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Home My WebLink About0400 teader to the Mortgagce in ~?ccordance with the provieio»a ~i tl~e note aecured l~ernb~, full pscraent ot the entire indebtednesa represent,ed therebv~ the Mortgsgee~ as trustee~ shall, in coniputing tlie eiuount of euch indebtednesa, credit to the e?ccount ot the Mortgagor euiy credil balence remaining undcr the' pruvisions of (a) of said parsgraph 2. I[ there shall be a default under sny ot tl~e pmvisions of this inortgage resulling in ~ public sale oI the premises covered hereby, or i[ the Mortgagee acqwres the propen~ otherv~~se after default, the Mortgagee~ as truatee, shall spply, at the time o~ the coininencement of auch proceedings or el tl~e ti~np the propert~ is otherwisc scquired, the amount then Jremainin to credit o! Mortgagnr under (e) of paragrap)~.2 preceding as s credit on W~e iatereat accrued and unpaid snd ~e bulance to tl~e priacipal Lhen rnmaiuing unpaid on said note. 4. He will psy ali ts:ee, a?eeeaeanente, water rstes. and other goveramentel or mnnlcipal chargee, fiaea oi in?poeitione, for which proviaion hae not beea msde hereinbefore, and in default thereof the Mott~agee mBy pay the m~me; ~wd L6at he will gromptly deliver the oSiciAl reoeipta t6erefor to the Mortgagee~. b. He will permit, oonnmlt, or suger no ~vsate, impairment, or deterioration of eaid property or any part thcreoE except reasonable wear ~?nd tear; aad in the eventi of tbe failure of the Mortg,agor to keep thA buildings on eai~ premisea and t~t,oee to be erected on eaid premisee, or improvemenis tLer~eon, in good repair the Mortgagr8 ma mske euch repairs ae in ite diecretion it may deem nece~ary for We proper preservation the=eo~~ and the full amount ot esch uud every such psyment shall be due aad P~Y~b ~Y ~Y8 ~it~er demand, and sbsll be eacured by t6e lien of this mortgage. 6. He wrill pay all snd ~ingular tve ooeta, clku~'?nd espeneee, including reaaonable lawyer'a ieee, and oosts of sbetracts of title, incun~ed or paid at any time by ortgagee be~suee of the failure on the part of the Mortgagor promptly aad fully to perforan the agreementa and oovenanta ot eaid promiseory note and this mortgage, and said - ooeta, chi?rgee, sad expensea ahpll be:immed~?te~y dw ~ad pa,ynble and ahall be secur~d by the liea of t~e mortgnge. 7. He will oontinuons~y maintsin Lsasrd inauranoe, of euch type or types snd amounts as :Viortgagee ma ir~m t,ime to time require, on the improvements no~v or Lereafter on eaid premises and exce~lt when paymen0 tor sll euch premiums has theretofore been made uader of psragraFh 2 hereof ~e will pay prompWy when dne any premiums thorefor. All inauraaos shell be cairi~ in compames spprovec~ by Mortgagee and the poli- cies and renewala thereof sball be held by Mortgagee and Lave attached thereto 2oes payable clsusee in fsvor o# and in form acceptsble to the Mortgagee. In event of loss he w?ill give immediat~e notioe by mail to 1liortgagee, aad Mortgsgee may make,proof of Toes if not made promptly by Mortgagorf and ea.ch insurance oompanp oonaerned is hereb~y-suthonzed snd directed to mske pa,yment for Buch loeg du+ectly to Mort~s~ee instead of to biortgagor snd Mortgages jointJy, and the insuranoe pmceede, or a,ny part thereof may be appled by Mor~ ~agee at ite option eithes to the reductioa of t~ indebtsdnees Lereby secured or to t~e restoration or r8psir of Lhe praperty dama~d. In event of fore~u+e ~i thia mortgage, or other tran~er of title to the mortgaged u~sad tyo~sn~~ura c~s ~ 4cies~~ in fotedneesahall hereby,-sll right, title, snd inte~rest of the Mortgagor y' po ' pass to t6e puirLaser or gn?ntee. 8. Tf tl~e preinises~ or ~?nc paTt tliereoi, be candenmed nnder the power ot eniinent doniain or acquircd for , s public use, tlie damages a~varcie~i, the prooeeds for the taki of or the consideration for surfi arquu?cion, to the eatent of the full an~ount of thp remaining unpaid ind~tedness secured br thi~ mong~~, nrn )~ernb~ sssigned to tlie Mortgagee, and hiq heirs or assigna, and shall be peid forihwith io eaid ~Vlortgap,~e or lua ass~gnee to be applied on account of the leat matunng installments of euch indebtedness; provided, liovrever, the Mortgagee or his assi~nee, ~nay at hia discretion par direct to the Mortgagor, lus l~eus ur assigns anr par6 oB b o[ such aw a~rd; prov~ded, that if the loan is guaranteed or insured, the conaeul o! the gunraiiLor or insurer tamed in ad ance of ~d pa~~nen~. 9. Tbe Mortgagee maY, ~~Y ~ P~~~b s~~~ mo~l~, ~?PPIY to the ~aurt having juris.