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Home My WebLink About2694 i ~ • r f ~y:'~ ~ ~ paid more thea Gfteen (15) days after the due date thereof to covet the ~trs Zxpens~ iavblved in handling delin- ~ quent payments. but such "late cherge" shall not be payable out of the proceeds of any sale made to setisEy the 2 indebtedness secuced heceby. unless such proceeds are sufficient to discherge the entice indebtedness and ell ~ i proper costa and e:pensea secured hereby. 3. If the total of the payments made by the Yoctgagor unde~ (a) of paregreph 2 pcecediag shall exceed the emount of•paymeats actually made by the Yodgegee. as t~ustee foc ground rents, taxes and assessments, and insurance peemiums. es the case may be, auch e:cess shall be credited oa subsequent payme~ts to be mede by the Mortgegor for sud~ Iteas or. at Moctgagee's option. as tcustee shall be cefunded to Yoct~gor. If. however. ` such monthly payments shall eat be sufficient to pay such items when ti?e same shaii become due and payabie. ~ then the Mortgagor shall pay to the Mortgegee as trustee aay amount necessary to make up the deficiency. Such payment shall be made within thirty (30) days efter written ~otice from the Nortgagee stating the amount of the deficieacy, which notice mey be givee by mail. If at any time the Moctgagor shall tender to the Mortgagee in accordance with the provisions of the note secuced hereby. full paymeat ot the eatire indebtedness cepcesented thereby. the Modgag,~e as trustee shall, in computing the amount of such indebtedness. credit to the account of j the Mortgagor any credit balance remaining under the pcovisioas of (a) of said paragraph 2. If there shall be a default uader eay of the peovisions of this mortgage resultiag ia a public sale of the premises coveced hereby, or iE the Modgagee acquires the property otherwise after default. the Mortgagee as tcustee shall ~ply. at the time of the commencemeat of such proceedings or at the time the propecty is othetwise acquired. the amount then remain- ing to ccedit oE Mo~tgagor under (a) of paragcaph 2 peecediag as a ccedit on the iaterest accrued and unpaid and the balance to the pcincipal then remainiag unpaid on said note. 4. He will pay all taxes. assessments. water rates, and other govemmental or municipal charges. Cnes, or impositions, for which provision has not been made heceinbefoce, ~d ia defeuit thec~af the ffiartgagee may pay"the ; same; and that he will pcomptly deliver the ofEicial receipts therefor to the Mortgagee. 5. He will pe~mit. commit. or suEfer no ~vaste. impaiiment, or deterioratioa of said property or any ped theceof. except reasonable wear and tear; and in the event of the failure of the Modgagor to keep the baildings oa said premises and those to be erected on said premises, or improvemeata thereon, ia good cepair. the blodgagee may make such repaits as ia its discretion it may deem necessary for the pmper pceservetion thereof, and the full amount of each aad every such peyment shall be due aad payeble thirty (30) days after demand, aad shall be secured by the lien of this modgage. 6. He wtll pay all end singular the oosts. charges~ and expenses, includiag reasonable law~~er's fees. and costs of abstracts of titt~e, inwrred or paid at aay time by the Modgagee because of the feilure on the pad of the Nodgagar prompdy and tully to perform the agreements and covenants of said pmmissory note aad this mortgage, and said costs, charges, end expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. He will oontinuously maintain hazard insnrance, of such type or types and amounts as Mortgagee may from time to time requice, on the improvements now or hereafter on said premises, and except when payment for all such pcemiums has theretofore been made under (a) of pacagraph 2 heceof, he will pay prompdy when dne sny premiums thetefor. All iasnrance shell~be carried ia canpaaies approved by Mortgagee and the policies and reaewals thereof ~ shall be held by Yodgagee and have attached thereto loss payable clauses in favor of and in forn~ acceptable to the Yodgagee,- Ia event of loss he will give immediate notice by mail to ll~ortg,agee. and lllodgagee may make proof of loss if not made promptly by Modgagor~ and each insurance rnmpany concemed is hereby suthorized and ; directed to make payment for such loss dieectly~to Mortgagee instead of to Mortgagor aad ~lortgagee jointly, and i the insucance proceeds, or any pad theceof, may be applied by Mlortgagee et its option either to the reduction of ' the iadebtedness hereby secured or to the restoration or repair of the praperty damaged. In the event of fore- ' ` clo~re of ~his mottgage, o~ other transfer of title to the mortgaged property ia e:tinguishment of the indebtedness ~ secuied hereby~ all right. tide~ and interest of the MoKgagor in and to any insurance policies then in force shall ~ pass to the purchaser or grantee. ~ 8. He will not esecute oc file of ~ecord any instrument which imposes a restrictioa upon the sale or occupancy ~ of the property described herein on the basis of race, oolor, or creed. a i ' 9. If the premises, or any pad thereof, be ~ondemned under the power of eminent domain, or acquired for a ~ public use, the damages awarded, the praceeds for the takiag of, or the consideration Eor such acquisition, to the extent of the fnll amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned ~ to the blodgagee~ and his heirs or assigns, aad shall be paid forthwith to said Mortgagee or his assig~?ee to be ? ~ applied on account of the last maturing installments of such iadebtedness; pmvided, however. the Mortgagee or ~ his assi~ee, mey at his disccetion pay dir~ct to the 1~odgagor~ his heirs or assig~ns eny part or all of snch award; provided, that if the loan is guaranteed or insured, the consent of the guaraator or insurer is obtained in advance ~ of said payment. ~ ~ 10. The Alodgagee may, at any time pendiag a suit upon this tnortgage, apply to the couct having jurisdiction ~ theceoE for the appoiatment of a ceceiver, and such court sball Eorthwith appoint a receiver of the premises covered ~ hereby all and singnlar, iacluding all and singular the inoome, profits, issues. and reveanes from vrhatever source derived, each and every of which, it being e:pressly understood, is hereby modgaged as if specifically set forth and described in the gtanting and habendum clauses hereof. Such appointment shall be made by sach coud as an ~ admitted equity and a matter of absolute right to said l~ortgagee, and without reference to the adequacy or inade- quacy of the value of the.propedy mortgaged or to the solvency or iasolvency of seid Mortgagor or the deEendants. , Such rents, profits, income~ issues, and revenues shall be applied by such receiver acoording to the lien of this ; ~ mortgage and the practice of such court. ln the event of any default on the part of the Mortgagor heceunder, the i ~ Mortgagor ag~ees to pay to the Modgagee on demand as a reasonable manthly rental for the pcemises an amount ~ at least equivalent to one-twelhh (1/12) of the eggregate 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 oovered by the aforesaid monthly payments. ~ ~ 11. In the event of any breach of this mortgage or default on the pad of the Mortgagor, or in the event that any of seid sums of money herein referred to be not promptly and fully paid accordiag to the tenor hereof, or in the ~ event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, j ~ ace not duly, prompdy, and fully performed or if the Yodgegor be adjudicated bankrupt or made defendant in a bankcuptcy or receivership proceedings; then it~ either or any such event. the said aggregate snm meatioaed in ~ ~ • ~ : + 600lI PA6f ~ - _ ~ , ~ r . ~ _ . _ . _ . - ~ a..._