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HomeMy WebLinkAbout2316 lender lo lhe 11ortKa~t•r in ac~•ur~un~•N v?•ill~ 1he Nruvi~iuns ot tlie noti• securr~i 1?rml»•, full Na~~u~ent ot the entire indebtedness repn~r~~ted Ihereb~•, the :~lortgaKee, as 1ru+~ee, shaU, in computing th~ an?ount of surh indebtedness~ credit to tlie acrount of tlit• ~'Iort ~eKor nn~~ crc~dit balance rE~mainin~ undrr ihe pro~•isions of (a) ot asid paragraph 2. lt tlierN shal) be a~lefau~t under any of tli~~ pro~'L910113 O( (I113 mortga~e result~n~ in a public:~ale of the pn•mi~es co~•ere~l hereby, or if tl~e ~tortgagre t?cquirea the proEx•rt~• otl~erw•ise aher default, the Mortgagee, aa trustee, shall apply, st lhe tuue of the couunencement of such proc~~rdings or at tl?e time the property i~ oti?erNise urquired, the au~ount then ren~aining to rredil of ;1'IortKagor under (a) af paragraph 2 preceding aa a credit on the interNSt accrued and unpaict and t)~e LalaneP to thc+ principal Ihen reuiaininK unpaid on said nole. 4. He will psy sil caxee, aseesamenta, water ratee, and other governmental or municipal chargee, 6nea, or impoeitions, for which provision has not been made hereinbefore~ and in default thereof the Mortgagee may pay t6e eame; and that he will promptly deliver the official reoeiptn therefor to the Mortgagee. 5. He will permit, commit~ or suBer no weate~ impairment~ or deterioration of eaid pmperty or any part thereof except reasonabla wear and tear; and in the event of the tailure of the Mortgagor to keep thA buildinga on eaic~ premises and thoee to be erected on ae?id premieea~ or improvementa thereon, in good repair~ the Mortgagee may make auc6 repairs ae in its diecretion it may deem neceeeary for the proper preecrvation thereof~ and the full amount of each and every euch payment sball be due and payeble thirty (30) daya stter demand, and ehaU be eecured by the lien of this mortgage. 6. He will pay all and singular the coata, chargee, and expenees~ including reasonable lawyer's feee, and costs ot abetracta of title. incurred or paid at any time by the Mortgagee becauee of the failure on the part ot the Mortgagor promptly and fully to perform the agreements and covenanta of eaid promiesory note and thia mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be eecured by the lien of this mortgage. 7. He will oontinuously maintain hazard inaurance, of auch type or types and amounts as 1Vlortgagee may trom time to time require, on the impmvements now or hereaiter on said premises and e.~cept when payment !or all such premiums hes theretofore been made under (a) of paragraph 2 hereof, ~e will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved bp 1liortgagee and the poli- ciea and renewals thereof shull he held by Mortgagee snd have attached thereto loss payable clauses in favor of and in form acceptablu to the hiortga~ee. In event of loss he will give immediate notice by mail to Mortgagee, snd tiiortgagee may make proof of ioss if not made promptly by Mortgagor, and each insurance company concerned is hereb~ authorized and directed W make payment for such loss directly to Mortgagee instead of Lo Mortgagor and . iortgagee jointly, and the insurance proceeds, or any part Lhereof~ msy be apphed by Mor~ gagee at ita option either to tbe reduction of the indebtedness hereby secured or to the restorataon or repair of the property dama~ed. In e~ ent oi foreclosure oi this mortgage or other transfer of title to the mortgaged pmperty in extinguishment ot the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any iasurance policies then in force shall p~sa to the purchaser or grantee. R. If thE~ pr~•n~i,~~s, or un~- p:~rt tlu~mof, b~ ronil~•iin?t~il und~•r th~• poH•e•r of e•u~in~~ni do~nani, ur a~•c~uin•d for a publi~• us~ . tlu~ cla~~ea~;ch u~~•ar~l~d. th~~ pror~~r~ls for ihe tuking of. or th~~ ~•~~nsi~l~•ruti~~n for surh ac•yuisit ion, to th~ ~~rtent of th~~ full ainount of th~~ r~•niainin~ unpai~l i~?d~~bt~•~In~•ss s~~~•urnd h~• thu inortKa~;e. arc~ lu~ri~t~~- ussi~?ned to thc~ ~lort~aKec~, suii hi: hi•i~~ or u:,i~~i~. un~l .I~ul) b~• j?ui~l fortl?