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HomeMy WebLinkAbout2296 tender to the Mortgagee in acconlsnct? with the provisiona of the note ~ecurnd h~~reb~•, full pe~ meut of tl?e entire indebtednesa represenled tl~ereb~•, lhe Mortgsgee, aa trustee, ahall, in computing 11ic~ smount o[ sucl? indebtednesa, credit to the account ot the Mortgagor any credit balance remainiug under il?e provisions of (s) of said reph 2. 1f there ehsll be e detault under any of tl~e provisiona of this uiorlga~;e resulting in a public siJ~ lhe preiuisea covered l~ereby~ or if the Mortgegee acquirea the property otherw~se aft~~r default, the Mortgagee~ as ttuatee~ ahaq spply~ at the tinie o( the conunencement of auch proceedinge or et tho time the propert,y ~a otherwise scquired~ the amount the~ rnniainin~ to credit of Mortgagor under (s) o~ paragraph 2 prececiu~g as a credit on the intereat accrued and unpaid and tl?e balsnce to the principal then remaiiung unpaiJ on said note. 4. He wiil psy all tsses? ~ueseee~nents, wuter rates. ~nd otDer ~overnmental or municiP~ a~~8~. impoeitions, for wLiah provieion hss aot been m~da hereinbeiore, snd in default thereof tbe Mortgagee maY P~Y ~ eaa~e; and t6st he will promplly deliver the offieiel reoeipte thee~eior to the Mortg~?gee. b. He will pera?iL~ oommlt~ or suSer no waate, impairment, or detedoration of esid Pi'oP~'tY ~y P~ there~f except reae~nsble wee?r and t,eu• and In the event of tbe failure of the Mortg~sgor to keep Lhe building~ on eai~ premisee and thoee to be erecte~ on eaid premisee, or improvemente thereon, in good repair the Mortgagee msy make such r8paizs aa in ite diecretion it may deem neoeeearY for the proper Preeervstion there~, and the full amount ~ each ewd every such psyment ahall be due and payuble thirty (30) daya after demand, and ebsll be eeaured by the lien of t,his mortg~ge. 6. He will psy ell And eingular the ooate,~~~, and exPeneea including reasonable lswyer~s fees, and ooets of abetneta of title, ineurred or psid at any Ume by tFie Mortgagee becauee of the failure on the pset of the Mortgagor promptly and fully to pedorm the agreements and oovenanta of eaid promieeory note and thie mortg,age~ snd eaid ooets, chargee, and expeneee ahall be immediately due and payable euad shall be eecured by the liea of thia mortgage. 7. He aill oontinuoue~y maintain hazsrd ins~rance, oi sucL type or types snd amounta as Mortgagee mey trom time to Lime require, on the improvemente now or hereatter on said pnmiee~ and eacept when payment tor ull auch premiuma has t6eretofore been msde under (s of psragcsph ~ hereoi ~e will psy prompWy when due any premiuma thcrefor. All inaurance ahail be carri~ in oompeniee approve~ by riortgagee end the poli- cies and renewals thereof shall be held by Mortgagee and have attsched thereto loea psyable cTausee in favor of y and in form scceptable to the Mortgagee. In event of loas he will give imme~iate notioe by msil to Mortgagee, ~ and Mortgagee msy mske .proof o3 Ioas if not made pmmptly by Mortgagor, and each insurance oompeny ooncerned ia hereby~ suthonzed aad directed to make gayment for such losa directly to Mortgagee instead of ; to Mortgagor aad Mortgagee 'ointly , and the insurance proceeds~ or any part thereof, may be applied by Mor~ gagee st ite option either to ~e re~uction of the indebtedneea hereby eecured or to the restoration or repair of ~ the property dama~ed. In eventi of foreclosure of this mortgage or other tranafer of Wtle to the mortgaged property in eutinguishment of the indebtedneea eecured hereby, a~l tight, title~ and int,erest of the Mortgagor m and to eny iasurance policiea then in force ahall p~?sa to the purchsser or grantee. 8. I[ the prnmises, or an~- part thernof, be condemned under the power of en~inent• domain, or acquired for ^ e public use, tlie dan~ages awaniecl, ihe proceeds tor the tsking o[, or the consideration for sucl~ acqu~sition, to ~ the extent of tlie full amount oi U?e remeining unpaid indebtedn~ss secured b~• tl?is n~ortgage, arn hernbr : assigned to the Mortgagce, and 1?is lieirs or assigns, and sliall be paid forthW ith to said Niortga~~e or his ass~gnee to Ue appliecl on account of the last maturing installments of sucl? indebtedness; pro~ided, however, the :4lortgagee or his assignee, ~na~ at his discretion pa~• direct to the Mortgagor, his heirs or assigns an~ parG or all o[ sucli awanl; providecl, that if the loan is guaranteed or insured, the consent of th~ guarantor or i~?surer • is obtained in advance of said pa~ment. - 9. