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HomeMy WebLinkAbout4319 f , tender to the \lurtgagee in accordance v?~ith the pro~isions of tl~e not~• secured h~~~rt,~•, full pa~•n?ent o[ th~~ entire indebtedneas represented th~r`~~•~~t?e 11~ort,g{~ee as trustee, shall, in con?putin~ th~~ An~oimt o( sucl? indebtedness~ credit to tlie accoun~ of t1id.I~iortg~ credit Lalance remaenii~~; un~lE~r thc• pro~•isioiis of (a) o[ $aid peragrapl? 2. If tl?ere 3hall be a default under an~• of ttic pro~•isions of tt~is niortKa~e rrsultin~; i~~ a public sale oi the pren~isea covered herebr, or i( the :~~iortgagNe acyuues the proix~rt~• olher~ri~e aft~~r default, the Mortgagee~ ss trustee, shall apply, at the time of tt~~ cmnmencement of such proc•~e~lin~,?s or at the tinu~ the propert~• ia otherwise acquireci~ thP amount then re~nainin~ to ~•redit of 1llort~a~or undcr (a) of puruKraph 2 preeeding aa a crndit on the interest acerued and unpaid and tt?e balance to tLP principal tl~en rnn?t~inu~~ unpaul on said note. 4. Iie will psy all teucee, aeeeesmenta, wster cates, snd other governmental or municipsl chsrges~ finea, or impoei~ione, for ~vhich provision 6se aot been made hereinbefore, and in default thereof the Mortgagee may pay the eanne; and t6at he will promptly deliver the official reoeipt~ t6erefor to the l~i~rtgagee. b. He will permit~ oommit, or suffer no wsate, impairment, or deterioration ot said property or any part thereof~ except reaeonable wear snd tear; and in We event of the failure of the Mortgagor to keep the buildinga on eeid premises and thoee to be erect~i on esid pmmi~ee~ or improvements thereon, in good repair, the Mortgagee may make such repaire ae in ite diecretion it may deem neoeseary tor the pmper preservation thereof, and the full amount of each and every euch payment shall be due and psyable thirty (30) dsys atter demand, and ehall be eecured by the lien of this mortgage. 6. He will pay all and eingular the coeta and e~cpensea, including reasonable lawyer's feee, and eoste of abatr~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 covenants of eaid promiasory note and thia mortgage~ and said oosts, chargea~ and expenses ahall be immediately due and payable and ahall be eecured by the lien of this mortgage. He wil~~onEiBUOUSIy maintain hazard insurance, of such type or types and amounts as Mortgagee may trom time to ~me require, on thA inlpravementa now or hereafter on said premises and e.~cept when payment tor all such premiums hsa theretofore' been made under (s) of paragraph 2 6ereof ~e v~ill pay promptly when due any premiums therefor. All insu~ance shall be carried in companies appmve~ by 111ortgagee and the poli- cies and renewsls thereof ahall be held by 11~iortgagee and have attached thereto loss payable clausea in fsvor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and 4lortgagee may make ptoof: oi Ioss if not mnde promptly by Mortgagor, and each. insurance c~ompany ooncemed is hereb authorized and directed to make payment for such lags directly to Mortgagee instead of to Mortgagor and ~ortgagee ointly , and the insurance proceeds, or any part thereof, may be apphed by Mor~ gagee at ita option either to t~e reduction of the indebtedness hereby secured or to the restorataon or repair of the property dama~ed. In event of foreclosure of this mortgege or other transfer of title to the mortgaged prnperty in extingu~shment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any inaurance policiea then in force ahall pgss to the purchaser or grsnt,ee. 8. If tl?e premis~~s, or au~- part thereof, be condemned under tlie poW~~r of eminent domain, or acquire~~l f~~r a public use, tl?e damages aHarded, ihe proreeds for tl?e taking of, or tl?e consideration for suc•1? acqu~s~tion, t~~ the estent o( tlic full umount of tl?e remaining unpaid indebtedness secured b~- ihis n~ortKag~ , ar~~ hrr~~h~- assigned to th~ \lortga~ee, and his heirs or assigns, und shall be pui~l forthNith to said 1lortgagr~~ or lii. essi~nee to tx~ applied on ac<•owit of the last maturing installu~ents of such indebtedness; pm~•ided, ho~~•e~~•er, the ~tortga~;ee or his assi~nee. u~a~- at his ciiscrelion pa~- direct to th~ ~lortgagor, l~is h~irs or ns.cigns au~- }>urt or all of sueti