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trnder to thr ~lort~u~;~~i• iu ue~•urdanc~~ vvith the pn?vi~iuus of tlte Aot~~ :~~~c•u~ed h~•r~~b~•, full ~,e~~~iu~•nt tlu~
~ entirn inde6t~~lu~~zs rrpn•sNnled thetebv~ tlic+ Mottgsgee~ ax tru.t~~e, sliail, in c•omputin~ the un?~~unt uf su~•I?
indebteJu~~, credit to ti~e account of t~~e I~lort aRor anv ~•r~~dit balan~•i~ re~uait~in~ und~~r tlu• pn,~•isio~?s of (u)
of aaiJ paragraph 2. It ther~~ ~l?all t~ u d~~fau~t under an~• ot th~~ pro~•i~ious o( this inortgage rnsultin~ in a
public aale of the prNU~u~~s c~overed herHb~•, or i~ ihe ~lortg+~~~N ac•qu~res tl~e pm~x~rt~• oth~~rH~ist~ aher default,
the Mortgsgee, as trusst~~e, sball appl~, at tt~e tune of the eo~nmenceu~ent ot such proc~~ediuKs or ut the tinu~
the properl.~ i» othPrwise a~•yuired, the amount U~en rnmaining ~o credil o( MortKagor under (a) of par~};raph 'L
precedinK ss a cn~dit on the intereat sceruecl and unpaid an~l tlie I,ulan~•e to the prtncipal U~en rnu~ain~nR unpaid
on seid note.
4. He ~viU p?y sll taxea aAeeesmenta, wster rstee~ sad other governmental or municipal charges, 6nes. os
impoeitione, for which proviaioa hae not been made hereinbefore, and in default thereof the Mottgagee m~y psy tLe
esone; and thaL 6e will promptly deliver the officie~l reoeipte therefor to the Mortgagee.
b. He w+iU permit~ oommit, or suHer no waate, impairment~ or deteriomtioa of eaid property or ~??ny part thereof,
e:oept reaeonable wesr snd tear; snd in t6e event of the tailure of the Mortgagor to keep the buildinge on said
premiees and thoee to be erected on eaid premieea, or impmvements thereon, in good repsir~ the Mortgagee msy
~esch and ev~ery eu 6~payment ~~shall be due and ~ ithirtY (30) days
~c~ a°~a anf
d ehall be eecured bY
the lien ot this mortgage. _
6. He will psy all and aingular the coeta? ehsrgee, and expeneee, including reseonable lawyer'a feee, snd ooete . =
of abstracte ot title~ incurred or p~u ?~ap~ timg by~t,he Mortgsgee becawae of the failure on the part of the Mortgagor j
promptly and fully to perform t6~agre~'ments aed obp ~aata of said promiseory note and this mortgage~ and eaid
~st,e, chargea, and expenses sha11 be immediately due an~ payable and shell be eecured by the lien of this mortgnge.
7. He will oontinuously maintsin hazsrd inaurance, of such type or types and amounta as Mortgagee msy
from time to time require, on the impmvemenfa now or hereaiter on said premises and e.tcept when paymenL
tor all such premiums has theretofore been made under (s) of paragraph 2 hereoi~ ~e will pay pmmptly whea
due any premiums therefor. All insurance ahall be carned in ~°mPaniea appt'°ved by I1lortgagee and tLe poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable cisusea in favor of
and in form acceptable to the Mortga~ee. . In event of Ioss he will give immediete notice by mail to Mortgagee~
snd ~lortgagee may make proof of ioss if not made pmmptly by Mortgagor, and each insurance oompany
ooncerned is hereby~authorized and directed to make payment for such losa du~ectl~' to Mor~
ee instead oi
to Mortgagor and Mortgagee 'ointly ~ and the inaurance proceeds~ or anY Part the~eo1~ may be applied by Mor~
gagee ac its option either to t~e reduction of tbe indsbtedne~ hereby secured ar ~ the restoraWon or repau~ of
the property damaged. In event oi foreclosure of this mortgage or other transier of title to the mortgaged
property in ext~nguishment Qf the indebtedness secu~ed hereby, a~l right, title, and inte~t of the Mortgagor
u? and to any iasurance policiea then in force shall p~a to the purchase~' or grantee.
