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HomeMy WebLinkAbout0721 tsnder to the Mortgegee in accordsnce with the proviaions tl~e note securcd 1?erebr. lull pa,rment of the entire indebtedneea repre.~ented thereb~•~ the Mortgegee~ as truslee, shall. in computing tl~e ~uiount ot aucl~ indebtednees, credit to tiie account o[ tl?e I?iortgegor any credil balsnoe remsining undcr tl~e prQViaiona ot (a) ot said par~graph 2. II there sl~sll be s deisult wnder sny ot 11~e ptovisious o[ t}iis iuorlge~e resulting in a public sale of the premi~es covered hereby, or if the Mortgagee scqw,rea the propertr otl?er~ise aitec de(ault~ the Mortgagee~ aa trustee, ahaU spply, at t,he time of the ca~nmencement af such proceedings or at tl~e time the propert,y ns otherwisc acquired~ L}?e amount then ~eniainiu to credit o( Morigugor under (a) of paragrapli.2 preceding e~a a credit on the int,erest ~?ccrued and unpaid and ~e bul~nce to the principal then reinsiuing unpaid on said note. He ~vill p?y all teucee, aeeessnnents, ~rater rates, sad otber go~ernmente?1 or municipsl cbargea, 6aee. or impoeitione, for which provieioa hae not beea made hereinbetore, snd ia default thereat the Mortgagee may pay t6o saane; ~?nd t6st he will promptly deliver the oS'icial reeeipte Wereior Lo the Mortgagee. b. He will permit, oomanit, or auBer no ~vaate, impairment, or deterioration of said property or sny part tbereof except reasonsble ~vear and t~ear• ead in tLe eveati of the failure of the Mort~egor to keep t~e buildia$s on eai~ pc~emiaee and thvee to be erecL~ on eaid p~m~ses, or impruvemen;~s I~Lw~on, m 6uod r~par the Martgagee may malce such repaira ~e ia ita diacretion it qy~?, deem aeoeaearY for tLe proPer Preeervation t6ereo~, and the fult umounti ot each su,d e~ ery such pqyment ahall be dne ~d p~yable tbirt,jr (30) dgYs aEt~es demand, and aball be eecnred by the lien of t6ia mortgage. . 6. He wrill psy s11 and ~in~ilst tbe oosta,, and espeaees, includin~ reasonable ]swyer'a feee, aad ooeta - of abetr~cta of title, incurred or paid st e~ay time t~~ortgsgee becauee ot tbe fsilure on the pe~rt of the Mortgagor promptly and fully to pedorm the agrcementa and oovenante ot eaid promieeory note aad this mortg , and eaid eoets, ch~rges, and e,speaees ehall be immeciiate~? duo snd pa,ye~ble and a6all be seoured by the lien of t~a'~mostgage. 7. He will oontinuous~ maint~?in Lsr~rd inaursnoe, of euch type or typee and amonnta sa Mortgsgee msy trom time to time e+equire, on t,he improvemeats now ar L~e+eatter on said prean~ses~ and e~ccept wLen psyment tor all such premiums has~ tberetofore been m~de wnder (s) o~ peragrs~h 2 hereoi he wi11 psy promptly when due en~ pr~miums thorefor. All insurancs ehall be carried in oompanies sppmve~ by 211o~~; ee and the poli ciee and renewais thereof ahall be held by Mortgagee and have attached thereto loea psysble cCau.gee in isvor of and in form acc~eptable to the Mo In event of loes he ~rill give immediate notaoe by mail to 1liortgagee, and Mortgagee may mnke.proof o~ if not made pramptly b~ MortgsgorJ snd each inauranve oompany _ ~oncernod ia hereby~suthonsed and directed t~o make p~yment for such loes duecUy to Mortgasee~ b tead of b biorigagor snd Mortgagee 'ointly, and the inaurance pmoee~s, or aa,y pprt thereof may be appli y Mort- ~agee at its option either to ~e reduction of t6e indebtednees hereby eecured or to t~e restorat~on or repair of Wa pmperty damaped. In event of ioreclosure of tbis mort~ag~, or otLer t~r~n~er of title to the mortgaged proPartY in eztingu~abment of tbe indebtednees secnred Lereby; aD right, title, and interest oi the MortB+~B'~ m aud b aay insur~wce policiee than in foroe aball p~s to the purc,baeer or g~xnt~ee. 8. If the iniBes, or sa~ part tliereo[, be condenmed under the pow?er ot enwnent domgin or acguircd fer n~ es a public use, t~e damages ~wuded, the pmceede for thet,a~ng of or the consideration [or sur~~ arqu~~tion, to the extent of the full smount oi Lhe remsining unpaid indebted~ nees eecurnd br thi4 mortg~m, arn )iereb~ sssigned to tl?e Mortgagee, snd his lieira or asaigne, snd shall be p~id forihwith lo said Mortga~e or lus asa~nee to be applied on sccount of the last ~nstunng installments of euc,ti indebtedness; provided, l~o~re~er, the Mortgagee or h~a sssi~nee, may at his discretion pa~ direct to the Mortgagor, lus l~eus or assigns anr p~rt or all ot aucti av?