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HomeMy WebLinkAbout2061 tender lo the T~iortgu~;ee in accorJai~~~e vriti~ tl~e provixio~~s of tl?e not~ ~ecured herebr, (ull payuient ot tlie entire indebtednrsa repr~~arn~Ed therebv. the riortgugee, aa trustee, si~all, in co~nputing the au~awit of sucl~ indebt.e~lnesa, creclit to tl~e eccount ot t~ie Alortge~or any credit Lalance rcu~aiuing uniler the provisiona ot (e) of said pua~r~ph 2. !f there sl~al! be a detault under nny of the provisions of this uiortga~e resuhing in a public sale of the premises covered Itereby, or it tl?e Mortg~gre ecyu~res the proprrty otiierw~se a~ter detsult~ the Mortgsgee~ aa trustee~ ahsll epply~ the time of the co~nmencement of such proceecfinga or at, tlie time t,he pmperty ffi otherwise acquired~ the auiount then reu~aining to rredil of Mortgagur under (s) o~ paragraph 2 : preceding as a credit on the intereat accrueci end unpaid ancl ti~e bslsnce to the prmc~pal then remainu?g unpa~d ; on said note. ~ 4. He wiU p~y all ta?ues, aeseaement~„ w~t~es rat~es. aad other ~overnmental or municipsl chugee, fin~e~. os impositions, tor wLieh proviaion haa no~ been made hereinbefors, and w defsult thereof tbe Mortg,a~ee ma7? P~?Y ths ~ame; ~nd fLat De will promptly deliver Lhe o&cial reoeipfe tberetor to t6e Mortg,agee. b. He wiU parmit~ oommit, or auHer no waaLe, impairment~ or deterioration of eaid propet~y or any patt thereof , eicept reas~nabb ~reu and tear; sud in the even! oi t6e failure of the Mortgsgor to keep the buildingp oa eal~ preimiees aad thoee to be ere.eted on esid pnmises, or impmvements therEOn, in good repair Lhe Mortgagee may make such npairs aa ia ita discretion it may deem neceeesry for t6e proper prescrvation thereo~~ and the full amount of eac6 and every euch paymen~ ahall be due and pa,ysbb Wirty (30) days ~iter demaad, aad shsll be secured by t~he lien of t6is mortg~e. ~ ; 6. He will pay all sad singular the ooeta, chsrgea, sad espeaeee, including reaeQnable Lvv~?er's fees, snd oosts t ot sbetncts o! title, incurred or puid st any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly aad iully to perform t~e agrcementa end oovenanta of eaid promieeory note and this. mortgage, and said ooeta, cLargea, and expenaes shall be immediately due and payable and shall be secured by the lien of t-hia mortgage. T. He will o~ntitiuously msintsin hazard ineurance, oi such type or typee snd amounts as Mortgagee msy imm Lime to time require, on Lhe unprovements now or het~eatter on esid premises and e.~cept when paymant tor sU auch premiums has theretofore been made under (s) oi paragcsph 2 hereoi ~e will pay promptly when due any premiums therefor. All inaurance ahall be cartied in companies sppmve~ by I1lortgagee and the poli- cies and renewsls thereof shall be held by hlortgagee and have attached thereto loss payable cfauses in favor of snd in [orm acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of Ioss if not made prompLly by Mortgagor, and eac6 insurance oompany ooncerned is hereby~authorized and d'uected ta make payment for such losa directly to Mo~ee inatead oi to Mortgagor and Mortgagee ointly, and the ins~rance proceeds, or any part thereof, may he app 'ed by Mor~ gegee at its option either to t~e reduction of the indebt~edneea hereby eecured or to the restorstion or repair of the property damaped. Ia event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment o! the indebtedness secured hereby, a~l right, title, and intereat oi tbe Mortgagor m and to any insurence policies then in lorce a6all p~ss to the purchaser or grantee. R. If the pren~is~s, ur un~• purt ther~of, U~ eoud~umed unJrr th~ poW~er of emin~nt_ do~i~am. or acquirnd (or a public use, th~ cinniaKc•s awarded, th~~ pro~•~~e~ls for tl?e taking of, or the ~onsid~ration [or such acquisition, to the e~tent of the fuli uinount o( th~• r~n~aining wipui~i iudc!?tc~dnc~s sec•urnd b~• tl~is ~uortKaKe, arn }i~reb~- iissi~;ne~l to thc• ~1ort~aKee, un~l hi.. h~•irs or itS31~;115, uni) sl~all b~' ~LI/I ~OI'IIIN'1(}I to said ~IortKage~~ or Lis assiKnee to lx• applied on ac•~•ouut of thi• lust uuituri~i~ i~~stalliui~nts of sui•h indebt~dn~~ss: pm~-ided. ho~~•e~•~r, the ~1ortKu~e~~ or his :~~iKni•~~, ~uu~• ut his ~lisi•r~•tion pu~- dire~•t to th~ ~IortK+~~;or, Lis lu•in or assigns an~- part or all of such a~~•ar~l; proti•idc~d, tliut i( the lc~i?n is ~;u:iriu?ti~~•d or insun•~I, thc• ~•otisent of tht~ guurantor or insurer is obtained in advance of ~si~l'parn?eut. 9. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jutisdiction thereof for t4e appointment of a receiver, and such court shall forthwith sppoint a receiver of the premiaes oovered hereby all arid singular~ including all and singular the income~ proSta, isaue8~ and revenues fmm whatever source derived, each and every of which, it being expressly understood~ ia hereby mortgsged ae if speci5calty set forth and ~ described in t6e grantiag 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 t6e value of the property mortgaged or to the eolvency or insolvency of said Mortgagor or the defendsnts. Such renta, proSta. income~ issues, and revenuea shaU be applied by such receiver according to the lien of this mortgage snd t6e practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agreea fb pay to the Mortgagee on demand as a reasonable monthly rental for the premises sn amount at lesat equivalent to one-twelfth (~z) of t6e aggregate of the twelve monthly installmenta payable in the then curreat ' year plus the actual amount of the annual taxes, ssgesgmente, water rates, and insuranoe premiums for euCh year t ~ not covered by the aforesaid monthly payments. ~ ~ 10. In the event of any b*each of this mortgage or default on the part of the Mortgagor~ or in the evtut that f nny of eaid 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 stipulations~ agreements, conditione~ and oovenants of said note and this mortgage, ~ I are not duly, promptly, and fully performed; then in either or any such event, the said sggregate sum mentioned 3 ~ in said aote then remaining unpaid, with interest accrued to that time~ and all moneys aecured hereby, shall beoome ' ~ due and psyable forthwith~ or thereafter, at the option of said Mortgagee, aa fully aad completely us if all of the ~ eaid aums ot mone were ori ati ulated to be d on such de an Lhi in said note or in this mo ~ Y ~~Y P P~ Y, Y n8 ~ rt8~ ~ ~ ~ the oontraty notwithstanding; and thereupon or thereafter~ at the option of said Mortgagee~ without notice or ~ demand, suit at law or in equity, may be prosecuted ae if aU 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 ahall be sold to satisfy. and pay the same together with ooata~ expenaes, and allowances. In case of partisl foreclosure of this mortgage, the mortgaged premi~es sball be aold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such caee the provisions of this paragraph may again be - availed of thereaiLer from time to time by the Mortgagee. ~ i l. No ~vaiver oi any oovenant herein or of the obligation aecured hereby shall at any time thereafter be held to be s waiver of the terma hereof or of the note eecured hereby. 12. T6e lien ot thia instrument ahaU remain in full force and eHect during any poatponement or extension of k the time of psyment of t6e indebtedneae or any p~rt thereof eecured hereby. ~ 1:3. It the Mortgagor default in any of the oovenants or agreementa contained herein, or in said note, then the ~ Mortgagee may perform tt~e same, and all expenditurea (including reasonable attorney's fces) made by the MortgaRee ~ in so doing shall draw interest at the rate provided Eor in the principal indebtedness, and shall be mpay able ~ thirty (30) days after demand, and, together with interest and costs accrued therean, shall be secured by ~ thia mortgage. ~ 14. Upon the request of the Mort~agee the 111ortgagor shall euecute and deliver a supplemental note or ~ notes tor the sum or sums advanced ~y the 4lortgagee for the alteration, modernization, improvement, main- ~ tenance, or repair of said premises, for taxes or as.Qessments against t~he same and for an3 other purpose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity wilh and as [ully as if the advance ~ evidenced thereby were included in the note 6rst described above. Said supplemental note or notes sha11 bear interest at the rate pmvided for in the principal indebtedness and shall be payable in ap prosimately equal ~ monthly psy ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ msturity~ the whole of the sum or sams so advanced sha11 bc due and pa~able thirty (30) days atter demand ~ by t6e creditor. In no event shsll the maturity extend beyond t,he ul4imate r~aturity of the note first ~ described above. ~ 800K 24~ PACE 2O~ ~ ~ r~ ; s.~ ;r~~: ~Y t~ - . ~ ;