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Home My WebLink About2996 a tender to the :~lungagee in accordepc~ with the ~~isiona ot tl~e note secured h~~r~l~~•, (ull pa~~ment o( th~~ entire indebtednesa represented,lherebr, the• Mor~agee, se trustee, ahall, in canputinR th~ aiuount of such indebtednese~ eredit to the account o~ t~~e Mort agor an~• credil bala~~ce trmaininK und~~r the provisions of (u) of said psragteph 2. If tl~ern sh~?11 be s de(au~t under an} of the provisious af this mortga~e rnsultinR in a public sale of the premises covered hereb~•, or if the Mortgagee ucquires tl~e pro~ert~ otherw~se alCer default, the Mortgagee~ as trualee. ahall spply, st the time ot the comuiencement of such proc~edings or at the tim~~ . the property ia otherwise e~cyuired~ the sm~~mt then reu~aining ta credit ot I14ortgagor under (a) of para~;rsph 2 prc+ceding as a creclit on tl~e interea~ acerued snd unpsid snd tfie balance to the principal thPn rnmaimn~ unpnid on said note. : 4. He will p~,y ~?Ll tases, aesesemeate~ w~ter r~tes, and other goveramentsl or munlcipsl chargea 6nee~ or impoeitions~ for whieh provision hsa not been msde hereinbeiore~ and in defeult thereot the Mortgagee may psy the e~me; aad th~t he wiU p~omptty deliver the officiaJ reoeipt~ theretor to the Mortg¢gee. b. He will perani~, oommit, or eu6er no waste~ impairment~ or deteriorsUon of ee?id pmperty or any psrt thereoi ~ eaccept reasonable wear and tear; and ia the eveat of the teulure ot the Mor~tg~gor to keep LM+ buildingp on eaic~ premieee and thoee to be erected on ea~d p~remiees, or ianprovemente thereon, in good repsir the Mortgagee msy make such repaire ae in ita discretioa iL anay deem neoeeeary tor the proper preeervation thereo~, and the full amount of eacb and every such psymeat ahall be due aad payable thirty (30) dsys aiter demand, and e68U be secured by tbe lien of tbie mortgage. ~ i 6. He will psy aU and siagular the oosta,c~srg~, and eupeneea, including reasonable lawyer'a fees, snd ooets of abstncte of title, incurred os psid at sny time by the Mortgagee becauee ot the failure on t6e part of the Mortgagor pmmptly and fully to pedorm the agreemenfe and oovensnta of esid promiseory note and thie mortga~e~ and eaid ~ ooete, chargee, and e~cpenre~.ah$ll be unmediately due and psyable and shall be eecured by the lien of thi mortg,age. Ae will oontinuoue~y msintsin haasrd insurence, of such type or typea snd amounte as Mortgagee msy irom time to time require, on the improvementa now or hereaiter on said premisea and eiccept when payment tor all such premiums hi~s theretofore been msde under (s) oi psragra~h 2 hereof ~e will pay pmmptly when ; due any premiums thorefor. All inaurance ahall be carried in c~ompatues approve~ by I~iortgages and the poli- ~ cies and renewals thereof shall be held by Mortgagee and have attached thereto loes psysble erausee in fsvor of ; and in form acceptable to the Motgagee. In event of losa he will give immediate notice bq mail to Mortgagee~ ~ and Mortgagee may make prootro~ Coss if not made pmmptly by Mortgsgor, and each insurance oompanp s concerned ia hereb authorized and directed to make payment for such loea directly to Mort~aq ~ b tead of ~ to Mortg.agor and ~ort,gagee join t l y, and the insiu~ance groceeds~ or sny part thereot~ may be app~i y Mor~ s gegee at ita option either to t he r e duction oi Lhe indebtednees hereby secured or to the restNrat~on or repair of the pmperty dama~ed. In event of foreclosure ot t~ia mortgage or other tranafer of title to the mortgaged ; property in extingu~ahmeat of tbe indebtedneea eecured Dereby, ail right, title, snd interest ot the Mortgagor ~ m and to any insurance pohcies then in force shall pnss to the purchaser or grantee. 8. If the premises, or an}- part thereof, be condemned under tl~e power of en~inent~ domain, or acquimd for ' a public use, the dan?ages awardeci, th~ proceeds for the taking ot, or the consicieration for such acquisition, to the extent of tlie full u~nount ot tl~e rnmaining unpaid indebtedness securnd b~• this inortgage, arn i~er~b~- assigned to t}~e Vlortgagee, and his lieirs or assigns, and s}~all t~e paid forthN ith to said Mortgag~e or }iis assignee to Ue appliecl on account o[ the Iast ~naturing installments of sucli indebtedness; pro~ ided, I~o~~•e~•er, thc Mortga~;ee or his assignee~ ma~ at his dis~rntion pa~• direct to th~ ~Iorlgagor, his h~irs or assigns an~ part or all o[ such awarci; provided, that i[ the loan is guarnnteed or insured, the consent o[ tlie guarantor or insur~r is obtained in advance o[ said parnient. 