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Home My WebLink About1941 t8flV8r IA lDe Mor~gagee UI IK:curuu~~•r wuu ww p~v~sow~w ....o r--: en~ire indebtedness reprc~xent,ed thereL~ ~ the Mortgsgee~ as truate~+, ahall, in computi~~g thP au~ount ot auch ~ indebtednese~ creclit to tl?e eccoun~ of tl~e Mortge~or ar?y credit balance re~nsining under tlie provisiona o[ (a) ~ ot said nph 2. lt thero sl?vll be a default under any ot tl~e provisio~u of tt~is uiorcga~e resulting in e public sal~ the premises covered l~erebv. or it the Mortgagre acquu~ea tl~e property otl?erwise aflec default. the Mortgagee~ as truatee, ahsll spply~ at the tinie of tha comuienceme~t ot such procee~lings or at tl~e time lIl the property ie otherwise acquired~ the ~~nount then reu~4it?in to credit ot Mortgagor under (a) of paragrapl~ 2 preceding as a credit on the interNSC accrued snd unp~id a?nd t~e balonce to the princ~pal tl?en remai~ing unpaid on said note. 4. He wiU pay aq L~xes, aasassmeat~, ~af~ar r~te0. snd othe~~o vernmeat~l or municiPal ehu~es~ Snd. o~ impoeitions, for whieh provisioa haa not been made hereinbelore. and In default thereot tLe Mer~i~8'ee my? Pq? tbs ~ame; ~ud t6aL he will PromPtlY deltver the o~ciai reoeipta t6ecefor to tbe Mort~gee. 5. He will permi~ oommif~ or suBer no w~ats~ impairmeat~ ar det~eriorstion ot e~id Pi'oP~Y ~~y P~ thereoi esoepi nae~n~bb weas snd tear• snd in the event ot tbe t~ilurs of tLe M~ r to lceep th6 buiidin~p on eaid premiees snd Lhoee ~o be erecte~ on said pnmjses. or improvementa thereoa, ~n-6ood cepair the Mortgagee me?Y make such rep~irs as in ita discretioa it may deem neoeeeaty ior t,heproper pres~rvation thereo~~ and the tull amoun~ at each snd every eueh psymenL ahall be dne snd P41?abk t~irlY (30) d41?e dter demand, aad shall be secured by t~he lien of t6is mort6s6e. 8. He will psy ~U and siuguLr the oosts, har~ and e:penses, includina reaeonsbk Lwyer's feee, sad ooets of sbstncta ot tiLle, incurred or paid st any time by the Mortga~ee becauee oi the fsilure on the psrt of the Mo~r ~ ful!y t~o pedorm the ~ments end oovensnte ot asid promiesory note snd thid mort~g~ge, an said oosts, ~charges, and expeasea ahall be immediately due snd psyable and sbaU be seeured by the liea of this mortgage. 7. He will oontinuousl~y msintaia haaard insurance, of such type or types snd amounta aa Mortgagee may irom time to t.ime require~ on LLe impmvements now or hereafter on said premises and excep6 w6en payment tor all sucL premiums bea t6eretofore been msde under ~(s) oi psrsgre?FL 2 hereof ~e will pay promptly when . due any premiums therefor. All inaurance ahsll be canied in eomPsn~ee appmve~ by biortgagee and the poli- ' cie~ aad renewala t6ereof shsll be held by Mortgsgee and hsve sttsched thereto loss payable cfsusee in favor oi and in form aa~eptabls to ths Mortgagee. In event oi loss he will give immediate notice by mail to Mortgagee~ and Mortgagee may mske.proof oi to~ if not made promptly by Mortgagor~ and each insuraaoe oompany ooncerned ia hereby_ sutihonzed and directed to make payment for such loes direcWy to Mortgsgee inatead oi to Mortgagor aad Mortgagee lointly , and the inaurance pmceeda~ or sny part thereof anay be ap.ptied by Morw gagee st its option e~ther to the reduction oi the indebtednees hereby eecured or to the restontaon or repair of the pmperty dama~ed. In event of foreclosure .ai this mortgsge or other trsnafer oi WWe to t~e mortga~d property ia extinguishment of the indebtedneas eecured hereby, a~l cigh~, title, and intereet of the Mortgagor m and to any insurance policiee then in force ahsll pnss to the purchaser or grsntee. 8. If tl~e prcrois~~s. or anr part thcrnof, tx~ conden~ned under th~ powc~r o[ en~inent~ domuiu~ or acquircd for a public use, tlie dawagt~s aW arcled, iLe pm~•eeds for the taking of, or the ~onsidcration [or surh acqutsition, to the e!ctent at the full amount of the remAining unpaid indebtedness sc~rurnd b~ tl?is mortgaKe, arn l~ereb~• : assigned to tl~~ ~tortga~;ee~ und his hcirs or assi~;ns, un~i shull hc~ paid forihwith to said .Ltortgagee or his ; assignee to be applied on acc•ouut of the last n~atur~ng iiistalinients o~ su~•1~ indebtedm~ss; pro~•icled, hoHCVer, } tLc ~iortgu~ee ur his s?ssiKnce~ ~uu~ at his discmtion pa}• dinK•t ta tLe Vlortg~gor, his l~eirs or assi~ns an~ part ~ or all of such aKarcl; provuled, that ~f tl~e loun is Kunrunt~•~~d or insured~ tlie consent o( tl~e gunrantur or insurer ~ is obtained in aclvance o[ said pa~•ment. ~ 9. T6e Niortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having juriediction thereof for the