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HomeMy WebLinkAbout1760 tender to th~+ :11uMgagee in accordsnce witti the pro~•isiona of tl~e note securnd h~~reb~•, full pa~•n?e~~t or ~j?~~ entire indebtednesa represented ihereb~•, the 111ortgagee, ss truslee, shall, in co~i~puting thc~ an~owit uf sueh indebtedneae~ creclit to the secount ot t~ie Atortgagor r?n~ credil balence reu~ainii~K und~~e the pro~•isia?s o( (u) of ssid paragraph 2. It there shall be a ci,ei~ult under sAy: V( the provisions of this mortga~e resultinK in a public sale ot the premises cu~ered hereb~, o~ it the I1Zortgagee acqu~res the propert~• oiherwise after default, the MoMgaE;ee, as truatee, shall apply, at the tuiie o( the co~nuienceaient of such proc~edin~ or at the /iin~• the propert~ is otherwise acquired, the aniount then remsining to credit ot \1ortKa~or under (a) par~grapl? 2 preceding sa a credit on the interNSt sccrued and unpaid snd tlie balanc•e to the principal then rn~i~aining unpaul on said note. 4. He wiU pi?y ull ts~cee. seeeeamente, w~ter rates, and other governmental or muaicipal chargee~ fines~ or ; impoeitiona, for which pmvieion 6se not beea made hereinbefore~ t?nd in default thereof the Mortgagee may pe?y the ; eame; snd that he will promptly deliver the oflicial reoeiptn theretor to the rl~rtgagee. 5. Ae will permit, oommit, or suHer no waste, impairment, or deterioration ot said property or any part thereof~ except reasonabte wear and tear; and ia -Lhe event of the isilure ot the Mortgsgor to keep the buildinge on eaid premiees and thoee to be erected on esid pre~iees, .or improvementa thereon, in good repair, the Mortgagee may make suc6 repairs ae in ite diecretion it msy deem nece~ary for the proper preeervation thec~eof, and tt?e full amount of each and every such payment ehall be due and gayable t~hirty (30) dsye after demand, and ahall be eeeured by the lien of thia mortgage. • ~ _ 6. He will pay all and eingular the ooet~, ~ and eupeneea, including reasonsble 18wyer's feee, and ooete of sbstr~cts of title, incurred or psid at any time by t e Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreementa and oovenents of eaid pmmieBOry note and this mortgage, and ssid ooate, charges, and expensea ahall be immediat,ely due snd p~yable and shaU be eecured by the lien of this mortgage. 7. He will oontinuously maintain hazard insurance, of auch type or types and amounts as Mortgagee may trom time to time require, on the improvementa now or hereatter on said premises and eacept when psyment tor all such premiums has theretofore been made under (s) oi paragrsph 2 hereof ~e will pay prnmptly when due any preuuums thorefor. All insurance ahall be carried in companiea approve~ by riortgagee and the poli- cies and renewals thereof shull be held by Mortgagee and have attached thereto losa payable clausee in favor of and in fo~m acceptable to t6e Mortgagee. In event of loss he will give immediete notice by mail to Mortgagee, and :1~Iortgagee may make proof of foes if not made promptly by Mortgagor~ and each insuranoe oompany concemed is hereby~ suthorized and directed to make payment for such lo~s directly to MoM~a~ee instead of to Mortgagor and Mortgagee ointly ~ and the inaurance proceeds, or any part thereof~ may be app7ied by Mor~ gagee at its option either to t~e reduction of the indebtedness hereby eecured or to the resturation or repair of the property dama~ed. In event of foreclo~ure of thia mortgage or other transfer of title to the mortgaged ~roperty m extinguiahment oi the indebtedneea eecured hereby, a~l right, title, and interest oi the Mortgagor m and to sny insurance policiea then in force ahall pnss to the purchaser or grantee. 8. If the pre~»ises, or an~• part thrreof, bc~ condemned under the poHer of en~inent do~nain, or acquir~~~1 for ~a public use, the da~~~ages awardecl, ihe pro~~eeds for the takin of, or the consideration for surh acqu~sitiot~, to ; the extent of the fuii amount of the remaining unpaid inde~tedness secured b~• this u~ortgage, ~r~~ 1?ernb~- ' ussi~ned to tl~e ~tortgagee, und }?u heirs or assigns, and shall be paid forthW ith to said :~1ort~a~re or l~is assignee to be applied on account o( the last niaturmg installments of such indebtedness; pro~ided, tioH•~~•er, the tilort~ ee or his assignee, n~a~ at his discretion pa~• clirect to the Mortgagor, his heirs or assigns ~n~• part or all of surli award; pro~ ided, that