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Home My WebLink About0645 tenJer to tl?e ~lortg~;~~e in uccordnu~•e v?~itl~ the p~o~ i~iona uf the note urcured hereb~•, full pa~•iuenl ot the entire indebtecineaa reprnsrnled therebv, the ~lortgagee, as trustee, shall, i~ cou~puting t1~P aniuunt ot sucl~ indebtednesa~ credit to tl~e account of tl~e ~'lor~ agor nny rreclit balance reu~ainin~ under the p~~~uious of (a) of eaid psre~raph 2. it therN sl~ell be a defau~i ut~dc~r sn~• of the pro~isious oi this n~ortga~e resulting in public sale ot the~ premi~ea covereci l~ereby, or i! the Mortgagre acyutres the propert~ otherw~se s~ter default~, the Mortgegee, aa truate~, ahall apply, a~ the tinie ot the conunencement ot such proceedings or at ti?e lime the property is otherwise acquired~ the wu?ount then rniuainin~ to credit o( Mortge~or under (a) of paragraph 2 preceding aa s credit on the interest sccruecl and unpaid and tlle balance to the principal then reu~eiuu~g unpatd on said note. 4. He wiU psy all tazea~ aeeaesments, wster ratss, and other ~overnmental or municipal charges„ 6ae~„ os impoeitione, for wLich provieioa has not been mede hereinbetore, and m default thereof the Mottgagee msy p~y the eame; nnd thut 6s r?ill prompWy deliver the o~cial reoeipta Lherelor to the Mortgagee. b. He wnll permiti, oommil~~ or suQer no waate, impairment. or deterioration of eaid pmpet~y or~ny ~r! t6ereof eicept reaeonsbk w~ear and tesr; and in the event of the failure ot the Mortg,egor to keep the buildwp on aai~ premisee and t6oee to be ereeted on eaid premiees~ or impmvementa thereon, in good repair the Mortgagee msy make such repaiis as in ite diecreWon it may deem aeoeeeary for the proper pre~c.rvation t6ereo~, aad the fult amouat ot each aad every euch psyment ahall be dus and payable thirty (30) dsys dter demand, and s6sll be aecut+ed by t,he lien of L6ia mortgage. 8. He will psy ull and ~ingular the coeta~ chsrges, and espenses, including rea~onable Lwyer's feee, and ooets of sbetncts of title, tncurred or paid at any time by the Mortgagee becauee of the tailure on the psrt of the Mortgagor prompWy and fully to perforan the ag~eementa and covenant8 of eaid promieeory note and thia mortg~ge, anci eaid ooata, chargee~ and expenses ahaU be immediately due and p~?yable and s6all be secured by tLe lieb of th'vs mortgage. T. He will oontinuously msint~in hszard insursnoe, oi such type or typee snd smounta es Mortgagee mey from time to time require~ on the improvements norv or hereatter on said premises, and e.~cept when payment tor sll such premiums hsa theretofore been made under (s) of pa~sgraph 2 hereof, he will pay pmmptly when due any premiums thcreior. All insurance shall be carried in companies sppmved by riortgagee ana the poL'- cies and renewals thereof shall be held by Mortgagee and have attached thereto losa payable clauses in fsvor of and in form acceptabld to the Mortgagee. In event of loss he will give immediste notice by mail to Mortgagee, and Mortgagee may make proof of Ioss if not made promptly by Mortgagor, and each insurance oompany ooncerned is hereby~ authorized and directed to mske payment for such loss directly to Mortgagee instead oi ta Mortgagor aad Mortgagee jointly, and the insurance proceeds, or any p4rt thereof, msy be appZied by Mor~ gagee at its option ei~her to the reduction oi the indebtednees hereby eecured or to the restors4on or repair of the property dema~ed. In event of foreclosure of tbia mortgage or other transier of tiWe to the morfgaged property in extingu~shment of the indebtednesa eecured hereby, a~l right, title, and interest ot the Mortgagor m and to any rosurence policies then in force shall pnsa to the purchaser or grantee. 8. If the pren~isi5, or un~- purt th~~r~~of, ix~ eonde~uned under th~ power of eminen4 don~am, or acquired [or a public use. the dan~aK~~s a~~ardecl, the pra•eeds tor the taking of, or ihe~ ~•onsideration for sueh acqu?sition, to tlie extent ef tl~c full umount of t}~e reu~ainin~ unpui~l ind~btt~dn~~cs se~•urcd i?~• this iuortgaKe, are hercb~• ussi~ned to tLe ~IortKaKee, und I~i.~ hein or u~~i~n~, auil sLull tx~ pui~l forthW-ith to said :~lortgu~ee or lii.~ . assignee to be applied on a~~~•ount of th~~ Inst niuturn~r install~u~~nts of su~•1? ind~~btedm~~; pro~•i~lecl, 1?oH-~~er~ tlze ~1ortKu~ee~ or I~is :usiKni~c•, ~uu~• ut Lis dis~•rc~tiou ~lir~~~•1 to the ~Iort~;uKor, his lu•i~ or us.