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Home My WebLink About1059 . . tender lo tLe Mortgugee in ecconlanrr with the pruviaiona o( tl~e ,note srcured (~ereb~•, full pa~ ~nent ot tt~e enlire indebtedness represented therebv~ the ~iortgegee~ ae t~uate~+, ahall~ in canputing thc? eiuount ot such indebtedneas~ credi6 to the account ot tl~e Mortgagor any credit balance remaining under tlit~ pmvisions ot (a) of said p raph 2. 1( tl~ere sl~all be a default under any ot tl?e provivio~?s ot tl~is ~uortga~e resulting in s public sul~ the premises rnvered hereby~ or if the Mortgagre acyutres tlie proper~y otlierw?se after default, the Mortgsgee, aa truetc~~ s1~sU apply~ st the tuue of lhe conu~ience~nent ot such proceeJings or at tl~e time the property ~e otherwise acquired~ the an?ount then re~i~ainin~ ~o credit, ot Mortgagur undcr (a) of paragraph 2 preceding se a credit on the intereat acerued and unpaid and tl?e balance to the principal ttien remaiuu~g unpa~d on 8aid note. ~ 4. He w?iU p~y all t~es„ ~seeaments, wstsr rates. and ot6er governmental or municiP~ ~~8~. ~ impoaitioas, for which proviaion has not been made hereiabefore. and in detault thereof Lbe Mort~agee m~y p~y tbs ~ms; ~nd th~t 6e will proanpUy deliver tLe official reoeipt~ therefor to the Mortgagee. b. He aill pertnit~ oommit~ or. auHer no waste~ impairmeaL, or deteriorstion of eaid pmperty or any pa?r~ theteof eucept resaonabk wear and Lesr• snd in the event of t6e failure of the Mortgagor to keep tM~ buildingp on ssi~ premieea and Wose to be erecte~ on esid premiee~, or improvemente thereon, in good repair~ the Mortgagee may maice such repairs ae in ite diecretion i! msy deem aeoeeeary for f,~e proper presc.rvatioa t6ereof, aad the full amounti of esch and every such payment shwtl be due and p~ysble thirty (30) dsys dter demaad~ and ahsil be secured by ~he lien of lhis mortgeae. ~ ?n 8. He will pe?y ull and einguler tbs ooete~ and e:pensea includina reaeone?ble lawyer'a fces, ~?nd oosta 4 oE sbettacts of title~ incurred or psid at any time by e Mortgagee because of the failure on the psrt of the Mortgagor ¢ promptly and fully to pedorm the agreemente and oovenante of ssid pmmieeory note and this. mort,g,sge, snd aeud r ooste, chsrgee, and e~cpeneea ahaU be immedietely due und payAble and shall be eecured by the lien oi thia mortg,tige. t ~ 7. ~Ie will oontinuously maintsin he~zard inaurance, of auch type or types snd smounte ss Mortgagee may tmm time to time reqnire~ on Lhe impmvemente now or hereaiter on said premisea snd e.~cept when psyment tor all such premiums bas t6eretofore been made under (s) of peragraph 2 hereof ~e wiU psy promptly when due any premiums thcrefor. All insurance sheU be carried in comP~~ $PP~ve~ by l~ior~agee snd the poli- cies and reAewe~la t6ereof shall be held by Mortgagee and bsve attached thereto loss payable cfauses in favor of ; snd in form acceptable to the Mortgagee. In event of loes he will give immediste notice by msil-to Mortgsgee, and Mortgsgee may make prooi oi Ioss i[ not made promptly by Mortgagor, and each inaurance oompany ooncemed is hereby~authorized and directed to make p~yment for such losa directly to Mort~at~ee instead of ; to Mortgagor and Mortgagee jointly, and the insurance proceeds~ or any part thereoi, may be app~ied by Mortr ~ gagee at its option either to the reduction oi t6e indebtedneea hereby eec~ued or to the restoration or repair of ~ the property dama&ed. In event oi foreclosure oi tLis mortgsge or other transfer of title to the mortgaged `s' property in ext~ngu~shment of the indebtedness secured hereby, e~l right, title~ and interest oi the Mortgagor z m and to any inaurance poGciee then in force shsll pnsa to the purchsser or grantee. 8. If fhe prnmis~~s, or un~- pnrt thcrnof, lx~ eon~leiunecl undcr U~e poK~r of eminent dou~uu~, or acyuimd (or a public use, tlie cinu~aKes av?arded, th~~ proc•eeds for the tukinK o(, or the ~onsiderution for suc•li a~yuisition, to the ~•rtent of tlie fuU auiount of the remaining unpaid ind~bt~~lnc~ss se~•ured b~• this mort~aKe, ar~ )~ereb~- ussik~~ed to tl~e ~IortKa~ee, an~l l~i.c lieirs or assi~;~is, uuil sLull b~• puid forthW ith to suid ~lortga~e~ or 1?i., assigne~ to lx~ applie~l on a~~owit uf th~• lu~t ~~?vturui~ ii?stallu~~~nts of sucl? in~l~Ltrdness; provid~•~I. }~oHe~er= thc ~fortKugee or his :tssip~c~•, uiu~- ut his disrn•tion pu~- ~lin•~•t to th~ ~fortKa~;or, l?is h~it~ ur u.