately due and payable, or payabie in such rnonthly instaliments as tbe Associa- tion may determine, und every such payment shall bear interest from data at the rata stated in the note secured hereby. : 18. Thut if the Associatian and the I~iortgagors agree, the Mortgagors will cazry a policy or policies of insurnnce upon s, iheir lives in un arrl'ount equal fmm time to time to the amaunt of indebtedness hereby secured, making said AssociaHon benefi- ~ ciary thereunder, and that the said Associution maypay the premiums for such insuruncc {in tho event the Mortgagors do not), and add each such payment to the unpaid balance of the loan, as of the first day of the thea cuirent rnonth~ and it shall become additional indebteciness seeureci by this mortgage payable upon demand. 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of ihe Mortgagors or s, ~ their contractors to complete said building in acc~ordance with Construetion Laan Agreement, of even date herewith, or to build saId construMion in accordance with ptans and specifieations filed with the Associntion, shall constitute a breach of this mortgage, und, ut the option of thc Associntion, immediately mature the entire amount oE•principal and lnteresf hereby sectu~ed and the Asso- ~ciation may unmedixtely institute proce~dIngs to #oreclose this mortgage, . 18. That the abstracE or abstraets of tltle rnvering the mortgaged property shall at all times, durtng tha life of this mort- gage, remain in the passesslon of the Associarion and in the event of the fareclosure of this mortg~ge or other transfer of title to ~ ! the mortgaged pro~erty in extinguishment of ihe indebtedness secured hereby, all right, title~ and interest of the Mortgagars in ~ and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its•discreti~n, i~ ~uua thu~ ~ martgs~,~:s ~.*w..~ i~t~ t1~~. l.~~datio~ ia stddi- tion to the monthly instaltments of principal and interest to be paid by the Mortgagors under the note secured by this mortgager ~ an amount equal~to one-hvelfth of the annual instullments of any taxes on the morigaged premises levied or assessed by any governmental authority, and one-twelfth of the annual premIums for Fire and E~ctended Coveraga insurance on the raartgaged ~ premises as hereinbefore required by the Associntion, and the Mortgagors' faiiure to make such paymenfs shaU constitute a default i under thts mortgage. ~ IN WITNESS ~'VHEREOF, the sald Mortgagors hereunto set their hnnds and seals the~day and year first above written. s t - ~ ~ Sigried seal$d.und~~livered in the prc~enae of: . i ! ~ ~ , _ . w~m~~~_..(SEAI.) f . ~ ~ ;~.~~~~~i J' " ~c~iiuri ~ i~~e . , (f 1;~~. . . ~ ' _.._...._.,~i_~.1. ~ - • _ft-r- r--~-° _ _ ~~S.E~' ~ ~ ~ I'1~ ~G~~(~@ . . ~ . ~ . ~ . -(SEAI+) ; _ . ~ . ~ . - - _ - - - _ _ - - _ ~ ~i~- - ~..~.....~........-..~`A10Rtt~/l~OR3~ •-.-.......r...._.._......~S~I.~ ~ ; . ~ ~ ~ . 8~~~ 105 ~~c~ ~7 ~ ~ . . . . ~ . .