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Home My WebLink About2601 !ender to the I?iortgagee in sccordsnce ~vilh the provisio~~e ot tl~e note secured 1?ercbr, !uII pa~ment o~ tl?e enlire indebtedneea repreaented thereb~•~ the 111ortgagee, ita trustee~ shall~ !n co~nputing il?e aiuount of such indebtednE~es~ creciit to 11?e account o[ tl?e Mortgagur suy credil balance rnmaining under tl?e'pro~•isions of (a) oi asid psr~graph 2. 1[ there ehall be a de[ault undcr en~ o[ tl~e provisious of this mortga~o resulling in a public eale of t}~e premises covernd hereby~ or if the rsortgagee ~?cqwres the propert~ otl~erw~se atier cicfault~ the Moriga~;ee~ us trustee, s}iall apply, at the time of the co~nmencement of such proceedings or at tlie tii~iP H the propen~ is oth~rw•ise acyuired, the amount t}ien ~eniainin to creclit of Mortgx~or under (a) of par,~raph 2 precedii,g as o credit on tl?o uitereaL wccrued and unpaid and t~e bnleuicr to tho p~incipal Llien reiuauiing unpaid on said note. 4. He ~vill pe?y all tsxee, ~seeeamenta, wster rates, snd othct governmental or mualcipal cbargea, £nee. ot impositiona, for ~vhich proviaion hae not beea made hereinbetore, and ia default thereof the Mortgagee may pay tho eame; snd tLst ~e wil! promptly deliver the o~cial reeeipta therefor to Lhe Mortgagee. b. He will permit, oommit, or au8er no ~raste, impairment, or deterioration of asid property or auy part tbereof exoept reaeoneble wear and tear• and in the event of We failur8 of the biortgsgor to keep the buildinge on esic~ premi9ee and those to be erecL~ on aaid paemisc~s, or impruvemenLs then~n~ ,n good repeur the Morlgagce mny make Buch repaire ae in ita diecr~tion it msy deem aecessary for the proper preaervation thereo~, sad the full emounti ot each and every such psyment sbsll be due ~ad pqyable thirtsy (30) days aiter demand, aud ahall be eecured by t~6e lien of thie mortgage. 6. He will pay all and eingule?c tbe oosta, clhatg~, and espenaee, including ressoneble lswyer's iees, and eoet~ of sbetracte oi title, incurn~ or pa~d st ~?ny time by tbe Mortgagee because of the failure on the part of the Mortgagor promptly and fully Lo perform the agreementa and oovenanta of esid promissory note and this mortgage, and said ooste, charges, snd expenses shall be immediate~jr due and payable aad ahall be eecured by the lien of thia mortgage. 7. Iie will oontinuous~y maintain Lszard insurance, of euch type or typee and amc?unts as :Viortgagee may from time to time require, on the unprovements now or heieaiter an eaid premis~s and escept when payment Ior all auc6 premiums has theretofore been msde under (s) of psragcsFh 2 hereof ~e will pay pmmptly when due any premiums therefor. All insurance ahall be carried in companees approve~ by biortgagee and the poli- cies and renewals thereof shtill be held by Mortgagee and Lnve attached thereto lo9s payable clausee in favor of snd in form acceptable to the Mort~agee. In event of loes Le ~rill give immediate notioe by msil to 1liortgagee, and Mortgagee may make proof of Tosa ii not made promptly by Mortgagor, and each insurance oompanp ooncerned ia hereb suthorized wd directed to make payment for euch loea direcUp to Mortga~ee instead of io l~iortgagor and ~ortg4gee oinUy,~?nd the insurence prooeeds, or any part thereof may be apphed by Mort- ~sgee st ita option either to t~e reduction oi t,6e indebf~edneea hereby secured or to t~he restorawon or repair of the pmperty dsma~ed. In event oi foreclosure of t~is mortgage or other transfer of title to the mortgaged property in extingu~ahment of t6e indebtednees secured hereby, a~l right, title~ and iaterest of the Mortgagor m and to any iosur~nce policies then ia foroe ehall p3ss to the purchnser or graatee. 8. ~f thc preniises, or sn,r pari tlicrrof, be condenmed under tlie power ot eminent don~ain or ac~uircd for s public use, tlie dan~ages ewarded, tl~e proceeds [or the taking of or the consideration for suc•~i acquuition, to . the eztent of t}?e fuil amount of the remaining unpaid indebtec~nesa eecurrd b~ tlus mortg3~, arc+ )iereb~ assigned to tl?e I~iortgagee~ and hie lieirs or ssaigns, and shall be paid torihwith to said ~vlortgag~~ or luB assignee to be applied on account of the last ~nat.uring inai,aUments oi suclt indebtedness; pmvideci, )iowe~er, the Mortgagee or his assi~nee, ~nay at- his discretion par direct to the Mortgagor, lus 1?eirs ur nssigns nn~ part or all of sucli aw~ard; prov~ded, tl~at if the loan is guar~nteed or insured, tlie conseut ot tlie guurantur or irtsurer is obt~ained in advance of said pa~i~ienw ? 