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HomeMy WebLinkAbout1617 ~ender Lo the Mortgagee in accordsnce with the provisiona ot the ~iote secured hernb~-, full pa~ ntent of U?e entire indebtednesa repreaented thereb~•, the Mortgagee~ aa trustee, shall, in coiupu~ing tl?e au?ount of such indebtednese~ credit to the account ot tlie Mort agor ~ny crcdit balance remaining u~ider tl?e provisions o[ (a) of ssid p raph 2. It there slisll'be s detault under an~ ot the provisious o( tius niortga~e resulting in a public esl~ the premisea covered hereb~ ~ or it the Mortgagee acquuea the pmpert;v otherwise aher de[ault, the Mortgegee~ aa trustee, ahall ePP~Y~ at the time of the conunencemen~ of such proceeclinga or at the time Lhe property ia otherwise acquired~ the amount lhen remaining to credit ot Mortgagor under (a) o[ para~;reph 2 preceding aa a credit on the interest accrued and u~paid and the balsnce to the prtnc~pal then re~uainiug unpa~d ~ on said note. ~ 4. Se will p?y all ta?:es, aeeeeements, wster r~?tes, and other goverameatal or muntcipe?l eh~rgea 6n~es. or ` i~npoe~tions, for which provieion hss not been made hereinbetore, and in defsdt tF~isr~of the Mortg~gee m~Y W~Y ~ i s~ae; ~nd t6st 6e will promPtlY deliver the oS'icisl reoe~pte tLerefor to t6e Mortg~ag~es. ~ b. He will permt~, oommit, or suger ao waste, impsiraaent~ or det~edoratioa of eaid pr9perh? orany P~ ~~f eucept reaeonsble we:?r snd tesr• snd in the event of the feWure of t6e Mort~sgor to keep t~ building~s on eai~ premieee Aad thoee to be erecte~ on said preemieee, or improvemente t6ereoa~ in good repair the Mortgagee muY mie e, make such repaire as in its discretion it msy deem neoeeearY tor the Pi'oPa~' PreaeNation thereo#, snd the full amounL of each and every euch payment ahall be due and psye?ble tbi~rtY (30) ds3?a e~fter demsnd, and ehsll be eecured by ? ~ tbe li~en of this mortgage. ~ 8. He will pay aU snd singulsr the ooete, clhe?r~ _and eupenees, ineluding reaeonsble 1~?wyer's feee, and ooeta of sbetracte of title, incurred or paid at any time by ttie Mortgagee becauee of tt?e failure on t6e pait of t6e Mortgagor ~ promptly and full to perform the agreementa snd oovensnta of eaid pmmieeory note and this mortgage, and eaid ~ ~s~ an~e~cpensea shall be immediately due and psyable and s6~?Q be eecured bY the lien of tbia mortgage. _ 7. He will continuoua~y maintsia hszard ineurance, of such type or Lypes snd amounts sa Mortgagee may trom time to time require, on the improvemente now or hereatteY' on esid premises and eacept when payment tor all auch premiums hse theretofore been msde under (s~ oi psragca~h 2 hereof ~e will psy promptly when ew due sn remiums thcsrefor. All insurance ahall be carried in oompewies approve~ by bio and the poli- ciea and rpenewala thereof shall be held by Mortgagee and hsve attsched thereto loea payable useB m fsvo of and in foran acceptable to the Mortgsgee. In event of loes he will give immediate notice by msil to Mortgagee~ and Mortgagee may make proof of Ioss if not made promptly by Mortgagor, and each insurancs oompsnY 3 concerned ia hereby~ authorized and directed to make payment for su c h lo~s directl~' to Mo r t gagee inetead of to Mortgagor and Mortgagee 'oint1y , and the insurance proc,eeds, or'any P~ t~e''e° I~ may be ap p lied by Mor~ g a g~ a t i t a o p t i o n e i t h e r t o t~ s r e d u c t i o n of t6e indebtednesa hereby eecured or to the restorat?on or repair of the property dams~ed. In event of foreclosure of this mortgage or o t her t~ n s fer o f t i t te t o t he mo r t g s g e d ~mperty in eatinguishment of the indebtednesa eecured hereby, a~l ri8ht~ title~ and iat~erest oi the Mortgagor m and to any msuraace policieg then in force ahall pase to the purchaser or grsntee. ~ 8. I[ tlie prnmist~s, or an~ part tLereof, be conden~ned under U?e power of en~inent don~ain, or acquired for ? a public use, tlie damages aWarded, t1?e proceeds for the takin o[, or the considerstion for such acqu~s~tion, to ; the ~extent of tlie full a~uount of U~e remaining unpaid inde~tedness securnd b~ this mortgagc, are liernb~- ; assigned to the Mortgagee, and his iieirs or assigns, and shall be paid forthwith to said 1~4ortgagee or i?is assignee to be applied on accovnt ot the last uiaturing installments of such indebtedness; provided, however, t}?e Mortgagee or his ftthe loan is g aranteed or ic?surled4the