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Home My WebLink About1935 tender to the :~lurtgagre in uccordance ~•itl? the pro~•isions o[ tt~e nu~~~ ,~,~•urnd hrr~~b~•, full pa~•n?ent of th~~ enlire indebtedness represented thereb~•, tlie ~iort~agee trust~~~•, sl~ell, in con?putii~~? th~~ auiou~u o( sucli indebtedness~ credit to the account o[ t~?e 44ort~u~or an;i~rneli~ balanr~• remainink und~~r th~• pn~~•i~io~~s of (u) • o( said paragraph 2. ]f there shall be a de(awt under an~• of the pro~isions af thi~ ii~ortKaK~~ n~~ultin~; in public sale o( the prem~ses ro~ered h~reb~•, or i( the :~iort~ag~•e acqutrns the propert~• oth~~r~vi~~~ ~~tte~ ~iefauU, the 1~4ortgaf;ee~ as trustee, sliall appl~, at the time of ti?E• couunenct~~iient of such prc?cec~~link~ or at the tiuu~ 1he propert~• Is otherwise acquired, the amount then rnmainin to credit of :liortga~or under (a) of paru~raph 2 preceding sa a credit on the interest accrued and unpaid and t~e balance ta tl?e principal then n•iuainin~? unpii~d on said note. 4. He wiU pe?y all ta:es. seeeeamente, wster rates~ snd other governmentai or muaicipsl chac~gee, 6nea or irapoeitiona~ for ~vhich provision hae not been made hereinbefore, and in default thereot the Mortgagee may pay the eame; ~?nd that he will promptly deliver the o~cial reoeipt~ therefor to the 11~tortgagee. b. He will permit, oommit, or suHer no weate, imp:?irment, or deterioration of said pmperty or any psrt thereof~ eaccept re8soneble wear and tear; and in the event of the failure of the Mortgagor to keep the buildinga on eaid premises and thoee to be erected on said premiees, or improvementa thereon~ in good repsir~ the Mortgagee may make auch repaiia sa in ita diecretion it m4Y deem neceaeary for the proper preeervation thereof~ snd the full amount of each and every euch payment ahall be due and pe?yable thirty (30) days efter demand, and shall be eecured by the lien of thia mortgage. 6. He will pay all and singular the coats, ~ and expeneea, including reasonable lawyer's feee~ and coate oi abetr~cts of title, incurred or paid at any time by t e Mortgagee because of the failure on the part of the Mortgagor , promptly and fully to perform the agreements and oovenants of eaid promiesory note and this mortgage~ and snid costs, charges~ and expenses shall be immediately due and payable and shall be eecured by the lien of this mortgage. 7. He will oontinuously maintain hszard insuranc~e, of such type or types and amounts as Mortgagee msy from time to time require, on Lhe improvements now or hereafter on said premises, and e.~cept when paymen6 for all such premiums has theretofore been made under (s) of paregraph 2 hereof he will pay promptly when due any premiums therefor. All insurance shall be carried in companiea approvec~ by 1liortgagee and tbe poli- cies and rene~ als thereot shall be held bp Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. . In event of loss he will~give immediate notice by mail to Mortgagee, and ~iortgagee may make proof oi Ioss if not made promptly by Mortgagor, and each insurance oompany ` concerned is hereby authorized and directed to make payment for auch loss du~ectly to Mortgage~e instead of " to :~Iortg.agor and i~iortgagee jointly, and the insurance proceeds~ or any part thereof, may be applied by Mor~ gagee st tta option either to the reduction of the indebtedness hereby secured or to the rest~ration or r~pair of the property dama~ed. In event of foreclosure of this mortgege or other transfer of title to the mortgaged property in extinguishment oi the indebtedness secured hereby, ~1 right, title~ and interest oi Lhe 111ortgagor m and to any insurnnce policies then in force shall pass to the purchaser or grantee. R. If the prnmis~w, or nn~- pt~rt th~•rc•of, lx~ ~•ondemned under the po~~er of emiucnt domain, or a~•yuir~~d for a public• ust~, tl~~ da~uaK~s aHarded, th~ pra~•eeds for the takin~ of. or the consid~ration for su~•h acqu~sit~on, to Ihe ~rt~nt oi th~ full aniount of ih~• remainin~ unpaid in~lebtedness sec~urecl b~• this n~ort~agt~, ur~~ hereb~- assi~ned to th~• ~1orlgaKre, anci his hein or ~si~ns, and shall be paid forthHitl? to said-~lortKu~~~c~ or his assi~;nee to lx~ applied on ac~•ount of tlie last uiaturm~ instalLnenis of su~h indebtedness; pro~•idctil, I?o~~-~~~-er, thc \lortgagee or his assignec, n~a~- at his disc~r~•tion pfl~- dirnct to th~ ~Iortgugor, l?is heirs or a.ssigns an~ pnrt or ail o[ su~l~ a~~-ard; pm~ide~l, that if ihc loa~i is ~uarnnte~~l or insured, the c•o~?sent o[ the guurantor or insurer is ~l?taincd in ud~anc~ of said pa~-m~nt. