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Home My WebLink About0126 ~ - . . ~ r ' . • ~ ' _ ; i 8. L4~ti1 defnult in the perEormnnce of cl?e covennt~ts~ s~d agrecmen~s af this n:ortgage, the mortgugors s~e-~11 Ue cnGtleci to collect the rents, issues nnd profits from the premises hereinbeforo deseribed, hut Itl MSp Of A default in any of the term~ oE ~ thfs mortgage, nnd the filing of a bill to forecloso this or any other mortguge encumbQring the within described property~ the fi ~ssoefatIon shall immecliately and wIth~ut notiee be entided '.o tha nppointment of n Receiver of the mortgageci property, und of tho rents, issues and profits thereof, with the usual po~~~er of Rt*ceivers in such cases, and si~ch Recei~~er mny be cor~ttnuecl ~ in ~ossession of thQ said pm~reit~~ until tho time of thA sale thereof ~mdPr s~lch foreclosure, and until the confirm~tion of such ~ ~:nlc b~~ tlie Court. ~ 9. If a convoy~ance should be madP by Ghe mortgagors ~f the premises hen~in described, ur any part thereof, without the ~~ritten consent of the Association, and ~~~ttwut assumrtion in regular form of law by the grantee of ihe obligations to the ~ Asscx~iation creatad by said promissoi~ n~te urtd this mortgage, then, and in tl~at event, and at the option nf di.: Associ.~tirni, _ .~nci ~~~thout ~~o~ice, ult ~ums of moneY securecl hereby shall immediately nnd rnncunently ~~tith such conveyance become due ancl ~ payable ancl ir_ def~ult. The Associstien may deal with successors in interest ~vith re:erence to this mr,rtgage and the debt herebv spcuretl in ihe same rnanne: as with the mortgagors, and mA}~ forbcar t4 sue or may extend time for payment of the debt, securecl ~ hereL-y, or otherwise act ~vithout discharging or in any ~vay :~ffecting the liability of the mortgagurs hereunder or upoii the debt ~ . hereby secured. The Association may ulso deal «~ith the btortgagors and/or «~th cuccessors in interest ~vith reference to ~his mortgage and tho debt hereby secureci by forbearing to suc, extending the time for payment of the debt, providing for different ~ tnanthly payments and/ar a different interest rate and by other express malifiritions o( the contr:ict without losing nny priarit~• the Association has over ~ther morigagee; or lienors or holders of any junior interests ~n the property secured hPreby. ~ 10. T;?at in tha evettt the premises hereby mortgaged, or an~ part thereof, shaU be condemneci and taken for public use under the po~ver of eminent domain, the Association shall ha~~e the right to clemand that all damages a~~~arded for the taldng of cr ; damages to said premises shall be paid to the Association, its successors or assigns, up to the lmount unpaid on thi~- ~.iortgage ancl ~ may be ~p~nlied u~on the pa~+ment or paym~nts IasF payable ihereon, ~ 11. It is specific311y agreed that time is the essence of this eontract and that no ~vaiver of a~y obligation hereunder or of ~ the oUligation secured hereby shall at any time thereafter be held to be~~vaiver of the terms or of !he instrument secured hereby. ~ 12. If foreclosure prcrceedings ~f any second mortgage or second tnut deecl or any junior lien of any kind should be insti- _ hitcd, the Associatien may at its option, immediately or theteafter declare this mortgage and the indebteziness se~cured heaeby due and pa~~able. _ - 13. To the extent of the irdebteclsiess of the I?iortgagors to the Association d~scribed herc ui or secureci hereby, the Asso- ~ ciation is hcreby subrogateci ta the lien or liens an~ to the rights of the ovrners and holders thereof of eacli and every mortgage, lien or other er?cumbrance on the Ianci described herein which is paid and(or) satisfied,_in whole or in j',.zrt, out of the proceeds ~ of the loan describeci herein or secured hereby, and ~he res{~ectivc liens of s~~id m~rtgages, liens or other ~ncumbrances, shall pass to :~nd be he'.d by the Association here;n as security for the inclebtedness to t}~e Assxiation herein described or hereby sec~red, to the saine er!ent that it would have been preserved and ~~•ould have bezn passcd to ancl been held by the Associatian had it been duly and regularl}• assigned, transferred, set ove~ and delivered unto thc Assoceation by separate deec~ of assigninent, nohvitlutand- ~ ing ti~e fact that the same may }se satisfizd and eancelled of reeord, it being the inte~ition o~ the p~rties he;-eto that the same ~vill ~ be sa:isfied and cancelled of record by the holders thereof at or a~bout the time of the recording-of this mortgage. ~ ~ 14. To pay a11 and singular the casts, charges; and expenses including la ~vyer's fees, reasonably incurred or paid at any time by the Association, hecause of the failure of the Iltortgagors to perfonn, comply ~vith and abide by each and every stipula- ~ tions, agreements, conditions and covenants of said promissory note and this deed, or either, and every such payment shall bear ~ in?