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HomeMy WebLinkAbout2773 tsnder to the Mortgagee in accord~nce with the provisions oi tl~e note aecured 1?erebr, full pscmert of t}~e entire indebtednees repre8enled therebv, the Mortgsgee, aa trustee~ ehall~ in computing t1~P smount oi auc)t indebtednees~ credit to the sccount of the Mortgsgor any credil balsnce remairiing und~r the pro~i~iona of (a) of said ph 2. I[ thern ehaU be a deisult under tny ot tlie pmvisious of this ~iiortgs~e resulting in a public sal~he premisea coveted hereby, or J the Mortgagee ~cquu~es the propert~ otherw~se sfte~ de[ault, the biortge?gee~ ~s truatee~ shsll spply, Rt the tirae o[ the carunencement of such proceedi~gs or at tl~e timP the pmpert~ ~s otherwigc acquired, t)ie amount then ~emaini~? to credit of Mortgugor under (a) o( paragrap)? 2 preceding ae a credit on tLe intereat accrued and unpaid and ~ bulance to the principal 6hen m~uaiuing unpaid on esid note. 4. He will pe~y a11 t~cea, aaeeesmenta. wste~r ratea, and otber go~eramental or municipal chsrgPa, 8nes, ot impositiona, for ~vhich proviaioa 6aa not been made hereinbeiore, and in defeult thereot the Moctgagee me?y pay t~he ee?me; ~nd t~h~?~ be will prompt~y deliver the o8'iFi~?1 reoei4t~ tbereiot to tbe Mortgag~e. b. He will peranit, oommit, or euffer no waate, impairmen ae deterioration of eaid pmpetty or ~ny psrt thcreoE. e~xcept reasonsble wear and t~r• and in the event of tbe ~ure ot We Mort~or to keep tbe buildiage oa aaid ~+e~emieee nnd thaee to be ctreetec{ o~n esid pn~nis~ or impcuvemenia thc~eon, ,n ~wd rapair the Matgagee may mske euch repsirs aa in ita discretian it msy deem n~eoee~ery fa~ ttie proper preeervstion thereo~, and the full amount ot each and every such pe~yment ehall be due and py?~bb t~irt~l? C30) de~Ys attec demsnd, and at?a?11 be sacured by the lien ot t~ie aoortgsge. 6. He ~v71 pay all sn~ singulae the aosts, clfu~~nd espweee„ includ[n6 t~eaeonable lswyer's fee~ a~nd ooets of sbatracte of title, tncurred or padd at aay time by ortgggee becsuee of the fuilure on the part of the Mortgagor promptly and i~y to perform the a~reemente and oovenante d eaid promieeory note ~?nd this mo~ag~ , snd s:ud ~ost~e, cLargea, and ezpenees ehall be immedisLe~jr due and pay:?ble and e~hall be saeured by the ]ien of this mo:tgage. T. He w~l oontinuoue~ maintaia haaard insuranoe, oi euch type ortypee and am~unts as'•1~ortgag~ee may trom time to time require, on the improvementa no~v ar Lereaiter on said pr~m~ses~ and e~ccept when paymen6 !or a11 such premiums hea~theretofore been msde under (a) of puragra~L 2~ereoi he ~vill pay promp~1y when due auy premiume thorefor.~..All insuranoe ahall be carried in oomp~nies appmve~ by 11iort~~;ee and the poli cies and renewals thereota6all ~eld by Mortgsgee wd have ~tt~ched tbereto loes paysble cG~usee in iavor o~ sad in form acoeptsble to the Mo ~gag~, In event of loes he ~vill give immediate notace by mail to 1?iortgagee, and Mortgsgee mey make.proof o~ f Ioes if not msde promptly by MortgagorJ and each mauranoe oompanp ~oncernod is hereby-sutLonzed and directed to make pqyment ior such loes d~rectly to Mo~ instead of to I~iortgagor and Mortgage~ joiatly, and the ineuranoe pmoeeds, or any part thereof msy be app~ied by Morw at its option eit~her to We reductioa oi the indebtednees hereby secured or to the restorat~on or repair of ~agee her the pmpertj dama~ed. In event of foreclosure of this mo~a~, or other transier of title to the mortgsged property in ezungwahment of t~Le indebtednees secnred hereby; ~]1 right, title, and iat~ere~~ of the Mortgagor ~a ~nd to aqy ineurancs policies t,hen in foroo dull pass to the purcbaser or grantee. 8. 1[ t)~e remiees~ or sn~ pari thereoi, be condemnec] under ~he po~ver o! eminent doniain or acgu'~rcd isr p ve s public ~e, tlic+ damsges awarcie.d, tl~e proceeds for the ~of or the consideration for suc•~i acqu~a~tion~ to the extent o[ tlie tull ~uuount o! the remsining unpaid inde tedneee aecured br iliis n~ortga~, arn l~enb,~ assigned to U?e Iutortgagee~ and his lieita or aesigns, snd shell be psid torihwrith to said MortgaRcr or lus asa nee to be applied on account of the last ~naturing insLallments oi euch indebtedness; provided, I?o~refer, ~ the~ortga~ee or h~s assi~nee, msy at his diecretion pa~ direct to the Mortgsgor, lus }u~its or sssigns anr pari or all ot sucti sw•ud; provided, that ~f the ban iB auaranteed or insured, t~e conseut of the guurantor or insunr iB obtained in advancs of said pa~~nenw The Mortgsgee may, st any t~me pending s sutt upan this mortBABe. ~PPIY to the eonrt hsv~ng juri~diction thereof for tLe appointmenL of a receiver, and such eourt ehall forthwith appoint ~ reoeiver of the premieea oovered Lereby all arid singulat, including all snd eingnlar the inoome, profitB, issues, and revenuee fmm whatever eouroe derived, each and every of which, it being racpreesly underato~d, ia hereby mortgaged sa if apecifically eet forth and ! deecribed in the aranting and habendum clauses hereAf. Such appointment ahall be made by such oourt as an admitted ~ equity and s matter of absolute right to eaid Mortgaaee, and witbout refer~nce to the adequacy.or insdequacy of t6e value of the property mortg,aged or to the eolvency or ineolvencq of Baid Mortgagor or t3e defendants. Such ~ renfs~ profita, inoome, iesues, and revenues ehall be ~ppliecl by such reoeiver acoording to the lien of this mortgage 4 and the practioe of auch court. In the event of any default on tbep~r~ of the Mortgagor hereunder, the Mortgagor F sgreee to pay to the Mortgagee on demand us s seaeonable monthly rental for the premises an amount at leaat equivalent to one-twelfth (~z) of the aggregate of the t~velve monthly inatallmenta payable in the then current ' year plus the sctual amount of the annusl taue8, aeeeesments, ~ater sate~, and insurance premiuwa for euch yeas [ not oovered by the aforeeaid monthly psymenta. ~ 10. In the event of any breach of this mortgage or defsult on the part of the Mortgagorl.or in the event that ~ any of 8aid Bums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the ~ event thst esch and every the etipulations, agreementa, conditions, and oovensnts of said note and this mortgnge, ~ are not duly, promptiy, and fully performed; then in either or any such event, the eaid aggregate sum mentioned ~ in said note then remaining unpaid, writh intErest accrued to that time, and all moneya eecured hereby, shall become ~ due and payable forthwith, or thereafter, at the option of aaid Mortgagee, as futly and completely as if all of the aaid sums of money were originally etipulated to be paid on such day, anyLhing in said note or in this mortgage to ~ the oontrary notwithstanding; and thereupon or therea[ter, at the option of said Mortga~ee~ w-ithout notice or - ~ demand, suit at Iaw or in equity, may be proeecuted sa if all moneys eecured hereby had matured prior to its institu- tion. The Atortgagee may forecloee this mortgage~ as to the amQUnt so declared due and payaUle, and the said ~ premises shall be sold to satisfy and pay the same together with costs, expeases, and allowances. In case of pariisl foreclosure of this mortgage, t6e morigaged pmmiaes shall be eold subject to the oontinuing lien of this mort~x~e ' ~ for the amount of the debt not then due and unpe?id. In such case the provisiona of this paragraph may again be = ~ availe~ ot t6erea[ter from time to time by tbe )iortgagee. ~ 1 i. No ~vaiver of any oovenant berein or of the obligation eecured hereby ahell ~t any time ther~atter be held ~ to be a~vaiver of the terme hereof or of tbe note eecured hereby. _ ']2. Tt~e lien of ttiia instrument ehall remsin in full foroe and eRect during sny poetpooement or exteneion of the time of poyment of t6e indebtedneas or sny part thereof eecured hereby. 13. If the ~Iortgagor defsult in any of the oovenants or agree~mente oontained herein, or in eaid note~ t6en tbe ~ A~iortgagee may perform the eame, and all e~cpenditures (including reasonable attoroey's feea) made by the Mortga~ee : = in eo doing shalt draw interest at the rate provided for in the principul indeLtedness, and shatl be mt~s~•able ` FT thirtp (30) da}s atter demand, snd, together witL interes6 snd costs socrued tLereon, shall be aecur~d by Lhie mortgeea. ~ 14. LTpon the request of the Mortgagee the Mortgagor ehall ea~ecnte and deliver a aupplem~ntal ~ete or >w notes for the sum or sums adr•anced by tbe I?lortgagee for the sltention, modernization, impro~ cment, ~raxin- ~ tenance, or repair of said premises, for tases or asFeasm~nts against the same and for nny other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on n parity with and ss fully as if the ad~ ance °Y evidenced thereby w ere included in tl~e note first descriUed abore. Said snpplem~ntal note or notes shsll benr interest at the rate procided for in the principal indebtedness and sha~l be payable in appmximat•~ly cqual ' ~ monthly pay•ments for such period ~s may be tsgrced upon by the creditor and debtor. Failir~; to a;;rne on the ' mr.turity, ttie :~•bolc of the sum or Qi~ms so ad~•anced shall be di~e and pa~•abic tt~irt}~ (ZO) dn~•s aft~r ~1~•mxn~l by the crcclitor. In n~ er•cut shr.ll 1Le malutity exteud bc3•ond tl~e ultituxle rsatutity of CLe nole tirs6 deccribed above. 0 R ~Z~ BOOK PACE BOOK~.JV PAGEIUUJ ~ . ~ ~ ` ~~r=s < ~ ; ~ ~~-~~.~-.~r~~ s . . _ ~ ~t_~~ .