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Home My WebLink About2489 . + . , • . tender to the ~lortgagee in uccordancr ~ith tlie provisions of tiie iiote ~c~c•ured li~~rnb~-, tull parm~•nt of th~~ entue indebtedness represented thereb~•, the ~fortgagee, etis ~ruste~t~, shall, in con?putiiiK th~~ aniouut ~~f such indebtednc~s~ credit to 1he account o~ ~~?e \iort egor an~• cre~iit l?alance ren~ainiii~; w?d~~r the pro~ isionc o( (a) ot asid pacagraph 2. 1! there shall be a defau~t under an~• ut the pto~~isions ot ihis morlga~e resuttin~ in a public sale o( the pre~nises covered hereb~ ~ or i~ the 141ortgagre acquirea the propert~• otlierH~~sN att~•~ ~lefault, thP ~lortga~ee, es trustee,'a!?sll appl~•, at the tinie of tl~e commencemenl of such proceNdiuKs or at the tinu~ the propert~• is othNrv?ise acyuirE~d, the amount then remaining to crc~dil of ~tort~a~or u~~cier (a) of ~~ar~raph 2 preceding aa a credit on ihe interest accrued and unpai:i and t!?e balance to th~ pri~uipal then r~~nain~n~ unpaid on said note. 4. He will psy all Lauea seBeesnnenta. ~vster rat,ee~ and other Bovernmental or municipat chargee, 6nee, or impoeitiona, for which provision haa not been msde heminbefore. and in default theceof the Mortgagee msy pay the esme; and tbst he will prompUy deliver the o~cial reoeiptt~ therefor to the Mortgagee. • 5. He will permit, oommit~ or auffer no waste, impairment, or deterioration of eaid property or anp part thereof, accept reasonable wear snd tear; and in the event of the fail~ue of the Mortgagor to keep the buildinga on eaid premiees and thaee to be erECted on said pmmieee, or improvements thereon~ in good repair, the Morc$agee may ~ make auch tepaire a8 in ita diecretion it may deem neceeeary for the proper preeervation thereof, and the full amount of each and every such payment shall be due and pt?yable thirty (30) days stter demand, and shall be eecured by i the lien of this mortgage. ~ 6. He will pay all and eingular the costa, chargea, and eapenaes, including reseonable lawyer's fees, and coats of abetr~cts of title~ incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to pedorm the agreements and oovensnta of said promissory note and this mortgage, and said ooats~ chargee, and eacpenses ahall be immediately due and payable and ahall be eecured by the lien of this mortgage. 7: He will oontinuousty maint,ain hezard insurance, of such type or,types and amounte sa Mortgagee may from time to time require, on the unpmvemente now or hec~?tter on said prem~ses and eacept when payment far all such premiums haa theretofore been made under (a) of paragraph 2 hereof~ 6e will pay promptly when due any preuuums t,hcrefor. All insnrance shall be carried in companies approved by ~iortgagee and the poli- cies and renewals thereof shtill be held by Mortgagee and have attached thereto loss payable clausee in favor of and in form acceptable to the l~iortga~ee. In event of loss he will give immediate notice by mail to Mortgagee~ and ~lortgagee mav make prooi of ioss if not made pramptly by l~fortgagor, and each insurance companp concerned ~s hereb authorized and directed to make payment for such loss directl to Mortgagee instead of to ~iortgagor and ~iortgagee 'ointly , and the insurance proceeds~ or any part thereof, may be applied by Mor~ gagee et its option either to t~e reduction of the indebtedness hereby secured or to tbe restorat~on or repair of the property dama~ed. In event of foreclosure ot this mortgage or other transfer of title to the mortgaged ~mpertp in eatingu~shment of t6e indebtedness secured hereby, af 1 right, title, and interest of the Mortgagor m and to any insurance policies then in force ahall pRSS to the purchaser or grantee. If tlu~ pre~i~is~~s, or au~- part tlit~reof, tx~ ronde~nnecl under the power of eu~inent don~ain, or ac~quir~•d for a public u~c~. tlie da~nagE~s aw-arded, the pro~•ec~ds for tl?e takin~ of, or t}?e consideration for suc•h a~quis?t~ou, to thr extent ~~f the full atnouz~t of th~• reniaining unpai~i indebteciness se~ured b~~ thu n~ort~u~~•, ar~ hereb~• _ aa:i~~~t•~1 to th~• ~lort~agee, and liis heirs or assi~ns, t?nd st?all be paid forthwitli to said ?1lortga~;~•e or I~is ,~i~nrr t~~ bF~ ap~~lied on ac~•ount of L}ie last ~naturing i~istallments of such indeLtedness; pm~~ided, }ioH-e~~er, tl~t~ ~tortga~:c•c~ or his assignee, ma~• at liis di~crelion pa~- direct to the ~lortgagor, his h~~in or n~~i~ns an~• part ur all of sueh a~~-ard ; pro~-ided, that if th~~ loun is Kuarnnteed or insured, the consent of the ~uarantor or insurer - is obtainc~~l in a<i~-xn~•~ of said pa~-iuent. The ~iortgagee may, at any time pending a suit upon this mortgage~ spply to the oourt having jurisdiction thereoi ior the eppo~atmen~ oi a receiver~ auu such ~uri, es?uril~ fur3,~i~:Lh spp~.iTt~ a fti:ui~ii i,~':i 4saiuai~3 Gis~iiii.