The URL can be used to link to this page

Home My WebLink About0877 tender to the Mortgagee in ~uconlance with the provisions o( the note serureci h~reb~-, full pa~•n~ent of thc entire indebtednesa represented thereb~, the `iortgagee, as trustee, shall, in computing Ihe su?ount of such indebtednesa~ credit to the account ot t~ie MorLgagor sny eredit, balence rnn~aining unYier the pmvisions o( (a) of aaid>paragraph 2. If there shall be a de~ault under an3 ~ot ihe provisions of this ~~iortgag~ resulting in a public asle of the ptemises covered hereby~ or if the Mortgagee acqutres the propert~ otlierwise ahe~r default, the Mortgagee~ aa truatee, ahall apply, at. the time of the conunenceuient of such proceeclings or at the time the pmpert,y ia otherwise acquired,lhe amount. then remai~ing to credit of Mortga~;or under (a) of paragraph 2 preceding aa a credit on the interest acerued and unpaid and the balence to thc~ principal then remaiuin~ unpaid on eaid note. 4. He wiU p?y all taaee, aeeeeamenta, ~vster rutes, snd other governmental or municipal chargee, fines, or impoeitione, for w}uch provi,eion haa aot been msde hereinbefore, and i.n default thereof the Mortgsgee may p~y the eame; end that 6e will pmmptly deliver t6e o~cial reoeiptn therefor to the Mortgsgee. b. He will permit, oommit, or suHer no wsate, impairment. or deterioration of eaid property or any part thereof except re.asonable wear nnd t,ear; and in the event of the feilure of the Mortgagor to keep the buildinge on ssi~ premieee and thoee to be erected on eaid prennieee, or impmvements thereon~ in good repair, the Mortgagee may make such repsire ae in ita diecretion it muy deem neoeeeary for the proper preeervation thereof, and the full amount of eech and every euch psyment ehsll be due and psyable tbirty (30) daye aftet deme?nd, and ehall be eecured by the lien of thie mortgage. 6. He will pay all and aingutar the ooste, eh~, snd expensee, including reasonable lawyer's fees, and costa ot abstr~ets of title, incun~ed or paid at any time by e Mortgagee becauee of the failure on the part of the Mortgagor prompWy and fully to pedorm the agreemente and oovenants of said promiaeory note and this mortgage, and said oosta, charges, and expenses ahall be immediately due and payable and ahall be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain 6szard insurance, of euch type or typee and amounts as Mortgagee map fmm time to time require, on the impmvementa now or hereattar on eaid premises and except when psyment tor all such premiums has theretofore been made under (s) of psragraph 2 hereof ~e will pay promptly when due any premiums thcrefor. All insurance shall be carried in comp~es appmvec~ by 1lfortgag ee and the poli- ciea snd renewals thereof aball be held by Mortgagee and hsve attached thereto loea payable clauses in favor of and in form acceptable to the Mortg~ee. In event of loag he will give immediste notice by mail to Mortgsgee, and Mortgagee may make proof of toss if not msde promptly by Mortgagor, and each insurance oompany ooncerned is hereby~~ authorized and directed to make payment for such losa directly to Mortgagee instead of to Mortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to t~e reduction of the indebtedneas hereby secured or to the restoration or repair of the property dama~ed. In event of forecloeure of this mortgage or other trensfer of title to the mortgaged property m extingwshment of the indebtedness eecured hereby, s~l righL, title, snd interest of the Mortgagor m and to any insuraace policiea then in force ahall psss to the purchaser or grantee. S. If the prnroises, or an~- part tLereof, be condemned under the power of en~inent don~sin, or acquired for a public use, U?e damages aHarded, the proceeds for the taking of, or the consideretion for su~h acquis~tion, to ttie extent of tl~e full a~»ount of tlie remaining unpaid indebtedness secured b~~ tt~is ~nortga~e, are l~ercb~• assi~ned to the 1~iortgagee, and 1?is I~eirs or assigns, and s)?sll be paid focthwith to saicl ~'(ortga~*ee or lii~ assignee to be applied on account o[ the last maturing installments of sucl? indebtedness; pmvided, hoW~e~~er, the :liortgagee or his assignee, ma~• at his discretion pa~- d'vect to thc+ Mortgagor, his li~irs or assigus an~~ part or all oi suc}i aw•ard; provulecl, tt~at i[ the loan is guaranteed or