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HomeMy WebLinkAbout2881 tendes to ths Morigagee in aa~ord~nce with the pro~lsions c?[ tl~e t~ote secund l~ercb~, fuIl ps~ment o! the entire xndebtedness sepreeent,ed therebv~ the Mortg~gee, as truslee~ ah~ll~ in computing tlie ~~iiount oI auc}i indebt~edness~ credit to tl~e accouat of t}~e Mongsgor uiy credil balsnce remaining under tl~e pmvisiona oi (a) ~ oi said raph 2. It there shall be a delsult uader tns o[ tlta prnvisions of this inortga~e resulting ui a public sale o the preraises covered hereby, or it the Mortgagee i?cquirea the propert~ otl~envise after de[ault, ~ tha Mortg~gee, as trustee, ah~ll apply, a~ the tirae oi the co~YUnenoement oi such proceedings or at tl?e timP ~ the propenf ~s othPnriec acquired, tha smount then ~+emAinin to credit o[ Morigagar under (s) o[ paragrapli.2 preced'wg ~a a credi6 oh the interes6 ~ccrued and uupaid and ~ bulsAce to tLe principal Lhen reiuaiuing unpaid on said note. 4. He w~ll pu,y all tssea, seeeesmeate. wakr nka, snd otLer ga~e~amental oe mudctP~1 ehar~e, fines, or ia~poeitione, tor wLtch provision h~s not been m~de hereinbcfore, ~ad in defsulti tihereef the ~ortg~a8~ P~3~ ~ m~me; and thsti 6e will p~ro~mpt~jt detivec~he o$?dal ~+eoeipts tLerefor to We Mottg~ngee. . ~ He will permi~, oommit, or suBer ~ waat,e, impstrme~at, ae ~tt~d pe+oper~y ae an~r par! tLoreof exoe reae~nable wear snd te~r• aad in tba ev~eat of We failurs ot tbe M to loeep the buitd~ags on ebic~ ~ prccmieee aad those to be m+ect~ os eaid pcemisa~. oe impcov~ts I~ueon, ,a ~ood repair t6e Moztg~?gee may malce su~h repaiis aa in its dlacret3o~ it m*y deem neoaeeary f~ tl~s proper preservstion thereo~ s~nd t,Le full amouat oi each and every suc6 p~yment e6i?Il ba dus aod pyrabb t6itf~q ~30) d~Ya aftar demand, ~d ahall bs eacured by tLe lien d thie mort~e. 6. He w~l pay sll ~?a~ etn6ular the ooste, e16at~ee~and e~cpeaeee. includIn~ t~easonsble ]awyer'a f~es, and oosts , ot sbstracts ot title, incurred or patd st a~r Wne by tbe ortgagee becsvee d tLe fatlure on the part of tLe Mo~~ P~'~P~Y ~nd i to pertorm the a~reementa and oovensnta ot e~id promieeory note and this mo~t~ge, and s~id ~~P~~ ~1 be i~amedi~te~j? due snd pgy~b and eh~ll be ~eoured by tLe lien of tLis mortgega 7. He w~l eontinuousj~ maintain Lsurd ia~rana, of such t7Pe or t~?pes and amc+unts as :I~ortgagee ma~ trom f,inas to time requie+s, on the improvemente n~w ar Lereatter on esidp r~m~se~ and ezoept when payment tor sll such premiums Laa~theretofore been made under ~(a) ot panigra~?h 3~ereof he ~vill P4Y Pmmpt1y ~rhea due an~ pnmiuma thorefor. All i~urance absll be cariied in oomP~~ aPProve~ by 11io and the L- ciee and reuewais thereoi ahall be Leld by Mortgagee sad Lave attached thereto loespsyab~uaee in i~vor of and in iorm ~ooeptable to the M gagee. In event at loes he ~vill give immediste notios by mail to Mortgagee, and Mortgsgee may make.proof~~~f loee if not msde promptl~ by Martgagor~ aad esch inaui~anoe,eompany . ~naernad is hereb wtLorised and directed to mska p~,ymeat for such bes du+ec to M metead of to Iriortg~gor aad ~ilortgages jaintl~, snd the imunnoe procaedn, ~~RY P~ ~Y be a~ by Mort- ~agee ati its op4on aither to tbe reduction oi the indebt~inees Lereby secw~+ed or to t~e restoratwn or repair of the propert~ dama~ed. In aveat oi ioree3oaira a~ tbis mo~~~g~, or othe~ transier of title to the mortgaged propert,y in ezungu~ment oi tLe indebtednees secnred hereb~; aU tight, title, and interest oi t6e Mortgsgor m sad to aqp insursnoe policies th~ea in foroe sLall ps~s to ~Ls pucr~aeer or gnatee. 8. If the premiees, or w~ pait U~ereof, be candenu~ed under ~he po~er ot enunenL donuin or ac~uin~cl for s public uae, t1iP damages awarded, d~e praoeeds for the~ oi or the conaideration Ior sur~i acqu~a?t~ion~ to the extent of the full :mount of thr renu?ining unpsid indebtec~neee secnred b~ this mortg~r, arn l~errb~ assigneci to tl~e Mortgegee, and his Leira or sssigns, and ahall be paid torih~rith to esid Mortga~re or lus ass~gn~ee to be applied on ucount of the last maturing installmenta ot sucL indebtedness; provided, ho~e~er, the Mortgagee or his aesi~nee, msy at hia discrefaon pe~ direct to the Mortgagor, lua luus or assigns an~ part or all o[ such ~?v?ard; provided, thst ~f the ~oan is Euaranteed or insured, t4o coneent ot the guarantvr or insurer iB obtained in sd~ance of ssid ps~~nent - 4. T6e Morigsgee msY. ~~7 ~ P~~ s sn~t upon thie mortaage, spply to tbe eo~mrt Lsving juriedictian tl~v.wf for the sppointment oE a reoeiver, and such eourt ehuIl forthwiW