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HomeMy WebLinkAbout2126 lendet Lo Lhe Morlgsgee tn acconi~nce wiu~ tue provu~~or~s o~ u~e no~~ secureu nerNUy, ~uu pa~men~ o~ ~ne entire inJebtedn~us repn~senle~l therebv. tl~e Mottgagee~ ~a truatee, shall~ in coiuputing tl?e emow~t of such indebteJnese~ creclit lo tl~e accoun~ of tl~e Mortgagor anv credit balance remaining under the provisio~~s of (s) ot said p~nph 2. 1~ tl~ere ahal! be . aere~it under any ot ttie provisia?s ot tiiia u~ortga~e resulting in a public eale o ~he premises coverod t~ereby~ or it the Mortgagre acquuea tlie property otl~erw~? a~tor de(ault~ the Mortgagee~ as truatee~ elu?11 opply~ ~t tha tune ol ~he coiumencement ot ~uch proceeiiinga or aL the time the properiy is otherwiae acquired~ the unount tlien re~uainin to credit of Mortgagor uncier (a) of pAragn?ph 2 precediag as s credit on the interesC sccrued and unpaid and t~e balance to the principal ti~en remein~ng unp~d oa said note. 4. He will p~y all taxes. aeseescnent~, wuter nt~, and othergo v~rnment,al or municiWl ~6~, ~ impoedtioae, for wbieh provietoa has not been made heninbefore, and ia detaulL thereof the Mort~S~ m+1Y P~Y ~ ~ame; ~?nd thut hs will P~P~Y ~ver ths o~cial reoeipfs t,6erefor to the Mortg,agee. b. He wiU permit~ oommi~, or suHer no wastie, impsirmeni. os deterloratioa ot as~d P~P~Y o~ sny t6ereof axoept reaeonable Meu and t~ear • and ia the eveat of the tailure of the Mortg~gor to Iceep the buil~ng~ oa e~t~ premisas and thae to be erecte~ on said premises, or improvementa t6ereon, in sood repair the Mortgagee msy mske such npsirs aa in its discreuon it may deem neoeeeary for tLe proper prescrvstlon thereo~, and the fult ~anount of aich aad every auch payment ahall bs due aad p~,yabb tdirt~? (30) days Jt~er demsnd, ~nd eh~U be ~eccured by tbe lien oi t,his mort6age. 8. 8e wiU p~y all and eingular the ooats, cbuges, and e:penses, includin6 reaaonsble L~vyer's fees, and oosb of sbstracta of Vtle, incun~ed or paid at any time by tbe Mortgagee becauee of the f~ilure on tbe psrt of the Mort~or promptly aad i~y to pedorm the agrrementa snd oovenants of esid promieeory note snd this mort~e, and asid oosts, c6sr~~, and expensee ahaU be immediately due and psysble and s6s11 be eeeured by tbe liea of tLia mortg~ge. 7. He will oontinuous~y maintsin haasrd insurance, oi such ~ype or types and smounts se Mortg~ges m~y irom tima to time require, on L6e impmvemente nov? or hereatter on ssid premises and eaoep` when paymant tor all such premiums haa theretofore been made under (a) of psragcs~L Z hereof ~e will pay promptl when due any premiums lhcrafor. All insurance ahsll be carried in oompsnies appmve~ by I?iortgsgee and ~e poli- ciea aad renewsls thereof ahaU be held by Mortgagee and bsve sttached thereto losa payable cTsuaee ia favor of and in form scceptable to the Mortgagee. In event oi lo~s he will give immediste notioe by mail to Mortgagee, and Mortgagee may make proof o~ Tosa if not msde prompUy by Mortgagor, snd each inawxaoe oompany ooncerued is hereby~authorized and directed to make payment for such lo~s directdy b Mortgagee instead of t~o Mortgagor and Mortgagee jointly~ and the inanrsnce proceeds~ or sny pert thereoi may be apphed by Mortr gagee st its option either to ttie reduction oi Lhe indebtednees hereby secured or to t~ha reatoration or repair of the pmperty dsms~ed. In event of foreclosure oi thia mortgage or other tranater oi title to the mortgaged ~ property in extingu~shment oi the indebtedneas eecured Lereby~ s~l righL, title, and interest oi the Mortgagor m and to any inaurance policies then in force ahall psss to tLe purchaser or grantea. _ 8. If the prnmis~~s, or un~• purl thcrnof, be c~ondeu~necl under thc power of en~inent, domau~, or acquirnd for e public use, tlie cla~ua~;es av?arded, t1?e pra•~ecls for the taking o[, or the ~ansideration for such acquisition, to ~ tLe extent of the full a~nount of t)?e remaining unpai~l indebt~~lnc:~ sec•urecl b~• tl~is n~ortgag~, are 1?ereb~• assikned to thP ~lortgagee, und his lu~irs or assi~ns, und shuli ix~ pui~l forthw•itl~ to saicl ~1ortRa~ce or his assignee to be applied on acrount uf the last ii~nturiu~ installn~ents of such inclebtedne~ss; pm~•icled, lio~ever, ihe :11ortKu~e~• or his tusignee, ma~• at his dis~•rt•tion pu~• ~lire~•t ta tl~e ~lortgngor, I~is h~irs or assigns an~• part~ or all o[ suel~ a~•ard; pro~iclecl, tliat if the loun is ~uuriu~t~ed or insun•d, tt~c consent of the guarantor or insurer is obtained in advance of said pa~•mc~nt. 9• The Mortgagee msy, at any time pending a suit upon thia mortgsge, apply to the court having juriediction thereoi