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Home My WebLink About2650 LY 7 . • . ~ ` ; ~ . ? . , ; k 8. Until defnult in the perEormance of the covenants und agrecments uf this mortgagc, the morigagors shall be entitled 3 to collect the rents, issues nnd ~rofits from the premises hereInbeforo d~scriUecl, but i?i c~ase of n default in any of the terms of ~ this mortgage~ nnd the filing of a bill to foreclosQ this or any other mortgngo encumbering the within described property, the Association shall immediatel} nnd without notice be entitlecl to tho nppouttment of 1 Iteceiver of the mortgaged property, and < of the rents, issues 1nd profiss thereof, with the iuu11 power of Receivcrs in such cases, and such Rec~e~i~ver may be continuecl ~ in possession uf the said property until the time of the sale thercof under such foreclasiu~'~~~nti~rtht~co~icri~rition af sucl? ~ snlc b~~ thc Court. ' r ,~J. lf a coave}~ance should be made by the mortgugors of the premises herein described or nny part thereof ~vithout ~ thr written consent of the Association, s?nd ~~~thout assumption in regular form of law by the grantee of the obligztions to the :lssociation creltecl by said promissory note ~nd this mortgage, then, ~nd in thlt event, and nt the optio~i af the Associatioi?, ~ .mcl ~vithuiit notice, all sums of money secured hereby shall immediately and concurrently ~vith such conveyance become due and pa~~aUle and in default, The Association may deal with successors in interest ~vith reference to this mortgage and the debt hereb~~ ~ sectired in ihe same mnnner as ~vith the mortgAgors, and may forUcar to suE or may exteiid fi~re for p~ymeat of the debt; secureci t }~ereby, or othenvise act ~vithout discl~arging or in Any ~~•ay affecting tl~e liaUilety of the mortgagors hereunder or upon the debt ! hereby seeured, The Association may also deal with the hiortgagors :?nd/or «hth successors in interest with reference to 't~is ~ martgage aiid tho debt hereby secured by forbearing to sue, extending the time for ~ayment of the deUt, providing for ciifferent ? ~ monthly payments and/or n differe~it interest rute, and by other express moclifications of the contract, without losing ~ny priorit~~ ~ the Association has over other mortgagees or lienors or holders of any junior ir~terests in thc properh~ secureci hereby, ~ 10. Th1t in the event the I~remises hereby mortgaged, or 1ny part thereof, shall be condemned and taken for ublie use ~ . iindcr the po~ti~er of eminent dom.~in, the Assuciation shal! h~ve the right to demand that all damages awarded for the ta~ing of or ~ damnges to s.1id premises shall be paid to the Association, its successors or assigns, up to the amount iropaid on this mortgage and ~ m~v be ~p~ liecl upon the payment or payments last payaUle thereon. - ~ 11. It is specifically ngrced ihat time is the essence of this contract and that no ~vniver of any obligation hereunder or of ~ the obligation securecl hereby shall at nny time thereafter be held to be a~vaiver uf the terms or of the instrument secured hereby. 12. If foreclosure proccedings of any second mortgage or second tnut deed or any junior lien o[ any ]cind should be insti- ~ tuted, ihe Association may at its option, irnmediately or thereafter declare this mortgage and the indebtedness secured hereby due ~ and payable. . ~ 13. To the estent of the indebteclness of the \fortgagors to the Assoeiation cleseribed herrin or seeurecl hereby, the Asso• ciation is hercby subrogated to the lien or liens ~nd to thc rights of the o~mers and holders thereof of each and evcry mortgage, , lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in ~~~hole or iii part, out of the proceeds ~ of the loan descriUed herein or secured hereby, and the respecti~•c liens of saici mortgages, liens or other encumbrances, shall pass to ancl be held by the Association herein as security for the indebteciness to the Association herein described or herebv secured, to thc same ex'.ent that it ~ti~ould have Ueen preserved and ~~•outd have been passed~to and been held by the Association had it been ~ dulp and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, nohvithstand- - ing the f~ct that the same may be satisfiecl and cancelled of record, it bcing tl~e intention of the parties hereto that the same ~vill ~ be sa:isfied znd cancelled af record by the holders ihereof at or about the time of the recording ef this mortgage. 