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Home My WebLink About2604 tendcr to tl~e ~lurtg~gec in accordat~ce witl? 1he pruvisiuns of tlie ~?ote serure~l h~~rnb~•, full pa~•n?ei~t of tlu~ entire indebtcdncss represented the~eb~; th~ ~lorlgagae, ctis trust~•e, sl~:ill, in c•ou?{?utii?~ tlu~ u~iiount ot sucl? indebtedness, creciit to tl~e account af t~?e \lortga~or an~• eredit l,alance re~nainin~? uiid~~r tlu~ pro~•isious of (u) of said paragraph 2. If there shaU be n de(ault under t~ny of ihc prori~ious of this ii?ortKu~;~• rnsultin~ in u public ssle of the prrmises covered hereb~•, or it the A1ortKx~re acyuires the pm~x~rt~- otl~er~~•is~~ aft~r default, the :~lortga~e~, ss trustee, shall appl~~, at the tinie oi the conin~enc~~n?ent of such proc~~edinKs or t?t tl~e tim~~ the propert~• is otherwise acquirnd, the amount then rnmaininK to ~~rt•~lit of ~iort~;a~or under (a) of puruKraph 2 preceding es a credit on the interest accrued and unpaid and the bnlc?n~~e to tl~~ prinripal then rnn?iiinu?R unpni~l on said note. 4. He will pe?y all ta~cea~ aeee~annente, water rates, and other governmental or municipal chargee, finee, or impositione, for which pmvision hae not been made hereinbefore~ and in defsult thereof the Mortgagee msy pe?y t6e aame; and that he will promptly deliver the o~cial reoeipts theretor to the 14lortgagee. 5. He will permit, oommit, or auffer no waste, impairment~ or deterioration of said pmperty or aay part thereof~ eaccept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the~ buildmgs on eaid pcemises and thoee to be erecWd on aaid premisea,~or improvements ther~on, in good repair~ the Mortgagee may make auch repai~8 se in ite discretion it may deem nec~eaary for the proper pre~ervation thereof~ and the tull amount of each and every such payment shall be due and P4Yable thirty (30) daya after demand, and shall be aecured by the lien oi this mortgage. 6. He will pay all and singular the costs, chargea, and expensea, including reasonable lawyer's fees, and co~ta of abstracta of titie, incurn~i or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly and fully to pertorm the agreements and oovenants of said promiasory note and this mortgage~ and said coats, charges~ and expenses shall be immediately due and payable and shall be aecured by the lien of this mortgage. 7. He will oontinuously maintain hazard insurance, of such type or types aud amounte as Mortgagee may trom time to time require, on the improvements now or hereaiter on said premtses and e~cept w6en payment tor all such premiums has theretofore been made under{s}~of paragraph 2 hereof,'he will pay pr9mptly when due any premiums lherefor. All insurance shall be carried in compsnies approved by 1liortgagee and the poli- c.ies and renewals thereof shull be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortga~ee. . In event of loss he will give immediate notice by mail to Mortgagee, and ~iortgagee mey make proof of ioss if not made promptly by Mortgagor, and each insurance aompany concerned is hereby authorized and directed to make payment for such loss directlv to Mortgagee instead of to 1~iortg.agor 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 indebtedness hereby secured or to the restoration or repau of the property damaged. In event of loreclosure oi this mortgage or otber transfer of title to the mortgaged property in extinguishment of the indebtedness aecured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policiea then in force shall p~ss to the purchaser or grantee. 8. If th~• preniis~~s, or an~' purt iL~•r~of. bc~ ~•onclemned under the po~~-~~r of eminent doniain, or a~•yuir~~~l t~?r a public use, tl?c~ duii~uges aw•ar~lc~d, the pmrer~ls for the takinK of~ or the consideration for su~•1~ :i~•quisitton, to the extent of thc~ full a~nount of U?