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HomeMy WebLinkAbout2911 tender to the Morl.gagee in i?ccordance with the provi~iona o( tl~e not~ securecl hen•b~•, (ull pa~u?ent of th~ entire indebtednesa represented therebv, the Mortgsgee, ae lrustPe, shall, 111 COIIIF)UUII~ IIIP 811lOUlll of sucl? ir?debtecinesa, credit to the account o( tl~e Mortgagor any credit balance remaininR w~der Ihe provisions of (a) of asid paregraph 2. If thetr. shall be s detault under sny of the pro~isions of tt~is n~ortgag~ resultii~~ in a public ssle oI the premises covered hereb~, or if the Mortgagee acquires tiie propert~• otl~erwise after ~leiault, the Mortgagee~ ~ truatee~ ehaU apply~ at ~.ht~ time of the coinmencement of auch proceedings or at the time t,he propert~ ia otherwise acquired, the amo+lnt then t~emainin~ to credit ot Mortgsgor under (a) of paragraph 2 preceding ae s credit on the intereat accrued and unpaid and t?e balance to tl~c+ principal then remainin~ unpaul on said note. 4. He will pe?y all taxea seeeeements~ water rstee. t?nd other governmental or municipal charges~ fine0. or impoeitions, for whicb provision haa not been made hereinbefore~ snd in default thereof the Mortgagee may pay the same; s~ thst he will promptly deliver the o~cial reoeiptn theeBfor to the Mortgagee. b. He ~vill permit, oommit, or auffer no waate~ impairment~ or deterioration of asid property or any part thereof except reasonable wear and t~eat; and in t6e event of the failure of the Mortgagor to keep the buildinp on eai~ premieee and thoee to be erect,ed on eaid premieee, or improvementa thereon~ in good repair the Mortgagee may make auch repaire aa in ita diecretion it msy deem neoeeesry for the pmpet preeervation thereo#~ and the full aanount of each and every such psyment shall be due aad psyeible thirty (30) days after demaad, and shsU be eecured by the lien of tLia mortgage. 6. He will pay all and singular the eosta~ and e:peneea, including reaeonable lawyer'e fcee, and ooete of abetr~cts of title~ incun~ed or paid at any time b~Mortgsgee because of the failure on the part of t6e 111ortgagor pmmptly and fully to pedorm the agreements and covenants of said promiaeory note and this mortgage~ and eaid oosts, c6arges, and expenses ahaU be immedistel,y due and payable and shall be eecured by the lien of this mortgage, 7. He will oontinuous~y maintain hszsrd inaurance, of auch type or types and amounte as Mortgagee may fmm time to time require, on the improvemente now or Lereafter on ssid premises and eacept when psyment tor all such premiums has theretofore been msde under (s) of paragraph 2 hereot ~e will pay pmmptly when due any premiums thcrefor. All insurauce shall be carried in oompanies approve~ by I~iortgagee snd the poli- cies and renewals t6ereof shall be held by Mortgagee and have attached thereto lo~s payable ctausea in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notioe by mail to Martgagee, and Mortgagee mas make proof of Toss if not made pmmptly by Mortgag~or, and each insuranoe t~ompany ooncemed is hereby suthorized and directed to make payment for such lo~s directly to Mortga~e~ ~nstead of to Mortgagor and Mortgagee ointly , and the insurance proceeda, or any part thereof, may be applied by Mor~ gagee st its option either to ~e reduction of the indebtedness hereby secured or to the restoration or repair of the property damaped. In event of forecloeure oi this mortgage or other transfer of title to the mortgaged property m eutingu~shment oi the indebtednees secured hereby, a~l right, title, and interest of the Mortgag~or m and to any insurance policies then in force ahsll pnss to the purchaser or grsntee. 8. If the pre~i~isE~s, or an~- part thereof, be condemned under the power of en~inent dou~ain, or acquired [or a public use, tl?