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Home My WebLink About0174 tradec to tt?P ~lurtKu~;~~~ iu ~u~~.~nl~m•~' v?iU? tl~~• ptu~•ui.u?x of tlu• not~• ~~u~r~l lu•mb~•, (ull {w~•~u~~ut ut thc rt?tirr indebtNelu~~ rrpn~rnt~~I thPrnb~•. tt?P ~fo~IKiy,~, ~x tru•~~•r, she~ll. in cuiup~:tinK tlu• au~oui~~ nt such r ic.debtedu~. cre~lit to tlu• accuunt uf t~?e ?liort g~Ku~ any et~Jit I,ala~~re mwait?iuk ur.~lt~r tl~r pn~~-uiuu+ o(a) of saiJ ps~agnph 2. If ti?~rP sl~all br • detault undrr ~~v u( tl~r pro~i~iut?s of thi~ t~w~tKa~,M nyultmk iu public sale oi S!?e pn~uii,~~ ~^.~~err~i hcreb~. or if ~h~ ~lortKx~re.a~•yuires tt~~• pn?~x•r~~• otlirrw~~• aher ~Irfeult. tl~e blortga~ee. es t~:t~irr, shell spply, ut tl~e tuue o( tl?e ~'WUIUPDI'NIIIPIIt O~ SUCII pmc~~r~linRg a~ at tlu• tim~ ti~e properi~ ia olberwise aequirc~l~ tt~e e~uount tl~en rniuainiu~t ~o errd~t ot ~lortKu~;ur unclrr (a) o( ~?+?ra~;rupli 2 prece~liaK sa a en~clit un th~ inlNrnst urcru:~l and uuaaid snd tttP balam•~ to thP pru?c~~al then rn~uaiuinR uupa~d on said note. 4. He will p?y sll taxes, aeeeasonente, wster rates. and other governmer_tal or municipsl chsrses? 5n~0. ~ ~ impoeiVons, for wbich prorision Las not been made 6ereinbefoie. snd in defsult t~e~epLj~e Mortgaaee m~y p4Y ~ same; and thst he will promptly deliver the o~icial reoeipta theretor to tbe Mvrtg~gee. b. Ha will permiL. oommit~ or auQer no wasts. ia?Paironent. or deterioraUon of esid propetty or any part thereof e~ce reatonsi,lo wear snd t~esr; and in the event of the iailure of the Mortgagor Lo keep tha buildinga on ~c~ Pt premisea and thoee w be erected on said premieee. or improvements thereon, in good repaur the Mortgagee Y mske auch repaira ~a in ita diacretion it msy deem neoeeasry for the pcoper presc.rvation t6ereo~. and the full amount of e:ch sad every such psyment a6all be due and p~yable thirty (30) dsys af ter demsad, and ehAll be eecured by the lien of thie mortgaae. inclu reaeonable lawyer's fces, and oosts 6. He will p~y all sitd eingular the oo~ts~ r.hsr8ea. aad expenee~ d'?DS of sbstrscta of title. incurred or paid at any time by the Mortgagee becsuae af the failure on t~e part of the Mortgagor W'omP~Y ~ fully to Pedorm the agceements and oovenants of said promieeory note and thia mortgage, and ssid ~t~s~ chargea, and expen~es shall be immedistely due snd p~?ysble and s6aU be eecured by the lien of this mortgage. and amounte ss Mo ms 7. He will oontinuously maintain hszard inaurance, of auch type or type~ ~ Y irom time to iime require~ on Lhe improvemente now or hereaiter on said premises and eacept whEn payment tor all suc6 premiums 6as theretofore been made under ts) of paragraph 2 hereof~ ~e will psy pramptly when due any premiums therefor. All insurance shsl! be camed u? compaaiee epproved by 1liorf~gee and the poli- cies and renewals thereof shall be held by Mortgagee snd 6sve attached *..hereto loss paYable ctauses in fsvor ot and in to~m acceptable tA the Mort,gagee. In evet~t of loes he will give immediate notice by mail to Mortgagee, and viortgagee may malce ,proof of Ioss if not made promptly by Mortgsgor, and each insuraace oompany ooncerned is hereby au~horized and directed to make payment for such loss directly to Mortga~_~e inatead of to ~iortgagor and biortgagee ointly , and the insurance pmceeds, or a°Y Part thei'e°f, may be appGed by Mor~ gagee at, its option either to t~e reduction oi the indebtednesa hereby aecured or to the restoration or repair of the property dama&ed. In event of foreclo~ure oi thia mortgage or other trensfer of title to the mortgaged property in extingu~shment of the indebtedne,sa secured hereby, a~l riBhL, title, and interest ot the Mortgagor m and to anp insuraace policies then in torce shall p~?ss to the purchsser or grantee. R. If U~e prn~~~iu•c, or un~- purt tl~~rnuf, lx~ eondesuned u~:~ler the }wHCr of cii~ine~tit ~lon~au~. or ucyuirec! for a public use. tl~~ duwaKes uwardeel~ 1h~• pm~•e~•ds [or tl~e taki~~k oi. or the ~onsiclerution for such acyu~sition, to tl~e~ extcmt of the (ull nmount o( tl~~ re~usininK unpai~l ind~l,t~dncws ~e~•umd b~ tliis i~u,rt~age. arn l~erci»• uccikrn•d to tl~~ ~1ortKaKc~c. and his hi•in or u~s~~?ns. und shull IH~ puid fortl~~~•i11~ to snid ~lortKa~e~' or hi~ ussiKnee to be applied on aci•ount uf thr ln,t inaturin;: installuu•nt~ of surh ind~bt~•~iniw.G: pn~~•i~ted. hoH•erer, t1~c \1ortKu~c~• or his :LUik~u•e, tnu~- ut his di:~•r~•lio~i pu~- diri•~•t to th~ ~Iort~:u~;or, his h~•in or u.~.,i~~~s an~• part or all of sueh e?~~ard; pro~~~lyd, tl~ut i[ ti~~~ Ic~un is Ku:~r.