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HomeMy WebLinkAbout1044 tender to tlie ~lurtKagee in ~ccordanc~~ y~•itl~ the provisiqua ot 11~e ~iote secure~l h~~reb~-, full pii~•~iirut of tL~~ entire indebtedness represenled thereb~•,,the::~4ortgpgoer ~ trustee, shall, in con?puti~i~; th~~ aniount of su~•h indebtedness, credit to the account of tlie :~'Iortga~or an~• crndil balance remainin~; und~~r the pro~•isians ot (e?) of said psragraph 2. If there sl~all be a delault under an~• ot the pro~•isions of this niortga~~~ resultin~ in a public sale ot the premises covernd herebr, or i( the Motigagre acqutres the pro}x~r1r otlier~~•ise afte~ dr~ault, ~ the l~iortgagee~ as trustee, sliall applv, at the tuue of the camuiencement of sucil procet~diu~ or at ~h~• tim~~ ~ ehe propen~• ia otherwise acyuired, thP amount then re~uainin~ to credit of 1ltortKagor under (a) of para~raph 2 ! preceding as a creclit on the interest accrued and unpaid and the balance to Ihe pru?cipal then rnuiainin~ unpa~d ~ on said note. a 4. He will psy stt tsxee. seeeesments, wster ratee, and other governmental or municipal chargee, 8nea or impositione, for wbich proviaion hes not been made hereinbefore~ and in default thereof the Mortgagee me?y pe?y the ee?me; and thst he will promptly deliver the o~cial reoeipt~ t~herefor to the hlortgagea. b. He will permit, oommit, or suH~r,so N~ate;~impsd~enent; ~or detRa~ioration of eaid property or anp patt thereof~ e~ccept reasonsbie wear and tear; and !n the event of the failure of !he Mortgagor to keep the buildings on eaid premi~ and thoee to be erected on aaid premises, or improvements thereon~ in good repair the Mortgagee may make sucb repairs aa in ite diecretion it msy deem neoeessry for the pmper preeervation thereo~, and the full amount of each and every such psyment ahall be due and pqyable thirty (30) daye after demand, and ehall be eecured by the lien of this mortgnge. , 6. He will pay all and eingular the ooata, cha~ee, and ezpensee~ including reaeonable lawyer's feee, and ooate of abstr~cts of title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and oovenant8 of aa}d pmmiseory note and thia mortgage, and said ~ ooets, charges, and eapenses ahall be immediately due and payabl~ and ahall be eecured by the lien of thia mortg,age. He will oontinuous~y maintsiu hszard inauranoe, of auch type or types and smounts as Mortgagee may irom time to time require, on the impmvemente now or hereatter on said premisea and e.~cept when papment tor all such premiums has theretofore been made under (s) of paragraph 2 hereof ~e will pay promptly when due any premiums thcrefor. All insurance shall be carried in oompaniee approved by b~iortgagee and the poli- cies and renewala thereof shull be held by Mortgagee and have attached therEto loea payable ctsuses in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and viortgsgee may make proof oi Ioss if not msde promptly by Mortgagor, and each inaurance company ooncemed is hereby~ suthorized and directed to make payment for such loss directly to Mortga~ee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeda, or any part thereof~ mey be applied by Mort- gagee at its option either to the reduction of the indebt~edness hereby secured or to the resWrat~on or repair of ~ the property dama~ed. In event of foreclosure oi this mortgage or other transier of title to the mortgaged property in extingu~shment of the indebtednees secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force ahall p~s to the purchaget or grsntee. 