_erest fmm date at the rate statecl in the note secured hereb~~. ~ 15. That he ~vill permit, rnmmit, or suffer no ~t•aste, imrairment, or cleterioration of said pro~erty ~r any part d~ereof; _ ~ and in ihe event of #he faiIure of the hiort~agors ta keep the buildings on s~1id premises and those to b~ erected ou said premises, ~ or impro~•emenis thereon in gond repair, th~ -Associa+aon may make and pay for such pairs as in its discr~tion it may deem necessary fot the proper preservation thereof, and the full amovnt of such pavments shall t?e secured by the Iien of this mortgage ~ and shall at the op#ion of the Association Ix; immeciis±~ly due and payable, or payable in such monthly installments as the Associa- ~ ti~n may determine, and every such payment shall bear intere;t from date at the rate stated in the note secured her,~y. ~ 18. That if the Associaiion and #he ?~lartgagors agree, the rfartgagors ~vill carry a policy or policies vf insurance upon - their lives in an arr~unt equal from time to time to the amount of indebtedness hereby secured, mal:ing said ~ssociation benefi- ~ ciary ihereunder, and that.the said Association mdy pay the premiums for such uisurance (in the event the ~iortgagors do not), ~ and add each such pa}~nent to the unpaid balance of tiie laan, as of the first day_ of the then etinent month, and it shall become. ~ ~ additional indebtedness secured by thu mortgage payable upo~ de:nar.d. - ~ 17. That in the event that this mortgage be given to secare a construction loan, failure on t~e part of the 1lfortgagors or ~ their contr~ictors to complete said building in accordance w;th Construction Loan ~Agreement, of even date herewit,'~, or to build ~ s~i~' construetion in accordance ~vith plans and specifications filed «•ith the Association, shall constitute a breach of this mortgage, s , anci, at the option of the Association, immediately mature the entire amount. of principai and interest hsreby serured and the Asso- ~ ciztion may immediately institute proceedings to fo~eclose this mortgage. ' _ 18. That the abstract or abstracts of title covering the mortga~ed property shal) at all times, during the life of this mort- ~ gage, remain in the possession of irhe Association anci in the e~-ent of tlie foreclosure of this mo:tgage or other transfer of tifle tc~ i. the mortgaged proi:erty in c~~:tinguishment of the indebtedness secured hereby, all right, title, anci interest of the ~4ortgagars in and to an~ such abstracts of title shall pass to the purchaser or grantee. _ ~ _ ~ 19. The Association shall have the right, in its discreticn, to reqiiire that the hiortgagors ~y into the Association in addi- tion fo the monthly installments of principal and interesE to be paid by the \iortgagors under the note secured by this mortgage, i an~amount ec~ual~to one-hvelEth of the annual installments of any tases on ihe mortgagecl premises levied or assessed by any ti govenirrsental authority, xnd one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgageci ~ premises as hereinbefore required by~ the Association, and the ~iortgagors' Eailure to make such pa~~nents sh~Jl constitute a default u~;der this mortga~e. . - - I\' ~;r1T~ESS ~~'HEREOF, the said ~iort~agors hereunto set their hands and seals the day and Jear first above tvritten. - Si~n~d, sealed and deli~•ered in the gresence of: t~ ` • _ . ~ _ - - , _ _ --7.~.J . .~~it- - ' - - - - ~~7--.__ ~ ~ - - - - ~~------------~--~~`--~--t~'~r.~'~`EpI,) ~~r~./ - ~ ' ~ ` - ~pbert Ft. Ric - ~ _ - - . - . - _ _ ~ - --,--csEa~.,, - _ _ .arbarra . Ri n ar - - - - - ` - - - - (SEAL) _ 3 ~ - - - ( EA - - _ S L) - - _ - - - - - (WiTNFS5E5) - . ' (MORTGAGORS) 0 R ~4~ PACE ~~U - ~ - aoaK _ ~ - , - ~ , _