a~~•arcl; pro~•i~led, that if tht~ loan is ~uaranteed or insured, the couseut of tlie guarantc~r or iusur~~r is obtaincd in acl~ancc of saicl ua~-ine~it. • y- The Mortgagee may, at any time pending a suit upon this mortgage~ apply to the oourt having jurisdiction thereof for the appointment of a receiver~ and such court s6all forthwith appoint a recei~er of the premises oovered hereby all arid singular, including all and singular the income, profit~,, 'issues, ~nd revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged ag if specifically set forth and described in the granting and habendum clauses hereof. Such 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 ~alue af the property mortgaged or to the solvency or insotvency of said Mortgagor or the defendants. Such ; rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of t6is mortgage ~ and the ptactice of such court. In the event of any default on the part of the l~iortgagor. hereunder, the Mortgagor agrees to pay to the Mortgagee on demand as a teasonable monthly rental for the pmmises an amount at least y 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, asgessnnents, water rates, and insurance premiums for such year ~ not covered by the aforest?id monthly pa~~ments. 3 S 10. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that ~ any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the 3 ~vent that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and full~ 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 mone~•s secured hereb~•, shall become ~ due and payable forthwith, or themafter, at the option of said 111ortgagee, as fully and completely as if all of the ~ said sums of mone}• were originally stipulated to be paid on such da~, an~thing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said bl~rtgagee, a-ithout notice or ~ demand, suit at law or in equity, may be prosecuted as if all mone~~s secured hereby had matured prior to its institu- ~ tion. The ;1lortgagee may foreclose this mortgage, as to the amount so declared due and pa~•able, and the said premises shall be sold to satisfy and pa}- the same together with costs, eapenses, and alloRances. In case of partial foreclosure 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 ma~• ngain be ~ availed of themafter from time to time by the ~iortgagee. 1 1_ No waiver of any covenant herein or of the obligation secumd hereby shall at an~ time themafter be held ~ to be a waiver of the terma hereof or of t6e note secured hemby. 12. T6e lien of this instrument ahall remain in full force and effect during an~• postponement or extension of the time of pa} ment of the indebtedness or any part thereof secured 6ereby. i:i. If t6e biortgagor default in any of the covenants or agreements contained hereen, or in said note, then the - Mortgagee may perform the same, and all expenditures (including masonable attomey's fees) made by the MortgaRee : in so doin~ shall draw• int~rest at the rate prori~i~d for in the princ~ipnl ind~bt~dn~ss, and shall b~ rnpa}•able thirt~' (30) da~•s afler demand, and, together w•itl? interest and costs accrued thereon, shall be s~cured by ~ this mortgage. i~. LT n the re uest of the ~tort a ee the ~tort o~ shall eaecute and deliver a su ~lementai note or ~ P~ 9 F ~ - PI - notes tor the sum or sums ad~•anced by t e~tortgagce for lhe alteration, mode~rnization, impro~•~~m~~nt, main- tenance, or repair of said premises, for tex~~s or as~essments a~ainst the same an~l (or Pa~• othc~r purp~s~~ sut{?or- ized hereunder. Said note or notes shall be secured hereb~• on a parity Hith and as full~• as if the ad~-ance ~ e~ idenced thereb~~ K ere included in the note first described atwre. Said s~~pplemental note or notes shall bear interest at the rate pm~ ided for in the principal indebtednrss and shall be pa~•able in approximat~l~- cqual ;s;- monthl~ pa~ ments for such period as ma~• be a~reed upon b~ the creditor and ~lebtor. Failin~; to a~;rec on thc ~a ~ maturity, t~?e w•hole ot the sum or sums so ad~•anced shall bc due and pa~•ablc~ thirt~• (30) da~-s e(ter ~I~•mund b~• the creditor. In no e~•ent shall ttie maturit~ estend be~•ond the ultimate r_iaturit~• of tlu~ notc~ fir~t described abo~ e. ~ ~~2U9 QA~E~3i2 ~ ~ _ ~ ~ - - ~ ~ ~ ~ . r~. ~ .