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Home My WebLink About0383 . tender to the :1~lortgag~~r in ~ccurd~?n~•r v?ith the provixions o( the ~+ot~ srcurr~l here•bv, full pa~•n~enl ut the enl,ire indebtedneas represrnted tl~ereb~•, the T4ort~;agee, aa truateN, shnll, in coniputirig th~ aiuuunt, ot surl~ indebtednesa~ crediL to tl~P acco~~nt ot t~ir ~lortgeRor nu~• rre~lit belauce reineinin~ und~r thr pru~•iKionss of (a) of s~id psragrsph 2. l~ tl?ere 9ha11 t~ e detault undPr auy o~ tiie proviaiuus o( this mo~tga~e resultinK in e public sale ot the prP~ui~re covered hereb~•, or if the tilortgagee acywress tlie properl}• otherv?~se eh~~r defsult, the Mortg~gee, ua t~u~tee, shall apply~ at thF tune o( Lhe conuuencen~ent of such proceeciinga or at the time ~ tbe peoperty is otherwise arquired,lhe eu?ount then remaining ~o crNJit of I1~lortgagor w~der (a) af Nuru~rapli 2 preced'u~g sa a crrdit on tl?e interest accrued and unpeid and the balsn~•e to the principsl Il~en reu?siu~ng unpa~d on said notr. - 4. He wiU psy all tsxea. a~samenta. wster n?tea aad other ~overnmental or municipsl chatges, 8ne~„ os impoeitions, for which provision hsa not been ms~1e hereinbefore, and w detault thereoi the Mortgagee msy p~y tLe eame; and thst he will promptly deliver the officisl reoeipts t6eretor to the Mortgagee. b. Ho ~rill permit, oommit, or auHer no waste, impairment~ or deterioration of eaid property or aay part thereof eucept reasonable wear snd tear; aad in the even~ of the tailure of the Mortgagor to keep the buildinp on saic~ pcemises and those to be erect~ed on said premieea, or improvements thereon, in good repair the Mortgagee msy mslce such repai~s ae in i!a discretion it may deem neceeeary tor the proper prea~rvatioa thereo#~ snd the full smounti of each and every euch psyment shall be due sad psyable thirty (30) dsys after demaad, snd shaU be eeeured by the lien of thia mortgage. 8. He uill psy all and eingular the coete, c~~ and e~cpensee, includia~ reaeonable lswyer'a lees, snd oosta of abstracte of title, incurred or psid at aay time by e Mortgsgoe becsuee of the failure on the part ot the Martgagor promptly and full to pertorm the a~reementa snd csvenanta of eaid promieeory aote and thia mortgage~ and eaid oa,ts, charges~ an~expenses shall be immedintely due snd paysble and shaU be eecured by the lien of thia mort~age. He will oontinuously msintain hazard inaurance, oi such type or types and amounts se Mortgagee may tmm time to time require, on the impmvementa now or hereaiter on said premises, snd e.ccept when payment tor all such preraiums hea theretofore been made under (a) of parag~aph 2 hereof he will pay promptly when i- due any premiums thcrefor. All~insur~nce shall be carried ia companies approve~ by I1lortgagee and the poli- cies end renewals thereof shall be held by Mortgagee and bsve attached thereto Ioss payable clauseB in favor ot and in focm acceptable to t6e Mortgagee. _ In event of loss he wiU give immediate not~ce by mail to Mortgagee~ and \Sortgagee may make proof of Ioss if not made ptomptly by Mortgagor, and each insurance oompany ooncerned is hereby~authorized and directed to make paymen~ for auch loss directly to Mortgag ~ b tead of to Mortgsgor and Mortgagee jointly, and t6e insutance proceeds, or any part thereof, msy be app7i y Mor~ g s gee at ita o ption either to tbe reductioa oi the indebtedness hereb y secured or to the restoration or re pair of the pmperty dama~ed. In eveat oi foreclosure of this mortgage or other transfer of title to the mortgaged property in extingmshment of the indebtednesa secured hereby, a~l right~ title~ and interest ot the Mortgagor m and to any inaure?nce policies theu in force shall pnsa to the purchaser or grantee. R. If the preii!is~~s, ur uu~~ purt lh~•reof, bc~ ~•ond~~~uuecl uniler the }ww•er of e~ninent don~u~n, or u~•quired for a pub{ic us~•, th~ damaK~~s aw•erded, tlu~ pro~•~•e~is for the tnkink of, or th~• ~•onsicic~ration for su~•h ncquis~tion, to the ext~nt of ihe full uii~ount of th~~ r~•tnainin~ unpai~l iiul~bt~~~ln~:,s s~~rurecl b~• this ~i~ort~uKe, arn iier~b~• uuikn~~d to tl~i~ ~IoriKaK~~~•. uuil his h~•i~ or ua,iRns, an~l shuU hi• puiil forth~~•itl~ to suid ~1ort~a~~~e or his assiKne~ to !