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Home My WebLink About2279 lender to the hlortgugt~r in ~:conlan~•N vvitl~ the pro~•isious ot•[I~~~ notr srcut~?d I~rreb~•, full puynu~ul of thc~ ~ en4ire indebtednesa rdpre~ccnted tl~erebv, the ~lortgey~ee~ aa truatcP, sl?all~ in con~puti~~R th~ auioun6 ot such indebteclneas~ cre~iit to tl« dccount of t~?e ~1ort gngoc w~y rrc~lil b~?lance reu~einin~ under th~ pn~~ isions o( (a) i ot said paragn?Ph 2• it 11~ere ahall be • ci~ef*ult un¢er an~ ot th~+ provi~ioi~a of th~a u?ortga~e r~sulting in n p ublic sale of the prrn?isea covered i~ereby, or if the ~~~orfgagee ucywres Uie proper~v oll~erw~se af1o~ de[ault, $ the Mottgagee, aa tcuatre~ sha l l app ly, at t he tuiie o t t he c o u? u ~ e n c e m e n t o t s u e l~ p r o c e e d i g a o r a t tl~e timP ~ ci?e propen~ ;a ocherwise acquired~ the a~nount then rnu?sinin g to credit of Mortgagor under (e) o( paragrapl~,2 ~ preceding aa A credit on the intereat seccued end unpaid and t he balanco to tlie principal then rnn?ain~ng unpa~d on said note. ~ He wW pRy all taxes~ ~eseee~ents, w~t~ ratee, and other governmeat~l or municipal ehsr8ee. &?~s. or impoeitions, for which pro~?ision haa not been made Lereinbefora~ and in defaulL there~ tbe Mortg;egee ayY P~Y ~ ~ e~ane; snd tLat he wiU promPtl,y delivec L6e o~ci~l reoeipta therefor to the Mortge8ea b. He will permlt, oommil, or su8er Ao waste, impuirment~ or deterioration d eatd proPertY or an par~ t6ereof e~ccept reaeonable wear and tear• snd in the eventi of the f~ulure ot t6e Mortg,egor to keep thebMo~rt~6ee~n maY premiees and those to be erecte~ oa baid premise0. or imp~ovements tbereoa, in good reP~ir make sucA rep~sirs aa in its diacreuon it msy deem neoeeearY for the P~P~ P~~!stioa thereo~, and tLe tull amount af e~ch snd every sueh psyment ehal! be due and pnyable thirty (30) dsya sit~ee dennand, snd ehsil be secured by the lien of t6is mort6sae• • 6. He will psy sil snd sin~ular the ooeta, eha~, and e~p~0. including reaeonsble le?wyer's fees, and oosta of sbstracts ot title~ incurred or paid at aqy time by t6e Mortgagee becsuse d the fsilure on the part of the Mortgsgor PpmPUY ~ fully to pedoran the agreements and oovenanta of aaid promieAOry note and t~hia mort~age~ nnd ssid ~ete, c6ar8ea~ snd expenses shall be unmediately due and payable and ehall be eecured by the lien of dua mortg~ge. 7. He will oontinuoua~y maintsin huard insurance, oi auc6 type or types and amounts as Mortgsgee m~y imm Lime to time reqnire~ on the iuiprovements now or hereatter on said premises snd e~ccept when psyment tor sll such premiums 6as t6eretofore been raade under (a) oi parag~sPh 2 hereoi ~e will psy prompWy when due any premiums thcrefor. AU inaursnce ahsU be csrried in oompaniee appmve~ by 111ortgagee snd the poli- cies and renewala thereof ahaU be held by Mortgagee and beve attsched thereto losa payable clsuses in fsvos oi and in form acceptsble to the Mortgagee. In even~ oi loss he will give immediate notice by msil to Mort6s8~, snd Mortgagee may. make proof oi Io~ if no0 msde prompWy by Mortgagor~ and each inaurance aompi?ny o~ncerned ia hereby~aut,horized And directsd to make P~?Yment for such loes directly to Mort~ga~e_e inatead oi ~ to Mortgsgor aad Mortgagee 'ointly, and the insursnce proceeda, or sny psrt thereof, may be applied by Mor~ gagee s~ its option either to t~e reduction of t6e indebtedne~ bereby eecured or to the restorataon or repair of the property damaped. In event of foreclosure of t,his mortgsg~or ~~~e~ ~d ~~ti oi the Mor~ . property in ext?ngu~shment of the indebtedneee secured hereby, r~8 m and to any inaurance policieg then in force ahall p~?ss to the purehaser or grantee. 8. If tl~e premis~~s~ ot un~ part thereof, be rondemuecl under the pov?~r o( eniinen~ do~ieau~,.or acquireci for a public use, tlie clun~ages awarclecl, th~• pro~•c'~K1s for the taking o!, or the ~onsiderntion (or sucl~ acqutsition, to the extent of tl?e full an~ount oi t)ie rrn~aining unpaid i~?debte~lness secured b~ tLis ~nort~uge, am l~ernb~- assikned to thr. :~4ortgagee, and his heits or as.giKns, and sl?all ~ pui~l forthN itli to saicl ~iort~;age~ or his assignee 10 l~ applied on acrowrt of tii~ last a~aturin~? i~istallments of sucl~ indebtedne•ss; pro~'u1ed, ~~oHe~er, tl~e 1lortg~ec or ius ossiKncc, ~ua~ at l~is dis~~rrtion pu~• clircK•t to the ~iortga~or, Lis li~•irs or asSigns an~• part or all of sucli a~anl; pro~ ~decl, tl?ul if the loun is ~uAruntce~l or insumd, tl~c consent of tLe guorantor or insurer is obteined in advance o( said pa~•n?ent. 9- The Mortgagee may, at any time Pending a sait upon this mortg,age, aPP1Y to the court 1~~8 ~~~t'i°n