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Home My WebLink About2864 c` . ~ - tenJer to the 11~lortg~y;eN in accurdance witl~ /he pro~i~ions at the ~rot~~ s~•currd 1?t•n•bv, full pa~•me~?t ot the entire inaebt,edneas ~epn•~enled thereb~•, the Mortgagee, as trus~ee, sl~all, in conipuliiig thP au?uunt of such indebteJnesa, credit to tl?e account of tlie ~'IortgaKur nny crNdit balance rNn~ainin~; uml~~r the pruvi,siot?s af (e) of asiJ paragrsph 2. lf there sl~~l! be e default under auy of tl?e pmvi~ions o( tliis u?ortgu~c c~~sultiu~ in a public st~le ot the pre~ui~rs co~ered f?emby, or it the ~lortgagre aequires tl~e propert~ uthe~N~~se aher default, the Mortgsgee~ as tcuatee, ahsA epply, at the tune ot the couunencement of such proceedi~?~xx or at ihc time the pcoperty ia otiierwise acyuired~ the sn~ount then rn~ueinin~ to ccedit at Mortgagor unde~ (a) of Naragreph 2 preceding as a credit on the intereat accrued and unpaid end tt`e balance to tt~e principal U~en rrii~aiui~~g unpaid on said note. 4. He ~rill psy ell tax~ aAecasmenta, w~?tse ri?tRa, aad other governmental or muaicipal chargea, fine~. or ° impoeitions, tor whicb proviaion hae not been made hereinbefore, ~nd in default thereoi the Mortgagee maY PsY ~ ' eame; and thst he will prompUy deliver the o~cisl reoeipte tberetor to the Mortgagee. ppar b, He w?iU permit, oommit~ or su6er ao we8te, impairment, or deterioration of eaid property os an par~ thereof except reasonable wear ~nd tear; and in the event of t6e fsilure of the Mortgagor to keep ~h~s buildingp on eai~ premisea and thaee to be erected on esid premi~es. or improvenienta thereon, in good repair the Mortgagee may e msice auch repairs s8 in ita diecretion it may deem nece~sry for the proper prexnratioa Ehersw~, and the tull amount of esch and every such pt?yment ehall be due end psysble thisty (30) deys atter demand, and ahall be eecured by the lien of thie mort~e. 6. He will pey :?ll and singular the ooste. cht?rgee, and e:pensee, including reasonabk Iswyer's feee, and ooets of abetractti oi title, incurred or paid at any time by the Mortgagee beceuee of the failure on tbe part of the Mortgegor promptly and fuUy to pertorm the agreements and covenants of said promiseory note and thiamortgage, and said ; ooet,s~ chargea, and expensea ahall be immediately due and pe?yable and ahaU be secun~d by the lien of thia mortgage. 7. He will oontinuoualy maint,sin hszard insurance, oi auch type or types snd amounts sa Mortgagee mey ` irom time to time require~ on the improvemente now or hereafter on said premises and e.~cept when paymen6 ~ tor all such premiums has theretofore been made under (s) oi paragrapL 2 bereof, ~he will pay pmmp~ly when i due aay premiums thcrefor. All insurance ahall be carried in compeniea approved by 111o~ee and the poli- ~ cies and renewals thereof shall be held by tiiortgagee and have attsched thereto loss payable c auses in favor oi ' and in form acceotabla to the Morteseee. In event of loss he will give immediate notice by mail to Mortgagee, ~ arad Mortgagee may make proof of foss if not rasde pmmptly by Mortgagor, and each insuranoe oompany ooncerned is hereby~authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee ointly, and the inaurance proceeds~ or any parL thereof, msy be applied by Mortr gag~ at ita option eitiher to t~e reduccion oi the indebtedness hereby secured or to the rescoretion or repair ot the pmperty damaped. Ia event of forecloaure oi this mortgage or otber transfer oi title to the mortgaged ? property in extingu~s6ment of the indebtedne~as secured hereby, a~l rigLt, Litle, and interest of the Mortgagor ~ m and to any ~naurance policiea t6en in force ahall pnsa to the purchaser or gtantee. : R. If Uie preini~5, or an~- part th~•reof, tx~ con~l~nined m~der the pow•er oP enun~nt do~~~ain, or acyuimd [or a public use, the dan~aKes awarded, th~~ pro~•eeds for the taking of, or ihe ~onsiderution for sarl? acya~s~t~on, tu th~ e!ctent ot tlic~ full nu~ount of tlie remaining unpaid ind~l~t~~dn~s.s se~•ured i~~• this n~ortK~Kr, am hereb~- ussikn~~d to thc~ ~1ort~eKt•c, uml his hi~in ur u~.~i~;ns, un~l ~hull ix• puid forth~~•itl~ to suicl ~lortga~;~~e or his n~iKnee to be applie~l o~i a~•rou~U of thi~ lu,t nuuunn~? i~~stalliui~nts of su~•h ind~~btedne~..: pro~-i~l~~l, lio~sc•ver, thc ~lortguKei~ or his :?s.SiKm~~~, ~~~u~- ut his ~lis~•r~•tio~i p~?