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Home My WebLink About0279 tenJer 1,o the 1blorign~;t~c in secu~d~?~u•N w•ith the provi~iuua ot th~• note ~cured i?Nreb~•, full pa~•uient o( the et~~ire indebtedneas reprearnted therebv, the :~4ortgagee, ae truatre, ahall, in computinR thP an?ount ot sucl~ indebtedt~esa~ credit lo tlie ~tecount ot tl~e MocigaKur unv credit Lalanee rNU~eining under tl~e pruvixiuns of (a) of said par~rvph 2. ~r c~?e~P $~~~u ~ a aer~ult, under ~ny of tl~e provisiona o( ll~i~ uiort~{a~e resuUi~~g in a public ssle o the pren?isre covered hereb~ ~ or i~ the hiortgagre acywres the pruperty otl?~rv?~se atter detault, the Mortgsgee~ aa trustre~ al~sll epply~ et lhe tuue of the canu~encement ot such proceedinge or at the time the property is otherwise uryuired~ the amount then remainin~ to credit ot Mort~agur under (a) of paragraph 2 precedi~g ae a credit on the interPat accrued a~d unpaid and tl?e bslance to tiie principal tlirn ren~aiuin~ unpa~d on said nole. 4. He ~viU pay atl taxee, aeeeeemeata, wstee rste0. aad other governmeatal or municipsl ehsrges~ 6nes. os ; impoeiWons, for which provieion haa not been made 6ereinbefore, and ia default thereoi tbe Moctg,agee auy p~y t6e ~ e~e; and thst he ~vill prompWy deliver the o~cisl reeeiptr theretor to the Mortgagee. _ b, He ~rill permi~, eommit~ or suSer no Maete, impsirment, or deterioration of eaid property orany pact thereoi ~ exoep~ reasonable wear and tesr; aad in the even~ of the lailure of the Mortgagor to keep the buildingp on eai~ ~ premises aad t6oee to be erected on 8aid preanieee, or improvemente thereon, ia good repair the Morigugee may malce auch repairs Aa in its diecretion it msy deem neoeeeary for t~he proper preacrvstion thereo#, ~ad the tull amouat of eac6 sad every such payment ahall be due and payable t6irty (30) dsys sftet demaad, sad ahsll be secured by 6he lien oi t6ie mortgage. 6. He will p'?y all and eingular the ooeta~ gee, end ezpenees, Includin6 reseonable lswyer's feee, and oosts ot sbetaacts of title, incurred or paid at uny time b~y the Mortgagee becauee of the iailure on the part ot the Mortgagor promptly snd fully to perform the agreemente and oovenante of eaid pmmieeory note snd thia mortgage. and said ~ ooste, chargee, and expenses ahall be immediately due and payable and shsll be eecured by t6e lien of this mortg,age. - 7. He will oontinuous~y msintain hazerd insurance, oi such type or types and amounts as Mortgagee mey tmm time to time require, on Lhe improvementa now or hereaiter on ssid premises snd except.when peyment = !or all such remiums hsa theretofore been made under (s) of parsg~aph 2 hereof 'he will pay prompLly when due say premiums thcrefor. All insurance ahall be carried in compenies approve~ by 111ortgagee and the poli- { cies and renewals therc~of sht?ll be held by ;1~iortgag~e and have attsched thereto loss peysble cTauses in fsvor of ; and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, ~ and `iortgagee may make proof of fosa if not made promptly by Mortgagor, and each insurance oompany concemed is hereb authorized and directed to make peyment for such loss directly to Mo~es instead of : to Mortg.agor and ~ortgagee jointly~ and the insurance proceeds, or any part thereof, may be app 'ed by Morw ~ gagee at its option etther co the reduction of the indebtednees hereby secured or to the restorsWon or r8pair ot the property damaged. Ia event oi foreclosure oi this mortgage or other transfer oi title to the mortgaged property w extinguishment of t6e indebtedaess aecured hereby, afl right, title, and interest ot the Mortgagor in and to any iasurance policies then in force shaU pnsa to the purchaset or grantee. R. If tLe pre~ui.s~~s, ur uu~- part il~errof, l~ ~•ondeinn~•d under 1he poH~r of en~iu~nt do~~~u~n, or acc~uir~•d for = a public use, thc• dan~aKes uH•arded. th~• prorec~ls for tlic takiuK of, or thi• ~onsi~ler~tion for surh acyuis~t~ou, to ~ the estent of tl~~ (ull umount of U~e re~unininK w~pnid incleLte~lnt•ss st~~•ured b~• ti~is ~uortg~K~. are her~b}• ~ ussi~?ned to thi• ~fort~a~ee. ~uud 1?i. h~~in c~r a.si~;ns, u~ul sl?ull b~~ ~~uid lorthwitl~ to suid ~1ortKa~e~ or liis assignee to be applie~l on acrouRt of th~• last iuutur~r~r inst~?Ilu?i~nts of su~•1~ ind~bte~hu~ss: prn~i~led, hoHe~•er, ~ thc ~lortgu~e~ or his assignee, ~uu~• ut his disi•rt~tion pu~- ~tirn~•t to tl~E~ ~Iortgn~?or, his he•iR or ussigns un~• part ~ or a11 of such a~~-ar~l; pro~ule~d, thut if th~~ luan is ~:ttar,~nte~~~l or insured, tl?e i•onsent of tl~e guurantor or i~?sur~•r is obtaincd in advance of ~si~l pa~-n~ent. ; 9• The Mort a ee ma ~ at an time ndin a suit u n this mort a 1 to the oourt havin urisdiction ~ B 8 Y Y Pe 8 Po B~, PP Y 8 7 thereof for t6e appointment of a receiver~ and such court shall forthwith appoint a reoeiver of the prnmises covered ; hereby all arid singular~ including all and sin g u lar the income, profits, issuea, and revenues irom whatever source ~ derived, each and every of which, it being expmssly understood, ia hereby mortgaged ss if specifically set forth and ~ described in the granting and habendum clauses hereof. Such appointment shall be made by auch 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 ot said Mortgagor or the defendants. Such renta, pmfite. income, issues~ and revenues shall 1Se applied by such receiver according to the lien of this mortgage snd the practice of such oourt. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agcees to pay to the Mortgagee on demand ea a teasonable monthly rental for the premisea an amount at least ~ equivalent to one-twelfth (~z) of the aggregate of the twelve mont6ty installments payable in the then c~urent ~ year plus the actual amount of t6e annual taxes, sssessments, wnter rates, and insurance premiums for such year ~ not oovered by t6e aforesaid monthly psymenta i ~ 10. In the event of any b*eac6 of this mortgage or default on the part of the Mortgagor; or in the event that s ~ any of said sums of money herein referrecl to be not promptly and fully paid according to the tenor hereof~ or in the ; i event that each and every the atipulations~ agreements, conditione, and oovenants 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 aU moneya secured herebp~ shall become ~ due and payable forthwith~ or thereafter, at the option of said Mortgagee, as iully and completely as if all of the ~ eaid suma of money wer~ originaUy stipulated to be paid on such day~ snyLhing in said note or in this mortgage to t the contrary notwithatanding; 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 mortgage, as to the amount so declared due and payable, and the snid ' ~ premises ahall be sold to satisfy and pay the same together wit6 costs, expenaes, and allowancea. 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 such ca~e the provisiona of Lhie paragraph may again be svailed of t6ereafter irom time to time by the Mortgagee. ~ I1. No waiver of any covenant 6erein or of the obligation secured hereby ahall at any time thereafter be held a to be s waiver of the terme hereof or of the note eecured hereby. ~ 12. The lien of this inbcrument BhaU retpain in fuU force and effect during any postponement or extension of ` the time of psyment of the indebtednese or say part thereof eecured hereby. ~ _ ~ 13. Ii the Mortgagor default in any of the covenants or agreementa contained herein, or in said note~ then the i Mortg,agee may pedorm the same~ and all expenditw~es (including reasonable attorney's fees) made by the MortgaAee ~ in so doing shall draw interest at the rate pro~ ided for in the principal indebtedness, and shall be repa} able ~ t6irty (30) days aiter demand, and, together with interest and costs accrued thereon, sha!! be secured by ~ ~ this mortgage. ~ 14. Upon the request of the biorLgagee the Mortgagor shall execute and deliver a supplemental note or ~ ~ notes for t.6e sum or sums advanced Dy t,he Jtortgagee for the alteration, modernization, improvement, main- , x tenance, or repair of said premises, for ta~es or as.~essments against the same and (or aay other purpose author- : ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as it the ad~ ance ; ~ evidenced thereby were incluJed in Lhe note firsL described above. Said snpplemental note or notes shall bear ~ interest a6 the rate provided for in the principal indebtedness and shall be payable in ap proximately equal ~ monthly pay ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ metunty, the whole ot the sum or sums so advanced shall bc due and patable thirty (3G) days after demend ; ~ by the creditor. In no event ahalt the maturity extend beyond t,he ultimate rsaturity of the note first ~ ~ deacribed above. ~ ~ ~ ~ ~GQK PACf ~79 . ~ ~ - - p ~ ~ ~ 4 ~ - Y _ ~