~~rd; provided, that ~i the loan is auaranteed or ir~sured, Lt~e coneent o! the gunrautur ar insunr B obt~ained in ui~ancs of said po~~nenk The Mortgagee may, at any time penc}ing s snit npon this mortg¢ge, spply to tbe eonrt having juriediction tLereoi for the sppointment of a reoeiver, and euch eourt shall forthwith ap~wint s reoeiver of the premieea eovered Lereby all srid eingular, including all snd eingular the inoome, pm5te, issues, aad revenuea fmm whatever eouroe derived, each ~?nd every of which, it being racpreesly understood, ia hereby mortgaged as if epe~aficaily eet forth and ; deacribed in the 6ranting snd habendum clauses hereof. Such appointment sheL' be made by such court as an admitted ; equity and s matter of absolute right to eaid Mortgagee, and ~vithout referenoe to the adequac.y or inadequacy of the value of the property mortgaged or to the eolvency or ineolveacy of eaid Mortgagor or t3e defendants. Such F renta, profite, income, issuea, aad r~venues s6all be spplied by auch receiver according to the lien of this mortgage ~ and the practice of auch oourt. ~ In the event of any default on the part of the Mortgngor hereunder, the Mortgagor ~ ~greee to pay to the bio on demand ~?s s reaeonable mont~ily rental for the premises an amount at leaat equivalent to one-twelfth~of the aggregate of the t~velve monthly installmenta payable in the then current ~ year plus the actual amount of the annual taxes, aeeessments, tvater mtes, and insuranoe premiums for euch year ~ not oovered by the aforesaid monthly paymente. F 10. In the event of any breach of this mortgage or defeult on the psrt of tbe Iliortgagori.or in the event thst ~ any of eaid eums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the a event that eech snd~ every the etipulations, agreements, oonditions, and oovenants of eaid note and this mortgage, s?re not duly, promptly, and fully performed; then in either or any such event, the said aggmgate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter~ at the option of 6aid Diortgsgee, as full,y nnd completely as if all of the aaid sums of money were originally stipulated to be paid on such day, anyLhing in eaid note or in this mortqage to ~ the oontrary notwithstanding; and thereupon or themafter, at the option of said Diortgaaee, aithout nntice or ~ demand, suit at law or in equitp, may be praeecuted as if all moneya eecured hereb3 had matured prior to its institu- ~ tion. T6e ~iortgagee may foreclose this mortgage~ as to the amount eo declared due end payable, and the said ~ premiaes ahall be sold to satisfy and pay the same together with costs, e~cpensea, and allowances. In cASe oi partial ~ foreclosure of t.his mortgage, the mortgaged premises ahall be 'sold eubject to the continuing lien of ti?is mortgnge ~ for the amount of the debt not then due and unpaid. In ettch case the provisiona of this psragraph may ngain be ~ availed of thereafter from time to time by the 1?iortgagee. " 11. No w?siver of any oovenant herein or of the obligation eecured bereby ahall at say tisne thereafter be held to be ~vaiver of the terms hereof ot of We note eecured hereby. ' l2. The lien of thie instrument ahall remain in full foroe and etfect during sny postpooement or extcneioa of ~ tLe time of psyment of tbe indebtednees or sny psrt thereof eecured hereby. ~ - 13. H the Mortgagor default ia eny of the oovenants or agreements oontsined berein, or in eaid note, then tbe ; A~Iortgagee m~y perform the same, And all eacpendituree (including reaso~able attorney's feea) made by the Mortga~ee ; „fi in so doing ahall draw intetest-at the rate provided for in the principnl indeLtedncss, and ahnll 6e reps~•abie ~ thirty (30) da}s after demand, and, together rvith interoet and costs aocrued tLereon, sLall be aecured by thia mortge~o. " 14. Upon the requeat of the Mortgagee the Mortgagor ahall eacecute and deliver s aupplem~ntal uote ~r ~ not~s for the sum or sums ad~ anced by Uie atortgagee for the alteratan, modernization, impro~ cment, ~ain- t~nance, or rnpair of said premises, for taxes or asFessments against the same and (or any other pur~~ose nuthor- ized hereunder. Said nole or notes shall be eecured hereby on a parity with and u fully as d the sdr~?nce r; evidenced thereby ~ ere included in the noLe 6rst described above. Sa~d supplemental note or notes shall bear in~erest at the rate procided for in the principal indebtedness and a6aQ be pay able in sp pmximately equal ~noathly pa}~ments for such perio~i ~s mny be agreed upon by the credilor and deLtor. Failin~ to a~;ree on the maturity, the w•i~ole oi the sum or sums so ad~•anced shnll be due and pa~•ablc tl~irt~~ (3n) da~•s .,(t~r d~~mnnd b}' tt~e creditor. In no aveu6 sh~ll tLe mntutit,y extend tx~3'oud tLe ul~imnte rsat,urity oi tLc note tirsb ~ deccribed sbova. r=:~: U R ~•l~ ~ BCOK~ PAGE ~ ~ . = m.