gonserntlotjt} guaran o or i» surer or all o[ such aW ani; p is obtained in advance of said pa~ ment. 9.1'he 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 cowrt s6a11 forthwith appoint a receiver of the premises uovered hereby all aud singular~ including all and singular the incwme, proSts, iasues, and revenu~ from whatever source derived, each and every of which, it being expressly understood~ is hereby mortgaged as if apecificallY ~et forth and ~ deacribed in the granting and habendum clauaea hereof. Suc6 appointment shall be made by suc6 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 mortgsged or to the eolvency or insolvency of said Mortgagor or t~e defendants. 3uch ? rents, pmfits, inoome, issues~ and t+evenues ehall be appliecl by such receiver acoording to the lien of this mortgage i and the practice of auch oourt. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor : agreea to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least ' equivalent to one-twelfth (~z) of t6e aggregate of the tweive monthly installments payable in the t6en current E year plus the actual amount of the annual taxes, ssses~nents, water rates, and inauranoe pmmiuma for such yesr ~ not c~vered by the aforesaid monthly paymenta _ _ ~ 10. In the event of any breach of this mortgage or default on the psrt of t6e Mortgagor; or in the event that any of said suma of money herein referred to be not promptly and fully paid accordu'~g to the tenor hereof, or in the event that each snd every the atipulations, agreementa, conditiona, and covenants of said note and this mortgage, ~ are not duly, promptly, and fully performed; then in e~ther or any such event, the said aggregate sum mentioned ~ in said note then remaining unpaid, with interest accrued to that time, and sll moneys secured hereby, ahall be~wme due and payable forthwith, or thereafter, at the option of said Mortgagee, sa fully and completely as if all of the said euma of money were ori~inally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; aad thereupon or thereafter~ at the option of said Mortgagee, without notice or demand, suit at lsw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Diortgagee may foreclose this mortgage~ as to the amount ~o declared due and payable, and the said premieea ahall be sold to satisfy and pay the same together with ~osts, expenses~ and allowancea In cage of partial f foreclosure of this mortgage, the mortgaged premises a6all be sold aubject to the continuing lien of tlua mortgage 3 ~ for the amount af the debt not then due and unpaid. In auch case the provisions of this para~raph may again be j availed of thereafter from time to time by the Mortgagee. s ~ 11. No waiver of any oovenant herein or of t6e obligation secured hereby ahall at any time thereafter be held ~ to be a waiver of the terms hereof or of the note eecured hereby. - ~ 12: The lien of thie instrument ahall remain in full foroe and eRect during any postponement or eatension of ~ the time of peyment of t6e indebtedneas or any part the=eof eecured hereby. ~ 13. If the Mortgagor default in any of the covenanta or agreementa contained herein~ or in eaid note, then the ' ~ Mortgagee may perform the eame~ and all eapenditures (including reasonable attorney's fees) made by the MortgaRee ~ in so doing shalt draw interest at the rate provided for in the principal indebLedness, and shall be repa} able thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by ~ t6is mortgage- ~ 14. Upon the request of the Mort,~agee the Mortgagor shall execute and deliver a supplemental note or ~ notes for the sum or sums ad~ anced by the :~tortgagee for the alteration, modernization, improvement, main- tenance, or repair ot said premises, for taxes or as.~essments against the same and for any other purpose suthor- ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate provided tor in the principal indebtedness and shall be peyable in approsimatel~ equal ~ monthly pavments for such period as may be agreed upon by the creditor and debf,or. Failing to agree on the ~ maturity, t~e whole ot the sum or sums so adranced shall be due and pa~able thirty (30) days a[ter demand by t6e creditor. In no event ahall the maturity extend beyond the ultimate c~aturity of the note fiist described ebove. ~oo~ 225 Pac~1615 ' ~ ~ ~ ~ ~ ~ F~ . - - - - _ ~ : - ,,-~~K M "~~~a . r~^'~~'~ I, - ~ ~'~i~ ;;:F . _ . __e - ' - . _ . .