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HomeMy WebLinkAbout1682 tender to the I~iurtgagee in accordance with the provisions oi tl?e note secured her~br, full pa~~inc~nt ot the entire indebtedneaa represented therebv, the Mortgagee, as t~rustee, shall, in computing tlie au~ouut of sueh indebtednesa~ credit to tlie account ot t~~e Mortgagor an~ credit balance rnmsining under th~~ provisio~?s of (a) of ssid paragraph 2. If there ~hall be ~ default under any of the provisions ot this uiortga~c resuiting in a public sale o[ the premises covered hereby~ or ii the Mortgagee acquires tl~e propert~• otlicrw~se after clefsult, the Mortgagee~ ea truatee, ahsll apply~ st the time of the commencement o( such proceedinga or at tl?e tini~~ the pmperty ~s otherwise acquired~ the aniount then remaining to credit of tilortgagor under (a) of paragraph 2 precediag ss a credit on the interest eccrued and unpaid and lhe balance to the principal U~en remain~ng unpaid on said note. ~ 4. He will p?y all ta:es, aeeeeements, wster rates, aad other governmental ~ munic~pal o6argee, fin~es, or impoeitions, for which proviaion hae not been made hereinbefore, snd in default thereof the Mortgagee msy psy the esane; snd t~hst he will promptly deliver the o~cisl reoeipt~ t6erefor to the Mortgagee. ~ b. He will permit, oommit, or euHer ao waete, impairment, or det~erioretion of eaid property or any part thereof, ea~cept reaeonsble wear and tear; snd ia tLe event of the failure of the Mortgagor to keep thA buildin~s oa said premisee and thoee to be erected on eaid premieee, or impmvements Lhereon, in good repair, the Mortgagee may mske such repsira aa in ite diecretion it muy deem neoeesary for t6e proper preeervation thereof, sad the full amount of each and every euch p~?yanent a6a~ be doe and p~y~?ble thirty (30) dsye after deme?nd, and ahall be eecured by j the lien of thi~ mortgage. 6. He will pay sll and singulsr the ooeta, and espeneea~ including reasonsble lawyer's fcea, and coete : oi abatr~cta of title, incun~ed or paid at any time by~t e Mortgagee because of the failure on the part of the Mortgagor ' pmmptly and fully to perform the agreemente and oovensnts of said promieeury note and thia mortgage~ and said coats, chsrgee, and expenees ehall be immediately due and payable and ehall be eecured by the lien of thia mortg,age. He will oontinuous~y msintain hszsrd insuranoe, of such type or types snd amounts as Mortgsgee may from time to time requit~e, on the improvemente now or hereatter on said premises and eacept when payment ~ tor all auch premiums hsa theretofore been msde under (a) of paragraph 2 hereof, ~he will pay promptly when due any premiums thcrefor. All insurance ahall be canaed in oompanies approved by biortgagee and the poli- cies and renewals thereof shall be held by Mortgagee snd have attached thereto losa payable clausea in favor of : and in form ecceptable to the Mortgsgee. In event of loss he will give immediste notioe by mail to Mortgagee, ? and Mortgagee may make proof of Ioss if not made promptly by Mortgagor~ and esch inauranoe oompany concerned is hereby authorized and directed to make payment for such loes directly to Mor~a~~ instead of to Mortgagor and Mortgagee ointly , and the ina~uanoe prooeeds, or any part thereof, may be app7ied by Morw gagee at its option either to t~e reduction of the indebtednees hereby eecured or to the restoratwn or repair of - the property dama~ed. In event of foreclosure oi this mortgage or other transier of title to the mortgsged pmperty m extinguishment of the indebtedneeB eecured hereby, s~l right, title, snd interest of the Mortgagor m and to any insurance policiee t6en in force shall pnss to the purchaser or grantee. 8. If th~ pre~nisE~s, or an~• part thereof, be condenmed under the power of en~inenl~ don~Ain, or nequirnd far ' a public use, tlie dama~;es awarded, the proceeds for the taking o[, or the consicleration for su~h acquisition, to ~ tl?e extent of tl~e full an~ount of tlie remaining unpaid indebtedness secured b~~ this n~ort~~e, are liereb~- ~ ussi~ned to the Aiottgage~, and his heirs or assigns, and shall be paid forthwith to said Mortgagee or his z assignee to be appiied on account ot the last maturing installmenis of such indebtedness; provided, howe~•er, ~ t he ;~tortga~;ee or 1?is assignee, ~~ia~ at his discretion pa~ direct to tl?e Mortgagor, l~is lieirs or assigus an~• part. ~ or all of such aw•ard; provtded, that i[ the ioan is guaranteed or insured, the consent of the guarantor or insurnr ` i~ obtained in acl~-ance o[ said pa~nient_. 