~~•ith to sui~l ~lortka~;~~~~ or liis assiKnee to tx• npl?li~~~) un ur~•ount ~?f th~~ la:t ii?aturin~ instulL~~~~nis uf ~u~•li in~l~•bt~~ln~~s>: pro~•i~l~•~1. hu~~•~•~~er, thc ~Iort~u~e~• or iiis :ts..i~;nr~~, n~u~' ut Lis ~li.~•n•li~?n 4u?~• ~lir~•i•t to th~~ ~fort~u~;ur, hi~ h~~it~ ur u..i~ns un~• ~»~rt or all of su~•h a~~•ar~l; pruvi~l~~~l. tliat if ih~• lu:u~ i. ~u:u:int~•~~~i or insum~i. tlu~ ~•ons~•ut of th~• Ku,iranlur or i~?,ier~•r is obtxinc•~I in ad~•an~•e of ,ui~t pu~~nu•ut. The ~iortgagee may, at any time pending a suit upon t6is mortgage~ apply to the court hsving jurisdiction thereof for the appuintment of a receiver, and snc6 court shall forthwith appoint s zeceiver of the premises oovered hereby all arid singular, including all and singular the income, profita, issues~ and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an sdmitted equity and a matter of absolute right 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 i~iortgagor or t!~e defendants. Such ' rents~ pro6ts. income, issues, and revenues shall ISe appliecl 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 hiortgagor ' sgrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount et least ~ uivalent to one-twelfth eq (~f Z) of the aggregate of the twelve monthly installments payable in the then current ; year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for sucb year ; not covered by the aforesaid montWy payments. $ 10_ In the event of any b*each of this mortgage or default on the part of the Mortgagor; or in the event that ~ any of said sums of money herein reterred to be not promptly and fully paid according to the tenor hereof~ or in the ~ event that each aad 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 aggregate sum mentioned in eaid note then remaining unpaid, with intemst accrued to that time, and all moneya secured hereby~ shall become ~ due and payable forthwith, or thereafter, at the option of said Niortgagee~ as fully and completely aa if ell of the eaid aums of money were originally stipulated to be paid on such day, anyihing in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mort~age, aa to the amount so declared due and psyable, and the said premises shall be sold to satisfy and pay the same together wit6 costa~ expenses, and allowances. In case of partisl ~ foreclosure of this mortgage~ the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage ~ tor the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be ~ avsiled of theresfter from time to time by the Mortgagee. 11. No waiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held ~ to be a waiver of the terms hereof or of the note secured hereby. ~ 12. The lien of this instrument shall remain in full force and ePfect during any postponement or extension of ~ the t,ime of payment of the indebtedness or any part thereot aecured hereby. 1~;. If the Mortgagor defaul~ in any of the covenants or agreementa contained herein, or in said note, then the ~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's feesl made by the MortgaAee : in so doin~ shall draN interest. at the rate pro~•ided (or in the principal indebtedness, and shall be repa~•able ~ thirt,y (30) days after demand, and, together with interest and costs accrued thereon, si?all be secured by this mortgage. : 14. Upon the request of the ~1ort~agee the ~tortga~or shall execute and deliver a supplemental note or ~ notes for the sum or sums ad~•anced by lhe ~tortgagee for the alteration, modcrnization, impro~•ernent, main- ~ tenance, or repair ot said premises, for taxes or as.~essments against the same and for e~~ other purpose aulhor- r ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~ance ~ evidenced lhereby u ere included in the note first described above. Said supplemental note or notes shall bear y~ interest at t6e rate provided for in t.he principa) indebtedness and shall be pa~•able in a~proximately equsl ~ monthly payments for such period as may be a~reed upon b~• the creditor and deLtor. Fail~ng to agrec on the ~ maturity, the whole of the sum or sums so ad~•anced shnll bc due and pa~•able thirty (30) days afler demand ; by the creditor. In no event s6a11 the maturi~y extead beyond the ultimate r.iaturity of the n~te first ~ deacribed sbove. ~ eooK z~ PAGF z~~ . ~ . _ , ~ _ ~ _ ~r 'e~c'3g " g r:'~s -Eo-`'M'" ^ _ "