The URL can be used to link to this page

Home My WebLink About1784 - , ti~ ~ . teaJer to t,he ZViortgagee in acconlan~~ with the ptovisiona o~ tl~e t~ot~ srru~ed hNreb~•, full payu~ent ut tl?e entire indeblednesa represrnted thereb~•~ the MorlgaKee~ as trus~ee, shall~ i~ cauputing 1he aniount ot such indebi,eclnesa~ credit to tl~e i?ccount ot the :~1orlgeKor nny credit balance reiuaining under the provisious of (a) ot said pare~raph 2. If there sliell be a default unde~ any ot U~e pmvisio~is of tl?ia u~orlgs~e resulting in public aale ot the pren~isc~s covered l~erebv. or if the Mortgsgre acyuirea tt~e property otlierw~se atter ciefault, the Mortg~gee~ sa truetre~ ahall appty~ at the tuue ot the commencemenl ot such proceedings or at tlie time the property ia otl+erwise scquired~ the aluount then re~usining to crrdit ot Mortgagor under (a) of paragraph 2 preceding ~s a credit on the intereat accrueci a~d unpaid and tl~e bulance lo lt?e principal then ren~aining unpaid on said note. 4. He ~riU p?y ap taxes, aeeeeements, wst,er rates, and other governmeatal or muDicipul eharges~ 6a~. os impoeitioas, for which provieioa haa not been made hereinbefore, aad in del~ult thereof t6e Mort~s8~ ~+Y W1Y ~ eame; ~nd thst he will promptly deliver t.he o~cial reeeipts theretor to the Mortgagga b. He ~viU permit~ oommi~, or euBer no was~e, impairment~ or deteriorstion ot aaid property or anp patt ther~f except reasonabla Mear aad t~esr• and in the eveat of the tailure of the Mortgagor to keep the buildingp oa eai~ premises and thoee to be erecte~ on eaid premiees, or irnprovemenfie t6erEOn, in good repair the Mortgagee msy mske such repsira aa in ita dieceetioa it may deem neceeeaty for the proper preac.rvaWon t6ereo#, and the tull amount ot each and every euch payment shall be due and pqy~bb thirty (30) de~ys sftsr demand, snd e6a11 be seeured by the lien ot t6ie mort~e. 8. He wiU pe?y all and eingulsr tbe ooete, ~ snd e:penee8, including reseonsble lswyer's feee, snd ~ casts of abstracta of fatle~ incurred or paid at any time by t e Mortgagee bec~?uee ot the fpilure on the patt of the Mortgagor prompcly and iully to pedorm the agreements and covenante of eaid promieeory note and Lhia mort~ge ~ and said caete~ chargee, and expenses shall be immediately due and payable and shall be eecured by the lien of thia mortgage. 7. He will oontinuoue~y maintain hazard inseirance, of such type or types and e?mounts as Mortgagee may tmm time to time require~ on the impmvements now or heresiter on said premises and eacept when payment tor all such premiums hea theretofore been made under (a) of paragcaph 2 hereoi,'he will pay prompLly when due any premiums thcrefor All insurance shall be carried in companiea approved by 111ort¢aeee and the poli- wim gna ~onnwglg fl~obnf gl.nll ~ 1.~1y1 I~v 1lifnrfonom ~wnr,~ 1~_00 o~.t.~.•h~ thp..?t_? ln~ nov.l~lr nfig~4~m'~n fa°n~ vE i and in form acceptable to che Mortgagee In eveni of loss he will give immediate noiice by mail to Mortgagee~ and Mortgagee may raake proof ot ~oss if not made promptly by Mortgsgor, and each insuranoe oompany oonceraed ia hereby~authorized and directed to make psyment for such loss directly to Mortgage~e instead of to Mortgagor and Mortgagee joinWy, and the insurance proceeds, or sny part thereoi~ may be applied by Morw gagee at its option either to the reduction oi L5e indebtednesa hereby eecured or to the res~oration or repsir of the property damaped. In event of foreclosure oi this mortgage or other transfer of title to the mortgaged pmperty in extingu~shment of the indebtednese secured hereby, a~l right, title, and intereat oi the Mortgagor m and to any inaurance policies then in lorce shall pnss to the p~rcheser or grantee. 8. If the premisi~s, or an~- purt ther~of, b~ e•onilenmrcl under thc poKer of enuneiit doiiia~n, or aequirecl for a public use, the cla~nages awerdecl, th~~ pro~•e~ds for the taking of, or the ~onsiderntion for sucli acyui~ition, to tl~r extent of tlie full un~ount o( the rc~n?aininK w~puid indebte~lnc~s sec•ured 1>y tLis mortgaKe, arn hereb~• assikn~~~l to tlu~ ~iortKe~ee, u~id his hi•i~~ c~r u~.si~n,, un~l sl?sll b~~ pui~l forthw•itl~ to suid ~lorikugee or hi.s assiKt?e~ to bc~ applied on a~•~•ow~t uf th~~ lust niuturiu;~ installnii~nts of su~•I~ indc•bt~•dm~s.ti; pro~•i~l~~d, ho~~e~-er, the 4lortgu~ei~ or his ussiKn~•~, iuu~ at his ~lis~•rntion pu~• clire~•t to th~ vlortgn~;or, Lis lu~irs or