i[ the loun is ~uaranteecl or insured, the conseut o( the guarantor or insurcr is obtained in advance ot said pa~-ment. ~ 9. The Mo ee ma ~ at an time ndin a suit u n this mo rtSaB Y Y PQ B Po rtBaBe. aPPly to the oourt having jurisdiction j thereof for t6e appointment of a rec:eiver~ and such court shall forthwith appoint a reoeiver of the premises covered ; hereby all arid singular~ including all and singular ~,he income, pro8ts, issues, and revenues from whatever source ! derived, each and every of which~ it being expressly understood~ is hereby mortgaged as if specifically eet forth and ( described in the grant~og and habendum clsuses hereof. Such appointment shall be made by such court as an admitted ~ equity and a matter of absolute right to said Mortgagee~ and without r~ference to the adequacy or inadequacy of f the ~ slue of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendanLs. Such ! re~?ts, profits, income~ issues, and revenu~ shall be applied by such receiver according to the lien of this mortgage I and the practice of suc6 court. In the event of any default on the part of the Mortgagor hereunder~ the Mort.gagor E agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least ; equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installmenta payable in the then current j year plus the actual amount of the annual taxes, asses~nenta, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. t0. In t6e event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that , any of said sums of money herein reierred 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 co~~enants of said note and this mortgage, K sre not duly~ promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in said note then rema~ning unpaid~ with interest accrued to that time, and all moneya secureci hereby, shall become ~ due and payable forthwith, or thereafter. at the option of said l~iortgagee, as fully and completely as if all of the ~ said sums of mone~• were orig~.nally stipulated to be paid on such day~ an} Lhing in said note or in this mortgage to ~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or ~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- s tion. The A'Iortgagee may foreclose this mortgage, as to the amount so declared due and psSable, and the said ~ premises ahall be aold to satisfy and pay the same together aith costa~ expenses, and allowances. In case of partial ~ forecloswe of this mortgage, the mortgaged pmmises shall be aold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such case the protirisions of this paragraph may again be ~ availed of thereafter from time to time by the tl~iortgagee. 4 11. No waiver of any oovenant herein or of the obligation secured hereb~ shall at any time thereafter be held ~ to be a waiver of the terma hereof or of the note secured hereby. ~ 1'?. The lien of this instrument ahall remain in full force and etTect during any poatponement or extenaion of the time of payment of the indebtednesa or any part thereof secured hereby. l:i. If the Mortgagor default in sny of the covenante or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ee ~3 in so doing shall draw interest at the rate pro~•ided (or in the principal indebtedness, and shall be~ rnpaz~able thirt~ (30) da~s after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. . . 14. Upo~ the request, of the :~lortgagee the 1liortgagor shall ea~ecute and deiever a supplemental note or ~ notes for the sum or sums ad~•anced by the ~tortgagee for the siteration, modernization, improvement, main- = tenance, or repair o( said premises, (or taxes or as.~essmcnts against the same and for en~ other pur}x~sc sutlwr- _ ized hereunder. Said note or notes sl~all be secured hereby on a parity with and as fully as if the ad~ ance ° e~ idenced thereby were included in the note first described above. Said snpplemental ttote or notes shall bear ~ interest at the rate provided for in the principal indebtedness and shall be pa~•able in ap proximatel~• equal monthly pa3~ments for such period es may be agreed upon by the creditor and debt,or. Failing to agree on the _ maturity, t}ie whole of the sum or sums so ad~anced sl~all bc due and pa~•able thirt~• (30) da~s aftcr dcmend r: by che crcditor. In no event shall the maturity extend be}ond the ultimate r.~aturity of the note first described above. .~S ~CVT~ lHls:,~,~ `i'~ 4~ , ry*.__. . . _ _ . . - . ..s.~'-".;.xe.