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HomeMy WebLinkAbout0894 ~ 8 tender to the Mortgagee in uccordance ~vith the ptovisiona ot tl~e nole secured liereb~•, full pa~ i~ient o[ tl~e 5 entire indebtednesa represented therebv, the Mortgagee, se ~rustee, shall, in cou~puti~ig thP aiuount o~ such indebtedness, credit to the account oI the Mort,gagor any credit balance ren~aining under the provisia?s of (a) oi se?id paragraph 2. If there ahaU be s default under an~ ot the pmvisioiis of this ~uortga~e resulting in a public se~le o! the premisES covered hereby~ or if ~he Mortgagee acquues tiie prapert~~ otl~erw~se after default, the Mottgagee~ a8 trustee~ ahall spply~ at tihe time of the comuiencement, of such proceeclings or at the time the property is otherwise acquired~ the amount then remsining to credit of Mortgagor undcr (n) of paragraph 2 preceding sa a credit on the interest acerued and unpaid and the balance to tl?e principal then reuiainmg unpNid ~ on said note. 4. He will psy all taues~ aeeeeeonents~ wster rstes, and other goveramental or muniapsl chsrgee, 6nes. or impoeitions, for wbieh provision haa not been mede hereinbefore, and in default thereof the Mortgagee msy psy tLe e~me; end t6~ be will promptly deliver the oH'icial reoeipte t6erefor to t6e Mortgagea. i b. He will permit, oommit, or suffer no weate, impairment~ or deteriorstion of eaid property or any pstC thereof~ ` e~ccept reaeonable ~vear end t,ear; and in t6e event of tLe failure of t6e Mort~,sgor to keep the buildinge on eaid ~ premiaee and thaee to be erected on eaid pa~emiees, or improvemente thereon, ia good repsir the Mortgagee may make auch repsirs ee in ite diecretion it msy deem neoeeaary for the propet preeervation thereo#, and the full amount of each and every such psyment aball be due and pyrabla t~hiriy (30) dsys after demsnd, and ehall be eecured by the lien of thia mortgage. 6. He will psy aU and eingular the eoete, g~, sad espeneee, inctuding reseonable ]awyer's feee, and coste - of abetr~cta of title, incurred or paid st aay time by the Mortgsgee becauee of the failure on the part of the Mortgagor promptly and full to pedorm the agreementa and oovenants of eaid promieeory note and thia mortg,age, snd said oosta, chargea, an~eapenaes ahall be immediately due sad psyable and ehall be eecured by the lien of this mortgage. He will oontinuous~y maintsin hsurd insurs8oe, oi euch type or types end amounta ss Mortgagee msy trom time ta time require, on the improvementa now or hereatter on said premises and except when payment tor all such premiums has theretafore been msde under (s) of paragrsph 2 hereof 'he will pay pmmptly when due any premiuma thcrefor. All iasur~ance s6aU be carried in aompanies approve~ by 11iortga~e~ and the poli- cies and renewals thereof ahall be held by Mortgagee and have attached thereto loea payable-eCauses in favor of and in form acc;eptable to the Mortgagee. In svent of loss he will give immediste notice by mail to Mortgagee, snd Mortgagee may make .proof o~ Toas if not made promptly bp Mortgagor~ snd each insurance oompany concerned ~s hereb authonzed and directed to make payment for such loea du+ectly to Mort~s~ee inatead of to Mortgsgor and ~ortgagee jointly, and Lhe inaurancs proceede, or eny part t6ereof~ mey be applied by Mor~ gagee at ita option either to tbe reduction of the indebtedneea hereby aecured or to the r~tora4on or repair of the prnperty dams~ed. In event of foreclosure of tLis mortgage or other trsnafer of title to the mortgsged property in eat,ingu~shtnent of the indebtednees eecured hereby, a~l right, Litle, and interest of the Mortgagor m and to any insurance policies then in force ahall p9ss to the purchaser or grsntee. ~ 8. I( U~e premises, or an~- part tLereof, be condenmed under the power ot en~inent domain, or acquirnd for a public use, tl?e dan?ages awarcied, tl~e pcoceeds [or the taking oi, or the consideration for su~l~ acquisition, to the extent of tlie full an~ount o[ t}ie remaining unpaid indebtedness secured b~• this mortguge, arn 1?ereb~- assi~?ed to the Mortgagee, and his heirs or assigns, and shall be paid forthwith to said :~tortgagee or his assignee to be applied on account of the last maturing installments of such indebtedness; pmvided, howe~er, the ~iortgagee or his assignee, ~na~ at his discrntion pa~• direct to the Mortgagor, his heirs or assigus an~ part or all o! such aw arcl; provided, that if the loun is guaranteed or insureci, the