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Home My WebLink About2322 tender lo tt?e ~lortKa~;~~~• in accurdan~•e with the provi~iu~is of t!?e noti• srcutr~l L~•rc~b~•, fuU pt~~•n~~~nt ot th~~ enti~e indebteduess repr~•~Nnted therrb~•, the :1lortge?gec~, us trustee, shall, in cu~u~?utii~K tlu~ auu?unt o( such indebteJness~ credit to tlie accow?t o! tlie ~1art gaKor au~~ crcdit t~ulanr~ reinainin~? wul~~r tLe pru~~isioi~s o( (a) of said paragraph 2. It U~er~ shull Le a defsult under an~• of the pro~~i~ious af this ~nortgu~e r~~~ult~ng in a public sale ot the premi~es covered'~eret,~•, ar if U~e MortgugNe a~•qu~res the propert~• oth~•rw•~se efte~ ~Ictault, the Mortga~ee, aa tru9tr.~~, sliall appl~•, at the tune of the ~•o~iiu?ence~nent at such pmc•eeclings or at. tl~e tin~e the propert~~ ix otherwise ac•quired, the amount tl?en reu~aining to credit ot ~'IortKa~.;ur uud~~r (s) o~ ~aragraph 2 preceding aa a credit on thr interest acerued and uupe~id and tl~e balauce to the principal then ren?ainin~ unpa~d on said note. 4. He wiU pe?y sll tauee~ aaeesamente~ water ratea, and other governmental or municipsl chargee~ fines, os impositione, for which provision has not been made hereinbefore~ and in default thereof the Mortgagee may pay the a~me; and thet he will promptly deliver the o~cial receipti+ therefor to the Mortgagee. 5. He will permit, commit, or aufter no weate, impairment, or deterioration of said property or any part thereof except ceasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on aaic~ premisee and thoee to be erected on esid premisee~ or improvements thereon, in good repair~ the Mortgagee may make auch repairs as in its diacre6ion it may deem neceseary tor the proper pre9crvation thereof~ and the fult amouat of each and every euch payment ahall be due and payable thirty (30) daye aiter demand, and ahall be aecured by the lien of thie mortgage. 6. He will pay all and singular the costs, chargee, and expeneee~ including ressonable lawyer's feea, and coste of abstn?cta of title, incurred or paid at any time by the Mortgagee becauae of the failure on the part of the Mortgagor promptly and fully to per[orm the agreements and covenanta of said promiseory note and this. mortgage~ and said coste, charges, and expenses shall t,e immediately due and payable and shall be eecured by the lien of this mortgage. 7. He will oontinuously maintain hazard insurance, oi such type or types and amounte as Mortgagee may tram time to time require, on the impmvements now or hereatter on said premises, and ezcept when payment tor all such premiums has theretofore been made under (a) of paragraph 2 hereoi~ he will pay promptly when due any premiums therefor. All insurance shall be carried u? companiea approved by I~lortgagee and the poli- ciea and renewals thereof shall be he1J by Mortgagee and have attached thereto loss payable clausea in favor of and in form acceptable to the :~lortga~ee. In event of loss he will give immeciiate notice by mail to Mortgagee, and 4lortgagee may make pmof of ioss if not made promptly by tilortgagor, aud each insurance company concerned is hereb aut6orized and d'uected to make payment for such luss d"uectly Lo Mortgagee instead of to Mortgagor and ~tortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to the reduction of the indebtedaess heceby secured or to the restorataon or repair of the property dama~ed. In event of foreclosure of this mortgsge, or other transfer of title to the mortgaged property in exiinguishment of the indebtednesa secured hereby, all right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pass to the purchaser or grantee. K. If thi~ pri~n~w~•s, or u~~~- p:~rt th~•r~~uf, b~• conil<~tuu~~~l un~lcr tl~~ ~wH-~•r of emiu~•nt ~loiii:iui, ur u~•quim~i for u publi~• us~~. th~• dun~ak~~s aw-arded. th~• pror~~~~~ls for tlie tukink o(, or th~~ ~•on.idrrution for ~u~•h uc~quisitio~i, t~ thr t•xt~nt of thc~ full a~nount of th~~ rrnu~iuink unpui~l in~1~~1~t~~~ln~~ss s~~run•~I b~• this inortKar~~. ari~ herc•b}• llSSIrIIP~I to th~~ ~ioct~a~;~~. uu~l hi. h~~ii~ ~~r u.si~~~., :uul ,li:~ll hi~ pt~i~l fortli~sitli to ~uid \1ortKu~~~~ or lii.