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HomeMy WebLinkAbout0221 r, lendor to the :Nortgu~Ne in eccorJ~nce witli the. provisiona ol tliP notP e~cured liernb~•, tull pa~•uient ot the entire indebtedness repreaent,ed U~ereL~•, thR Mortgagee, aa lrus~ee, shall, in romputi~R the au~ount of such indebLeJness~ credit to tl~e account of t~ie :~iortgeKor nn~~ rredit balance reiuaining und~r the pro~•isiot?s of (a) of asid paragraph 2. lt therp shall be a default under any o( Uie pro~i~iona ot this mortga~e resultin~ in a - public asle o[ the pre~uises covered hereb~•, or if the Niortgagre acyuires the praperty otl~erN~se afte~ default~ the Mortgagee, ae truatee, sl~all epply, at the tuiie ot the coin~nencement ot sucli proceedings or at tl~e time , the proper~y is otl?erwise acyuired, the amount tt~en re~i~aining to credit of Morigagor under (a) of paragrapl~ 2 ~ preceding aa a credit on the interest accrued and unpaid anJ tl~e balance to the principal then re~nainin~ unpa~d on said note. . ~ 4. Ho aiU psy all taxee~ :eeeasments, water rst~es, and othnr governmental or municipsl chsrgee, fines~ ot impoeitions, tor whic6 pmviaion hae aot been made hereinbefore~ and in defsult thereoi the Mort.gagoa msy p?y the eame; sad thnt be ~rill pmmptly deliver the o~cial reoeiptr therefor to the Mottg~gee. b. He will permi~~ oommit. or suQer no wraate, impairment~ or deterioration of eaid pmperty or aay part thereof~ e~ccept reasonsble wear sud tear; and in the event of the fulure ot t6e Mortgagor to keep thR buildings on esid premisee and thaee to be erected on said premisea~ or improvemente thereon, in good repair~ the Mortgagee may make euch repaire aa in ite diecret~on it may deem neoeeeaty for the proper presc,rvation t6ereo[, and the fult amount of eac6 and every euch psyment shall be due and paysble thirty (30) days after demand, and s6all be aecured by t6e lien oi this mortgage. 6. He will pay all and aingular-the co~te, chergee, and expemes, including reaeonable lawyer'e teea, and ooets of sbstracts of titie; incSrted or paid at uny time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and oovenante of eaid promiseory note and this. mortgage, and said caeta, c6arges, and expensea ahsll be immediately due snd payable and ehaU be eecured by the lien of this mortgage. 7. He will oontinuously maintain hazard insurance, of such type or types sod amounta as Mortgagee may trom time to time require, on the itnpmvementa now or hereafter on said premises~ and ~xcept when peyment tor all such premiums has theretofore been.msde under (s) of paragraph 2 hereot~ he will pay promptly when due aay premiums lherefor. All insurance shall be carried in companiea approved by 111ortgagee and tbe poli- cies end renewals thereof shall be held by Mortgagee and have attached thereto loss payable clausee in fsvor oi and in larm acceptable to the_ Mortgagee. . In event oi loss he will give immediate notice by mail to Mortgagee~ and ~iortgagee may make prooi of Ioss if not made promptly by Mortgagor, and each insurance oompany ooncerned is hereby authorized and directed to make payment for such loss directly to Mortga~e~e instead of . to ;4lortgagor and :~iortgagee ointly, and t6e insurance proceeds~ or any part thereot, may be applied by Nior~ gagee at its option either to t~e reduction of the indebt,e~ness hereby aecured or to the restorat~on or repair oi the property dama~ed. In event of foreclosure of t6is mortgage or other transfer oi title to the mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title~ and interest of the Mortgagor m and to any insuronce~ policies then in force shall pass to the purchaser or grantee. R. If the pri•~ni.~~., or iui~- purt tl?i•r~•of, br ~•on~l~•~un~~~l uml~~r th~ poH~~r of eniin~nt don~vm, c,r uc~yuir~•d for a publie us~•, tli~ clun~uK~~s aw•arde~l, th~• pro~•~~e~ls for tl~c• tukink o(, or th~• ~onsid~rutio~~ for surh aryuisition, to the extent of tlu• fult a~i~ount of the ren~aininK unpni~l inde~bt~~~ln~•ss ~erur~d 1,~• this niortKaKe. arc~ I~rr~b~•. uasi~;necl io th~~ ~tort~aKee. und liis hi~irs nr assi~ns, an~l ,lu~ll ik~ pui~l fortl?H•ilh to sui~i ~lort~;a~~•~ or hi,s uasiknee to tx~ ep~~lied on a~•~•ount of th~~ lust niuturiu~ install~u~•nIs of such ind~bteclnc•ss; pro~•i~lc•d. how•c~rer, tLe ~lort~aKcc~ ur his :LCSiKm•~~, ~na~• ut )iis di.~•n•tion pu~• ~lir~•i•t to thc~ ~~lortgnKor, l~is lu~irs or :~~.