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Home My WebLink About0236 . . • 3. U the total oi the paymenta tnade by the Mortgagor under (a) of parat~rAph 2 prec~ding shall ezceed t6e amount of p~yments Actually made bv the tiortag~e , for ground r~nta, taxes and ~e~e,ments, iuid iaeu~ anae premiums, ss the ~~ee mAy be, auch excess shall bc credite~i on subeequent pnyrnents ta be uiade by the Mortg~gror for eurh items or, at Mortgag~ee's option, ahall be refunded tu Mortgagor. If, however, auch rnnnthly pe~yxnenta ehall not be euff'icient to pay auch iteme whe~a the same Ahall be~,mc due and payable, then the Mortg~gor ahall pay to the Mortgsgee any amoua~ neceaesrP W mske up thc+ ~ieficiency. Such pay~nent ahall be msde ~vithin t~6irty (30) days aft~er written notice from 6h~ Mort~~c~ stating the amount of the dPficieny, which notice msy be given by mail. If at ~ny time the Mortg~o r ahall eender to the 141ortgagee in ~r,c~arci- ~noe with the pro~nustona af the note secured hereby, full payment of th~ entire indebL.xlnRns represented thereby, the Mortgagee s~u?ll, in oomputing the amount of such indebtedneas, credit t.o thQ s~ccount oi the !1~iortga~or any credit balance r~cnaining under the proviaione of (s) of said pa~agraph 2. If therR ahaA be a default under any of the pr~visions of this mortgage reaulting in a public eale of the premisea covereci hNreb~, or if the Mortgagee ~?oquiree tbe pmperty othe~rw~ee after defi?ult, t~he Morfg~gee s6all ~pply, at the tim~ of tlte commenceunent of stach procerdings or a6 t,he Lime Lhe property ia ~therwise acquired, the amount then remsinin~ to credit of Mortgagor under (a) of pe?~sgraph 2 preeeding ea a cxedit on the interest accrued a~d un~aid and the balsnce to the principsi then remwnin~ unpaid on eaid note. ~ 4. He will PaY wstez rstes, ~nd other ~c?vernmeatal ar muni~ipal ch+~rges, 6na+ os impoeitione, far whieh proviidaa bse not beea m~e 1?eceiabefare, ~nd in defsult th8reo# t~e Mort~ae asay p~y t.he sanne; and t~a?t he will pmmptly delir?er tLe a~oi~1 reoeipte therefor to t,~e Mort~gea. b. He will per,mit, oommit, or suSar no w?aate~ impairment, or deterioration of eaid pmperty or any psrt thereof except reaeonsbl~ wesr und tes?r; e~ad in the ev~ent of t~6e failwre of the Mortgagor to keep th~s buildinge oa aaic~ premieee and t~hoee to be erected on sdd pre~ieee, os improvem~te t,hereon, in good repsir the Mort,gag~ee muy ma?ke sucli repsirs as in ite diecretion it msy deem neoesee?ry for the proper preeervation thereo~, and the full amoi:nt oi each and ev~ory euoh payment aLsll ba due aad pe?Yabk tbirtY (30) dsys sfter dem.snd, snd aball be eecured by the lien of thia marts~e. 8. He will pay u11 sud aingulsr the aoste, aad exp~es, includin~ reaeonable Iswyeu'e feee, sad ooete of ~betracte of title, incun~ed or paid at sny time by~Mortgsgee bacauee of the failure on t~he part of the Mortg~?g~nr promptly sad fully to perform the agrcement~s and covenanta of eRid promieeory note snd t,hia mortgage, and eaid c~a~sta, chszg~ee, and e~rpeneee ehall be immedistely due ead pi?y~ble ;?ttd n6a.ll be eecuc~d by the lien af thia mortgage. ~ 7. He wiII oontinuot~ly msintain har.~rd i~urance, of guch type or types snd amounte as Morigagee mey from time to time require, an the impmveatente now or hereafter on said premiseR and e.~cept when papment for all such premiums hus tlieretofore been mede uuder (a) of paragrs~~ 2 hereof ~e will pay promptly whea due any premiume thorefor. All insurance ahall be carried in co~npanies approve~ by biortg~agee and the poli- cies snd rene~v~ thereof ehall be held by Mortg+agee and have attsched thergto loea payable clauseg in fsvor of sad in form acceptable to the Mort~ee . In eveut of lose he wi~ll give iinmediate notic;~ by ma?il to Mortgsgee, and Mortgagee may mAke proof of Ioes if not made promptly by Mortgagor, and each insurt?nce oompany ooncerned ia hereb authorized and directe~3 to make payment for auch lnae directly to M~~r~ ee iastead of to Mortgagor and ~ortgagee ointly , and the ineura~.ce proceeda, or any part thereof, may be app~lied by Mor~ gagee et its option either to t~e reduction of the indebteclness hereby secured or to the restaratian or repair of the property dama~ed. In event of forecloeure of this m.nrtgage or other tranafer of title to the mortgaged praperty ~n extingu~ehment of the indebtedness secured hereb~, a~l rig3~t, title, and interest of the 1~lortgagor in and to any insurance policiea then in force shall pa~e to the purcheaer or grantee. _ 8. The Mortgagee may, at any tixne pending a suit upon