ior iue appa~~~~u~ent of a receiver, and such court ehall forthwith appoint s reoeiver of the premi~ee oovered hereby all arid singular~ including aU and singular the income~ profite~ issues, and revenues from whatever eouroe derived. each and every of which, it bcing expressly understood~ ia hereby mortgage~l ae if epecificAlly eet fotth and deecribed in the grauting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequa~y or inadequaey of the vatue of the property mortgag~ed or to the eolvency or ineolvency of aaid Mortgagor or t'.ie delendanta Such rente, proSts. inoome. issuea, and revenuea ahall be appGed by such reoeiver sooording to the Uen of thie mortgage ; and the practice of auc6 oourt. Ia the event of any default on tbe part of the Mortgagor hereunder, the Mortgegor agrcea to psy to the Mo on demand a8 a reasonable montbly rental for the premises an amount at leaat equivatent to one-twelfth (~zj oi the aggregate of the twelve monthly installments p~yable in the then cun+ent year plue the actual amount of the annual taxea, aseeasmente, Water ratee, snd ins~rance premiuma for auch year not coveced bq the aforesaid monthly psymenta. ! 10. In the event of any b-each of t6is mortgage or default on the part of the Mortga~gor, or in the event that j any of said aunna of money herein referred to be not promptly and fully paid according to tbe tenor hereof~ or in the E event thst eac6 and every the atipulations~ agreements~ oonditione, s?nd oovenants of said note and this mortgsge, ~ are not duly~ promptly, snd fully performed; then in eit6er or sny such event~ the esid aggregate sum mentioned ~ in eaid note then remsining unpaid, with interest accrued b that tune~ and all moneya eecured hereby, ahall beiwme ~ due and psyabk forthwit6~ or thereafter, at the option of said Mortgagee, as fully and oompletely as if all of the esid enma of money were ori~nally stipuleted to be paid on such day, anything in said note or in this mortgage to ~ the oontrary notwithstanding; sad thereupon or thereafter~ at the option of said Mortg,agee. without notice or demand~ suit at law or in equity, may be prueecuted as if all moaeys eecured hereby bad matured prior to its inatitu- tion. 1'6e Mortgagee may foreclose this mortgage, as to the amount eo declared due snd payeble, and the said ~ premises shaU be sold to satiafy and pay the same together wit6 e~oete, e:penaea, and allowancea In c~sae of p~rtial foreclosure of this mortgage, the mortgaged premisea shall be sold subject to the uontinuing lien of this mortgage ~ for the umount of the debt not then due and unpaid. In such caee the provisions of thia paragraph may again be ~ svailed of thereafter from time to time by the Morigagee. ~ I 1. No waiver of any covenant 6erein or of t6e obligstion aecured hereby shall at any time thereafter be held ~ to be a waiver of the terma hereof or of the note eecured hereby. ~ 12. The lien of this inbtrument a6a11 remain in full force and eHect dwing sny poetponement or extenaion of ~ the time of psyment of tbe indebtedneee or any part thereof eecuc+ed hereby. - ~ 13. If the Mortgagor default in say of the covensnta or agr~emente contained herein, or in esid note, then tha ' Mo ma orm the same snd all ex nditures mcludi reasonable atto . rtgagee y pert ~ pe ng rney's fees) made by the MortgaAee ~ in so do~ng shsll dnw interest st the rate provided for in the principal indebtedness, and shall be repsysbie ~ thirt,y (30) days siter demand~ and, toget6er with interest and costs accrued thereon, shall be secured by ~ this mortgage. 14. Upon the request of t6e Mortgagee the Mortgagor shall ea~ecute and deliver a supplementat note or ~ notes tor the sum or sums advanceci by t6e titortgagee for the slteration, modcrnization~ improvement, main- ~ tensnce~ or repair of said premises, for taxes or as.Qessments against the same and for an~ other purpose author- ~ ized hereunder. Ssid note or notes shall be secured hereby on s parity with and as fully as i[ the advance ~ evidenced thereby were included in the note firat described above. Said suppiemental note or notes shall bear interest a6 the rate provided for in the principal indebtedness and shall be paysble in ap pro~imately equsl ~ monthly payments for such period ss may be agreed upon by the creditor and debtor. Fail'u~g to agree on the ~ msturity, the wbole of the sum or sums so advanced shap be due and pa~able thiriy (30) deys atter demand - by the creditor. In no event shsll the msturity extend beyond the ultimate r~aturity of the nnte &rst ~ deacribed above. ~ BOUK ~~J PAGf ~l~ . ~ ~ ,;J: -n ~ . , _ ~ - ~ - - - :~g~~ .~!'=r T""+': e r%:.