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HomeMy WebLinkAbout0134 , • ~ ~ .+y ~ ?N'r j'~ ' teod~ f~~he Mortga~Ne in w•corduu~•r with the pruvixiuus o~ tl~e uut~ srcurrd h~•rrbv, full pa~~nent ut the en~ire indebledneas repr~•sri~ted tl~rrebv, t1~P ~tortgngPe, as tru3~~~e, af~wll, in computii?g tlu~ aniuunt of ~ucl? indebtedursa, rredit to tl~r a~•~•uunt o~ t~,~• ~lurt~uKor un~• cr~•dit balance retnsining und~~r th~ pruvisia?s of (u) of said paragrsph 2. 1~ th~rn ahall be a ~INfau t uud~•r nny of tlic~ provixiais ot this u~ortga~~ ~~~sultin~; in a public sale ot the preiui+~cs co~•ered hrrrb~•, or iI tl~c tiiortgugre acywress tl?e pru}~rrt~~ otherw~~se a~ter de~ault, the 1liortg~ee, u8 t~uatr~~, a}~~U app1Y, at the lune o1 the ~•auniencr~nent of such procNrdin~re or at thc time the property ia othPrwiae eu•quired, the au~ount Ihcn reuiainiu~ ~u ~•rr~lit of ~lortguKor under (a) of Naragraph 2 preceding au e crNdit ou the intrrest accruea und unpuid and t ~e bulaui•P to lli~ pr~nc~pal 1h~~t~ rn~uainiuK w~patd on said no[e. 4. He ~viU psy all taxea seeessmenta, w~tsr rst~es. i?nd other governmentai or muaicipal charge0. 6nes„ o: imposiEione. tor whic6 pro~~iaion 6ae not been msde hereiabefoca. and in default thereof tbe Mortgagee may psy the eame; i?nd tbi?~ he w?ill promptly deliver the o~cieJ reoapt~ therefor to the Mortgagee. b. He wiU permit~ oommit, or suffer no wa8te~ impairment~ or deterioration ot eaid pmperty os sny psrt thereof~ eaccept reaeonable wear and tear; und in the eveat oi the lailure oi the Mortgagor to keep the .buildingA on eaid premisee and thoee to be erected oa eaid premises. or impmvementa thereon~ in good repair~ the Mortgagee may mske auch repaire ae in ite diacretion it msy deem neceeeary for the pmper preec.rvation thereof~ and the full amount of each and every euch psyment ahaU be due and pe?yable thirty (30) dsys siter demaad~ a~nd ehall be eecured by the lien ot this mortgaae. 8. He wiU psy all and aingular the coeta. c6argea, and e:peneea including reaaonable lswyer'e icee, sad ooats ot sbetracta of title, incurred or paid at any time by the Mortgagee becauee ot the tailure on the part ot the Mortgagor promptly and fuUy to perform the agreemente and covenanta of eaid pmmiaeory note and thia mortgage, and said ooete, chargea~ and expen~es ahall be immeriiately due and payable and ehaU be eecw~ed by the lien of this mort~age. 7. Ne will oontinuously maint~sin hazard inaurance, of euc6 type or typea snd smounts ss Mortgagee may from time to time require, on the impmvemente now or hereaiter on said premises, and e.~cept when payment tor all such premiums 6as theretofore been made under (s) of paragraph 2 hereof, 6e will pay promptly when due aay prenuums therefor. All insurance shall be carried in companies appcoved by 111ortgagee and the poli- cies and renewals chereof shull be held by Mortgagee and have attached thereto loss payable clauses in favor of snd in form acceptable to the 11Zortga~ee. In event oi losa t~e will give immediate notice by mail to Mortgagee, and ~iortgagee mny make prooi of ioss if not made promptly by Mortgagor, aad each inaurance oompany ooncerned is hereby authorized and directed to make psyment tor such loss directly to Mortgagea instead of to :1lortgagor and 4lortgagee jointly~ snd the insurance proceecls, or any part thereot~ may be applied by MorF gagee at ita opt~on either to t6e reductioa oi the indebtednesa hereby secured or to the restoret~on or repair of the property damaped. In event of foreclosure of this mortgage or other transfec oi title to the mortgaged property in e~rlingwshment of the indebtedness secured hereby, s~i nght, title~ and interest of the Mortgagor in and to any insurance policiea then in force shall pnsa to the purcha3er or grantee. R. If th~• prnn~isi•s, ur un~- purt tlii•muf. be ~•onil~•iune~l und~•r tl~~ ~ww•~r of ~~n~iiu~nt du~nu~u, ur a~•yuire~d far u public us~•. ti~~• ~lu~ua~~•s aw•~r~ic~l. tLr pro~•~•~~il, [or th~~ takink of. or th~• ~•on,id~~rt~tion for su~•h arquu~tiou, to th~~ exti•nt af th~ full aiuount of th~~ r~•n?uiniu~? ~u?pi~i~l incl~•I,t~•~It~~•ss ci~i•ured h~~ this ~i~ortKak~~. urn he~r~~b~- u.si~u~•~l i~~ th~~ \tort~aK~~~, un~l his h~•in ~~r u:,i~n,, aiu~l ,l~ull iH• ~~ui~l lorth~~-ith to .ui~l ~1urtKu~~•~~ or 1i4~ a~~iKnc~• t~~ ix• appli~~~l on ar~•ount uf th~• la,t ~naiturin~ ii?.tulLu~~i?t, of .u~•h ind~•bt~~~ln~•,s; pro~~i~l~~d. hu~~~~•~•~r, ti~~ ~turtKuKe~~ or his a..siKn~~~•, nu?~- ut lii3 ~lis~•n~tiou puc ~tir~•~•t ta th~• \tortku~?ur, lii~ lu~i~ ~?r u,si;~us un~- purt ur all of .w•h i?