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HomeMy WebLinkAbout0356 cendee a ch~ Mongagee in .ccord~nce willt the pro~isiona ot tlie nol~ secured t~ereby~ tul! puyn?ent of the entire indebtedness represented therebv. the Mortgagee~ as trustee~ sh~ll. i~ con~puting t}?~ tiiiount ot such indebLulness~ credi~ to tt~e account ot tlie Morti~~or any cred~t balance re~~aining under ti?e proviaions o( (s) ' . ot uid ~nph 2. It there ah~ll be s delsut~ utlcier any of the provisions o[ thia ~nortga~e resulting in a ~ publ4e sale o the premisea covered hereby. or i~ the Mortgagre acquu~es the property otherw~se afte~ detault~ ; the Mottgagee. as truatee~ shall spply. ~t the time o! the couunencement ot such proce~dings or at tl?e time ; the property is otherwise acquired. the amount then re~nainic~g to credit of Mongagor. under ot puagnpl~ 2 ; ptecediag as ~ credit on the intereaC accrued ~nd unpaid.aad tl~e balance to the principal then remsin~ng unpaid -~j --on said note. - - - - 4. He ~eiU p~y all t~es. ~t~, watet r~tea, aad ot6e~ ~overnmootal or municiP~l obart~ tln~e~, o~ ~ impoeitions, fec w~ich provision Laa not bem mscie here~betors. sod in delwk thereot L6s MorkK~ ~Y P~1Y ~ , ~ame; ~od tLa= bs will pt~ompLlpr delivee t6e o~ci~1 ieoeipts the~etoe t~o tbe Mat~es. . ; b. He Mill permit~ eommit, or su8ec ao waste, impairmea~ ot deterioratioa ot a~d ProP~Y Q~ : e~oept naaonsbk Mear and teae• and in Lbs event oE tbe ! ure ot tbe Mort~or to keep tbe b~ on eai~ ; ptemises and thoss to be eracte~ oa said premiaes, or improvexuents tbereon. in sood np~ir tbe Mortg~gee m~y make wch npairs as in its discretion it msy deem oeoeeauy tor the proper preecrvation thereo~. and the full amoua~ ot ea?c.h ~aad every such p~yment sbsU be due aod p?yabls W1rt,y (30) day~ Jter deaiand, aad ~hall be secured by tbe ltea of this mort~ge. - . 6. He will p?Y sll sad einsulu tbs ooata, ch~s, ~nd expea~, includina reasonabk Lwyer's fees, snd oostr of sbat~cacte of utle, incurred or paid st any Gme !ry Lhe Mortga~ee because of t6e tailure on t6e part of t6e Mort~o r W'omPtly aad i~ to pedorm tbe a~reements and oovenanta of said promiesory note and this. mo , an~ eaid y this. ~gage ~~*6~, and e~cpenses shAU be immediately due and payable and a6sU be eecured by the llen of this mortssae, ; 7. He aill oontinuousU maintain haaard insuranoe, oi such type or tiypas and amounta sa Mortgagee may trom time to time require, on the impmoementa now or hereatter on said premiaes and except when paymenL tor ~11 such premiuma has tLeretofore been m~de under (a) o~ paragnph 2 hereoi 'he will pay Promptly whan due any premiums lhcrefor. All iasuranoe ahall be canied in oompaniee approve~ by kiortga~ea and the poli- cies and renewals thereof ahall be 6eld by Mortgagee and have sttached t6ereto loes psysble cTausee in isvor ot ~nd in focm acceptable to t6e Mo . In event oi lo~ he will give immediats notioe by mail to Mortgagee~ snd Mortgagee may make.prooi~ ii not msde prompt~y b~ Mortgagor~ aad each insuranoe oompsny , aoncemed ia hereby~suthorued and directed to make payment for auch lo~s directly to Mor~~ b tead oi to Mortgagor snd Mortgagee jointly, and the insursnce proceeds, or any part, ihereoi may be app ' y Mortr gagee ai its option either b the reduction oi'tba iadebtednese_hereby eecured or to t~e restonWon or reps~r of the pmperty dama~ed. Ia event of foreclosure ot this mortgage or other transfer of title to tLe ~mortga~ed a? property in extangu~shment of the indebtedness secured bereby, af 1 right, title. and inf,erest oi t6e Mortgagor m and to any insuranee policiee then in force ahall p+?se_to t6e purcbaeet or grantee. 8. If the pre~~~is~~s, or nn~• part thernof, be rondeu~ned under tl?~ powPr of eminent~ donium, ur acquircd for ; a public use, tlie clamaKes awarcit~ci, U~e proreeds for the tsking of, or th~ ~onsid~rntion for such acquisition, to f the e~tent of tlie full s~nount of the remaining unpaid indebtedness securecl h~~ tliis u~ort~a~e, are I~ereb~• assigned to tl~e ~tortgagee, and his 1?eics or assi~us, and sLall tx• pai~l forthwith to saici ~1oriRa~ee or I~is assignee to be applied on acrow?t uf the last nrnturinK installn~rnts of su~~li indebtedness; pro~ided, hoKC~er, the tilort~a~e~ ur 1?is assignee, ~~~ar at 1?is ctisert~tion pa~- c1inK•t to tlie Vlortgagor, his I~eirs or ussigns an~ part ` or dll o( sucl~ aK•ard; prov~Jed, that if the loan is ~uurunt~e~! or insurecl, the consent o[ the gunrantor or insurer ? is obtained in advance ot said pa~•is~ent. 9• The Mortgagee msy. at any time pending s auit upon this mortgege~ apply to the oourt havit~g juriedicGon ~ Wereof for the appointment of a reoeiver, and