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HomeMy WebLinkAbout0346 1ei?~let Io U?e ~lurt~agee in e?ccOrdaette w~t I~~lre }~ovjs~ous of tl?e not~~ secwed lu~r~•t~~-, full pu~•nie~~t of th~• entire indebtedness represented~thpr~•;:~~e 4iort~pge~~ as trustee, shall, in computin~ tl~c~ an?ount of sucli indebted~iess, credit to the sccount o t?e :Nortgegor an~ credit bala~?cP ren~sininK under the pm~•isia~is o( (a) of said parsgraph 2. 1[ there shall be a default u~der nn~• of the provisious of ihis nwrtgaK~ resultin~ in a public sale o( the premises covered hereb~, or if the Morlgag~~e acqwres the propertr otherw•is~ after default, the Mortgagee~ as truatee, shall appl~, at lhe tune of the co~nuiencement of such proceedin~s or at tl~~ tim~ the propert~~ is otherwise acyuired, the amount then remain:ng to credit of \iortgagor under (a) of paraKraph 2 ~ preceding as a credit on the interest accrued and unpaid and the balance to the principal t}ien reu~aini~~~ w~pai~l on said note. ; 4. He will p?y ell tauee, e~eeeesments, wster ratee~ snd other governmental or municipal charges, fiaes, or # impoeitiona, for which provieion haa not beea made hereinbefore~ and in default thereof the Mortgagee may pay the ; s~me; and Wat 6e will promptly deli~er the o~cial reoeipt~ thet+efor to the 1blortgagee. ; b. He will permit~ oommit~ or suffer no ~raate~ impsirment, or deteriorstion of eaid pmpertq or any part thereof, i eucept reaeoneble wesr and tear; and in the event of the failure of the MortgAgor to keep the building,e on eaid ~ premisea and thoee to be erected on esid premieea, or improvements thereon, in good repair~ the Mortgagee may make such repaire ae in its diecretion it may deem neceeeary tor the proper preeervation thereof, and the full amount of each and every euch payment shall be due and psyable thirty (30) daya aiter demand, and ehall be eecured by tbe lien of this mortgage. 6. He will psy all and singu}sr the c~eta, ~ gee, sad expeneee, including reasonable lawyer'a fees, and coeta of abstr~cta of title, incurred or paid at any time b~y the Mortgagee becsuae of the failure on the part of the Mortgagor promptly and fully to perform the ngreements end oovenants of eaid promiaeory note and this mortgage~ and said oosta, chargea~ and expensea ahall be immediately due and psyable and shall be eecured by the lien of this mortg,nge. He will oontinuous~y maintain hszard insurance, of sucL type or types snd amounte as Mortgagee msy fmm time to time require, on the improvemente now or hereafter on said premises and e.~cept when payment tor all such premiums haa t6eretofore been made under (a oi paragraph 2 hereot ~e will pay promptly when due any premiums thcrefor. All insurance ahall be cani~ in c~ompanies approve~ by I~io ee and the poli- 0 cies and renewals thereof ahall be held bp Mortgagee and have sttached thereto loas payable c ausee in favor of and in form acceptable to fbe Mortqagee. In event of losa he will give immediste notice by mail to Mortgagee, and `Zortgagee may make proof o3 Ioss if not made promptly by Mortgagflr~ and each inaurance oompany concerned is hereby~authorized and directed to make payment for such losa directly to Mortga~ee instead of to Mortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereoi, msy be app7ied by Mor~ gagee at ita option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of ~ the property dama~ed. In event of foreclosure of this mortgage or other transfer of title to t6e mortgaged pmperty in extir,gu~shment of the indebtedness eecuced hereby, afl right, title~ and interest oi the Mortgagor m and to any insurance policies then in force shall pqsa to the purchaser or grantee. 8. If the premi~~, or an~- part there~of, Ue conden~ned mider the poH•er of eminent domain, or acquir~~~l for a public use, the damagrs aW arded, the pra•eeds for tl~e takin~ of, or the consideration [or suc•h acquisition, to the extent of the full Amount of the remaining unpaid indebiedness secured b~• this mort~a~r, ar~~ 1?