9• The Mortgagce may~ at any time pending a suit upon this mortg,age, apply to the o~urt having jurisdictioa ~ thereof for the appointment of a r~ceiver, and such court shall forthwith appoint a receiver of the premises ooverEd ~ hereby atl arid singular, including all and singular the income, profits, iesues~ and revenuea from w6atever eource 7 derived, eac6 and every of which, it being expressly understood~ is hereby mortgaged aa if apeci6cally set forth and ~ deecribed in the granting and habendum clauses hereof. Such appointment shall be made by such court aa sn 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 mort~,aged or to the aolvency or ineolvency of said Mortgagor or t3e defendants. 3uch s renta, profita, income. issue$, and revenues s6all be applied by such receiver acoording to the lien of this mortgage ; and the practice of auch court. In the event of any default on the part of the Mortgagor hereunder; the Mortgagor ; agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount !t least equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments peyable in the then current i year plua the actual amount of the annual taxea~ asseasmente, water rates, and insurnnoe premiums for Such year ~ not oovered by the aforesaid monthly paymenta ; 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 suma of money herein refen~ed to be not promptly and fully paid according to the tenor hereof, or in the ~ event that each and every the stipulations, agreements~ conditions, and covenants of said note and this mortgage~ ~ are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned a in said note then remaining unpaid, with interest accrued to that time~ and all moneys secured hereby, shall 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 stipulated 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, suit at law or in equity, may be pcnsecuted as if all moneyasecured hereby had matured prior to its institu- - tion. The Mortgagee may foreclose this mortgage, sa to the amount so declared due and pay able, and the said premises ahall be sold to satisfy and pay the same together ~rith costs, expenses, and allowances. In case of partial ~ foreclosure of this mortgage, the mortgaged premisea ahall be eold 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 again be ` ~ availed of thereafter from time to time by the Mortgagee. , ~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any ti~e thereafter be held ~ to be a waiver of the terms hereof or of the note aecured hereby. 12. 1'he lien of thia instrument ahall remain in full force and etTect during any postponement or extenaion of ~ the time of payment of the indebtednesa or any part thereof eecureci hereby. ~ 13. If the Mortgagor default in any of t6e covenants or agreemente contained herein, or in said note, then the ~ Mortgagee may pedorm the same, and aq expenditures (including reasonable attomey's fees) made by the MortgaRee ~ in so doing shall draw interest at the rate provicled for in the principnl indebtedn~ss, and shall be repa~ able ~ thirty (30) days after demand, and~ together witt? interest and costs accrued thereon, shall be secured by ~ this mortgage. . ~ 14_ Upon the request of the Mortgagee the 113ortgagor shall eaecute and deliver a supplemental note or ~ ~ notes tor the sum or sums ad~ anced by t6e ~tortgagee for the alteration, modernization, improvement, main- ~ Lenance, or repair of said premises, for taxes or asscssments against the same ancl for an~• othcr purposc 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 above. Said supplemental note or notes shall bear : ~ intereat at the rate provided for in the principal indebtedness and sliall be psy able in approximately equal monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ maturity, the whole of the sum or sumrs so ad~anced shall bc due and pa~•able thirty (30) dars a(tcr dcmand ~ by the creditor. In no event shall the maturity extend beyond the ultimate r.iaturity of LLe note first ~ described above. ~ eQ~K2~.~ FA~f2~87 ~ ~ 4 , . ~ . . . . , . ' _ _ r...+~..,: ~