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HomeMy WebLinkAbout2794 8. Until default in t}ie perfarmance of the rnvenants und ugreen~~nts oE this mortgA~;e, the morigagors shall Ua entided to colleet the rents, issues nnd profits from the premises hereinbeEoro descriUed, but in case of a default in nny of the terms of this mortgage, nnd the filing of a bill to foreclose this or a~y other mortguge encmnbering the within describecl property, the ; • Association shall immecliatrly and without notica be entideci to the nppointment of a Receiver of the mortgaged property, and .i of tho rents, issues anci profits thereof, ~vith the «sual rower of Receivers in such cases, and such Receiver may be continuccl ia pos~ession of the said propert~~ until the time of th~ snle thereof under sueh foreclosure, ancl until the confirmltion of such sale b~~ the Court, ~ 9. lf a conveyance should l~e made b} the mortgagors of the premises herein described, or an~~ part thereof, ~vithout ' the written consent of the Association, and a~thout assumption in regt~lar forn~ of law by the grantee o t>>e obligations to the ~ :lssociation createci by said promissory note and this martgage, then, and in that event, and :~t the option af d~e Associution, ~u~d ~~~ithout notice, all sums of mone,y sccured hereb}' shall immediately anci concurrently ~vith such crni~~eyance Uecume due and : pa~~aUle and in default, The Associntion may deal with successors in interest ~vith referenc~ to thu mortgage and the dcbt herebv ~ seciirecl in the s.1me manner as ~~~ith the mortgabors~ ~nd may forbear to suc or may extencl tima fur payment of the debt, seciue~l hereby, or othervise act ~vithout dischacging or i~ any ~vay :~ffecting ',he liability of tha ir~ortgagurs hereunder or upon the debt 1~ereby sectued. The Association may nlso de~l with the \3ortgagors nnd/or ~vith successors in interest ~vith reference to ihis ~ mortgage and iho debt hereby secured by forbearing to suc, extending th~ time for payment of the deUt, providing for different i monthly payments and/or n different interest rate, and by other express modifications of the contr.ict, ~~~ithout losing any priorit~• ' the Association has over other morigagees or lienors or holclers of any junior intetests in thc propert}~ securecl hereb~~, ~ ~ 10. Thnt in the event the premises hcreUy mort~agecl, or any part thereof, shall b~ condernned and taken for public usc~ uncler the po~~~er of eminent domain, the Assuc:iation shat! have the right to ciem.u~d that ~ll damages a~varded for ihe taking of or _ damages ta said premises shall be paid to the Association, its successors or assi~ns, ul, to the amount impaid on this mortgage and ~ may be 1p~ lied upon the payment or payments last payable thereon. ~ ~ ~ 11. .It is specifically agreed that time is the essE~cc of this contract lntl that no ~vaiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instr~unent secured hereby. ~ 1~. If foreclosure proceedings of any second mortglge or second trust deed or any junior lien of ~.ny kind should be insti- ~ tuted, the Association may :?t its option, immediately or thereafter declare this mortg:ige and the indebtedness secured hereby due ~ _ and pa~~able. - ~ 13. Ta the exte~~t of the indcUteciness of the ~fortgagors to the Association described hemiii or secured liereby, the Asso- ~ ciation is hereb~• subrogateci to the lien or liens nnd to the rights of the o~vners and holders.thereof of each and every mortgage, ~ lien o~ other eticumbrance on the land described herein which is paid unci(or) satisEied; in ~~•hole or iii part, out of the proceeds of the loan described herein or secured h~ ~r d~e ~~ssnec~iv~ 1~ens of saici mortgages, liens or other encumbrances, shall pass to an:i l~e held by the Association herein :u~~ttri~y fa~the~i~i~btedness to the Assxiation herein described or hereby secured, to ~ the same ex!ent that it ~~•ould have Ueen preserved and a~ould have Ueen passed to ar.~ been helcl by the Association had it been - ~ duly and regularly assigne:l, transferred, set over and delivered un~o't~e Association Uy separate dced of assignment, nohvithstand- _n ing the fact that the same may be satisfied and cancelled of n.