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court ahall forthwith appoint a receiver of the premises covered hereby all arid singular, including all and singular the income~ profits, iasues, and revenues from whatever source derived~ each and every of which, it being expressly underatood~ is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such coutt as an admitted ; equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of ' the value of the property mortgaged or to the solvency or insolvency of said Mortgagor ar the defendants. Such j rents, profits, income, issues~ and revenues shall be applieci by such receiver according to the lien of this mortgage F and the practice of such court. In the event of any default on the part of the biortgagor hereunder, the Mortgagor ~ agrees to pay to the 111ortgagee on demand as a teasonable monthl~ rental for the premises an amount at least { equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current ~ year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year ~ not co~ ered by the aforesaid monthly pa3 ments. , 10. In the event of any breach of this mortguge or default on the part of the 1ltortgagor, or in the event that ~ any of said sums of money herein referned to be not pmmptly 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 t~is mortgage~ ~ are not duly~ pmmptly, and fully performed; then in either or any such e~ent, the said aggmgate sum mentioned in said note then mmaining unQaid, with interest acerueci to that time, and all moneys secured hereb~, shall become ~ due and pa}•able forthwith, or thereafter, at. the option of said ;~iortgagee, as fully and completely as if all of the ~ said sums of mone~• were originally stipulated to be paid on such day, an~ thing in said note or in this mortgage to the contrary notwithstanding; snd thereupon or thereafter, at the option of said ~Iortgagee, without notice or demand, suit at law or in equitp, may be prosecuted as if all mone~•s secured hereb~• had matured prior to its institu- tion. The ~lortgagce may foreclose this mortRage, as to the amount so declared due and pa~•able, and the said premises shall be sold to satisf3 and pa~• the ~ame together with costs, eapenses, and allowances. In case of partial fomclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may ugain be ~ availed of themaiter from time to time bS the ~iortgagee. ~ I 1. No waiver of any covenant herein or of the obligation secured hemb~• shall at any tiane thereafter be held to be a waiver of the terms hereof or of the note aecured hereby. ~ 1''. Tbe lien of this instrument shall remain in full force and effect during any postponcment or extension of ~ the time of payment of the indebtedness or auy part thereof secured hereby. 1:i. If the ~iortgagor default in any of the covenants or agreements contained herein, or in said note, then the ~ Mortgagee may perform the same, and all expenditures (including reasonable attomey's fees) made by the 1~iortgaRee ~ in so doinK shall drav? interest at the rate pro~•i~l~d for in the principal indcbt~~in~ss, and shall b~ r~parable ~ thirt~ (30) da~•s after demand, and, together w itl~ interest and costs accrued thereon, shall be securcd by ~ this mortgage. ~ 14. LTpon the request of the ~iort~agee the ~fortga~;o~ shall e~ecute and deli~cr a supplemental note or ~ notcs for the sum or sums ach-anced b~ tbe \tortgagee [or the alteration, mod~rnization, impro~em~nt, main- ~ tenance, or repair ot said premi~es, [or taxes or asscssments a~;ainst the sam~ end for en~- otL~~r purpose suth~r- ~ ized hereund~r. Said note or notes sLall be secured hereb~• on a parity with and as tull~ as if tlie ad~•ance ~ e~ idenced thereb~• h ere included in the note first described aF~o~ e. 5aid sapplemental note or notes shall bear ~ interest at the rate procided for in the principat inciebtedness and shall be pa~'able in a~prorimatel~ ~~quai ~ monthly pa)•ments for such period as ma~ be agreed upon b~ the creclitor and.ciebtor. Fail~n~ to agre~ on tLe ~ maturit~, the ~hole of the sum or sums so ad~•anced shnll be due and pa~-ablc thirt~• (3Q) da~•s after d~~rnund ~ by the creditor. In no event shall the maturit~• extend be~ond the ul~imate r_~aturity of tL~• ~i~te first ~ described abo~ e. ~ ~ ~ ~V~ ~ ~ ; ~ rA'": ~~1ti.~eJ ~ - ~ ~ = ~ ~ = ~ ~ _ w ' _ 1.,7- ' _ ~ _ . _ . 'i°~'~'~.."a~~ . _ ~._.w