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HomeMy WebLinkAbout1440 f ~ ~ , . 3 ~ ~ ~ ; ~ 8. Until default in the perf~rmance of the covenants and agrcements of this morigage, the mortgngors shall be entided to collect the rents, issues and profits from the premises hercinbeforo describcd, but in r.ise af a defc~ult in ~ny of the terma of ~ this mortg,ige, nnd the filing of a bill to foreclose this or any other mortgage encumUering ih~ ~vithin describeci property~ the ~ Association sh~ll immeciiately nnd without notice be entitleci to the nppointment of a Receiver c~f the mortgageci property, ARC~ ~ of the rents, issues nnd pr~fits thereof, with the usual power of Receivers in such cases, and such Receiver may be continuecl ~ in possession of ihe said property untit the time of the sAle thereof uncler such foreclos~ue, nnd until the confimzation of such snle b~• the Court. ~ ; ~J. IE u ronveyance should be made by the mor:gagors of the premiscs hcrein described, or Any part _thereof, ~vithcut ~ the ~~7itten consent oE the Association, And ~ti~thot~t nsst+mption in r~~~ilar forni of la~v by the grantee of th~ obligations to ihe ~ associntion createcl by said pmmissory note And this morigage, then, and in that event, an~ at the option of the Associ~ition, h ;~nri .~~thout nutice, all sums of mor.ey secvred hereby shall immediately nnd concurmntlv with such conveyance become due nnd ~ paynble nnd in de~ault. The Associfldon may deul with successors in interest with reference to this mortgage und the debt hereb~~ ~ seeureci in the same manner as wikh the mortg~gors, and may forbear ta sue or may extend time for payment of the c~ebt, seeureci : hereby, or other~vise act ~~•ithout dischar~u~g or in any ~vnv nffecting the liability of the mortgngors hereunder or upon the debt i hereby seciued. The Association may a o deal with the~ l~iortgagors nnd/cr ~~7th successors in interest ~vith reference to this ~ ~nortgage nnil the debt hereby secured by forbearing to sue, extending the time for payment of the debt~ rroviding for dlfferent t monthly payments and/or a diffe.ent interest rate, and hy other Lxpress moclificltions of the contr.ict, without losing nny priorit~• ~ the Association has over other morigab~es or lienors or holclers of any jttnior interests in the property secured hereb}'. . I0. That in the event the prP~nses hcreby mortgaged, or any part thereof, sh~ll be condemned and taken #or public tue ' - under the po~ver of eminent domain, the Assc,ciation slinll have tlie right to deinand th~t all damages awarded for the takir.g of or ` _ damages to said premises shnl) be paid to the Association, its successors or assigns, up to the amount unpaid on this mortgage and may be ap~ lied uPon the payment or payments last payable thereon. . 11. It is specifically agreed that time is the essence of this~contrnct and that na ~vaiver of n~zy oblig~tion hereunder or of . the obligation secured hereby shall at any time thereafter be held to be a~vaiver of the terms or of the instrument secured hereby. 12. •If foreclosure proceedings of any second mortgngQ or second tn~st deeci or any junior lien of ~ny kind should be insti- ~ tuted, the Assoeiation may at its option, immediately or thereafter cieelare this mortgage and the indebtec?ness seeured hereby due ~ - and pay~able. . . . ~ ~ 13. To the extent of the indebtedness of the ~tortgagors to the Association described herrin or secured hereby, the Asso- ~ ciation i~ hereby subrogated to the lien or liens and to the rightc of the o~vners :u~d holders thereof of.each and every mortgage, } - lien or other ei~cumbrance on the land described herein which is paid and(or) satisfied, in ~ti~hole or i~i part, out of the proceeds - ~ ~ of the loan described hercin or secured hereby, and the respecti~•c liens oF said mortgages, liens or other encumbrances, shallpa ss r to and be held by the Association herein as security for the indebtedness to the Assxiation herein described or hereby secured, to _ ~ the same ex!ent-ti~at it ~vould have been preserved and ~~~ould l~ave been passed to and been held 6y the Association had it been ~ duly and regularly assigned, transferred, set over and delivered wito the Association by separute deed of assignment, nohvithstand- ~ ing the fact that the same may be satisfied and cancelled of record, it being the intention oE the p.uties hereto that the same ~vi11 y be sa~sfied and cancelled ~f record by the holders. thereof at or about the time of the recording of this mortgage. . ~ 14. To pay ~Il and singular the costs, charges, and expenses includ'u~g lawyer's fees, reasonably incurred or paid at any ' - time by the Associ~tian, hecause of the failure of the ~lortgagors to perfonn, romply ~t7th and abide by e.1ch and every stipula- - tions, agrreement~, rui;.