-iictioL tbereof for tbe appointment of s reoeiver, aad snch eoort aLall forth~vith ~ppoint s r~oeiver of the premiaea oovered Lereby all arid eingular, including all snd singular the inoome profits, issues, and r8venues from whatever eouroe derived, each and every of which, it being e~preesly underatood, is hereby mortgaged as if epecificaily set forth and described ia the granting and habendum elauees hereol. Bnch appointment ehari be made by euch court as an admitted equity and a mutter ot absolute zight to eaid Martg,e~ee, snd ~vithout refer~noe to t6e adequacy or inadequacy of the value of the property mortgaged or to the solv~~eaacy or ineolven~y of eaid Mortgagor or t'~e defendants. Such rents, profite, income, iss~es, aad revenu~es ahall be applied by euch receiver aooording to the lien of this mortgage and the practice of such oourt. ~ In the event of any default on thep~r~ of the Mortgagor bereunder, the Diortgagor agree~s to pay to t6e Mortgagee on de~mnnd as s:easonable monthly rental for the premises an amount at least equivalent to one-twelfth (~Z) of the aggregate of tdie twetve monthly installments payable in the then current ~ year plua the actual amount of the annual taues, aeeeeaments, water rates, and insurance premiunoa for euch yeat not oovered by the aforesaid monthly paymenta. ` 10. In the event of any breach of tbia mortgage or defsult on the part of the 11iorEgagor~.or in the event that ~ ttay of eaid aums of money herein referred to be not promptiy and fully paid according to the tenor hereof, or in the ` event that each snd every the etipulatio~, ag~rEementa, oonditiono, and oove.napta of said note and this mortgage, f are not duly, pmmptly, aad fully performed; then ia either or any euch event, the said aggregate sum mentioned ~ in eaid note then remaining tmpaid, with interest acerued to that time, and all moneya eecurEd hereby, shall become E due snd p~?yable forthwith, or thereafter at the option of said Mortgagee~ sa fully and completely as if all of the p eaid eums of money were originally atipu~ated to be paid on euch day, snyt,hing in said note or in this mortgage to ~ ' the contrary notwithatanding; and t,hereupon or tbereaiter, at the option of said Mortgagee, a~thout notice or ~ demand, suit at law or in equity, may be pmsecuted aa if all moneys eecured hereby had matured prior to its institu- ~ tion. The Mortgagee may for~cloee this mortgage, ae to the amount eo declar~d due and payable, and the s~id premiees ehall be sold to sntSafy and pay the eame together with costs, eapenses, and allowances. In case of partial ~ foreclosure of this mortgage, the mortgaged premisea ahall be sold aubject to the continuing lien of Lhis mortgage ~ for the amount of the debt not then due and unpaid: In such case the pmvisions of thia paragraph may again ba svailed of thereafter imm time to time by the Diortgagee. ~ I 1. No waiver of any oovensnt herein or ot the obligation eectu~ed bereby shall at any tune thereatter be held to be a~aiver of t~ terma Let+oof or of the note eecured her~by. ' ' 12. The lien of t~ie instrument aball remain ia full foroe and egect during any poetponement or extcnaion of ' tbe time of pnytnent oi tbe indebtedneee o~ any part thereof eecured Lereby. ; 13. If the Mortgagor defsult in smy oi t~e covensnta or agreementa o~ntained herein, or in aaid note, then the ° Mortgagee msy perform tLe e~me, and a11 espendit~u~ea (including reneonable attorney's fces) made by the Mort~a~ee y in eo dom shall draw interest at the rate pmvide.ci for in the principal indebtedness, and shall be repa~•Able thirty (30~ daye after demand, snd, together ~rith interes6 and costB aocraed thereon, shall be securcd by s tLi~ mortgage. ~ - 14. Upon the ~+eqnest oi the Mortgagee the Mortgagor shalt eorecute and deliver s eupplemental note or notes for.tbe sum or sums advsnced by We Mortgagee for the alteration, modernization, improvcment, main- - tenance, or rEpair of said premises, for taxes or aseessmenta againat the same and tor any other purposc autho~ ~ ~zed hereunder. Ssid note or notes eLall be eecured hereby oa a parity rvith snd as fully as if the ad~ anc.F ~ evidenced thereby were included in the note Srst described sbove. Said eup plementsl note or notes shall bear interFSt at the re~te provided for in t6e principal indebtedness and ehsll be psyable in ap prosimatcly equal monthly psyments for auch period as maq be sgc~eed upon by the creditor and debtor. Failin~ to xgrec on the ~ x matutity, the w6ole of t.he aum or sums eo advsnced shall be d~ie and pa~ able thirty (30) cla~ s e(ter- Jcmand ~ by the creditor. In no event aball the maturity eutend beyond the ultimate rsaturity oi LLe n~~e 6rst - deacribed sbove. ~ BoaK 2~ ~a~F j ~ ; - - - ~ n : _y. . ~ - ~ ~ ~ . - .w. _