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction i thereof for the appointment of a receiver~ and auch oourt ehall fort6with appoint a reoeiver of the premises oovered hereby all arid singular, including all and aingular the inoome~ profits, issues, and revenues from whatever source derived, each and every of which, it being expressly underatood, is hereby mortgaged ea if specifically aet forth and deecribed in the granting and hsbendum clau~es hereof. Sucfi appointment e6all be made by such oourt as an admitted equity and a matter of absolute rig6t to said Mortgagee. and without reference to the adequacy or inadequacy of , the value of the pmperty mortgage~ or to the aolvency or insolvency of said Mortgagor or t~e defendants. Such i renta~ profite, inoome~ issues, and revenues shall be applieci by such receiver according to the lien of this mortgage ~ and the practice of such court. In the event of any default on t6e part of the Mortgagor hereunder, the Mortgagor ~ agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premi~es an amount at least t equivalent to one-twelfth of the aggregate of the twelve monthly installmenta payable in the then current ~ year plua t6e actual amount of the annual taxes, assessments, water ratea, and inaurance premium~a for such year ~ not covered by the afor~aid montWy paymenta. ; 1U. 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 . event that each and every the stipulationa~ agreements~ canditions, and oovenanta of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate 8um mentioned in said note then remaining unpaid, with interest accrued to that time, and sll moneys eecured hereby, shalI become due and payable forthwith, or thereafter, at the option of said Mortgagee~ as fully and completely as if all of the said aums of money were originally stipulated to be paid on such day, anyl,hing in said note or in thia mortgage to the oontrary notwithstanding; aud thereupon or thereafter, at t6e option of said Mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its inatitu- - tion. The hiortgagee may foreclose this mortgage~ as to the amount so declared due and payable, and the said premiees ahall be sold to satisfy and pay the same together with ooats~ expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be ~ _ availed of theraafter from time to time by the 1Vlortgagee. ~ ' 11. No waiver of any covenant herein or of the obligation secared hereby shall at any time thereafter be held ta be a waiver of the terms hereof or of the note secured hereby. 12. The lien of thie instrument shall remain in full foroe and effect during any postponement or extenaion of the time of payment of the indebtedneas or any part thereof aecured hereby. ~ 1:3. If the Mortgagor default in any of the covenanta or agreements contained herein, or in eaid note, then the ~ Mortgagee msy pedorm the same~ and all expenditw~es (including r~asonable attomey's fees) made by the MortgaRee ~ in so doing shall draw interest at the rate pro~ ided for in the principal indebtedness, and shall be mpa~ able ~ thirty (30) days after demand, and, Logether with interest and costs accrued thereon, shall be secured by thia mortgsge. ~ 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or ~ notes (or the sum or sums advanced by Lhe ~iortgagee for the alteration, modernization, improvement, main- tenence, or repair of said premises, for taxes or as.Qessments against the same and for any other purpose author- ized hereunder. 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 s~ipplemental note or notes shall beer ~ interest at the rate provided for in the principal indebtedness and shall be payable in ap proximately equal monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agrec on the ~ maturity, the whole of the sum or sums so advanced shall be due and pa~able thirty (30) days a(ter demand ~ by the creditor. In no event shall t6e maturity extend beyond the ultimete ~iaturity of the note first describedabove. eiroK225 ~2290 . , . , x~- ; _ 'r --;s _ , ~~m~- ~ , ~ ~ . _ _ " -~;t - _ , ~ _