appointment of s receiver, and such oourt s6a11 forthwith appoint s receiver of the premi~ oovere~ hereby all arid singular, including all and singular t6e inoome, profite, issuea, and revenuee from whatever eource derived~ each and every of which~ it being expressly underatood~ ia hereby mortg,aged sa if apecifically eet forth and described in the granting and hsbendum clsusea hereof. Such appointment ebaU be made by such oourt as aa admitted equity and s matter of absolute right to said Morcgagee~ and wiWout referenoe to the adequacy or inadequacy of the value of the property mortgaged or to the aolvency or insolvency of said ~4iortgagor or the defendants. Such ~enta, pro6ta, income~ issuea, and revenuea ahall 1Se applied by such receiver acoording to the lien of thia mortgage ~nd the practice o; such oourt. Ia the event of any default on the part of the Mortgsgor hereunder, fhe Mortgagor ' ag~e~ to psy to the Mo on demand sa s reasonable montbly rental for the premiees an amount at leaat I equivalent to one-tweUth~ of the aggregate ot the twelve montWy inatallments payable in the thea current ! year plus the actual amount of the annual taxes, ~ente; ~vater rates, and inauranoe premiuma for eucL year f not oovered by the a(oreasid monthly psyments. l0. In the event of any bzeach of thia mortgage or default on the part of the Mortgagori or ia the event t6st any of said suma of money herein referred to be not promptly 8ad fully paid accordi~g to t6e tenor hereof, or in the ~ event that each and every the stipulations, agreements~ oonditione, and uovenants of said note and this mortgage, are not duly. prompUy, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in eaid note then remaimng unpaid, with interest accrued to thst time~ and all moneys eecured hereby, shall become due and psyable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ns if sU af the ; eaid euma d money were originally atipulsted to be paid on such day, anyLhing in said note or in thie mortgage to ; tLe oontrary notwithstanding; sad t6ereupon or thereafter, at the option of said Mortgagee, ~vithout notice ar } demand, suit st law or in equity, may be prosecuted as if all moneys aec~ued hereby had matured prior to ita inatitu- tion. The Mortgagee may foreclose this mortgage, ss to the amount ao declared due and payable, and the said premiees a6aA be sold to satisfy and pay the same together wit6 oosta, expenees, and allowancea. In case of partial ~ foreclosure of this mortgage, the mortgaged premisea shall be sold subject to the oontinuing lien of this mortgage , for the amount of the debt not then due and unpaid. In such case t6e provisions of thia paragraph may again ba } svsiled of thereaiter from time to time by the Mortgagee. 11. No waiver of any oovenant herein or of the obligation eecured hereby ahall at any time ther~atter be held to be s~vaiver of tbe terms bereof os ot the note aecured hereby. 12. The lien oi thie inbcrument ehall remain in full fon:e and eHect during any poat,ponement or extensioa of the time of pe?yment ot !he indebtedneee or any part thereof eecured hereby. ~ 13. If the Mortgagor default in say of the covenanta or agreementa oontained herein, or in said note, then the ~ { Mortgagee may perform the ssme~ snd all eacpenditures (including reagonable attorney's fees) made by the Mortgagee ~ in so do~n shall draw interest at the rate provided tor in the principal indebtednc~ss, sad shall be repsyable ' thirty (30~ days atter demand, and, together with interest and c~sts accrued thereon, ahall be secured by ~ ~ : ~ thia morigsge. ~ 14. Upoa the request of the MorLgagee t6e Mortgagor shall eaecute and deliver s supplemental note or ' notes for the sum or sums advanced ~y the ~tortgagee for the alteration, modernization~ improvement, main- ~ - tensnce. or repair oi ssid premises, for taxes or as.Qessments against the same and for any other purpose suthor- ized hereunder. Snid note or notes shall be secured hereby on a parity witL and as fully as J the advance evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear interest st the rate provided tor in the principal indebtedness and shall be payable in ap pm~imstely equal monthly psy ments for such period as may be ag~eed upon by the creditor and debtor. Fail'ing to agree on the maturity, the w6ole of the sum or sums so advanceci shall be due and paysble thirty (30) days after demand by the creditor. In no event ahall the maturi~y extend beyond the uleimate r~eLurity of the note 6rst described above. BDOK PAf,E 19~~ - y-~,a.~~-3 ~ ~ - _ r - _ - - ~ _ ,~:;;~,~s `ar~.,~, p .r 4Y~~~_'I ~