insured, tlie consent of the guarantor or insurer is obtaineci in ad~ ance of said pa~•~uent. 9. The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the court having juriediction thereof for the appointment of a receiver, and such oourt ehall forthwith appoint a reoeiver of the premises oovered hereby all aud aingular, including all and aingular the inoome, profits, iasues, and revenues from whatever source derived, each and every of which, it being e~cpreasly understood, is hereby mortgaged se if specifically set forth and deecribed in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a mntter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of t6e value of the property mortgaged or to the eulvency or insolvency of said Mortgagor or the defendants. Such ' rents, proSta, income~ issues, and revenues shall be apptieci by such receiver acoording to the lien of this mortgage ~ and the practice of such court. In the event of any default on the part of the Mortgngor her~under, the Mortgagor ; agrees to pay to the Mortgagee on demand ss a reseonable monthly rental for the premises an amount at least i equivalent to one-twelfth (~z) of the s~ate of the twelve monthly installments payable in the then current ! year plus the actusl amount of the annusl taaes, seaesannente, water rates, and insurance premiums for such year ~ not covered by the aforesaid monthly psymenta ~ i0_ In t6e event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that e any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereaf, or in the ~ event that each and every the atipulations, agreements, conditions, and oovenante of said note and this mortgage, ~ are not duly~ pmmptly~ and fully performed; then in either or any such event, the said aggregate $um mentioned in said note then remaining unpaid, with interest acerued to that time, and all moneys secured hereby~ ahall 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 money were originally atipulated to 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~ auit at law or in eqiuty, may be prosecuted as if all moneys $ecured hereby had matured prior to its institu- ~ tion. The Mortgagee may foreclose this mortgage, as to the amount ao declared due and payable, and the said premises shall be sold to satisfy and pay the same together ~ith co~ts, expenses, snd allowances. In case of partial i foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not t6en due and unpaid. In such case the provisiona of this paragraph may again be ~ availed of thereafter from time to time by the Mortgagee. ~ ~ 11. No waiver of any covenant herein or of t6e obligation secured hereby shall at any time thereafter be held ~ to be a waiver of the terms hereof or of the note eecured hereby. 12. The lien of thia inatrument ahall remain in full force and effect during any postponement or extension of the time of payment of t6e indebtedneee or any part thereof eecured hereby. : 13. If the Mortgagor default in any of the covenanta or agreements contsined herein, or in said note, then the ~ Mortgagee may perform the same, and all e~cpenditures (including reasonable attorney's fees) made by the MortgaRee t in so doing shall draw interest at the rate pro~ ided for in the princ.ipnl indebLedness, and shall be repa~~able ~ thirt~• (30) days after demand, and, together witL interest and costs accrued thereon, shall be secured by ; t6is mortgage. ~ 14. Upon the request of the 111ortgagee the Mortgago* s6alt eaecute an~l deliver a supplemental note or ~ notes for the sum or sums advanced by the 1lortgagee for the alteration, modernization, improvcment, main- ti tenance, or repair oI said premises, for taxes or as.~essments against the same and for eny other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ance evidenced thereby were included in the note first described atwve. Said snpplemental note or notea shall bear ~ interest at the rate pro~ ided for in the principal indebtedness and s6all be payable in ap pro~imately equal ~ monthly payments for such period as may be agreed upon by the ereditor and debtor. Fail'~ to agrec on the ~ maturity, the vehole of the sum or s~ims so ad~anced shall be due and pa~•able thir~~ (30) days atLer demand ~ by the creditor. In ao event shall the maturity extend beyond the ultimate Liaturity of the note first y described above. ~ &Elal( ~i~ °Rf,f _ _ ~ ~