consent of tlie guarantor or ~?isurer is obtained in ad~ance of said pa~~ment. 9. The Mortgagee may, at any time pending a suit upon this mortgage~ spply to t6e oourt Laving jurisdiction thereof for the appointment of a receiver~ and such oourt shall forthwith appoint a reoeiver of the pr~mises covered hereby all arid singular, including all and aingular the inoome, profite, iasues~ and revenues from whatever eource derived, each and every of which, it beina expressly underatood, is hereby mort,gaged as if apecifically get forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted equity aad a mutter of absolute right to ~aid Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the eolvency or inaolvency of said Mortgagor or t~e defendants. Such ~ rents~ proSte. income~ issues, and revenuee ehall be applied by auch receiver acx~ording to the lien of this mortgage E and the practice of such oourt. In the eveat of any default on the part of the Mort~egor hereundsr~ the Mortgagor ~ agrees to pay b the Mortgagee on demand as a reaeonable montWy rental for the premieea an amount at least ~ equivalent to one-twelfth (~2) of the a~ate of the twelve monthly installments payable in the t6en cument ~ year plus the sctual amount of the annual taxes, aseessmente, water ratea, and inaurance premiuma for euch year not oovered by the aforesaid montWy psyments. ~ 10. In t6e event of any breach of thia mortgage or default on the part of the Mort,gagor; or in the event that any of said euma of money herein refetred to be not promptly and fully paid according to the tenor hereof~ or in the event that each and every the atipulatione~ agreements, aonditiona, and oovenants 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 eecured hereby, shall become due and g3yable forthwith, or thereafter~ at the option of said Mortgsgee,. sa fully snd completely as if all of the said suma of money were originally stipu4ted to be paid on such day~ anyLhing in said note or in this mortgage to the contrary notwithstanding; aad thee+eupon or thereafter~ at the option of $aid Mortgagce, without notice or demand, suit at law or in equity, may be prosecuted es if all inoneys secured hereby had matured prior to its institu- tion. The Diortgagee may foreclose thia mortgage, as to the amount eo declared due and payable, and the said premises shsll be sold to satisfy and psy the same together with costs, expenses, and allowances. In case of partial foreclosure of thia mortgage, the mortgsaed premises shall be sold suhject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In sach case the provisions of this paragraph may again be availed of thereafter from time to time by the 1liortgagee. 11. No waiver of any oovenant 6erein or of the obligation secured hereby ahall at any time thereafter be held ~ to be a waiver of the terms hereof or of the note eecured hereby. ~ 1'l. The lien of thie inatrument ahall remain in full force end eHect during any poatponement or extension of the time of psyment of the indebtedneee or any part thereof eecured 6ereby. ~ 1:3. If the Mortgagor default in any of the covenants or agreements contained her~in, or in eaid note, then the Mortgagee msy pedorm the same~ and all a~penditures (including reasonable attorney'e feesj made by the Mortgagee ~ in so doing shall draw interest at the nte provicled for in the principal indebteciness, and shall be repa~ able thirt} (30) days a[ter demand, and ~together witli interest and costs accrued thereon, shall be secured by this mortgage. ' 14. Upon the request of the bio ee the Mortgagor shall eacecute and deliver a supplemental note or ~ notes for the sum or sums ad~ anced by e titortgagee for the alteration, modernization, improvemen6, main- tenance, or repair of said premises, !or taxes or as.aessments against the same and tor any other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as if the ad~ ance ` evidenced thereby were included in the note first described sbove. Said supplementsl note or notes shall bear ' interest at the rate provided for in the principal indebtedness and s6a11 be payable in ap protimat,ely equel monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, the whole of the sum or sums so advanced shell bc due and parable thirty (30) days after ~1~mand by the creditor. In no event shall the maturity extend beyond the ultimate r_iaturity of the notP first ~ deacribed above. ~ ~ ~~aK205 ~A~E 89~ ~ . - - - - W _ 4¢ ~ ~ ~~~~xti,__~~,-~..,_ ~ : .u~~. N_.