8. If the premisi~s, or ttu~~ purt tl~crc~of, be conden~neci under the poHer d eu~inent don~sin, or a~•quir~~d for a public use, the.dania~;es aw•arde~l, the pro~ecds for the taki~~g of, or the considrration for suc•h acquisition, to the extcnt of the full amounl of the rnmaining unpaid indebteciness secured b~• tLis ~i~ortKage, ar~~ her~b~• assigned to th~ ;lfortga~ee, und his lieirs or assigns, and shnll be paid forthw•itl~ to suici :~1ort~+~gee or t?is assignee to be appiieii on ac~•ount o( the lest iuaturing installn~ents of sucli indebtedness; pm~•idecl, l~o~~~e~~er, th~ ~lortgagee or his assignee, n~a~- at his di.tcretion pa}- direct to the ~lortgagor, Lis heirs or t~ssigus anr part or all o[ such aHarci; pro~ided, that if thc~ loan is ~uar~nt~eci or insured, the co~?sent of th~ guArantor or insur~•r is abtainecl in ad~•ance of said pa~-m~nt. 9- 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 oourt shall fort6with appoint a receiver of the premises covere3 hereby all and singular~ including all and singular the income~ profits, issues, and revenues Irom whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecifica113 set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and 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 ~olvency or insolvency of said Mortgagor or the defendants. Such rents, profita. income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of t6e Mortgagor 6ereunder, the biortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesst equivalent to one-twelfth (~2) of the aggcegate of the twelve monthly installments payable in the then current year plus the actual amount of the annuai taxes, ass~sments, water ratea, and insurance premiums for auch year b the aforesaid monthl •ment9. not covered y y pa} 10. In the event of any breach of this mortgage or default on the part of the 1Vlortgagor; 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 atipulations~ agreements, conditions~ and covenants of said note and this mortgage, are not duly~ promptly, and fully performed; 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 secured hereby, shalt become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of mone~ were originally stipulated to be paid on such day, anything in said note or in this mortgage to the cont_rary notwithstanding; and thereupon or themafter~ at the option of said l~iortgagee, without notice or demand~ sui~ at law or in equity, may be prosecuted as if all moneys secured herehy had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, ss to the smount so declared due and pa~able, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shail be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the pro~-isions of this paragraph may again be availed of thereafter from time to time by the 1ltortgagee. 11 _ No waiver of any covenant herein or of the obligation secured hemb~• shall at any time thereafter be held to be a waiver of the terma hereof or of t6e note eecured hereby. 1'~. The lien of this instrument ehall remain in full force and efiect during any postponement or extenaion of the time of payment of the indebtednesa or any part thereof eecured hereby. 1:i. If the hiortgagor default in any of the covensnte or agreements contained herein, or in said note, then the Mortgagee msy perform the same, and all expenditures (including reasonable attomey's fees) made by the hiortga~ee f in so doinR shall drah• interest at the rate pm~•id~d tor in the ~rincipnl indebtedn~ss, and shall bc• repa~-able ; thirt} (30) da~•s after demand, and, together with interest and costs acerued tl~ereon, shall be secureci by this mortgage. 14. Upon the request of the biorl~agee the Mortgagor shall e~ecute and deliver a supplemental note or notes for the sum or sums ad~•anced by the ~tortgagee fur the alteration, modernization, impro~~cment, main- tenance, or repair of said premises, for taxes or as.~essments against the samc and for ea~• other purpose author- ized 6ereunder. Said note or notes sl~all be secured hereb~ on a pari~y with and as fully as if the ad~•snce eridenced thereby were included in the note first described sbove. Said supplemental note or notes shall bear interest at t6e rate pro~ ided for in the principal indebiedness and shall be payable in a~prosimately equal monthl~ pa~ ments for such period as may be agreed upon by the creclitor and debtor. Failtn~ to agree on the maturity, t~e W hole ot the sum or sums so ad~•anced shnll be due and pa~-aUle thirt~ (30) da~ s aftcr Jemand by the creditor. In no ecent shail tl~e maturity estend beyond the ultimate r.~aturit~ of t6e note first described abo~e. U R ~~0 ~.044 ~ - - - - _ _ - ~ M M ~ ~ ~ ~ ~ ~ : ; ~ ~ 3 ~ ~ - x ~.,F • ~ . , ~ ~ : ~ . .;.,e`Vr'_`~. ~ _ _ . .