~.,i~ns an~' part or all ~f such aK•erd; provid~~d, tl~ut if th~• loun is ~uurunt~~~~d or insured, tt~e c•onsent of thE~ guurantur or insur~•r is abtaincd in ad~•ance of se~id pn~•ni~nt. ~J. The Mortgagee msy, at any time pending a suit upon this mortgage, apply to the oourt having juriadiction thereof for the appointment of a receiver~ and such court ahall forthwith appoint a receiver of the premi~ea covered hereby all arid singular~ including all and singular the income~ profits~ iseuee, and r~venues irom whatever source derived, each and every of which, it being expressly understood~ ia hereby mortgaged as if apeciScally eet forth snd deecribed in the granting and.habendum clausea hereof. Such appointment s~all be made by such oourt ss an admitted equity and s matter of absolute rig6t to said Mortgagee~ and without referenoe to the adequacy or inadequacy oi We value of the property mortgsged or to the eolvency or insolvency of said Mortgagor or the defendants. Such rents~ ptofita, inoome, issuea, and revenuea shall be appGed by such receiver according to the lien of this mortgage and t6e practice of such oourt. In t6e event of any default on the part of tbe Mortg,agor 6ereunder~ the Mortgagor agrees to p~y to the Mortgagee on demand as s reasonsble monthly rentsl for the premises an amount at lesat ; equivalent to one-tweUth (~z} of the aggregate of the twelve montWy installments payable in the then currenL I year plus the actual amount of t6e annual taxes, asses~mente, water rates, snd inaurance premiums for such year ~ aot oovered by Lhe aforesaid montWy psymenta 4 10. In the event of any b-each of thia mortgage or default on the part of the Mortgagor~ or in the evcnt thst ~ any of said suma of money herein refen~ed to be not promptly and fully paid accordiag to the tenor hereof~ or in t6e event that eac6 and every the atipulations~ agreements, conditione, and covenanta of said note and thia mortgage, ~ are not duly. promptiy~ and fuUy performed; then in either or any such event, the said aggregate sum mentioned in eaid note then remaining unpaid, with interest acerued b that time~ and aq moneys s~ured hereby~ ahall become due and pa?yabk forthwith, or thereafter, at the option oi said Mortgagee, as fully and completely ,is if all of t6e esid sume of money were originaUy stipulated to be paid on suc6 day~ anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereatter~ at the option of said Mortgagee~ without notice or demand~ suit at law or in equiLy, may be prosecuted as if sll moneys aecured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage. as to ttie amount so declared due and payable, and the said premiees ahall be sold to satisfy and pay the same together with ooata~ ezpenses, and allowances. In case of partial foreclosure oi this mortgage, the mortgaged premises aball be eold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisiona of thia paragraph may again be availed of thereaiter imm time to time by L6e Mortgagee. I 1. No waiver of any oovenant herein or of the obligation secured hereby ahall at any time thereafter be held to be s waiver of the terms hereof or of the note secured hereby. ~ ~ 12. The lien of thie inscrument a6all remain in full force and etTect during any postponement or extension of - the time of psyment of the indebtednese or any part thereof eecured 6ereby. ~ l:i. If the Mortgagor default in any of the covenants or agreemente contained herein, or in asid note, then the t ~ Mortgagee may pedorm the same~ and all eapenditures (including reasonable attorney's fees) made by the MortgaRee ~ in ao doing shall draw interest at the rate provided for in the principal indebtedness, snd sha11 be repayable ; ~ thirty (30) days atter demand, and, toget6er with interest and costs accrued thereon, shall be secured by & this mortgage. - ~ 14. Upon the request oi the Mortga~;ee the Mortga~;or shall eaecute and deliver a supplemental note or ~ notes for the sum or sums advanced by t6e ~1ortgagee for the alteration, modcrnization, improvement, main- tenance~ or repair of said premises, for taxes or assessmenls against t,he same and for an~ other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance ~ evidenced thereby were included in the note firsL described above. Said snpplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shaU be payable in approximately equa! monthly payments for such period as may be agreed upon by the creditor and debtor. Failin~ to agree on the ~ msturity~ the whole ot the sum or sums so advanced shsll bc due and pa~able thirty (30) days after demand by the creditor. In no event shall the meturity extend beyond t6e ultimate r~aturity of t,6e note first described above. ~1i~0 . ~ : ~ k . _ a~~-~-'`- : , ~ ; ~~.~a. ~ . ~~x,^ - - .s