~ntc~•~I or insurnil, tLe consent of the guurantor or insurer is obtnin~~d in ~d~anc~ of anid pu~•nu•nt. 9• The ~liortgagee may, at any time pending a suit upon this mortaage, apgly to the oourt 6aving juriediction thereof for the appo,ntment of a receiver~ and such oourt shall forthwith appoint a receiver of the premises oovered hereby all aud singular~ including sil and singular t~e inoome~ profita, issues, and revenues irom whatever aourca derived, each xnd every of which~ it being expresgly undeistood, is hereby mortgaged as if speciScaily ee~ forth and deacribed in the granting and habendum clau~es hereof. Such appointmenL shall be made by such oourt as an admitted equity and a uiatter of absolute right to ssid Mortgagee~ and without referenoe to the adequacy or inadequacy ot the value of the pmperty mortgage~ or to the solvency or inaolvency of said Mortgagor or L5e defendants. Such I renta. pro6ta. inoome~ issues. and revenues shal[ L.a epplied by such reoeiver according to the lien of this morLgage ~ and the pract~ce of suc6 oourt. In the svent of any default on the gart of the Mortgagor hereunder, the Mortgagor ~ agrees to pay to the l~iortgagee on demand sa a reasonable monthiy rental for the premi~es an amount at l~sst ~ ~~r,~a~ ;,;.~Lwelfth (~z) of the ag~egate of the twelve mont6ly installments paYable in the thea current ~ year plua the actual amuunt of the annusl taxes, ss~ments, water rates, and insurance premiuma for such year not oovered by the aforesaid monthly paymenta l0. In the event of aay b*_~each of this mcrtg,age or default on the part of the Mortgagor; or in the event thsti any of asid eums of money herein r~ferred to be not promptly and fully p~aid according to the tenor he~eof, or in the event that each and every the atipulations~ agreements, conditione~ and oovenants of said note and this mortgage, at~e not duly. promptly~ snd fulty performed; then in either or any such event, the said aggregate sum mentioned in eaid note then remaining unpaid, with interest sccrued to that time, and sll moneys secured hereby, shail t~eaome due and payable forthwith, or thereaiter. at the option o( said Mortgngce, ag fully and completely as if all of the eaid sums of money vrere originally atipulated to be Paid on such day~ anything in said note or in tbis mortgage to the oontrary notwittistanding; apd thereupon or thereafter, at the option of said Mortgagf^~ without notice ar demand. suit st law or in equity, may be prosecuted as if all moneys secured hereby 6ad matured prior to its institu- tion. The Mortgagee may forecloee this mortgage, as to the amount eo declared due and payable, and the said premiees shall be sold to satisfy and pr.y the same together with costs, expenses, and s?llowances. In case of partial foreclosure of t6is mortgage, the mortgaged premises shall be sold subject to the oontinuing lien of this mortgage !or the amount of t6e debt not then due and unpaid. ln auch cs~e the provisions of this paragraph may aga~n be sveiled of thereafter irom time to time by the Mortgagee. i l. No waiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held ~ to be a waiver of the ternos hereof or of the note eecumd hereby. - ~ 12. The lien of tnis instrument shall remain in full force and effect during any po~tponement- or extension of the time of psyment of the indebtednesa or any part thereof eecured hereby. ~ l:i. If the Mortgagor default in any of the covenants or agreements oontsined her~in, or in said note~ then the ~Ijortgagee msy perform the same~ aoa a11 eupenditures (including reasonable attorney's fees) made by the Mortgagee in so doing shall draw interest at the rate pmrided for in the principal indebteclncss, and shall be repayable thirty (30) daya atter demand, and, together with interest and costs accrued thereon, shall be secured by this mortgege. 14. L'pon the request of Lhe Mortga~ee the :4iortgagor shall execute and deliver a supplementai note or notes for the sum or s-~uns advanced by t6e ~tortgagee ~ur t,he aiteration, modernization, improvement. main- tenauce~ or repair of said premises, Ior taxes or as.~~~ssments against the samc and for aa3 other pur{wse author- ized hereunder. Said note or notes shall be secured hereby on a parity w ith and ~s fully tts if the advance evidenced therehy were included in the note first described above. Said supplemental note or noLes shall bear interest at the rate provided for in the principal indebtedness and shall !ie pa~able in ap prorir.~ately equal mont6ly payments ior sach period as may be s;;reed upon by the creditor and deblor. Failing to agree on the maturity, the vr6ole o[ the sum or siims so ad~anced shal! be due and pa~-able ihirt-r• (30) days after demand by the creditor. In no event shall the maturit,y extend t~yonu ~he ultimate r~aturity of the note fi~st described above. do~ ~31 ~ ~ i?4 . a - - - - _ - . s ~