~- ~lir~~~•t to thr ~1nrt~;a~;ur, Lis h~~ir. ur u,si~us xn~• p~ut or all o( suc•1~ uw•ard; p~b~ id~•d, tliut if the luun is ~?uar:u?t~~~~~1 or insur~•~1, the c•ons~~~~t of tht• gu?~rnutur or insur~~r is ohtained in advance of sui~l pu~•uit•nt. 9. The Morigagee may, at any time pending a suit upon this morlgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shaA forthwith appoint a receiver of the premises oovered hereby all arid singular~ including all and aingular the income, profits~ issuea~ and revenues from whatever source derived, each and every of which, it being expressly understood~ is hereby mortgaged as if speciScally set fotth and described in the grenting and habendum ciausea hereof. Such appointment ahall be made by such court. ss an admitted equity and a matter of absolute right to said Mortgagee, and aithout reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such ' rents, pmfita. income~ issues, and revenues ahsll be appGed by such receiver according to the lien of this mortgage and tbe practice of such oourt. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor 'i sgrc~es to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesat i equivelent to one-twelfth (y~a) of t6e aggregate of the twelve monthly instaWnents payable in the then current j year plus the actual amount ot t6e annual taxes, assessmente~ water rates~ and insurance premiums for such year € not covered by t6e aforesaid monthly payments. f ! 0. In the event of any b*each of this mortgage or default on the part of the Mortgagor~ or in t6e evtnt thst ( any of said sums oi money herein referred to be not promptly and tully pa~d according to the tenor hereof~ or in the F event that each snd every the atipulations, agreements, oonditions~ 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 interest accrued to that time, and all moneya secured hereby, shall become due and psyable forthwith~ or thereafter, at the option of said Mortgagee, as fully and completely ~s if all of the ~ said suais of money were orig~nally stipulated to be paid on such day, snyLhing in said note or in this mortgage to . t6e contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand~ suit at law or in equity, may be pro6ecuted as if sll moneya 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 shali be sold to satisfy and pey the same together with coats, expenses, and allowances. In case of partial foreclosure of thia mortgage, the mortgaged premises ahall be sold subject to the oontinuing lien of this mortgage ~ for the amount of t6e debt not then due and unpaid. In such ca~e the provisions of this paragraph may again be svailed of thereafter from time to time by the hiortgagee. 1 l. No ~vaiver of any covenant herein or of t6e obligation secured hereby shall at any tia~e thereafter be held ~ to be a~vaiver of the ternos hereof or of the note secuced hereby. ~ 12. 'The lien of thia in~trument shall remain in Eull force and eftect during any postponement or extension of the time of payment of the indebtedneae or any part t6ereof eecured hereby. > 1:3. If the Mortgagor default in any of the co~enanta or agreemente contained herein, or in said note, then the Mortgagee msy perform the same, and all expenditwes (including nasonable attorney's fees) made by the Niortga~ee ~ in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be mpe~•able thirty (30) days aiter demand~ end, together with interest and costs accrued thereon, sl~all be secured by ~ thia mortgage. ~ 14. Upon t6e request ot the viortga~ee the ~iortga~;or shall execute and deliver a supplemental note or ~ notes for the sum or sums ad~ anced ~y t6e ~lortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.=essments a~;ainst the same and for any other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as it the ad~ ance ~ evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear ~ interest at the rste rovided tor in the rmci al indebtedness and shall be pa able in a roximatel ual ~ P P P Y ~P Y e9 monthly payments tor such period as may be a~reed upon by the creditor and debtor. Fai mg to agree on the ~ msturity, the whole of the sum or sums so advanced shxll be due and pa~•able thirty (30) days after demand j ~ by the creditor. In no event shall the maturi~y extend beyond 1,he uleimate raaturity of ~he note first ~ ~ described above. _ k~ hF ~ dOplt ~.V~ PACE2pe~ ~ ~ Z ~ ~~^"'~~?n.2' ~ ~re.~'..r~.~:ifi .....-._3~ ..c rtn. . , i.h st ~ .,~~f