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HomeMy WebLinkAbout1255~b~~ 28 ~5 ~' Mortgagor shall to the Mortgages amount to males up t>a de8eiepoy. Sttob p~m~t shall be made within thirty (30) dqs attetr atatiag the amount of tl~e de8aenoii, which notice mq be lien by mail. It of aq~ tender to the Mortgagee in aooord- anoe with the visatu of the note secured hat+eb~. full payment of the entire iadebtednew~ represented Hereby, the Mo shaU, in computing the amount of such lndebtedaess, credit b the aunt of the aqy 't balance remaining under the provisions of (a) of said h Z. U there shall be a def t under any of the ~ro~iricas of this mortgage resulting in a public sale of a premises covered hereby or if the Mortgages aequubs the property o;heewiss after default, the Mortgages shall, at the time of the oommeaoement of such proceedings or at the-time the property is otLerwtse aoq ,the amount then remainEt~g b credit of Mort~a~or under (a) of paragraph Z preceding as • credit on the interest accrued wd unpaid and the balance to tfie principal t~eq remaining unpaid on said note. 4. He wlH pay sa tsars, assessmeata, water rates„ asd other ~vernmental a munidpal charges, tines, or impositions, far which pe~ovLion has so0 bees made.hereinbefcre, and in deiwlt.thereof the Mort~gee mp- py- the sacoe; sad that b• will promptly de$ver the ot3raial receipts therefor to the Mortp-gee. b. He will permit, commit, oc suffer no waste, impairmest, cc deterioration of said property or thelbet eocoepR reasonable wear and tear and in the evert of the f~ of the• Mortaaso~ ~ ~b~ oa ~y premises and those to be ereets~ on acid peeenises, or impoovameata ther~eoa, Inn__ mabe such repairs m in its discretion it may deem neoewai9 toe the proper preaetvation thereo~, and the full amount of each and every such payment shall be due and payable thirty (80) days +Stee dearoanci, and ahaU be secured by the lien of this mortiaaa 6. He will pay all aali singular the coats, and eacpeases, indnding reasonable Lwyer's fees, sad costs of abstracts of tale, incurred or paid at any time~ortgsgee because of the failure on the part of the Mort,~gor prompyy and fnlb to perform the aar~eemenb and ooveaaats a[ acid pronniesoty note and this ~tf~e, and said costs, charges, and expenses shall be iarmedisteky due and payable and ahaU be secured by the lien of this mortgage. 7. He wiII. pauop~/ maintain hasard insurance, of such type or t~pea and amounts as Mortgagee may from time ~ eeQdire, on the improvements now or hereafter on said p»mises and esoept ~vhea payment for all such plums has theretofore been made under ~(a of paragraph Z hereof ~e will pa<y promptly when due say premroms therefor. A11 inst}r_apoe shall be carried in oompamesspprove~ by Mortgagee and the poli- rise and renewab thereof shall be held by Mortgagee and have attached tbareto loss payable_cLuaea in favor of and in form aoosptable to the M In event of bas he will give immedute notice by email to Mortgagee, and Mortgagee may make.proof~ if not made promptly by Mortgagor, and each msurance oompa~y concerned >s br anthonzed and directed to make payment for such loos direr~y to Mor~sgee mstead of tp Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part ther+esf may be applied by I1ior4• gager at its option either to tLe redaction of the indebtedness hereby secured or to t~e restoration or repair of the property d , In event of foreclosure of this mortgage or other transfer of title to the mortgaged property m est~ guhment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in and to any msuraace policies then in Toros shall pass to the purchaser or grantee. 8. He will not execute or file of record say instrument which imposes a restriction upon the sale or occu- pancy of the property described herein on the basis of race, Dolor, or creed. 9. It the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned w the Mortgagee, and shall be paid forthwith to eaicj Mortgagee, to be applied on account of the last maturing installments of such indebtedness. 10. The Mortgagee may, at anp time pending a suit upon this mortgage apply to the court having juria~lic- Uon thereof for the appointment of a receiver, and such court shell fo'rtfiwit~ appoint a receiver of the premises covered hereby all sad singular, including ell and singular the income, profits, issues, sad revenues from what- ever source denved, each and every of which it being eupressly unde~atood, is hereby mortgaged as if specifically set forth and descnbed in the granting an~ habendum clauses hereof. Such appointment shall be made by such court as sn admitted equity end a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such rents profile, income, issues, end revenues shall be applied by such receiver according to the lien of this mortgage an~ the practice of such court. In the event of any default on the pert of the Mortgagor hereunder, the Mortgagor agrees to pay to the ~iortgage~ on demand as s reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (S{~) of the aggregate of the twelve monthly installments payable. in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid montWy payments. 11. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that each and every the stipulstioas, agreements conditions, sad oovensnts of said note and this mortgage, are not duly, promptly, end fully performed or i~ the ~iortgsgor be adjudicated bankrupt or made defen amt in a bankruptcy or receivership prceeedingsi then in either or any such event, the said aggre- gate sum mentioned in said note then remainmg unpaid, anth interest acerued to that time, and all money secured hereby shell become due and payable forthwith, or sates, at the option of said llfortgages, as fully and completely as if all the said auras of money were originy stipulated to be paid on such day, any- tl•ing m said note or m thin mortgage to the contnu~ notwithatandmg; an thereupon or thereafter, st the option of said Mortgagee, without notice or demand, swt at law or in equity, may be prosecuted as it all moneys secured hereby had matured pnor to its institution. The Morttggages may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall~e sold to satiety sad pay the same together with coats expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be eo~d subject to the continuimg lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may agam be availed of thereafter tram time to time by the Mortgagee. - 12. No waiver of say covenant herein or of the obligation secured hereby shsU at say time thereafter be held to be s waiver of the terms hereof or of the note secured hereby. 13. The lien of this instrument shall remain in full force and_effect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. 14. This mortgage is given to secure the purchase money, or a part thereof, of the lands herein described and is executed and delivered eontemporsneoualy with the deed therefor. 15. If the Mortgagor default is any oi'the covenants or agreements ooatained herein, or in said note, then the Mortgagee may perform the same, and ell expenditures ('including reasonable attorney's fees) made by the Mortgagee m so doing shall draw interest at the rate provided for in the principal indebtednem, and shall be repayable thirty (30) days after demand, and, together with interest sad ©osta accrued tl-ereon, shall be secut•~d by this mortgage. 16. Upon the request of the Mortgageo the Mortgagor shell execute and delivei a supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, msin- teaance, or repair of said premises, for taxes or asseasmenta against the same and for any other purpose author- ised hereunder. Said note or notes shall be aecur+ed hereby on a parity with sad as fully as if the advance evidenced thereby were included in the Hots first deecribgl -bove• ~ 8aid supplemental note or notes shall bear . ..- . ;, v > 'i -..