9• The Morigagee may~ at any time pending a suit upon thie mortgage~ spply to the oourt having jurisdiction z thereof for the eppointment of a reaeiver~ and euc6 oourt shall forthwith appoint a receiver of the premi~ea oovered ~ hereby all arid aingular, including all and eingular the income, profits~ issueB, and revenues from whatever aource ~ derived, each and every of which, it beina eacpresaly undeistood, ia hereby mortgaged ss if speci6ca11y eet forth and f described in the granting and habendum clsueee hereof. Such appointment a6a11 be made by such court ss an admitted equity and a mntter of absolute right to ~aid Mortgagce, and without reference to the adequacy or inadequacy of I~ the value of the property mortgaged or to the eolvency or ineolvency of eaid Mortgagor or t'ae defendanta. Such ~ rents, pro6ts, inoome~ issues, and revenues sball be applied by such n~ceiver ac~ording to the lien of this mortgage , and the practice of such court. In the event of any default on the part of t6e Mortgagor hereunder, the Mortgagor : i agrees to pay to the Mortgagce on demaad as a reaeonable montbly rental for the premises an amount at lesat = equivalent to one-twelfth (~Z) of the agsregate of the twelve montWy installments payable in the then current - ~ year plus the actual smount of the annual tsaes, aseeasmenta, ~vater ratea, and insuranoe preaniuma far such year not covered by t6e aforesaid monthly payments. ~ 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 aums of money herein refene~ to be not promptly and fully paid according to the tenor hereof, or in the ~ ' event that each and every the atipulations~ agreements, conditione, and covenants of said note and this mortgage, ~ are not duly, promptly, snd fully pedoimed; then in either or any suc6 event, the said aggregate sum mentioned ~ in said note then remaining unpaid, with interest acerued to that time, and all moneya secured hereby, ahall become ~ due and p~yable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the ~ said sums of money were orig~inally stipulated ~o be paid on such day, anyLhing 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.t~ereby 6ac~ m~att}ned prior to its institu- tion. The Mortgagee may foreclose thia mortgage, as to the amount ~ declared due and payable, and the said ~ premises ahall be sold to satisfy and pay the same together with costs, expenses, and aUowances. In csae of partial ~ foreclosure of this mortgage, the mortga6ed premi~es s6all be sold subject to the oontinuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In auch cese the provisions of this paragraph may again be ~ availed of thereafter from time to time by the Mortgagee. ~ 11. No waiver of any oovenant herein or of the obligation secured hereby shall at any time t6ereafter be held ~ to be a waiver of the term~ hereof or of tbe note eecured hereby. } 12. The lien of thia instrument e6s11 remain in full force and ef~ect during any postponement or extension of ~ the time of payment of the indebtedness or any part thereof eecured hereby. ~ 13. If the Mortgagor default in any of the covenants or agreements oontained herein, or in esid note~ then the ~ Mortgsgee may perform the same, and all expenditures (including reaeonable attorney's feeg) made by the MortgaAee ~ in so doing sbait draw interest at the rate pm~ idcd for in the principnl indebtedncss, and shall be repa3 able ~ thirty (30) da~s after demand, and, toget6er witl~ interest and costs accrued thereon, shall be secured by ; this mortgage. ~ 14. Upon the request of the biort.~agee the Mortgagor shall eacecute and deliver a supplement$1 note or u notes for the sum or sums ad~ enced by tbe \iortgagee for the nlteration, modernization, improvcmcnt, main- ~ tenance, or repair of said premises, for ta~es or as.~cssments against the same and for any other purpose autlior- ~ ized hereunder. Said note or notes shall be secured hereby on s parity with and as fully as iE the ad~ance evidenced t6ereby were included in Lhe note first described above. Said snpplemental note or notes shall bear interest at the rate pmvided for in the principal indebtedness and shall be payable in approximately egual ~ monthly payments for such period as ma be reed u e y ag pon by the creditor and d btor. Feiling to agree on the ~ maturity~ the whole of the sum or sums so advanced shell be due and pa~able thirt~ (30) da~s a(ter d~mnnd b3 the creditor. In no event ahall t6e maturity extend beyond the ultimate c~aturity ot t,6e note first ~ described above. ~ - FOG?! ~?V~ °1Gf _ _ ::-.T ~ ~ r~ ~,~~..P ~ .u.. ~ n . r _ _ .