~i~;ns an~• pnrt or all of su~•L aK-ar~l; pro~i~lc~cl. tt~at if th~• louu i~ ~;uarunt~•~~d or insurn~l, tlu+ cons~nt of tlie guarantur or i~?sur~r is obtainc•~I in ad~ance of ~nid pa}•~~u•nt. The Mortgagee may, at any time pending a suit upon lhis mortgage, spply to the court having juriediction L6ertof for the sppointment of a receiver, and such court shall fort6with appoint s receiver of the premises covered bereby all anu singular, including all and singular t6e income~ pro6ts, is9ues~ and revenuea from whatever source darived~ each and every of which, it being expressly understood, is hereby mortgaged ss if speci6cally set forth and clescrii,zd in tt,e granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted ' e~uity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of the val~ie of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!~e defendants. Such rents; proSt3, income, isguea~ and revenues shall be applieJ by such receiver according to the lien of thia mortgage ' snd the practice of such court. In the event of any default on the part of t6e Mortgago~ hereunder, the Mortgagor ! agrees to pay to the Mortgagee on demand as s reasonable monthly rental for the premises an amount at least ~ equivalent to. one-twel(th (~2) of the aggregate of the twelve monthly installmenta payable in the then current , year plus the actual amount of the annual taxea~ a~essmente, water rates, and insurance premiums for auch yeat ~ not covered by the aforesaid monthly paymente. i 10. In the event of sny b-each of this mortgage or default on the part of the Mortgagor; or in t6e event that any of said sums of money herein referred to be not promptly and fully pa~daccording to the tenor hereof~ or in Lhe ~ ~ event that each and every the atipulations~ agreements~ conditions, and oovenants 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, shall become ~ due and payable forthwith~ or thereafter, at the option ot said Mortgagee, as fully and completely as if all of the said sums of money were ori~nally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary 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 mnneys secured hereby had matured prior to its institu- tion. The ;~iortgagee may foreclose this mortRage~ as to the amount ao declared due and payable, and the said premiees shall be sold to satisfy and pay the st?me together w:th costa, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged pmmises ahall 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 pmvisions of this paragraph may again be ~ availed of theresiter from time to time by the :~iortgagee. ~ 11. No waiver of any oovenant herein or of t6e obligation secured hereby shall at any time thereafter be held ~ to be a waiver of the terme hereof or of the note secured hereby. ~ 12. The lien of thie inbtrument shall remain in (ull force and efiect durin an _ the t:me of payment of the indebtednese or any part thereof eecured hereby. g y~~p°nement or extension oi ~:3. If t6e Mortgagor default in sny of the covenanta or agre~menta contained herein, or in said note, then.the Mortgagee mey perform the same~ and all expenditures (including reasonabfe attorney's fees) made by the M~rtgaRee _ in so doing shall draw interest at the ra,te provided tor in the principal indebtedness, and shall be repa~ able t6irt~t (30) days a[ter demand, and, toget6er with interest and costs accrued thereon, shall be secured by ~ this mortgage. 14. Upon the request ot the riortgagee the t'Iortga{;or shall eaecute and deliver a supplemental note or notes for the sum or sums advanced by t6e ~fortgagee for the alter~tion, modernization, improvement, main- tensnce, or repai~ of said premises, for taxes or as.~e~5ments against the same end (or an} other purpose author- ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as fully as i( the ad~ance `~~~'3 evidenced thereby were included in Lhe note firsl described above. Said snpplemental note or notes shall bear ~ interest at the rate provided tor in the principal indebtedness and shall be payable in ap proximately equal ~ monthly pay ments for such period as may be a~reed upon by the creditor and debtor. Failing Lo agree on the ~ msturity, the whole oi the sum or sums so nd~:anced shull be due and patable lhirty (30) days after Jemand ~ by t6e creditor. In no event ahall the maturity excend beyond the ultimate c~aturity of t,be note first described sbove. ~ ~ 2~5 Z16 ~ _ _ : .