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Home My WebLink About0407 t~•n~lrr to th~• ~lurl~;:ir~~r in n~•~•ur~l~n~•~~ ~~~ith th~~ pruri,iuii. ~?f tlu• no~~• .~~cun•~1 1~~•r~~l~~. full ~u~~~nu•iU ~~f tlu~ entir~• ind~~btrdn~•+s rnpr~•.~•~?t~•~i tli~~rrb~~, tht~ ~lort~;a~?~~~. a.• tru.t~~~•. slu~il, i~~ c~?n?~~uti~?~; thr au?uunt of su~•1~ in~l~•bt~~~ltirs.,, crr~iit to tlu• a~•~•ount of tl~e \tort ~~or an~• ~•mdit hal:u~c~~ mu?aiuin~; ~uulrr thr pru~~i•ion. of ~~i) uf sai~l pa~•~;raph 2. If ti?~r~~ shall !?c a defuu~t ut~dcr an~• of th~~ pm~-uious ~if tlii. niort~;u~;~~ r~•:ultin}? +n zt s public ,ale of tL~~ pn•iui~.~r ~~o~•emd hrreb~-, or if tl?~ \1ort~aK~•~~ arc{uirc~ thr pm~x~rt~• ~ither~~~i:r a~t~~r iiefeult, i tlic \1ortKa};~•c, a.~ tru,trc~, sl?all ~ppl~-, ~t ~?~e <<~~?P or t~~~ coinmrn~•einc~?t ot such prnc~~~•~lii?~,~ ~~r at th~ tim~• the pmpert~- i.. othriN'4~(' e~•~~uire~~. the a~uount theu rniu~ining to crc~~lil of ~lort~?a~or un<Irr (a) of para~;rapli pre~•eJiu~ a. x ~•rn~ii~ on th~~ ii~t~~rr.t ac~c~ru~~d and unpaid and tl~e balaure to the prineipHl th~~n n~iuain~u~; unpai~l ~~n said nat~~. 4. He wiU pay all t.axes, aeeessments~ water rates, and other governmental or municipal charges, 6nee, or impositions, for ~vhich provision has not been made hereinbefore~ and in default thereof the Iliortgagee may pay the eame; and that he will pmmptly deliver the official n~oeiptn therefor to the Mortgagee. 5. He will permit~ eommit~ or sutler no waste, impairment~ or oei,eriun~i.iun oi ~aiu pru~riy ur ~y ~ri ~c,~ra,,. except reasonsble wear and tear; and in Lhe eveat o~ the failure of the Mort$ngor to keep the buildinga on said premises and thaee to be erected on eaid premieea, or improvements thereon~ in good repair, the 1liorigagee may make such repairs as in its discretion it may deem neceesaty for the proper presen~ation thereof, and the tull amount of each end every such paymen~ shall be due snd psy able thirty (30) davs after demand, e?nd shall be secured by the lien oi this mortgage. 6. He will pay all and singular the ooeta, charges, und expensea, including reseonable lawyer's fcea, and costs : of abstracts of title, incurnd or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor = promptl~ and full~ to perform the agreements and covenants of said promiasory note and this mortgage, and said j costs~ charges, and expenses shall be immediately due and payable and shaU be eecured by the lien of this mortgage. ~ 7. Ne v~ill oontinuously maintain hazard insurance~ of such type or types snd amounts as Mortgagee may ~ from time to time require, on the impmvements now or hereaiter on said premises and e.toept when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof ~e v~ill pap promptly when due any premiums thcrefor. All insurance ahall be cartied in oompanies approve~ by 111ortga~ee and the poli- cies and renev?als thereof shall be 6eld bv liortgagee and have attached thereto loss payable efauses in favor of ~ a:id in form acceptable ta the ~iortga~ee. In e~ ent of loss he a-ill give immediate notice by mail to Mortgagee, ; and \iortgagee may make proof of ?oss if not made promptly by 4lortgagor, and each insuranca oompany ; ooncerned is hereby authorized and directed to make payment for such loss du~ectl} to Mortgagee inatead of to ~fortgagor and Aiortgagee jointly, and t.he insurance proceeds, or sny part thereo~, may be applied by Mor~ ga~;ee at its option either to t6e reduction of the indebtedness hereby secured or to the restoration or repair of the property dama~;ed. In e~ ent of fomclosure of this mortgage or other transfer of title to the mortgaged pmpert~ in e.ttinguishment of the indebtedness s~cured hereby, afl right~ title, and interest of the 111ortgagor m and to anr insurance policies then in force shall pqss to the purchsser or grantee. If th~~ pr~~~ui:~•:, ~?r u~:~- }?:u-1 tli~~r~•~~f. Ix~ ~•on~lt•:nni~d un~l~~r thc~ }w~~-~•r of eniinent don~ai??. or a~•quir~~d f~?r a~:uhli,• u•~~. th~• ~I~i~~:?r~~; ~?~~ar~l~•~1. tl~~• pn~~•r~~~l; for th~ tHki~i~ of. ~r th~~ ~~onsideratiou for.u~•1? u~•yu~•~tion, t~? ~ th~~ ~•xtt~nt ~~f th~~ full an~~?unt of tlu• r~~ni~inin~? uupuid indrbtc~dn~~~. c~•~•ure~l b~- ihi~ n~~rt~ur~~. ar~• h~~r~~b~- ~ :i:.i~n~~~i t~ tlu• \lurt~,a~:~•~~. un~l hi: lu~in ~~r a:.;i~n:. :~nd shall tx• pai~l f~~rth~~-ith to •ui~l ~tort~it~:r~~ c?r lii~ a:;i;~ni•~• tc? IH~ ap~?li~•~I ~m a~•~•~?unt of thr lust ~~~atunn~ ii?stalLi~~~nts of su~•h ind~bt~•~ln~~ss: }~rn~-i~le~~l. how-~•~•t•r, ~ tL~~ \tort~a~:~~~~ ~~r !?i: a::irn~~~~. n~a~~ at hi: ~li;~•rnti~?n pu~- ~lire~•t to tl~~ ~Iort~a~:or. Li, lu~irs ur u.:i~n~ :inr part ~ ~~r all ~~f .u~•1~ ~w~~r~l : nr~?