~~~ar~l ; pro~-i~lt~~l, tl~ut if th~~ luun is ~;u:~r:int~~~~~1 or insur~~~l, thi• c•o~is~~nt o( th~• ~?uuruulur or insw~•r is obtxincvl in a~i~~ance of ;i~i~l pa~-nu~nt. The ~lortgagee may~ at any time pending a suit upon this mortgage~ apply to the coutt having jurisdiction thereof for the appointment of a receiver, and suc6 coutt ehall forthwith appoint a receiver of the premisea covered hereby atl and siagular, including at1 and singular the income, profita, iasuea, and revenues from whatever source derived~ each and every of which. it being expresgly ~underatoal, ia hereby mortgaged sa if speci6cally set forth and described in the granting and habendum clsuses hereof. Such appointment shaU be made by such court as an admitted equity and a matter of absolute iight to said Mortgagee~ and without reference to the sdequacy or inadequacy of the value of the property mortgaged or to the eolvency or insolvency of said 1liortgagor or the defendante. Such ' rents, pro6ts, income, isaues~ and tevenues shaU be applied by such receiver according to the lien of this mortgage ~ and the practice o( auch oourt. In t6e event of any default on the part of the Mortgagor hereunder~ the Mortgagor f agrc~es to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least ~ equivalent to onc-twelfth (3/z) of the aggregate of the twelve montbly installments payable in the then curreat ~ year plus the actual amount of t6e annusl taxes, asgessments, water rates~ and insurance premiums for auch year not covered by the aforesaid monthly pay menta. ~ ~ 10_ In t~e event of any b*each of this mortgage or de(ault on the p~rt of the Mortgagor; or in the event that sny of said aums of money herein referred to be not promptly and fully Fxidaccordin to the tenor hereof~ or in the x event that each and every the atipulations, agreements, conditions~ and covenants o said note and this mortgage, are not duly, promptly, end fully performed; then in either or any such event~ the said aggrcgate sum mentioned in said note then mmnining unpaid~ with interest accrued to that tim~, and aU moneya secured hereby, shall become due and payable forthwith, or themafter, at the option of said 111ortgagec, ss fully and completely us if all of the esid sums of money were origi.nslly stipulated to be paid on such day, anything in said note or in this mortgage to t6e contrary notwithstanding; and t6ereupon or thereafter~ at the option of saiJ Mortgagee, without notice ~e demand~ suit at luw or in equity~ may be prosecuted as if all mone~•s secured hereby had matured prior to its institu- tion. The htortgagee may foreclose this mortRage, as to the amount so declared due and payable, and the said premises ahall be sold to satisfy and pay the same together with costs, eapenaes, and allowances. In case of partis! foreclosure of this mortgage, the mortgaged pmmisea shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this para~aph may again be evailed oI thereafter Irom time to time by the ~lortgagee. 11. No waiver of any covenant herein or of the obligation securcd hereby shall at any time thereafter be held to be s waiver of the terme hereof or o( tbe note secured hereby. ~ 1'l. The lien ot thia instrument ahall remain in full force sad ePfect duriag any postponement or extension of y the time of psyment of t6e indebtednesa or"any part thereof secured 6ereby. ~ If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the ~ Mort ee ms rform the same and aU ex nditures ~ncludin reasonable attorne 's fees) made b the l~To BaB Y Pe ~ Pe C 8 Y Y rtBaR~ ~ in so doin~ shall draw interest at the rate pro~•ided for in the principal in~lebtedn~ss, and shall be repa~•able ~ thirty (30) days a[ter demand, and~ toge~her with interest and costs accrued thereon, shall be secured by ~ _ this mortgsge. 14. L'pon the request of the ~lortgaRee the ~iortgagor shall eaecute and deliver a supplementa) note or ~ notes tor the sum or sums advanced by l6e ~tort~agee for the alteration, modcrnization, improvemcn4, main- ~ tenance, or repair ot said premises, for taxes or as.~es5ments against the samc and for aa~• other purpusc author- ized hereunder. Said note or notes shall be secured hereby on a parity w ith and as (ully as.i( ehe ad~ ance evidenced thereby were included in the note first deseribed abovc. Said sapplem~ntal note or notes shall bcar inlerest at the rste provided for in the principal indebtedness and shall be pa~able in approrimately equal monthly pa}~menls for such period as may be a~reed upon by the creditor and debtor. Failing to agree on the maturity, the whole ot the sum or sums so acl~anced shall be due and pa~•at,le thirt,~ (30) dsys aftcr dcmand by the creditor. In no event shall Lhe ma~uri~,y extend beyoad t,he ultimate ciaturity of the note first described sbove. a~ 268 ~ 1~4 a~ 267 ;