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Home My WebLink About1921 Lender to t1~e ~lortgag~~e in accurd~nce with the provisiona o~ the note ~rcurrd l~ernb~•, full pa~ n~enl u[ the i e~Lire indebtedness represe~~ted therebY. the Morlgagee~ ue trua~ee, sl~ell, in computing the an~ounl ot sucl~ indebteclness, rredit to tlie ac~•oun~ of tLe A4or1 a~or nny credit Lalance re~neinin~ uuder the provisia?s ot (a) ot ssid paragraph 2. !f there ahell be a defau~l under any of il?e proviaions of thia morlga~e rrsultiu~ in a ' public asle of lhe premisc~a covered liereby, or if the Mortgagre aryuues ttie pro~rty otl~erwise aher de~ault, the biortgagee, aa trustre, ahsU 4pply~ at the tin~e of the couunence~nent ot such proceedinga or a~ ~lie timP the property ia otherwise acyuired~ the amount then remaining ~o credit o! Mortgagur under (e) of paragrsp}? 2 ~ preceding se a credi~ on the interest acerued and unpaid and the Lalance to the principal then remainmg unps~d i on said not,e. 4 4. He ~vill pa?y dl taxes. aeeeeements, wstes rat~ee~ and other gr?vernmental or muaicipal chargee~ fia~ or ~ impoeitione, for which proviaioa haa not been msde hereinbelore, and in default thereof tLe Mortgagee mqy pay tbe ~ eaoue; and Rbst 6e ~rill promptly deliver the off'icial reoeipte therefor to th~ Mortgagee. b. Ha ~vill permit~ oommit, or auSer no Maete~ impairment, or deterioration ot said property or anp pe?rt thereof ~ e:cept ressonabk w~ear and tear• i?nd in the event oi the failure of the Mortg,sgor to keep the buildinge on eai~ ~ premiees and thoee to be erecte~ on eaid premise~, or improvemente thereon~ in good repair the Mortgagee msy ; make euch repaira ss in ita diecretion it ms~y deem neoeeeary for the pmper prescrvation thereo~, and the full amount of each and every auch psyment a,hsll be due and psyi?ble thirty (30) days atter demand, and ehall be eecured by the lien of t6is mortgage. 6. He ~rill pay all and eingular the eo~te, chargea, and expeneea, including reseonable lawyer's fee~ and ooeta of sbstracts of title, incurred or paid at any time by the Mortgagee becauee of the failure on We par~ of the Mortgagor promptly and fully to perform the agreementa und oovenanta of esid promieeory note and thia mortgage, and ssid ooete, c6srges, and expenses ahaU be immedietely due and psyable and shaU be eecured by the lien of this mortga~e. 7. He will oontinuouely maintain hazard inaurance, of euch type or types and nmounts as Mortgagee may from time to time require~ on Lhe impmvementa now or hereatter on said premises~ and e.tcept when payment tor all su~h premiums hsa t6eretoiere_been made under (a of paragraph 2 hereof he will pay prompWy when ~ due any premiums thcrefor. All insurance ahall be carri~ in companies spproved by 1liortgsgee and the poli- ` cies and renewals thersof shall be held bp Mortgagee and have attached thereto loss paysble clausee in favor of j and in form acceptablo to the Mortga~ee. In event of loss he will give immediete notice by mail to Mortgagee~ : and yiortgagee may make proof oI tosa if not made pmmptly by Mortgagor, and each insurance oempany ooncerned is hereby~ suthorized and directed to make payment for such loss directly to Mortgage~e inst~ead of to Mortgagor and Mortgagee jointly, and the inaurance proceeds, or any part i.hereoi may be ap,plied by Mor~ gagee at ita option either to the reduction of the indebtednesa hereby secured or to t~e restorataon or repair of ~ the pmperty dama~ed. In event oi foreclosure oi this mortgage or other transfer of title to the mortgaged , property in e~ctinguis6ment of the indebtedness eecured hereby, a~l cight, title, and interest oi the Mortgagor ` m and to any insurance policies then in force shall pnsa to Lhe purchager or grantee. 8. If the~ reinis~~, or un~• purl th~~rrof, ix• condeu~neci und~r tl~~ pow~r of en~inent doiiia~n, or acquired for ~ a publie use, tlie damaKc~s aw~erdect, tLe proc•eeds for the takinK of, or the ~onsid~ralion tor sucl~ acquisition, to ~ tLe ertent ~f tl~e fuU n~iiount of thc r~maininK unpui~l indebte~l~iess sec•ured b~• this u~ort~uKe, nrn }iernb~- ~ ussi~;~~ed to tl?c~ ~Iortgagee, un~l his lu•its or a.s.siRns, an~l sh~ll bc• pui~l forti~~+•ith to suid \1ortKu~?~•e or his assignee to t~ appiie~! on a~vount of thi• l~st n~aturin~ instalinirnts of suc~h ind~btedness; prori~led, ho~~•c•~•er, ~ the tilortKa~ee or his as.siKnc•e, niu~• ut his dis~•re•tion pa~• dire~•t to th~ ~•1orlguKor, his h~irs or us.