9. The Mortgagee may, st any time pending s suit npon this mortgage, apply to tbe eourt l~ving jurisdictios ~ thereof for the appointment of receiver, and euch eourt ahall forthwith appoint a receiver of the premiaes oovered , hereby sll arid singular, including all snd eingular the. inoome, pro5ts, issues, and revenues from whatever souroe E derived, each and every of which, it being expreasly underatoc~d, is hercby mortgaged as if apecificaUy set forth and ? described in the 6ranting and habendum clausee hereof. Such appointment shall be made by such court as an admitted r equity nnd a mntter of sbsolute right to said Mortgagee, and without refer~nce to the adequacy or inadequacy of x the value of the property mortgaged or to the eolvency or ineolvency of said Mortgagor or t~ae defendants. Such s rents, profits, income, issues, and revenues ahall be applieJ by auch receiver according to the lien of this• mortgage ' and the practice of auch court. In the event of t?ny default on the part of the l~iortgt?gor hereunder, the Mortgs?gor = agrees to pay to the l~iortgagee on demand as s reasonable monthly rental for the premises an amount at lesat ~ equivalent to on~twelfth (~2) of the aggregate of the twelve montbly installmenta payable in the then current ~ year plus the sctusl amount of the annual taxes, asaessments, water rates, and insuranoe premiums for euch yeat ~ not oovered by t6e aforesaid monthly paymenta ~ 10. In the event of any breach of thia mortgage or default on the pert of tbe riortgagorf.or in the event that a~ any of eaid aums of money herein referred to be not promptly and fully paid according to the ten~r hereof, or in the ~ event that each snd every t6e atipulations, agreement8~ conditions, and covenants of said note and this mortgage, ~ sre not duly, promptly, and fu11y performed; then in either or sny such event, the eaid aggmgate sum mentioned ~ in 8aid note then remaining unpaid, r~ith interest accrued to that time, and all moneys eecumd hereby, shalt become ~ due and payable forthwith, or thereaiter, at the option of said rlortgagee, as fully and comptetcl}~ as if a!1 of the = asid sums of mone ~ Rere ori 11 • sti ulated to be aid on such da an ~thin ~n esid note or in this mort n e to S B~ S P P Y, 3 g~ F~• fi ~ the oontrar~~ notailhstanding; and themupon or thema(ter, at the option of said l~iortgagee, v?ithout notice ar demand, suit at law or in equity, may be proeecuted as if all mone~s secured hereby had matumd prior to its institu- tion. The Atortgagee may foreclose this mortgage, as to the amount so declared due and payaUle, and tl?e s~id premises shall be sold to satisfy and pay the a3me together aith costs, expenses, and a1loRances. In cxse of pxrtisl tiy fomcla4ure of this mortAage, the mortgaged premises shall be sold subject to the continuing lien of this mort~:y;e = for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph mu~ again be _ availed of themafter from time to time by the Iliortgagee. ~ I 1. No waiver of any oovenant 6erein or of the obligation eecured hereby ahall at twy time thereafter be held to be a wsiver of the terms heceof or of the note secured her~by. ~ l 2. The lien of this instrument ehall remain in full force and efTcct during any poetponement or eKtenaion of the time of payment of the indebtedne~a or any part thercof secured hereby. 1:3. If the :~iortgagor default in any of the oovenants or agreements contained herein, or in said note, then the A~iort.gagee may pzrform the same, and all eapend;turea (;ncluding reasonable attomey's fees} made by t.he rtort~~ee in so doinK shall draw interest at the rate pro~ ided for in the principnl indeLtedncss, and shall be r~~I,arable ~E; ti~irt3 (30) da~•s atter demand, and, togcther witL interes6 snd costs accrued tLereon, sheil be accur«i by t6is mortgsge. 14. t'~n the request of the Mortgagee the Mortgagor shall eaocute and dcii~er s aupplemental note or " notrs for t?e sum or sums ad~~ance~l by tlie ~tortga~ee for the alter~tion, modernization, iii~pro~•~~m~nt, i:iain- t,rnan~e, or r~pcir of said prcmisrs, for taxes or assessments sgainst the same and for any other purlx~sc auti?or- = iz~d hereunrl~r. Said note or notes sl~all be secured hereL,y on a parity with and as fully as if the s~i~-unce : e~ iden~•e~l tl~~rel?v ~~•ere in~ludc~l in thc note first descrit~ed above. Said snppl~mental note or i?otes s}?sll bear int~rrst at t}~e r.te pro~ i~led for in the principal indeUteclnc~s and st~all be pa~'able in approximntel3- cq~isl ~n~~r.!;~1~,- ~z-::~:e•n':i (or .;urh ~~rr.~~i as ma~• b^ s;;re~d upnn 6~- the cre~iitor and ~leht~r. Failiti~; to ~~.;rr~~ on tl?e _ cn~iuris~, ?~i,~ :~hol~ ;~f tl~e sum or : i~rns ~o ad.-ancc~i sf?f?Il he dnc aml pnt-ahl~~ thirt}' (3t1} ~la~-5 rft~~r ~l+ F1iF:n~l t?}' !hc ^r~•~lit~r. L~ no ~~c~~t sLull ttie muturity c~t:u~i tn3-uud tl~e ultituulc rsr:turity ot lLc n~~~e lirs6 de~:.cribed ul,o~ e. aoo~226 ~25y9 ~ ; _ = - ~ _ . . ~ _ _ ,