~ damages aw~ardecl, the proeeeds for the taking of, or t}?e consideration for sucli acquisition, to t}ie extent of the full a~nount of tt~e remaining unpaid indebtedness secured b~• this iuortgx~e, an• iiereb~- assi~ned to the I14ortgagee, and his heirs or assigns, and shall be paid forthh ith to said 4lortgagee or his assignee to be applied on accow~t o( t}?e last maturing installments of such indebtedness; pm~ided, howe~•er, the ~Iortgagce or his assignee, ma~• at his discretion pa~- direct to the biortga~or, his heirs or assig~is an~- part or all of such aw•arci; pro~ided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in ad~ance o( said pa~•mPnt. . y• The Mortgagee may, at any time pending a suit upon thia mortgage, apply to the oourt having jurisdictioa thereof for the appointment of a receiver, and such oourt shell forthwith sppoint a reoeiver of the pr~mieea covered hereby all arid eingular, including all and singular t6e inoome, proStB, iasuea, and revenues from whatever aource derived~ each and every of which, it beina expreasly understood, is hereby mortgaged sa if specifically set fort6 and described in the granting and habendum cLusee hereof. Such appointment shall be made by such court as an admitted equity and s mutter of absolute right to Mid Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of eaid Mortgagor or the defendants. Such , rents, profits, income, issues, and revenues ahall be applied by such receiver according to the lien of this mortgage ' and t6e practice of such court. In the evwt of any default on the part of the Mortgagor hereunder, the Mortgagor ~ egnes to pay to the Mortgagee on demaad a8 a reaeonable monthly rental for the premises an amount at lesat ; equivalent to one-twelfth (~2) of the a~regate of the twelve monthly installments payable in the then current ~ year plus the actual amount of the annw~l taaes, ass~onents, water ratea, and insurance premiums for such year ~ not covered by the aforesaid monthly paymenta ~ 10. In the event of any breach of thia mortgage or default on the part of the Mortgagor, 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 perfoimed; 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 moneya eecured hereby, shall become ~ due and payable forthwith, or thereafter. at the option of said D'Iortgagee, as fully and oompletely as if all of the ~ said sums of money were originally stipulated to be paid on such day~ anything 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 pr+oe~ecuted as if all moneya secured hereby had matured prior to its institu- ~ tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together aith costs, expenses, and allowanceA. In csse of partial foreclosure of this mortgage, the mortgaaed premisea ahall be aold aubject to the continuing lien of this mortgage for the amount of the debt not then due aad unpaid. In such case the provisions of thia paragrap6 may again be ~ availed of thereafter from time to time by the Mortgsgee. ~ ~ 11. No waiver of any covenant 6erein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of We note eecured hereby. ~ 12. The lien of thia inatrument shall remain in full force and etfect during any po~tponement or extension of the time of payment of the indebtedneae or any part thereof aecured hereby. ~ 13. If the Mortgagor default in any of the covenante or agreements contained herein, or in esid note, then the ' Mortgagee may perform the same~ and all expenditures (including reasonable attorney's fees) made by the MortgaRee - ~ in so doing shall draw interest at the rate pmvided ior in the principal indebtednc~ss, and shall be rnpa~~able ~ thirt~• (30) days alter demand, and, together with interest and costs accrued thereon, shall be secured by ~ this mortgage. t 14. U n the re uest of the l~io po q rtgagee the Mortgagor shail execute and deliver a supplemental note or ~ notes for the sum or sums ad~ anced by the titortgagee for the alteration, modernization, improvement, main- ~ tenance, or repair of said premises, for taxes or as.~essments af;ainst the same and for e~ny other purpose author- 5= ized hereunder. Said note or notes ahall be secured liereby on a parity with and as fully as if the ad~ ance ~ e~ idenced thereby were included in the note first described above. Said supplemental note or notes shall bear ~ interest at the rate provided for in the principal indebtedness and shall be payable in a~pmximat,ely equsl monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failu?I; to agrec on the maturity, tt~e whole of the sum or sums so ad~anced shall be due and pa~able tl~irty (30) da~s a(ter dcmand ~ by the creditor. 1n no event shall Lhe maturit,y extend beyond the ult,imate r.iaturity of t~e note first ~ described above. ~ 6U01~ ~U3 PAGf ~ K'. ` x~.~ ~ ~~q5 r i ~F ~ ltr!°<~ c' ~,.P` ,"jc' Jwt X~° C . - ~ ~ - .s-~ r-w~ ,t~~~~ . _ . . _ .