~• ren~aininK unpai~l indebte~lness se~ured b~- this n?ortga~;~~, :?r~~ hrmb~- nssi~:ned to the ~lortgaKee, nnd 1?i.s hei~s or assig~is, and shall he paid forthw•ith to saici ~lortkage~~• or I?is assiKnee to b~~ applit•~I on ac~~ount of the last n?aturtng installments of sucL indebtedness; pm~id~•d, 1?0~~•~~~•er, thc ~Zortga~e~ or 1?is assiKnee, ma~ at his dis~•retion pti~• dire~~t to the ~fortKx~or, his h~~i~ or ussi~ns an~• part or ull of surh a~rard; pro~•ide~l, ihat if th~~ loa~i is Kuuranterd or insured, t}i~ consent o[ the guaruntor or ii~surer is abtttined in a~l~•Hnc~ of seicl pa~n?ent. The Diortgagee 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 shall forthwith appoint a receiver of the premises covered hereby all arid singular, including all and aingular the income, profits, issues, and revenues from whatever source derived~ each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. Sueh appointment shall be made by such court 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 or t!~e defendants. Such ' rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage j and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ! agrees to pay to the Tiortgagee on demand as a reasonable monthly 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 tsxes, assessments, water rates, and insurance premiums for such year not co~ ered by the afotesaid monthly pa~•ments. ~ 1 t?. In the event of any breach of this mortgage or default on the part of the Aiortgagor, or in the event that any of said sums of money herein referred to be not promptl~ and fully-paid according to the tenor hereof; or in the event that each and every the stipulations, agreements, conditions, and covenants of said notc and this mortgage, are not duly, promptly, and fully performed; then in either or any such e~•ent, the said aggmgate sum mentioned in said note then remaining unpaid, with interest aceruecl to that time, and all mone~•s secured hereby, shall become due and pa~•able forthwith, or thereafter, at the option of said r'Iortgagee, as tull~ and completely as i[ all of the said sums of mone~• were originall~ stipulated to be paid on such da~•, an}•thing in said note or in this mortgage to the contrary notRithstanding; and t6ereupon or thereafter, at the option of said Nlortgagee, Aithout notice or demand, suit at lave or in equity, maS• be prosecuted as if all moneys secured hereby had matuc~ed prior to its institu= tion. The ~lortgagee may foreclose this mortgage, as to the amount so declareci due and pa~•able, and the ssid premises shall be sold to satisfy and pa}~ the same together v?ith costs, ex~enses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged pmmises 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 pro~risions of this paragraph ma~• ugain be availed of thereafter from time to time by the 1lortgagee. ~ 11. No waiver of any covenant 6erein or of the obligation secured hereb~- shall at an~• time themafter be held ~ to be a waiver of the terms hereof or of the note aecured hereby. ~ 1''. The lien of thia instrument shall remain in full force and ePFect during an~~ postponement or extension of the time of pa~ ment of the indebtedness or any part thereof aecured hereby. i:i. If the biortgagor default in any of the covenants or agreements contained herein, or in said note, then the ~ Mort a ee ma rform the same and all ex nditures ~ncludin reasonable attorne 's fees) made b the biortgaqee ~ B B Y Pe ~ Pe C B . Y Y ; in so doin~ shall draw• interest at the rate pm~ i~1~d for in the prin~~pnl in~lebt~~ln~ss, and shall b~ mpa~•ahle thirt~- (30) da~•s after demand, aml, together with interrst and costs accrued thereon, shall be secured by ~ this mortgage. ~ 14. L?pon the request of the Atort~agee the :~1ort~ago~ shall e~ecute and ~teliver a supplemental ~iote or ~ notcs for the sum or sums aci~anced b~• the ~iortgagee [or the altt~ration, modernization, impro~•ement, main- ~ tenance, or repair of said prcmises, for taxes or a.s~essments a~sinst the same and for en~• other p~irpose autl~or- f ized hereundc~r. Said note or notes sLall be secured hereb~ on a parity with and as fully as i[ the ad~-ance eridenced thereb~• w•ere inctuded in the note first described aUo~ e. Said snpplemental note or notes shall bear ~ interest at the rate pro~ ided for in the principal indebtedness and shall be pa~•able in approximatel~ equal monthh pa~ ments for such period as ma~• be a~;recd upon b~ the creditor and clebtor. Failing to agree on the ~ maturit~, tf~e w-hole o( the sum or sums so ad~•anced sht~ll be due and pa~-able thirt~• (30) da~s a[tcr demand _ by the creditor. In no event shall the maturit~• ertend be~•ond the ultimate r_~aturit}' of tLr notr first described abo~ e. ~ R -~~03 1... ~.1 • ~ s ~ ~r~~ ~ ~ ~1 ~ ~ ~ s~-~ . ~ , _