sppoiat s receiver of the premiaes oovered herebq dl a~d aingular, includin6 aU and einguL~r the inoome profite, iesuee, and revenuea fmm whatever soume derived, a~ch and every of wrhich, it being ~p~ealy underatoo~, ie her~by mortgaged sa if s~ecifically eet forth and deacribed in the aranting and habendum elaueea here.of. Suchsppointmeat shall be made by such court as sn admitted aquity aad s mattec ot sbsolute right to eatd Mort~ee, and wiWout referenoe to the adequacy or inadequacy of the value of the property mort~?ged or to the eolvency or ineolvency of eaid Mortgagor or tbe deiendante. Such ~ renta. Pro6ta, income, iesuee, and tevenues aLaIl bespplie~l by such reoeiver aocording to the lien of this mortgage k and tbe practioe of auch cou~= In the event of any default on tLep~ of t~ Mortg¢gor hereunder, the Mortgagor ~ ~grees to pay to the Mortgagee on demsad sa s reaeonabk mont~ly rental for the premises an amount at lesat G equivalent to one-L~velfth of tbe aggregate of the t~velve monthly installments payable in the then current year plus the actual amount of the annuat taues, aeeeasmenta, t~rater ratea, and ineuranc~ premiums for such yeat ~ not oovered by the ~toreeaid monthly p~ymeata. ~ 10. In the event of any breach of this mortg~e o~r defsult on the psrt of the 1liortgagorl.or in the event that any of eaid euma of money herein referred to be not promptly and fullypa?d accordu~g to the tenor hereof, or in the event that each and every t6e stipulations, agreemente, oonditione, and oovenanta of eaid note and this mortgage, sre not duly~ promptly, and fully performed; then in either or an~r such event, the eaid aggmgate aum mentioned in said note then remaining unpaid, wnth interest accrued to that tune, and all moneya eecured hereby, ahali be~.~ome due and payable forthwith, or thereafter~ at the option of aaid Mortgagee, sa fully and completely as if all of the aaid sums of money were originAlly stipulated to be paid on such day, anyLhing in said note ort in this mortgage to the oontrary notwithstanding; and thereupon or thereafter, st the option of said ]~iortgagee, without notice or demand~ suit at law or in equity, may be prosecuted as if all moneys aecuted hareby had matured prior to its institu- tion. The Diortgagee may foreclose this mortgage, as to the amount so declared due snd payable, and the said ~ premises shall be sold to satisfy and pay Lhe same together with costa, e:penses, and allowances. In case of partiat foreclo~ure of thia mortgage, the mortgaged premises ahall be eold subject to.~ continuing lien of this mortgaqe for the amount of the debt not then due and unpaid. Tn such case the provision~ of thia paragraph may again be ~ availed of thereafter from time to time by the biortgagee. ~ 11. No waiver of any oovenant herein or of the obligation eecure~i hereby shaIl at any time thereafter be held ~ to be a~aiver of the terms bereof or of the note secured hereby. ~ ~]2. The lien of ttiia inatrument ahall remain in full foroe snd ef~ect during sny postpanement or exteneion of - the time of peyment of the indebtedness or any p~ut thereof eecured hereby. 13. If the Mortgagor default in any of the oovenants or agreements oontained herein~ or in aaid note, thcn the ~ Mortgagc~e may perform the same, and all expendittues (including reasonable attorney's fees) made by the Mortga~ee ~ in so doing shall draw interest at the rate provided for in the princip~?I indebtedncss, and ehall be mpa~-aLle thirty (30) days s[ter demand, and, togeWer with interes6 and costs uocrued thereon, sh~ll be aecur«i by ~ this mortgsge. x 14. Upon the request of the Mortgages the Mortgagor shalt execute and deliver s aupplemental note ~r ~ notcs for the siim or sams advanced by t,lie titortgagee for the slteration, modernization, improvrment, r,~sin- ~ t,enance, or rnpair oi said premises, for taxes or a~essments aguinst the same and for any other purposc autl~or- ~ ized hereiinder. Ssid note or notes shall be secured hereby on s parity wi~h snd ss fully as i[ the ad. ance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rst.e provided for in the principal indebtedness and shall be pa~able in ap proximately equal monthly pati mcn!s for such period as may be agreed upon by th~creditor ttnd debtor. Failing to ngrec on ~he mzturity, t6e zti~hole ot the sum or sums so ad~•anced shsll be due and pa~•able tl?irt~~ (:i~) ~la~•s aftcr dcm~an~1 - by the crcditor. In no evea6 shall tLe matutity extend be3~ond tLe ultimate rsaturity of LLe note fim6 described4bove. ~O(3K~~ PAGE~O~p ~ _ ~ ~ ' - _ _ ~ w ~ .~y ~ - .