auch oourt ehaq forthwith sppoint s receiver of the premises oavere~ ; hereby sll arid singular, includina sU and ~ngulsr the inoome. pro5ta, iaeuee, and revenues from whstever aource derived, each and every of which. it being expressly understood, u hereby mortgaged as if apeci6cslly aet forth and deecribed ia the granting and hsbendum clauses hereof. Such sppointment ahall be made by such oourt as sn admitted eywcy snd matcer oi abaotuce right to said Morc~ee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of asid Mertgagor or tae defendat?ta. Such renta~ profits; income~ i~ and nwenuea shaU be appiied by such receiver according to the lien of this mortgage ~ I and the practioe of auch oourt. In fbe eveat of any default on tbe paet of the Mortgsgor hereunder~~ the Mortgagor ~ agrces to pay to the Mo on demand as s reaaonabk monthly rental tor the premiaes an smount at leaat ; equivslent to one-twelft6~of the aggregate of the twelve monthly inetallmenta payable in the then current year plua tt~e actual amount of tbe uaauai tsuea, a~nents, water rstee, and insurance premiuma for auch year ~ ~ not aovered by the aforesaid monthlY PaYmeDts. • _ ~ 10. In tbe event of say b_-esch of t6is mortgaga or default on'the part of the Mortgagui~ or in the eveat thst aay of ssid suma of money herein r~ferred to be nflt promptly and fuUy paid according to the tenor hereof, or in the event that each and every the atipulations, agreementa, oonditions, and oovenante_of eaid note and this mortgage~ ' are not duly~ promptiy, and fully performed; t6en in either ot aay such event, t6e said aggregate sum mentioned ` ia eaid note then remaining ubpaid, with interesL sccrued to thst time, and all moneye aecured hereby, shall beec~~oma due and psysble fort6~ritb, or thereafter, at the optioa o[ said Mortga6ee. aa tully aad oompletely aa if sU of the - said suaos of money ~rere ori~nally stipulated to be paid on suc6 dsy, aaything in eaid note or in thia mortgage to the oontrary notwithstaading; and thereupon or thereaiter~ st the optien of said Mortgagee~ without notice or - demand~ suit at law or in equity, msy be prosecuted ae J all moneys aecured hereby had mat~red prior to its institu- : tion. The Mortgagee may forecloee this mortgage, aa to the amount eo declared due and payable~ and the asid premieea shall be aold to satiaty and psy the same together wit6 oosGa, eupenses~ and allowancea. In case of partial forecloeure of thia mortgage~ the mortgaged pmmises ahall be aold subject to the oontinuing lien of thia mortgage ' for the amount oi the debt not then due and unpaid. In auc6 caee the provisiona of thia peragrsp6 may again be svaile~ of thereafter lrom time to time by ihe Mortgagee. 11. No w~iver of any aovenant herein or oi the obligation secured hereby ahall at sny tupe thereafter be held ~ to be A waiver of the terms 6ereof or of tbe note aecured hereby. 12. The lien of thie inscrument s6a11 remain in tull foroe and eHect during any poetponement or extenaion of g ~ the time of psyment s! the indebcedneae or aay psrc chereof secuned hereby. ti. -13: If t~~ Mortgagor defautt in any ot tbe oovenante or aareemente oontained herein, or in anid note~ then tha ` ~ Morigagee msy ~erform the eame~ and all expenditur~s (including reasonable attorney's feea) made by the Mortga~ee ; in eo do~ng shal! drow interest at the rate pmvided tor in the principal indebtedness. and~ sha11 be repsyable ~ thirty (30) days atter demand~ and, 4,ogether witl~ interest and costs accrued thereon~ shall be secured by , this mortgage. ~ 14. Upon the request ot the Mortgagee the ~iortgagor shall execute and deliver a supplemental note or ' ~ notea for the sum or sums advanced by the ~tortgagee for the alteration, moderpization, improvement, main- ~ lenance, or repair oi said premises~ for taxes or asgessments against the same and for any other purpose author- ized hereunder. Said riote or notes shall be secured hereby on a parity with and as fully sa if the xdvance g evidenced thereby were in~cluded in the note 6rst deacribed sbo4e. Ssid snpplemental note or notes sha11 bear ~ interest at tha nte provided for in the principal indebtedness and shaU be payable in ap pro~imately equal = monthly payments for sach period ss may be agre~d upon by the creditor and debtor. Fsiling to agree on the = ms~,urity, the wbole of the sum or sums ~o ~dv~nced shall be due and pa~able thirty (30) days a(ter demand { by the creditor. In no event shiJl the maturity e~ciend beyond the ultimat~e raatutity oi the note first described above. - - eo~x 289 P~cE 3~ ; w:~~~.. _ _ _ - - - - ~ ~ ~ , ~ _ ~"~.~~~~~,~.~~~r-=.~ , = t ..f . C ~3 . . "S~'.';. . .