14. To pay ~11 and singular the costs, charges, and expenses including la~vyer's fees, reasonably incurred or paid at an}• ~ time by the Association, becai~se of the failure oE the ~fort~;agors to perfonn, comply ~~~th and abide by each and every stipula- ~ tions, agreements, condicions and covenants of said promissory notc and this deed, or either, and every such payment _shall bear ~ interest from date at the rate statecl in the note secured hereby. ~ 15. That he ~vill pcrmit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; g and in the event of the failure of the Tiortgagors to keep the buiklings on saici premises and those to be erected on said premises, : . or impro~•ements thereon in good repair, the Association may make and pay for such repairs as in its disrretion it may deem ~ necessary for the proper preservation thereof, and the full amount of such payments shall be ser.urQd by the lien of this mortgage ~ and shall at the option of the Associatio:i be iminecliately due and paya6te, or payable in such monthly installments as the Associa- ~ tion may determine, and every such payment shall bear interest from date at the rate stated in the nate secured hereby, • ~ 16. That if the Association and the ~tortgagors agree, the hfortgagors ~vill carry a policy or policies of insurance upon ~ their lives in an am~unt equal from time to time to the amount of u~debtedness hereby secured, making said Association beneEi- ~ ciary ihereunder, and that the said Association ma~ pay the premiums for such insurance (in the event the ~iortgagors do not), and ndd each such pay~nent to the unpaid balance of the.loan, as of the first day of the then current month, and it shall become additional indebtectness securecl by this mortgage payable upon demand. _ . ~ ~ 17. That in the event that this mortgage be given to secure 1 co=~struction loan, failure on the part of the ~iortgagors or their contractors to complete said building in accordance with Constniction Loan Agreement, of e~~en date here~vith, or to build said construction in accordance ~vith plans and sgecifieations filecl ~~~ith the Assxiation, shall constitute a~reach of ihis rnortgage, and, at the option of the Associatiou, immediately mature the entire amoimt of principal and interest hereby secured and the Asso- ~ riation may immecliately institute proceedings to foreclose this mortgage. - ' . ~ 13. That the abstract or abstracts of title covering the mortga~eci pmperty shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of tl~c foreclosure of this mortgage or othcr transf~r of title to the mortgaged property in extinguishment of the indebteclness seeurecl I~ereby, all riaht, title, and interest of the rfortgasors in - snd to any such abstracts of title shall pass to the purchaser or grantee. _ 19. The Association shall have the right, in its discretion, to rec~uire that the :11ort~agors pay into the Association in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~lortgagors under the note secured by this mortgage, L an lmount equal-to one-:~velfth of the annual installments of any taxcs on the mortgagecl premises lecied or assessed by an~~ ~ o~~emmen al - t authorit ~ and one hvelfth of the ~~nniial re ' ~ mwms for Fire and Extende ~ P d Coverage i~isur~nce on the mortgaged ~ premises as }icreinbefore reqiiired L-~~ the Association, and the ~iortga~ors' failure to make such pa}'ments sh~ll consHtute a default ~ ~ under this mortgaoe. • I\ ~VIT\ESS ~~'HEREOF, the said \iortgagors heretinto set their hands and seals the day and ~~ear first above ~vritten. ~ ~ ~ ~ . Sign:d, sealed and delivered in the presence of: - ~ ~ r ~ - ~ . - ~ - ; ~ - c.~ ' ~ t ~ - - - . - EAL) . . _ H vey no ~ ~~G~c~ G2 - - -----~.1~'~u~ ~ , _ _ - - - - - - - = - - C~-~C,~-_----- -~SEAL) ~ - Vickie A. • Ulano - ~ . ~ - ~ - - ~ - - - -~SEAL) - - - - - - ~ ~ _ ~ _ - - - - - - - - - - - ~WITNESSES) - - - - . - • - - - - - - - - - ~SEAL~ . - (MORTGAGORS) _ ; ~ 800K~4(~ PACEiCU ~ 47 ~