~i;:ns an~• pArt ~ or all of such aH•arcl; pro~•uI~~J, t•hat if th~~ lo:ui is Kusirant~~~~~1 or insar~•~I, th~ c•ons~nt of the guarantur or i~isurer ~ is ohtained in advance of sai~l pa~•inc•nt. ' 9• The Mortgagee may, at any time pending a suit upon this murtgage, apply to the oourt having juriacliction ~ thereof for the appointment of a teceiver, and such cowt shall forthwith appoint a receiver of the premises covered ~ Dereby all arid singular, including all And singular the income. proSts, iasuea, and revenues fmm whatever soutce ~ derived, each and every of which, it being expressly understood~ ia hereby mortgaged as if apeci6cally set forth and ~ described ~in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted ~ equity and a matter of absolute rig6t to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t~?e defendants. Such ~ rents~ proSts, income, isaues~ and revenues shall 1Se applied by such receiver according to the lien of thia mortgage ~ and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor j agrees to pay to the Mortgagee on demand sa a reasonable montiily rental for the premises an amount at least : equivalent to one-twelfth (y1z) of the aggregate of the twelve monthly instaliments payable in the thea current ` ' year plus the actual amount of the annual taxes, assessments, water rates, and 'inaurance premiume for such year ; not covered by t6e aforesaid monthly payments. ~ ; 10. In the event of any b*eac6 of this mortgage or default on the part of the Mortgagor; or in the event thst any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the i event that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage, ~ are not duly~ promptly, and fully performed; then in either or any such event, the said aggrngste sum mentioned i in eaid note then remaining unpaid, with interest accnued to that time, and all moneya secured hereby~ ahall become ~ due and psyable forthwith~ or thereatter. at the option of said Mortgagee, as fully and completely ,is if all of the $ said sums of money were origInally stipulated to be paid on such day, anything in said note or in this mortgage to ~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demend, suit at law ot equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to che amount so declared due and payable, and the said . ~ premiaes ahall be sold to satisfy and pay the same together wit6 coste, expenses, and allowancea. In case of partial ~ foreclosure of this mortgage, the mortgaged premises shall be sold aubject to the continuing lien of this mortgage • ~ for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be a availed of theresfter from time to time by the Mortgagee. ~ s 5 i l. No wsiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held . to be s waiver of the terms hereof or of the note secured hereby. ~ 12. The lien of t6ia inbcrument shall remain in full force and ePfect during any postponement or extension of ~ the tame of payment oi the indebtedneas or any part thereof eecured hereby. ' i ~ 13. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the : ; Mortgagee may perform tbe same, and all expenditures (including reasonable attorney's fees) made by the MortgaRee ~ in so doing shal! draw interest at the rate provided for in Lhe principal indebtedness, and shall be mpa}•able < thirty (30) days after demand, and, toget6er with interest and costs accrued thereon, sl~all be secured by ~ this mortgage. ' 14. Upon the request of the Mortgagee the I~iortga~;or shall eaecute and deliver a supplemental note or ° notes for the sum or sums advanced by tbe ~iortgagee for the alteration, modcrnization, improvement, main- ~ tenance, or repair of said premises, for taxes or as,~essments against the same and for any other purposc author- ~ ized hereunder. Said note or noces shatl be secured hereby on a parity with anJ as fully es i[ the adrance evidenced thereby were included in the note first described above. Said si~pplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payabie in ap proximately equal { monthly psyments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ maturity~ the whole of the sum or sums so advanced shall bc due and pa~•able thirty (30) days after demand by the creditor. In no event ahall the maturity exiend beyond the ultimate raaturity o( the note first ~ described above. ~ ~ 400~~ P~~~ ~ - ~38 _ - ~ ~ ~ ~ s ~ a ~v~.. , ~ ~