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Home My WebLink About2777 . i , ~ i ~ 8. Until default in the perE~cmalte~ of the covena»ts ana aigree~~ents of this mortgnge, the moriga~c~rs shall Uo entitled ' t~ collect the rents, issues nnci profets from'the premises hereinbeforo described, but in casa of a default in any of the terms of ~ this mortgage, nnd the filing af n bill ta foreclose thi~ or ~nny other inortgngo eneumber~ng the within descriUecl property, the ~ ASSOCIAHOR shall immediatel~~ nnd without notice Ue eiitidecl to the nppointment of .i Receiver of the mortgnged property, and of iho rents, issues n~d pro~its thereof, witli ihe usual power of Rcceivers in such czses, and such Receiver may bQ continued in Iws;ession of tho said propert~~ until the time of the sale thereof under such foreclosure, nnd until the confirmation of such _ snlc U~~ the Court. . , 9. lf u conveyance sliould be made by the mortgagors of the premises herein described, or ~ny part thereof, without ~ the ~vritten consent of tlie Association, ~nd ~~~thout assumption in regular form of I1~v by the ~rantee of th~ obligations to the , Association created by said promiss~ry noto and this mortgage, then, and in that event, and at the uption af the Associatiun, t +~n<l ~vithout notice, alt sums of money securecl hereby shall immediately and concurrently wid~ such conveyance bec~me due and ~ pa~•aUle and in default. The Association may deal with successors iu interest ~~7th reference to this mortgage nnd the debt herebv ~ secu~ed in ihe same mnnner ns with the mortgngors, nnd may forbe.ir to sue or may exte~d time for pa~~nent of the deUt, securecl ~ - hereby, or othenvise act ~~rithout dischsigmg or in nny ~vay nffecting the linbility of ihe mort~agurs hereunder or upon the debt ~ hereb}• secured. The Assaciation may nlso deal with the Atortgagors nnd/or ~~~ith successors in interest ~vith reference to this martgage anii tho debt hereby securecl by forUearing to suc, extending the time for payment of the deUt, pro~~iding for different s monihly payments And/or a different interest rlte and by other express modiEications of the contract ~s~ith~ut losing any ~riorih~ ~ the Associntion has over other mortgagees or lienors or holders of zny jwiior interests in the prope-:y secureci hereby. • 10. Thnt in tho event the pmmises hereby mortgaged, or any part thereof, shall be condernnecl nnd taken for public use undcr the power of eminent domain, the Assuciation shall }~ave tlie rigk~t to demand that nll damages u~varded for the taking of or damages to said premises shall be paic~ to the Association, its successors or assigns, up to the amount un~lid on this mortgage znd ma~~ be ~pplied upon the payment or payments last payable ihereon. ~ 11. It is specifically agreed that time is the essence of this contract and chat no wliver oE any obligation hereimder or of ~ _ the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instnunent secured hereby. - 12. If forerlosure proccedings of any second mortgage or second trust deed or any junior lien of nny ldnd should be insti- . tutcd, the Association may at its optian, immediately or thereafter declare this mortg~ge and the indebtedness sectued hereby due ~ and payable. . _ ' : ~ 13. To the extent of d~e indeUteclness of the hiortgagors to the Assoeiation deseribed herei~i or sec~ireci liereby, the Asso- ciation is hereb~~ subrogated to the lien or liens and to the rights of the owners and holders thereof of each and every mortgage, . lien or othi:r er~cumbrance on the ]and described herein which is paid and(or) satisfied, in «•hole or in part, out of the proceeds uf the loan described herein or securecl hcreby, and the respectivc liens of said mortgages, liens or other encumbrances, shall pass ~ to and be held by the Assoc;ation heretn as security foc t}ie indebtedness to the Assxiation lierein descri6ed or hereby secured, to ~ 3 ~ - thc same extent t}iat it would have bcen preserved and ~vould have been passecl to and heen held by the Association had it been ~ duly 1nd regularly assigned, trinsferred, set over and delivered unto thc Associatian Uy separate deed of assignment, nohvidutand- ing the_fact that the same may be satisfied and cancelled of record, it being the intention of the p~uties