-'~. herebS all and singular, including all and singular the income~ profits, issues, and revenues from whatever eource ! demed~ each and every of which, it being expressly understood, is hereby~ mortgaged as if specificallp set forth and j described in the granting and habendum clauses hereof. Such appointment ahall be made by such court ss an admitted i equity and a matter o: absolute rig6t to said Mortgagee, and without reference to the adequacy or inadequacy of the ~ alue of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such i rents, profits, iacome, issues~ and revenues shall be applieci by such receiver s~cording to the lien of this mortgage 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 ;~iortgagee on demand as a reasonable monthly rental for t6e premises an amount at least 3 equivalent to one-taelfth (~2) of the aggregate o# the twelve monthly installments payable in the then current ~ year plus the actual amount of the annual taxes, aa~ssmenta, water tates, and insurance premiums for auch yeat € not corered by the aforesaid monthly pa~ ments. . ~ t0. In the event of any breach of this mortgage or default on the psrt of the Mortgagor; or in the event that ; any of said sums of money herein referted to be not promptly and fully paid according to the tenor hereof, or in the ~ event t6at each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage, # are not duly, promptly, and fully performed; then in either or any such e~•ent, the esid aggregate sum mentioned ~ in said note then remaining unpaid, a~th interest accrued to that time, and all moneys secured hereby, shall become ~ due and pa~•able forthwith, or thereafter, at the option of said 111ortgagee, as fully and completely as if all of the ~ aaid sum~ of money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to ~ the oontrary notwithstanding; sud thereupon or thereafter, at the option of said biortgagee, without notice or ~ demand, suit at law or in equity, may be prosecuted as if all moneys securEd hereby had matured prior to its institu- } tion. The ~iortgagee may foreclose this mortgage, as to the amount so declared due and payable~ and the said ~ premises ahall be sold to satisiy and par the same together with costs, expenses, and allowances. In case of partial a 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 cs~e the provisions of this paragraph mgy again be availed of thereafter irom time to time by the ;4lortgagee. r i l. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held 'z to be a waiver of the terma hereof or of the note secured hereby. 1'3. The lien of t6ie instrument shall remain in full force and etiect during an~~ postponement or extension of the time of pay ment of the indebtednesa or any part theteof secured hereby . ~ 1:3. If the l~iortgagor default in sny of the co~enants or agreements contained herein, or in said note, then the 1liortgagee may perform the same, and all expenditures (including reasonable attorney'e fees) made by Lhe DiortqaAee ~ in so doing shall draw interest at the rate provi~led for in lhe principal indcbtedn~ss, and :,hall bc repa~-able thirt~ (30) da~'s after demand, and, together witl? interest and costs accrued thereon, shall be secured by this mortgage. ; 14. Upon the request o[ the ~fortgagee the :liortgagor shall eaccute and deliver a supplemental note or ~ notes for the sum or sums ad~ ancec! by the 1lortgagce for the alteration, modernization, impro~ em~nt, main- ` tenanee, or repair of said premises, [or taxes or as.~essments against the same and [or any otLer purposc auti?or- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~•ance eFidenced thereby Kere included in the note first described above. Said supplemental note or notes shall bear interest at the rate p:o~ided for in the principal indebtedness and shall be pa~~abte in epproximatrl~- cyual monthly pavments for such period as mny be a#:reed upun b~• the cce~litor and debtor. Fa+lin~ to agree on the ;s maturity, t~?e N~hole of the sum or sums so acl~-anced shull be due and ~arablc thirty (30) da~s atter d~mand - by the creditor. In no event shall tUe maturity extc:nd be}'ond the ultimate r.iaturity of the note first ~ deectibed above. ~1 8~K 22~. pr,~2~89