this mortgage; a~ply to the court having juriedicti~n thereof for the appointment of a receiver, axtd such court ahall forthwit~h appoint a receiver of the premises covered hereby all a~d eingulsr, includi.ng all and singular the income, pmfite, issues, and revenu+ea from whatever eource deri~ed, esch and every of which, it being expreeely underetood, ia hereby mortgaged se if speeifically eet forth and deecribed in the granting and habendum clsueee hereof. Such appointment ehsll be msde by such oourt as an admitted equi~y and a mstter of abaolute right to eaid Mortgagee, and without reference to the adequac:y or in~equacy of the va3ue of the property mort.gsge~d or to the eolvency or ineolvenay of said Mortgagor or t4?e defend~nte. $uch rents, profit+a, income, iesuee, and revenuea ahall be applieci by such receiver ar~^ording to the lien o# this mortgage and the pre?ctioe of such court. In the event of any default on thepart of the Mortgagor hereunder, the Mortgagor ~grees to pay to the Mortgagee on demand as a reaeonable monthly rental far the premises an amourot at least equivalenL ta ono-twelfth (~2) of the s~egate of the twetve monthly inetallmea•.a psyable in the th~n ourrent year plug Lbe actual amount of the annuat tsxee, seeeamment$, water rstea, aud imsurance premiuma for suc,h year not eovered by the aforesaid monthly payments. 9. In the event of any breach of thia mortgage or default on the part of the Mortgagor, or in the erent that any of said sunns 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 stipulations, agreements, conditions, and coy enanta of said note and thia mortgage are not duly, promptly, and fully performed; then in either or any Buch event, the said aggregat,e sum mentioned in eaid note then remaining unpsid, with interegt accrued ta that time, and :.tl moneys aecured hereby, ~hall become dus and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and compl~tely as if all of the eaid euma of money were origin~?ily etipulater~ tcy be p~id on such day, a,nything in 8aid note or in this mortgage to the contrary notwithstanding; aad thereupon or theresfter, at the option of eaid Mortgagee, without notive or demand, suit at Iaw or in equit~, may be proeecuted es if a11 moneye eecured hereby had matured prior ta its inetitu- ti~n. Tbe Mortgagee may foreclase this mortgsge, as to the amount ao declared due and payable, and the said premi~ea ehaJl be sold to aatisfy aad psy the same together with coete, eapenses, and allowances. In c8~e of partial for~closure of thie mortgng~e, the mortgaged premiees ahall be enld subject to the continuing lien of this mortgage for i~e amount of the debt not then due snd unpaid. In euch caee the provisiona of this paraQraph may again be availed of thereafter froaa time to tinne by the iViot~tg~gee. 10. No waiver of any oovenant herein or of the obligation s~ec~u~ed hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the aote eecured hereby. 11. The lien of this instrumenL ahall remain in full force and effect during any pastponement or extension of the time of p~yment of the indebtedneea or any part thPxeof eecureci hereby. 12. If the Mortg~gor defsult in any of the covenants or agreementa cont,~ined herein, or in esid note, then t~he Mortgagee msy perfar~ the enme, and all expenditut~a (includ~ng reseonable attorney`e fees) made by the Mortga~ee in ao do' ahall draw interest at the rste rovided for in the principal indebtedneas, and shall be repayable thirty (30~ daya after demand, and, toget~er wiLL :nterest and rosts accrued thereon, shall be secured by tthis mortgage. 13. lipon the request af the Mortga?gee the Mort.gagor shall execute and deliver a aupplemental note or notes for the sum or sums advanced by the Mortg~g~,e for the alteratson, modernization, improvement, main- tenance, or repair of said premisea, for taxes or aeeeeements againat the same and for any other purpose suthor- ized hereunder. Said note or notes sha11 be secured hereby on a parity with and as fully as if the advance eyidenced thereby we~re included in the note fiist deecribed st~ove. Said supplemental L^;~ Zotes shall bear interest at the rste pro~ iued for in the principal indebtednese and shall be paynble in ap proximntel ual monthly pavmente for suah period se may be agreed upon b~ the creditor and debtor. Failing to a~ree on the maturity, t~ie whole of the eum or sums ao advanced $hall be due and paqahle tbirty (30) days after demand by the creditor. In no event ahall the maturitp extend beyond the ultimate maturity of the note first described above. aaoK ~.2~ 234