~-ule•~l_ tl~:?t if th~~ lu:~~? is ~u:~r~~nt~~~~d or i~i~w~~d. tl~~ ronseut of tlu• kuur~ni~~r ~~r in~ur~•r ~ i: c?i?tain~•~i in ud~•nn~~~• of :ai~l ~~H~-u?c~nt. - ~ ~ The 1lortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction i thereof for the appointment of a receiver, and such oourt shall forthwith appoint a receiver of the premises oovered ~ hereby all and singular, including all and singular the income,_ profits, issues, and revenues from ~rhatever source ~ derived, each and e~ery of a•hich, it being expressly understood, is herebS mortgaged as if specifically set forth and ~ ~ described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted ~ equit~• and a matter of absolute right to said Mortgagee, and Rithout rPference to the adequacy or inadequac3 of ~ s the ~-slue of the propert~• mortgaged or to the solvenc~ or insol~ ency of said ~iortgagor or the defendants. Such ~ t rents, profits, income, issues, and revenues shall be applied by suc6 reoeiver according to the lien of this mortgage ~ and the practice of such court. In the event of any deisult on fhe part of the 1liortgagor hereunder, the Mortgagor ° e agrees to pa~ to the ~iortgagee on demand as a reasonable monthl~• rental for the premises an amount at least ~ equi~•alent to one-twelfth (!~2) of the aggregate of the twelve monthlS installments payable in the then current ~ }•ear plus the actusl amount of the annual taxes, assessments~ water rates, and insurance premiums for auch year ; ` not co~ emd by the aforesaid monthly pa~•ments. i ~ lu. In the e~•ent of an~ breach of this mortgage or default on the gart of the Mortgagor, or in the event that any of said sums of mone~~ herein reterred to be not promptl~ and fully paid according to the tenor hereof~ or in the ' event that each and e~ery the stipu}ations, agreements, conditione, and co~•enants of said note and this mortgage, ~ are not duly, promptl~ ~ and fully performecf; then in either or any such e~•ent, the said aggregate sum mentioned i in said note then remaining unpaid, aith interest accrued to that time, and all mone~•a securecl hereby, ehall become ~ due and pa~•able forthwith, or thereafter, at the option of said ;~iortgagee, as fully and completely as if all of the ~ said sums of mone}• Rere originall~• stipulated to be paid on such da~•, an~•thing in said note or in this mortgage to ~ the contran• notwithstanding; and themupon or thereafter, at the option of said l~iortgagee, a~thout notice or ~ demand, suit at lav? or in equity, ma~ be prosecuted as if sU moneys secured hereby had matured prior to its institu- _ tion. The ~iortgagee ma}~ foreclose this mort~age, as to the amount so declared due and pa~able, and the said premises shall be sold to satisf~• and pa~• the same together v?ith c~sis, expenses, and a1loRances. In case of partial fomclosure of thiG mortqage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage f~r the amount oi i~c dcbi noL then due and unpaid. In such ~ the pro«sions of this ;~ragraph ma~• again be ~ s' arailed of themafter from time to time b3~ the ~lortgagee. i - 1 1. No waiver of any covenant herein or of the obligation secured hereb~• shall at any time thereafter be held ~ to be a~aiver of the terms hereof or of the note secured hereb~~. = 1''. The lien of this instrument ahall remain in fuU force and effect during an}• postponement or extension of - the time of pa~•ment of the indebtedness or any part thereof secured hereby. , '='-_f i:t. If the liortgagor default in an~• of the co~•enanta or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attoroey's fees) made by the MortgaAee in so doin~; ~}iall draH• int~rest at the rate pro~•i~l~~~l tor in the prin~•ipa) ind~•ht~~ln~~ss, and shall }x~ mpa~•able thirt~- (30) da~-s after demand, ariJ, tugetLer K-itli inten~st and custs accrued thereon, s}~all bc sccured by - this mortgage. ` '~-g 1-1. L'pon the rc~c~uest of the ~iort~agee the :1lortga~or shall e~ecute and d~liver a supplemental note or notes for ttie sum or sums ac1~-anc~•~I b~• tLe ~tortKaKee for the alteration, modc~rnization, irupro~•~•m~nt, mein- tenance, or rc~pair of ~sid pre•misc~, for tasi~ or as~~~ssme~nts a~;ainst the sam~• an~l for an~• other purpos~~ suthor- y~:~ ized hemuuder. ~sid note or notes shall i~e secured hereb~ on a parit~• with and as full~ as if tl~e ad :•ance - e~-idenced thereb~• K ere in~lu~led in the note first described aboti e. 5sid snpplem~ntal note or notes shall bear ~ interest at the rate pro~•ided for in the principal indebtedness and shall be pa~~able in ap proximatrl~• eyua) "i monthl~• pa~•me~nts for such period as ma~• be a~recd upon b~- the creditor and debtor. Failin~ to a~;re~ on th~ = maturit~•, tf~e N•bole ot the sum or sums so ad~-anred shall be dile and pa~•able thirt~• (30) de~•s a(ter d~~mand b~• the cr~~ditor. Li no e~~en1 shall the maturit~• extepd be~o~d the ultimate r_~aturit}' of 16c~ note fint described abo~ e. aooK 198 r~~f 407 . - ~ _e : . ~ z,