~ir~~s anv part or all of sw•li aH~ar~l; pro~ i~l~~d, thut if thE• loan is Kuartu~t~~~~d or insurncl, the ~•onscnt of tl?e guarantur or ii~surnr is obtained in a~ivancP o( s~i~l pa~•n?ent. 9• The Mortgagee may, at any time pending a suit upon this mortgsge, apply to the court hsving jurisdiction thereof for the appointment of a receiver~ and auch court ahall forthwith appoint a receiver of the premi~es oovered hereby all arid singular, including all and singular the income~ proSts, isauea~ and revenues fnom whatever aource sisriv!~, es~h ~c! ev~•~• A~ w~;eh; it t~eing expre~cly unr~er~t.cxwi; ix herPhy ~ott~ed as if specifically ~et forth snd deaeribed in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt as an admitted equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of F the value of the properLy mortgaged or to the solvency or insolvency of said Mortgagor or ~he defendants. Such ! renta, profits, income, isaues, and revenues ahsll 1Se applied by such receiver according to the lien of this mortgage j and the practice of such court. In the event oi any default on t6e part of t6e Mortgagor hereunder, the Mortgagor E agrees to psy to the Mortgagee on demand ae a reasoneble monthly rental for t6e premiees an amount at lesat equivatent to one-twelfth (y~z) ot the aggregate of the twelve monthly installments payable in the then current ~ year plua the actual amount of the annual taxes~ assessments, water rat~es, and insurance premiums for auch year ; not covered by the aforesaid monthly paymenta. ~ 10. In the event of any b*each of this mortgage or defa~lt on the part of the Mortgagorf or in the event that ^ ~ uny of said sums of money herein referred to be not promptly and fully paidaccordiag to the tenor hereof~ or in the ~ event tbst each and every the atipulations, agreementa, 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 aggreg,ate aum mentioned in said note then remaining unpaid~ wit6 interest accrued to that time, and all moneya secured hereby~ shall become due snd payable fortbwith, or thereafter~ at the option of said Mortgagee~ sa fully and completety as if all of the esid auma of money were orig~nally stipulsted 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 ~r demand~ suit at law or in equity, may be proeecuted as ii all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premiees ahall be sold to satisfy and pay the same together wit6 c:osta~ eapenses, and allo~rances. In case of partial forecloswe of thia mortgage, the mortgaged premises ahall be sold subject to the continuing lien of this morigage for the amount of the debt not then due and unpaid. In such caee the provisions of this paragraph may again be svailed of thereafter from time to time by the Mortgagee. 1 l. No waiver of any oovenant herein or of the obligation aecured hereby ahall at aay time thereafter be held ~ to be s waiver of the terma hereof or of the note secured hereby. . ~ 12. The lien of this instrument shall remain in full force and e8ect during sny poatponement or extension d ~ `r the time oi psyment of tde indebtednese or any part t6ereof eecured hereby. - 13. If the Mortgagor defsult in any of the oovenants or agreemente contaiaed herein, or in said note, then the Mortgagee may perform the 8ame, and all eapenditures (including reason~tale attorney's fces) made by the Mortga~ee ~ in so doing shall draw interest at the rate provided for in the principal indebtQdness, and shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, ahall be secured by - this mortgage. ~ 14. Upon the request of t6e Mortgagee the ~tortgagor shall eacecute and deliver a supplemental note or notes for the sum or sums advanced Dy tbe Liortgagee for the alteration, modernization. improvement, main- tenance, or re sir of said remises for taxes or as.~essments ainst the samc and for an other ur e author- ~ ized hereunder. Said nopte or no'tes shall be secured hereby on a parity with and as fully as if the advance ~ evidenced thereby were included in I.he note first described sbove. Said snpplemental note or noLes shall bear ~ intereat at the rste pmvided for in the principal indebtedness and shall be pay able in approximately equsl 4 monthly pay ments for such period as may be agreed upon b~ the creditor and debtor. Failing to agree on the ~ meturity, the whole oi the sum or sums so advanced shall bc due and pa~able thirt,y (30) days after demand by tbe creditor. In no event sbell the msturity extend beyond the ultunate ciaturity of the note first ~ described sbove. 0 R ~ aornc ~ ~ 644 ~ ~ - - - _ - - - ~i , _ ~ ~ _n ~ e_~-~ . _.e_.., r