ussi~ns an~• part or all of such aw-urd; pro~ided, tliut if tl~e luun is ~?uurunterd or insur~•d, thc consent of tli~ guurantur or ii~sun•r is obtained in advance of ssid pa~•n~ent. 9• The Mortgagee may, at any time pending a suit upon this martgage, apply to the oourt having jurisdiction thereof for the eppointment of a receiver, and such court shall forthwith appoint e reoeiver of the premisea oovere~ hereby all arid aingular, including all and singular the income, profita, iasues, and revenues from whatever ~ource derived~ each and every of which~ it being expre~Jy underatood, is hereby mortgaged as if apecificaUy set forth and ~ deacribed in the granting and habendum clausea hereot. Such appointment shall be made by such oourt as an admitted ; equity and a matter of abeolute 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 of said Mortgagor or t:~e defendants. Such ; ' renta, pro6ts, income~ issues, and revenues shall be applied by such reoeiver according to the lien of this mortgage ~ , and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor , ; agr~es to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesst z equivalent to one-twelfth (yf z) of the aggregate of the twelve monthly installments payable in the then current ` year plus the actual amount of t6e annual taxea, ass~smente, water ratea, and insuranoe premiums for such year ; not covered by the aforesaid monthly paymenta ~ 10. In the eveni of any b~+each of this morigage or default on the part of the Mortgagor; or in the eveut that ~ ; any of said sums ot money herein referred to be not promptly and fuAy paid according to the tenor hereof~ or in the E event that each and every the atipulations, agreements~ conditione, and oovenanta 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 all moneys secured hereby, ahall become ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of t6e ~ esid sums of money ~rere ori~nslly stipulated to be paid on such day, anyLhing in said note or in this mortgage to the contrary notwithatanding; and thereupon or thereafter, at the option of said Mortgagce, without notice or demand, suit at law or in equity, may be prosecuted as if aU moneys secured hereby had matured prior to ita institu- tion. The Mortgagee may foreclose this mortgage~ as to the amount eo declared due and payable~ and the said ~ remiees shall be sold to satisfy and pay the same together with costs~ expensea, and sllowances. In case of partial os oreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage tor the amount of the debt not then due and unpaid. In suc6 case t6e provisions of this paragraph may again be g svailed of thereaiter fmm time to time by the Mortgagee. ~ 11. No waiver oi any covenant herein or of the obligation secured hereby ahsll at any time thereafter be held ~ to be s waiver of the terms hereof or of the note aecured hereby. - 1~. The liPa ~~~rument ehall remaia ia full for~ and sffsci c3uring say pc~L~~emcaL ur €xL~~:on ~f t6e time of payment ot the indebtednesa or any part thereof eecured hereby. " l:i. If tbe Mortgagor defsult in any of the oovenants or agreements contsined herein, or in said note, then the ~ - Mortgagee may pedorm the same~ and all expenditw~es (including reasonable attorney's fees) made by the Mortgagee ~ in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be rnpa~ able ~ t6irty (30) days atter clemand, and, toget6er with interest and costs accrued thereon, shall be secured by ~ this mortgage. - ~ 14. Upon t6e reque9t ot t6e Mortgagee the ~iortgaE;or shall execute and deliver a supplemental note or 5 notes for the sum or sums advance~l ny the titort.gagee for the alteration, modernization~ improvcinent, main- ~ tenartce, or repair of said premises, for taxes or assessments against the 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 t6ereby were included in the note firsl described above. Said snpplemental note or notes shall besr ~ interest at tbe rate provided for in the principal indebtedness and shall be payable in appro~imately equal ~ monthly pay ments for such periad as may be agreed upon by the creditor and debtor. Failing to agree on the ~ meturity, the whole of Ihe sum or sums so aclvanced shall bc due and pa~able thirty (30) dsys atter demand g by the creditor. In no event shall the maturity extend beyond 6he ultimate ciaturity of the note first ~ deacribed above. s ~z~4 ~~i7~5 ~ - - - - - _ _ - ~ . -.~:~~.~~ti .J~ . 3~_~.~ ~