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HomeMy WebLinkAbout2032 tender to the Murtgagee in ac~•orcisnc•e with the pmvisions ot tl~e uote securn~l h~~rnb~-, full pa~•u~ent o[ tl« entire indebtedness representcd therebv, Lhe Mortgagee, as trustc~c, she~ll, in eomputiii~ the aii~ount of su~•h indebtedness~ eredit to the account of t~?e riorlga~or an~ credit, balxnce ren~aininR un~l~•r thN pn?~•isions of (u) ot said paragraph 2. I[ there shall be a de(ault under an~~ of the provisions of this uiortgaKe resultii?K in a public sale ot the premisea covered hereby, or i[ the Mortgagee acqu?res the pro~ert~• athrrWis~ atter default, the Mortgagee, as truatee, shall apply~ at the time oi the conunencement of surh proceedii~~ or al tlie lime the propert,~ ~s otherwise acquired, the an?ount then remaining to credit of I~iortgagor und~~r (a) of paraKraph 2 preceding sa a credit on the interest acerued and unpaid and the balance to the principal then rnn~ainin~ unpaid on said note. 4. He will psy a?ll tsxee, aneeesmente, wster rstee, and other governmental or municipal chargee~ fiaes~ or impoaitioae, fos which pmvision hae not been made hereinbefore, snd in default thereof the Mortgagee may pay the eame; and that he will promptly deliver the oflicial reoeiptn therefor to the Mortgagee. b. He wiU permiti, oommit, or suBer ao waste, impairment, or deterioretion of said praperty or any psrt thereof~ eucept reasonsble wear and tear; and in t6e event of the fsilure of the Mortgagor to keep the buildinga on said premiees and thoee to be erected on eaid premieee, or improvemente thereon, in good repair the Mortgagce may make such repaiis aa in ita diecretion it may deem neoeesary for the proper preeervation thereo~, and the full amount of each and every euch payment shsll.be du~ and payable thirty (30) dsys sfter deu?and, and shall be eecured by tbe lien of this mortgage. - 6. He will pay all snd aingular the oosta, charg~, and ezpeneee, including ressonable lawyer's fcea, and coets of ebetract8 of title, incurred or paid at sny time by tbe Mortgagee becsuee of the failure on the part of the 11'Iortgagor pmmptly and fully to perfarm the agreementa and oovenants of said pmmiseory note and this mortgage~ and said oosta, chargea, and expenses ahall be immediately due and payable aad ahall be eecured by the tien of this mortgage. 7. He will oontinuously maintain hszard inauranoe, of auch type or typee and amounts as Mortgagee msy _ from time to time require, on the improvemente now or hereatter on said premises and ezcept when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof~ ~e will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved bq I~iortgages and the poli- cies and renewals thereof ahall be held by Mortgagee and have sttached thereto loes payable claasea in favor of and in form acceptable to the Mortgsgee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof oi Ioss if not made promptly by Mortgagor~ and each insurance oompany ooncerned is hereby~authorized and directed to make payment for auch losa duectly to Mortgage~e instead of to Mortgagor and Mortgagee jointly, and the insurance proceeda, or any part thereof, may be applied by Mor~ gagee at ita option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dama&ed. In event of foreclosure of this mortgsge or other transfer of title to the mortgaged property in extu~uishment of the iadebtednees eecured hereby, ail right, Litle~ snd intt~,rest of the Mortgsgor m and to any insurence policies then in force ahall pass to the pumhaser or grantee. 8_ If the pre~nises, or an~- part thereof, t~ condenu~ed under the power of eminent domain, or acquired for a public use, the daiua~;es awanled, the proceeds for the taking of,.or the consideration for su~l~ acqu~sition, to the extent of tl~e full,amount of the remaining unpaid indebtedness secured b~• this n~ortKaKe, are liereb~- " assi~ned to tl~e ~14ortgaKee, and his heirs or assigns, and shall be paid forthW ith to said '~1ort~agc~~~ or lii.ti assi~nec to be applied on account of the last maturing installu~ents of such indebtedness; provided, hoK•e~•er, the ;~torigagee or liis nssignee, mat- at his discretion pu~- direct to thc;~iortgagor, his heirs or assigns a~i~- pnrt~ or all of such award; pro~ided, that if the loan is guaruniced or insured, the ~onsent of the gu~rantor or insurer is obtained in ad~ance of said pa~-~iient. ; The Mortgagee may, at any time pending a suit upon this morigage~ apply to the oourt heving jurisciiction ~ thereof for the appointment of a receiver, and suc6 cowrt ahall forthwith appoint a receiver of the premiaes covered - ~ hereby all arid singular, including a11 and singular the income, profits, issues, and revenues from vshataver source ~ derived, each and every of which, it being expresgly undeistood, is hereby mortgaged as if apecificaily aet fo-th and g described in t6e granting and habendum clauses hereof. Such appointment shall be made by such court es an admitted - equity and a mutter of absolute rig6t to eaid Mortgagee, and without reference to the adequacy ~r inadequacy of ~ the value of the property mortgaged or t~o the solvency or insolvency of said Mortgagor or the dPf~ndan~~. Such ~ mnts, profits, income, issues, and revenues shall be applied by such receiver according to the lien ~f this mortgage ~ and the practice of such court. In the eveat of any default on the part of the iVlortgagor hereunder, *.he Morigagor ~ agrees to pay to the Mortgagee on demaad as a reasonable monthly rental for t6e premises an amwnt r.t least ~ equivalent to one-twelfth (~Z) of the ag~regate of the twelve monthly installments payabie in the then cun~ent ~ year plos the actual amount of the annusl taxes, asee~nnents, water rates, and inaurance premiuma for Buch year ` not covered by the aforesaid monthly psyments. ~ l0. In the event of any breach of thia mortgage or default on the part of the MorEgagor, or in t6e 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 ~ event that each and every the stipulationa, agreements, conditions, and covenants of said note and this mortgage, are not duly, pmmptly, and fully performe~; then in either or any such event, the said aggregate sum mentioned ~ in said note then remaining unpaid, with interest acerued to that time, and all moneya secured hereby, shall become ~ due and payable forthw~th, or thereafter, at the option of said Diortgagee, as fuUy and completely as if all of the said sums of money were originally stipulsted to be paid on such day, anSthing in said note or in this mortgage to ~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Niortgagee, without notice or ~ demand, suit at !aw or in equity, may be prosecuted as if all moneys secured hereby had matured prior ta its institu- ~ tion. The b'Iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partia~ foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the oontinuing lien of this mortgage '~r for the amount of the debt not then due aad unpaid. In such cage the provisions of this paragraph may again be a availed of thereafter from time to time by the ~iortgagee. 11. No waiver of any oovenant herein or of the obligation secured hereb~ shall at any time thereafter be held = to be a waiver of the terms hereof or of tbe note eecwed hereby. 12. The lien of thia inatrument shall remain in full force and etiect during an~• postponement or extension of ' the time of payment of t6e indebtednese or any part thereof secured hereby. = 1:t. If the Mortgagor default in any of the covenanta or agreementa contained herein, or in aaid note, then the Mortgagee may perform the same, and all expenditurea (including reasonable at.torney's fees) made by the Mortga~ee - in so doing shall draw interest at the rate pm~ ided (or in the prin~ipul inde}~tedness, and shall be repa~-able :K~ thirt~ (30) day-s atter demand, and, together with interest and costs accrued thereon, shall be secured by i this mortgage. ' 14. Upon the request of the l~iortgagee the ;1lortgago~ shall ea~ecute and deliver a supplemental note or notcs for the sum or sums ad~•anced by tbe :~tortgagee for the alteration, modern'rLation, in~provem~nt, main- _ tenance, or repair of said premises, (or taxes or as.~essments a~;sinst the samc and for en~- other purpose auti~or- ized hereunder. Said note or notes shall be secured t?ereb~ on a parit~ with and as fully as if thc adrance e~ idenced thereby v? ere included in the note first described abo~ e. Said snpplemental note or notes shall bear =r= interest at the rate pro~ ided for in the principal indebtedness and shall be payable in appmsimatel~ eryual <<;~ monthly pavments for such period as may be a~;reed upon by the creditor and debtor. Failin~ to agrc~ on' lhr ~ _ maturity, t~e wfiole of the sum or sums so ad~•anced shnll bc due and pa~•able thirt.~ (:~O) da~•s aftcr d~~mand I by the creditor. In no e~ent shall the maturit}• extend be~•ond tlie ultimate r_~alurit~• ~f t6~~ n~~t~ tirst = described above. _ dt r.~'- 22~ PAGE2~J~?