~e applied uu a~•~•ow~t of th~~ last niuturinr installiiu~nts of su~•1? indc•bt~dness; pro~•i~l~•d, ho~~•~•~•er, the 11ort~uKcr or his as.ciKn~~~•, uiu~• ut his ~I4,rr~•Iion pu~• ~lir~~rt to th~• Jlort~;ukur, his l~~in ~~r ussi~ns an~• pArt or nll of su~•h a~~•ard; pro~-i~l~~d, thut if th~~ lu:u~ is ~:uaranl~~~~d or insun•d, tli~ ~•onseut oi thr guurantur or iiisurnr is obtainc•d in a~ivance o( said purm~•nt. The Mortgagee may~ at any time pending a sait upon this mortgage, apply to the court having jurisdiction thereo[ for the appointment of s receiver~ and such court shaU forthwith appoint a reoeiver of the premises oovered hereby all arid singulat~ including all and singular the income, profits, issues. and revenues from whatever source derived~ each and every of which~ it being expressly understood, ia heteby mortgaged a8 if apecifically set forth and described in the granting and habendum clauses }?ereoi. Such appointment shall be made by auch court as an admitted equity and a mattet of absolute right 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 the defendants. Such rents~ pro6ts. income~ issues, and revenues shall be applied by such receiver according to the lien of this mortgage ' and the practice ot such oourt. In the event of any default on the part of t6e Mortgagor 6ereunder, the Mortgagor ; agrces to pey to the ~'Iortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelith (~z) of the aggregate of the twelve monthly installments payable in the then current ~ year plus the actual amount of the annual taxes, sssasments, water rates, and insuranoe premiume for such year f aot covered by the aforesaid monthly payment~. j lU. In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that ; any of said sums of money herein referred to be not pmmptly and fully paid according to the tenor hereof~ or in the E event thst each and every the atipulations~ agreements~ conditions, and covenants of said note and thia mortgage, f are not duly, promptly, und fully performed; then in either or any such event~ the said aggregate sum mentioned : in ssid note then r~maining unpaid, with interest accrued to that time~ and sll moneys secured hereby, ahall become ~ due and payable fort6with~ or thereafter~ at the option of said Mortgagee, as futly and completely as if all of the eaid aums of money were ori~nally stipulated to be paid on such day, anythiag in said note or in this mortgage to ~ the contrery notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand~ suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- ~ tion. The Mortgagee msy foreclase this mortgage, as to the amount eu declared du~ and pnyable, and the said premiees shall be sold to satisfy and pay the same topether with coets, expenses, snd allowances. In ca~e of p~rtisl foreclosure of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In auch case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. . - ~ 11. No waiver of any covenant 6emin or of the obligation secured hereby shall at any time thereatter be held ~ to be s waiver of the terma hereof or of the note secured hereby. ~ 12. The lien of thie instrument ahall remain in fuU force and ePlect during any postponement or extenaion of ~ t6e time of psyment of t6e indebtedness or any part thereoi eecured hereby. 1:i. If the Mortgagor default in any of the covenanta or agreementa contained herein~ or in said note, then the ~ Mortgagee may perform the same~ end all expenditures (including reasonable attorney's fees) made by the MortgaRee ~ in so doing shall draw interest at the rate pro~ ided tor in the principal indebtecln~ss, and shall be rnpayable ~ thirty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by ~ this mortgage. ~ 14. Upon the request of the 1~iortgagee the tiiortgagor shall exe.cuce and deliver s supplemental note or notes for the sum or sums advanced by t6e itortgagee for the alteration, modernization, improvement, main- ~ tenance~ or repair ot seid premises, for taxes or as.~essmenls against the semc and [or any other pur}wse author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i( the advance ~ evidenced thereby were included in the note first described abo~e. Said snpplemental note or notes shall bear ~ interest at the rate provided for in the principal indebtedness and shall be pa; able in ap prorimately equal ~ monthly pay mencs [or such period as may be a~reed upon by the creditor and debtor. Failing to agrec on the ~ msturity~ ~he whole of the sum or sums so ad~anced shall bc due and payable thirty (30) days a[ter demand - ~ by t6e creditor. In no event shalt the maturity extend beyond the ultimate ciaturity ot the note first described above. ~ ~ ~'R i ~~S PAGE } ~ ~ ~y ~ , - ~ ~ ~ ~ . M . , , . _ ~ , _ _