thereaf for the appointment of a receiver, and such court ahall forthwith appoint a receiver of the premisee oovered hereby all sud singular, including all and singular the income~ profite, issues, and revenuee from ~?hstever eouroe derived, each sud every of which, it being expresaly understood, ia hereby mott~aged sa if specificsllY eet forth and described in t~he granting and habendwn clausea hereof. Such appointment shaU be made by such oourt as an admitted ' equity and s matter of absolute right to said Mortgagee, snd without r~ferencs to the ade9uscy or ina~de4uac~' of ''f of ~}~e propert,y mortgaged ur to the solvency or inaolvency of esid Mortgagor or the defendaats. Such ; rente. Pi'o5ts.,income~ ~sues, and reven~es ~,aU be applled by such receiver aooordin8 to the lien of thia mortg~ge and the pracuoe of such court. Ia the event oE any default on the part of the Mortgagor hereunder~ the Mortgagor ~ a~ees to psy to t6e Mortg,egee oa.demand as s reasonsble monthly rental for. the premieea sn amount sti leaat equivalent to one-twelfth (3~s) of the a~gr~gats of the twelve monthty installmente.~payable in the then current yesr plua the actual amount of the annual taxes, s~ments, wster rates, and insuranoe premiums for such year not oovered by the aforESaid monthly PdYmente. _ 10. Ia tLe ~vent of any b*each of thia moctgage or defsult on the part of the Mortgagor~ or in the eveat thsti sny of said snms of money herein referred to be not promptly snd fully paid a~ccordingto the tenor hereof~ or in the ~~t ~h and eyery the atip~ilations, agrcemente, oonditione, and covenante of eaid note and this mortg,age, are not dn1Y, P*fl~?P~Y, ~d fully performed; then in either or any such event, the said aggregate aum mentioned in eaid note then remainm6 unpaid, with interest sccrued to that time, and all moneys aecured hereby~ ahall become due snd payable forthwitb, or thereafter~ at t6e option of said Mortgagee, as fully and oompletely ua if all of the eaid aums of money ~vere originally aLipulated to be p~?id on such day, snyLhing in said note or in th~s mortgage to the oontrary noiwithstsadin6; snd thereupon or thereafter, at the option of said Mortgagee~ without notice or demand, suit at law or in equity, msy be pro~ecuted es if all moneys aecured heteby had mstured prior to ita institu- tion. The Morcgsgee may foreclos~e this mortgage~ as to the amount eo declared due and gayable, and the said premises sha11 be sold to sal~afy and pay the same Wgether wTiW eoste~ expenees, and allowancea In caee of psrtial ioreclosure of this mortgage, the mortgaBed Premises shall be sold subject to the oontinuing lien of this mortgage for the amount of the debt not then due and unpaid. In such caee the provisiona of this parag~sph may ag,ain be svailed of thereafter from time to time by the Mortg,agee. 11. No waiver of any oovenant 6erein or of the obligation secured hereby ahall st any time thereafter be held to be s wsiver of the terme hereof or of the note secured hereby. 12. 1'he lien ot thia instrument ahall remain in full force and eBect during any po~tponement or extension of the time oi paymeat ~ the indebtedneee or any part thereof eecured hereby. 13. If the Mort.gegor default in any of the covenanta or agreements eontained herein, or in said note, then tha ~ Mortg,agee msy per[9rm t6e same~ and a11 expenditurea (including reasonable attorney's fees) made by the 1liortgaAee in eo doing shall dnw interest at the rats 'phr r~~ ~ int,erest and costa~ accrued the~reun~ shsll,be secured by thirty (30) days etter demaad, and, tog _ this mortgage. 14. Upon the request of the Mort.~agee the Mortgagor shall euecute and deliver a supplemental note or notes (or the sum or sums advancecl ~y the `tortgagee tor the alteration, modcrnization, improvement, main- t.enance~ or repeir of said premises~ for taxes or assessments against the same and for any other pur{wse autl~or- ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as i[ the advance evidenced tbereby were included in the note first, described ebove. Said s~ipplemental note or notes shall bear intereat at the rate pmvided tor in the principal indebtedness and shall be payable in ap proximately equal monthly payments tor such period as may be agreed upon by the creditor and debWr. Failing to agcee on the msturity~ the whole of the sum or sums so advancec! shall bc due and pa~able thirty (30) days after demand bq L6e cred~tor. In no event shall the maturit,y extend beyond the ult,imaLe raaturity of LLe note &rat deacribed above. ~p~K ~ PAGf ~ r ! . . . - ~ li ~u. . ~ _ v e ~ ~ r • ..'~~~'~"~'~°'~Y:-':~`~ .~-=~~f . ~..5; . _ _ . w~~n,~,-. ~~-~.e.. . _