~evrd, it being the intention of the parties hereto that the same ~vill ~ l~e sa~sfied and cancelled of record by the holders thereo[ at or about the time of the recording of this mortgage. a ~ 14. To_Pay all and singular the costs, charges, and expenses including lawyer's fees, reasonably incurred or paid at any ~ time by tha Association, because of the failure of the ;~iortgagors to perf~nn, comply ~vith and abide by each and every stipula- ~ tions, as eements, cond:'tions and c~venants of said promissory note and this deed, or eithcr, and e~~erv such payment shall bear ~ interest from date at the rate statecl in the note seeurecl hereby. ' 15. That he ~vill permit, .commit, or suffer no waste, impairment, or deterioration of said property or any part thereof; - and in the e~•ent of the failure of the Aiortgagors to keep the buildings on said 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 zs in its d'ucretion it may deem g necessary for the proper preservation thereof, and the full amount of such pavments shall Ue secwed b)' the lien of this_mortgage and shall at the option of the Association be immediately due and payaUle, or payable in such monthly installments as the Associa- tion may detem~ine, and every such payment shall bear interest from date at the rate statecl in the note secured hereby. _ 16. That iE the Association and the ~iortgagors agree, the I~iort~agors «~ill carry a~ policy or policies of insurance upon thcir lives in an aml9iint equal from tirr,e to time to the amount of indeUtedness hereby secured, making said Association benefi- ~ ciar}• ihereunder, and that tlie said Association ~may pay the premiums for such insurance {in thP sv~at t~,e :icrtgagors do not1, - and add each such pay7nent to the unpaid balanc~ of the loan, as of ths first day of the then cu~rent month, and it shall become ~ - additional indebteclness secured by this mortgage payable upon dem;~nd. ; 17. That in the event that this mortgage be given to secure a constn~clion loan, failure on the part of ihe ~lortgagors or ; their contr.ictors to complete said building in accordance with Constn~cti~n Loan Agreement, of even date herewith, or to build i ' ~ said construction in accordance ~ti~th plans and sjx~tifications fileci ~~•ith the Association, shall constih~te a breach of this mortgage, - and, at the option of the Association, immediately mature the entire amoimt of principal and interest hereby secured and the Asso- ciation may immeciiately instifute proceedings to foreclose this mortnage. = ~ 13. That the aUstract or abstracts of title covering the mortga~eci property shall at all times, during the life of this mort- - ~age, remain in the poscession of the Association and in the event of the foreclosure of this mortgage or other transfer of titlc to ' the mortgaged property in extinguishment of the indebtedness secured hereby, all ri~ht, fitle, and interest of the ~iortgagors in _ and to anv such abstracts of title shall pass to the purchaser or grantee. - ~ 19. The Association shall ha~•e the ri;ht, in its discretion, to rec~uire that the \tortgagors pa~~ into the Assaciation in addi- tion to the monthly installments of principal and interest to ~e paid by the \tortgagors under the note secured by this mortgage, 111 amomit equal~to one-h~~elfih of the ~nnual installments of any~ ta~es on the mortgaged premises levied or :usessed by any go~~emmental authority, and one-t~velfth of the annual pr::n?iums for rire and Extenu'ed Coverage insurance on the mortgaged . premises as hereinbefore required b~~ the Association, and the ~fortgatiors' failure to makc such pay,nents shall constitute a default - 3 tmder this mortga~e. . i I\' ~VIT\ESS t~'fIEREOF, the said ~fort~a~ors hemunto set their hands and seals the day an~i ~•ear first above ~vritten. _ ~ ~ ~ Signecl, sealed and deli~~ered in the presence of: . ~ ~Y ~ ~ . - . ; ~ - - `-~~i~ . ~ ~ 1' - - ' ~ - - ' (SEAL) < ? - : ~-L ; L - ~ LL' • ~ Taylo~. Kirby ~ _ • ~ 1i ~ ~ ~ - _ - ~v~~ --~C~- ~ - " ~'~t-t.. ~ 7 . • - Elsie T. Kirb - - - ---(SEAL.) ~ - ~ - ~ _ _ _ - - - . - - - - _ - - _ _ - . - - -~SEAL) ~ - # _ - - - - . . ~ - - - - - - - - - - ---~SEAL) ' (WITNESSES} (MORTGAGORS) ~ . ~ gooK ~4o PAGE ~~~90 . ~ ~ ~ .