R. If the pre~ui~y. or au~- part ll~~•reuf, be c•on~l~~uned under th~ ~H~•r of en~ine~?1 doii~aui, c~r itcquired for
u public use, tl~e dumaK~~s t?Karded, tlu• procreds for the takiug of, or the ~onsideralion for su~•1~ acqu~s?tto», to
tl?e estent of tl~e full a~~iount of tLe r~~n~ainin~ w?paid ind~~bt~dnc~ss se~•urecl b~' tl?is ~uortKa~?t~, am Lereb~-
u~i~;n~~~l to tlit~ ~lortgaKe~, und I~u hei~ c?r a..?~n~, und sl?uil he• puid fortl?v?~ith to suid \Iort~agt~~ or li~.~
assiKnee to be ap~>lied on arcount of the lust ~nuturin~ installnu~nts of su~•1? indebtednes+; pm~•i~l~il, lioH•~~-er,
thc ~1ort~u~e~~ or l~~s :~SSiKn~~e, 11111~" 8I I113 ll4~l'CPlion pu~• diri~c•t to th~ ~fort~u~or, liis h~•irs or ac,i~ns an~• purt
or all of surh aw-aril: pro~~dc~~l, 11iut if the loun is ~;u:irante~•d or insured, the e•onsci?t o( th~ guaruntor or insurer
is obtained in ad~anc~ of ~ai~l pa~•n?~•nt.
9• The Mortgagee msy~ at any time pending a suit upon this mortgage, apply to the oourt having juriadiction ;
thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of the premisea covered {
hereby all arid singular, including sll and singular the income, profita, isaues, and revenues fmm whatever source
derived, each and every of which, it being expressly understood, is hereby mortgage~ as if apecaficallY set forth and .
de~cribed in the granting and habendum clauses hereof. Such appointment shall be made by such oourt 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 mortgaged or to t6e eolvency or inaolvency of said Mortgagor or t'~e defendants. Such
z rents, pmfita. inoome, ~ssues~ and revenues shall be applied by such receiver acoording to the lien of this mortgage
and the practice of auc6 court. In the event of any default on the part of the Mortg~gor hereunder, t6e Mortgsgor
a~rees to pay to t6e Mortgagee on demand as a reasonable montWy rental for the premises an amount at least
equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current
; year plus the actual amount of the annual taxes, assea~ente, water rates, and inaurance premiuma tor such year
~ not ooverEd by the aforesaid monthly payments.
~ 10. In the event of any b*_~each of this mortgage or default on the part of the Mortgagor; or in the event tbat
~ sny of said aums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe
~ event t6at each and every the stipulations, agreements~ conditions, and covenants of said note and this mortgage,
are not duly, promptly, and fully pedormed; then in either or any such event, the said aggregate sum mentioned
ri in eaid note then remaining unpaid, with interest acerued to thst time~ and all moneya secured hereby, shall beoome
due s?~d psyable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely us if all of t6e
~ eaid eums of money were originally stipulated to be paid on such day~ anyLhing in said note or in this mortgage to
the contrary notwithstsnding; and thereupon or thereafter~ at the option of said Mortgagee, without notice or `
~ demend, suit at law or in equity, msy be prosecuted as if aq moneys secured hereby had matured prior to ita institu- `
tion. T6e Mortgagee may foreclose this mortgage~ as to the amount so declared due and payable, and the said ;
~ premises shall be sold to sst~sfy and pay the same together with casts, expenaes~ and allowances. In ca~e of ~sl E
~ foreclo~we of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage
~
for the amount of t6e debt not then due and unpaid. In sueh ca~ee the provisions of this paragraph may again be
availed of thereaiter fmm time to time by the Mortgagee.
11. No ~vsiver of any oovenant herein or of the obligation secured hereby ahall at any time thereafter be 6eld
to be a waiver of the terma hereof or of the note secured hereby.
12. The lien of thia instrument absll remain in full force and eHect during any postponement or extension of
the time of p~yment of the indebtednesa or any part thereof ~ecured hereby.
~ I:i. If the Mortgagor default in any of the covenante or agreementa oontained herein, or in said note, then the
Mort~gugee msy perform the same, and all espenditures (including reasonable attorney's fees) made by the Mortga~ee
in so doing shall draw int.erest at the rate provided for in the principal indebtedness,. and shall be repayable
4} thirty (30) days a[ter demand, and, together with interest and costs accrued thereon, sl~all be secureci by
- this mortgage.
14. Upon the request of the l~iort,ga~;ee the Mortgagor shall ea~ecute and deliver a supplemental note or
notes tor the sum or sums advancecl by the l~iortgagee for the alteration, modernization, improvement, main-
_ tenance, or repair of said premises, for ta~es or as.~essments against the samc and for aa~ other pur}wse author-
~Y'~` ized hereunder. Said note or notes shall be secured hereby on a parity w ith and as fully as if the ad~ ance
evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear
interest st the rate provided for in the principal indebtedness and shall be payable in approximately equal
mont6ly psy ments for such period as mny be a~reed upon by the creditor and debtor. ~'ailing to agrec on the
maturity, the w6ole of the sum or sums so advanced shell bc due and pay~able thirty (30) days atter Jemand
by the creditor. In no event shall t6e maturity extend beyond the ultimate raaturity of the note first
deacribed sbove.
g aooR~226 o~E2~53
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