~r~~b~- t?ssi~ned to ih~• ~1ort~aKee, anci his heirs or assigns, und shall be paid forthK•ith to said ~lortgag~~e or his assignee to be applied on ac~ount o[ the last maturing i~?stall~nents of sucli inclebtedness; pro~ ided, lioH-ever, the ~iortgu~ee or his tissi~nee, n~s~ at his discretioii pa~- dirnct to tl~e Jlortgagor, his heirs ~~r nssi~us anr pnrt or all of such aw•ard; pro~ided, that if the loan is ~uaranteed or insured, the consent o[ ihe guarantor or insur~r is obtained in ad~•ance of said pa~-n~ent. t The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction thereof for the appointment of s receiver~ and such coutt shall fort6with appoint a receiver of the premises oovered hereby all arid singulsr, including all and singular the income, profits~ iasues, and revenues ftom whatever source derived, each and every of which~ it being expressly underatood, is hereby mortgaged sa if specifically ~et forth and described in the granting and habendum clausea hereof. Such appointment shall be made by such oourt as an admitted equity and a matter of absolute right to said Mortgagee~ and without reference to the adequacy or inadequacy of i the value of the property mort~ged or to the solvency or insolvency of said Mortgagor or the defendants. Such ; rents, proSta, income, issues, and revenues shsll be applied by auch reoeiver according to the lien of this mortgage ~ and the practice of such cour~. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor i agrees to pay to the biortgagee on demand as a reasonable monthly rental for the premises sa smount at least j equivalent to one-twelfth (~z) 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 monthly payments. ! IU. In the event of any breach of this mortgage or default on the part of the 1liortgagor, or in the event that ~ any of said suma 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 atipulationa, agreements, conditione, and co~ enants of said note and this mortgage~ ? are not duly~ promptly, an~ fully pedormed; then in either or any such event, the said aggregate sum mentioned ; in said note then remaining unpaid~ with interest accrued to that time, and all moneys ~ecured hereby, shall become ~ due and payable forthwith~ or theresfter, at the option of said biortgagee, as ftilly and completely as if all of the ~ said aums of mone~• were origlnally atipulated to be paid On 3uch day, anything in said note or in this mortguge to ~ the oontrary notRithstanding; and thereupon or Lhereafter, at the option of said Mortgagee, without notice or demaud~ suit at lsw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- ~ tion. The ;1lortgagee may foreclose this mortgage, as to the amount so declared due and pa}•able~ and the said , ~ premises shall be sold to satisfy and pa~• the same together with costs, expenses, and allowances. In case of partial ~ foreclosure of this mortgage~ the mortgaged pmmises ahall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such caee the provisions of this paragraph ma~~ again be ~ availed of thereafter from time to time by the Aiortgagee. 'r 11. No waiver of any oovenant herein or of the obligation secuted hereby shall at any time thereafter be held ~ to be a waiver of the terma hereof or of the note secured hereby. t 4 12. The lien of this instrument shall rnmain in full force and eSect during any postponement or extension of ' the time of pay ment of the indebtedness or any pnrt thereof eecured hereby. ` l:i. If the biortgagor deisult in any of the covenante or agreements contained herein, or in eaid note~ then the = Mortgagee may perform the aame, and all expenditures (including reasonable attorney's fees) made by the Diortga~ee ` - in so doin~ shall draw intPrest at the rate prorided (or in the principal indebtedn~ss, and shall tx~ rnpa~•able ~ thirt~ (30) da~•s after demand, and, together with interest and costs accrued thercon, shall be securcd by this mortgage. _ 1~. L'pon the request of the biortgagee the liortgagor shall ea~ecute and dcliver a supplemental note or notcs for the sum or sums ad~•anced by the ~lortgagee [or the nlteration, modernization, improv~~m~ni, main- :;a tenance, or repair of said premises, for taxes or as.~essments against the sam~ and for en~ othe~r purpose suthor- ized hereunder. 5aid note or notes shnll be secured hereb~• on a parit,y with and as fully as it t6e ad~•ance _ e~ idenced thereby w ere included in Lhe note first described above. 5aid s»pptemental note or notes shall bear interest nt the rate pro~ ided for in the principal indebtedness and shall be payable in ap proximatch• c~ual monthly pa~ ments for such period as may be agreed upon by the creditor and debtor. Fail'u~ to agree on the - maturity, t~e whole of the sum or sums so ad~•anced shall be due and pa~-eble thirt~~ (30) da~~s attcr d~~mand :4 by the creditor. In no event shall the maturity extend beyond the ultimate r_iaturit~• of tlu~ nme first ; ~ described above. ~ g~~~OJ 346 f - - - - ~ _ : C ~ ~~,~~`y _ ~ +'zp ~`-~"a~ . `C 5 ' +r ~ ~ .__.~~Ir. . _ ''a . , ..;?i,°~;