~'iitions :~nd covenants of s1:d promissory note and this deeci, or either, and every such payment shall ~r ~ - interest froin date "the rate stated in the note secured hereb~~. . y 15. That he ~:ill permit, co:nmit, or suffer no ~vaste, impairment, or deterioration of said properiy or any part~ thereof; ~ anc~ in the e~~ent of the failure of the ~iort~agors to keep the_bu;ldings on said premises and ihose to be crected on slid premises, ~ or impro~•ements themon in good repair, the Association may make and pay for such regairs as in its discretion it may deem ~ necessary for the proper preservation thereof, and the full amount of such pavments shalt be secared by the lien of this mortgage and sl~all ~t the option of the Association be immediately due and payable, or payoble in surh montl~ly installments as the Associa- tion may determine, and e~~ery such payment shall beaY interest from date at the rate stated in the note secured herebv. - 1B. That if the Association and the ~iartgagors agree, the _ I~fortgagors will carry a policy_ or policics of insw-ance upon ~ their lives in an arr~eunt equal from time to time to the amount of videbtedness hereby secured, mal:ing said Association benefi- ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the I~iortgagors do not), . -..s ~ and add each such plycnent to the unpaid . balance of the loan,- as of tl~e first day of the then current month, and it shall become additional indebteciness secured by this mortgage payable upon den~and.. - - ~ ~ 17. That in the event that this morigage be given to secure a rnnstniction loan, failure on the part of the :~io~tgagors or ~ their contractors to complete said building in accordance with Construction Loan Agreement, of even date here~~~th, or to_build said construction in accordance ~vith plans and specifications filed n~ith the Association, shall constitute a breach of this mortgage, - and, at the option of the Association, immediately mature the entire amount of principal and interest hercUy secured and the Asso- ~ ~ ~ ciation may immacliately institute prxeedings to foreclose this mortgage. _ . 13. That the abstract or abstrarts of titie covering the mortga~ed property shali at all times, ~uring the life of this mort- ; ~age, remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transEer of title to ~ the mortgaged property iri extingaishment of ihe indebtedness securecl hereby, all ri~ht, title, and interest of the ;~lortgagors in and to any such absh-acts of title shail pass to the purchaser or grantee. , 19. The Association shall ha~~e the right, in its discretion, to reqiiire that the ~lortg.agors p:i}~ ;nto the Association in addi- tion to tlie ~nonthly installments of principal ancl interest to Ue ~zaid by the ~fortgagors under the note secured by this mortgage, 3 an amount equal-to one-hvelfth of the annual install~nents of any taxrs on the mortg~gc=d premises levied or assessed by any goven~mental authority, and one-hvelfth of the ~~nnual premiums ~or Fire and E~tended Goverage insurance on~ the mortgageci premises as hereinbefore required by the Association, and the ~iortgagors' failure to make sach paj~rnents shall cons"titute a default - under this mort~age. s: -._f • - - _ - , Ii~ ~VIT\ESS \~'HEREOF, the said ~1ortgagors hereunto set tl~eir hands and seals the day and ~~ear first a~y~„~yrit$eci.~._ k _ - ~ i~~~`i }R . ~ Signsd, sealed and dc1i~•ered in the presence of: C. F. SHAWVER (:ONSTRi3~ 3 ~~'~~1~TC - - `c ' . -f',, ~ ' - -~Y `'z'~' _-1~- - _ gy ~ - : ~ 4 ; . ~ti ~.~i C~C~,- tl.ZC •--~~~-c)_, _ O/ • - - - - - . _ _ ~ ~ - ~ C. F. A WV R Presi$~~i~ c, - :r ; `i:~ l . , .J. = zr _ ~ ~ : .s: . - - - - _ j~: - - - - - - - ~ - - _ - F(~~-)~.~~ ~ - - C. F. S -W I Indivi s ,a- , ~t - _ . ' " ~ ( ~ ~ t~~~~ ; - -'~~.-•.i~~~~~i~tti;~` . - - - - - - - - - - - - - " (SEAI.1' . - - `;p`:--__ 3 ; ~ - - ~ E ~ - - - - ~ . - _ S AL _ . - - - - - - - ' {WITNESSfS) (MORT~AGORS) ~ _ ,640K ~.J~7 P~Gf - ~ ~.437 - _ ~ i = _ - . - _ - - - _ - ~ .