~ ua~iKt?e~ to Ix~ ap~>li~~~l ote a~•~•~runt uf thi~ last niuturin;: ii?stalliui•nts of su~•1? in~l~~l~t~~dn~~ss: pru~-i~lc~d, lio~~~c~~•c•r, the ~lortku~e~~ or his :~.ti.sikn~~~~, tnu~- :tt Lis ilis~•n•ti~~n p~i~~ ~lir~•~•t to tl~i~ ~Iort~u~ur, liis lu~ir~ ~~r u;sirns iu?~• p:irt or ull of suc~h a~cetnl: pro~•i~l~~d, tl~~t if th~• lu:u~ is ~;u:u'ut~t~~~•~1 ~~r insur~•~I. th~• ~•on,~~~~t of tlu~ ~uuruutor or imurt•r is obtained 111 AII~'Nlll•e af ~:ii~l pa~-u?~•nt. The ~iortgagee may, at any time pending a suit upon this mortgage, apply to the coutt having jurisdiction thereof for the appointment of a recei~er~ and such court shall fort6with appoint a receiver of the pmmises 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 ahall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee~ and without reference to the adequacy or inadequacy ot the value of the propert} mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such rents, proSts, income, issues~ and revenues shall be applieJ by such receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of the biortgagor hereunder, the Mortgagor agrees to pay to the ~'iortgagee on demand as a reasonable monthly rentsl for the premises an amount at least equivalent to one-twelfth (~2) 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 such year ~ not covered by the aforesaid monthly paymenta. E 10. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the eyent thst ' any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the 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 aggregate sum mentioned ~ in said note then remaining unpaid, with intemst accrued to that time, and all moneys securecf hereby, shall become s due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if sll 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 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, as to the amount so declared due and payable, and the said ~ premises shall be sold to satisfy sad pay thc same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In suc6 case the provisions of this paragraph may again be availed of themafter from time to time by the hiortgagee. a ! 1. No waiver of any covenant 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 thia instrument ahall remain in fuU force and effect during any postponemeut or extension of ~ the time of payment of the indebtedness or any part thereof aecured hereby. ,a l:i. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the 141ortgaRee - in so doinK shall draw interest at the rate pro~•ided for in the principul indebtedn~ss, and shall be repa~~able - thirty (30) days atter demand, and, together with interest and costs accrued Lhereon, sLall be secured by = this mortgage. ~ _ 14. Upon the request of the ;~1ort~agee the ltortgagor shall eaecute and deliver a supplementa! note or ~ not,es tor the sum or sums ad~•anced b~ the \lortgagee for the alteration, modernization, improvement~ main- yE tenance, or repair of said premises, for taxes or as.~essments against the same and for en~ other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as if tLe ad~ance ~ evidenced thereby were included in the note first described abo~ e. Said si~pplemental note or notes shall bear interes4 at the rate provided for in the principal indebtedness and shall be pa~•able in approximately equal monthly pay•mc~nts for such period as may be a~reed upon by the creditoc and debtor. Failing to agree on the ~ meturity, the H•hole of the sum or sums so adranced shall bc due and pa~•able thirty (30) days atter dcmand by the creditor. In no event shall the matwity extend beyond ~he ultimate ~~aturity o( t6e note first ~ described above. ~ $o~ 2~3$ ~2318 ~ ' • . _ _ FM1y_3~. ~ ' ; ~ - ~ rr~~„~' ~ x • : ~ ~v ~ K.~"a'~'~-`~-`` ' : . _ ;