hereto that the same ~vill ~ - Ue s~;isfied and cancelled of record by the holders thereof ut or about the time of the reeording of this mortgage. ~ 14. To pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any - time Uy the Association, becluse of the failure of the Aiortgagors to perfonn, comply with 1nd ~bide by each and every stipula- (ions, agreements, conditions and rnvenants of said promissory notc ancl this deed, or either, and every such payment shall Uear interest from date at the rate stated in the note secured hereby. - ~ 15. That he ~vill permit, commit, or suffer no tvaste, impairnient, or cieterioration of said pro~~rty or an~~ part thereof; ' and in the e~~ent of the failure of the ~iort~agors to keep the buildings on saed ~.:2mises and those to be erected on said premises, ~ or improvements thereon in good repair, the Associatio.n may make and pay f:,r such repairs as in its disrretion it may deem ~ necessary for the proj~er preservation thereof, and the full amount of such pa~~ments shall Ue secured by the lien of this mortgage ~ ~ and shall at the option oF the Association be immediately due and payable, or payable in such monthly installments as the Associa- tion may cletermine, and every such payment shall bear interest from date at the rate stated in the note securPd hereby, . 16. That if the Association and the ~iortgagors agree, d~e 1liortgagors will carry a policy or policies of insurance upon. _ - , their lives in an arr~eunt equ:?1 from time to time to the amount of indebtedne"ss hereby secured, making said Association benefi- ciary ihereunder, and that d~e said Association may pay the premiums for such insurar,ce (in ±he event the \~ortgagors do not), r and add each such p1}'ment to the qnpaid balance of the loan, as of the first day of the then current munth, and it shall become i additional indebteclness secured Uy this mortgage payable upon demand. . . -`i 17. That in the event that diis mortgage be given to secure a construction loan, failure on ihe part of the ~lortgagors or ~ their contr.ictors to complete said building in accordance with Construction Loan Agreement, of e~~en date herewith, or to build ~ said construction in accordance ~vith plans and specifieations filecl ~~•ith the Association, shall constit~ute a breach of ihis mortgage, ~ and, at the aption of the Association, immediately mafure the entire amount oF principal and interest hereby secured and the Asso- ~ = ciation may immeclintely instiiute proceedings to foreclose this mortgage. ~ - ; _ 18. That the aUstract or abstracts of title covering the mortgabed pmperty shall at all times, during the lffe of this mort- ~ _ fiage, rerr~a~n ni the posses.eion of the Association ancl in the event of tlie foreclosure of this ir,ortgage or other transfer of title to - the mortgaged properiy in extinguishment of ihe indebtcdness seciueci }~creby, all right, title, and interest of the l~iortga~ars in - anc'_ to any such abstracts of title shall pass to ihe ptuchaser or grantee. - - 19. 'Che Association shall have the ri~ht, in its discretion, to require th:?t the \tortgagors pay into the Association in addi- tion to the monthly installments of principal and interest to Ue p~id b~~ the Ziortgagors under the note secuted hy this mortgage, an amoimt equal-ta one-h~~elfth of the annuai installments of any t~i~es on ihe mortgagecl premises le.~~ied or assessecl by an~~ ; - governmental authority, and one-fi~~elftl~ of the ~~nnual premiums for Fire and Este~?ded Coverage insurance on the mertgageci ; premises as hereinbefore required by the Asscxiation, and the ~iortgagors' failure to makc such pa~~rnents shall constitute a defautt F~ under this mortg~~e. - _ - - ~ - _ I\ ~VIT\ESS-~VHEREOF, the said ~iortgagors hereunto set their hancls and seals the day and }•ear first above w-ritten. - Signed, sealed and dcli~•eied in the presence. of: - ~ ; i - _ ~ ~ ; ~ ' ~ ; ~ . - t-z-~~ - - - - ' ' ~ ' ~ l~,~ _ -•..--~t! .tZ!'~G'~c.~. - - - - ---~SEAL) /J,"_. - - , Hardin E. Ross - - ~ . - • . _ _ t ~ ~1 _ - - - ~ - l~~~c•~^''L~Q`-'--~-rl -'---------~(SEAI.) - . Tabitha A. Ross _ _ ' i " - - - - - - - - - - - - ----~SEAL) ' _ - - - . ~ - _ - ~ ' - - ~ - - ~ - - - EA ) (WITNESSES) ' (M,QRTGAGORS) ~S L ~ ; . ~ BOfl!( ~.Je`7 PAGFf~ 1 ~ r . - " - _ ~ ~