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Home My WebLink About0451 . ~i . ~ ? teader lo the Mortgx~ee in accurdance with U~e proviaiona of tlie note x~cured hen•b~•, tull pa~•~~?rni. ot tl~e entire indebledness reprearntrd therebY~ the Mortga~ee~ aa lrustre, shall, in computing the uiuount of such indebted~~esa, credit to tl~e sccount ot tl~e Mortgsgor aq,4 Fredit balance reu~eining under the pro~•isia?s of (t) oI a~id pusgr~ph 2. It there sli~ll be • default under any ot U~e provi~io~is ot this mortga~e rnsulting in s public sale o! the prem~ara covered i~erebv, or it the Mortgsgre acyutres tlie pmperty otl~e~w~se aftor de(ault, the Mortgsgee~ as t~lee, shsU apply~ st Lhe tune of the coinmencement ot such proceeclinga or at U~e timP the property ie ott~erwiae scquirecl~ the unount tl?en rem~?i~ing to credil ot Mortgagor uncler (a) of paragrBpl~ 2 preceding ae a credit on the interesC sccrued and unpaid and tlie balance to the principal then remain~ng unpe~d on said note. 4. He wiU p?y all taxee, ~aseeamenta, water nte~ ond otber governmeatat or municipal chargee, fine~„ os ianpoeitions, !os wbieh proviaion 6ae not beea made hereinbatore, and in detwlt theraot tbe Mort6~8~ ~+Y P~Y ~ ~ame; ~od thst be will PromPt~Y deliver the o@'ici~J reoeipta theretor to the Mortgagee. b. Hs ~rill permit, oommit, or suBer no M~ate, impsirment. or deteriorstion ot s~d property oraqy ~srt thereof eacoept eeaeonabb ~rear and tesr• snd in the event oi the failure of the Mortg~agor to keep Lhe building,e oa sai~ pnmises and L6ose to be ereete~ on said premises, or improvementa t~hereon. in good rep~air the Mortgagee auy mu~lce sueh.rep~iis as in ite dieeretaon iL msy deem neeeaeaty for the pmper prescrvation thereo~, and the full amounti ot each and every euch psymen~ shaq be due aad paysbb t,hirty (30) days ait~er demand, sad shsll be eeciued by the Uen of this mortgsae?. . 8. He will p?y all and singulu t6e ooete, charges, and expen~es~ including resaonable lewyer's fees, and oosts z ot abstracts of title, incurred or paid at, any ume by the Mostgngee ba:auee of the te?ilure on the pert ot the MortgagOr prompdy and f~ to perform t6e agreements and oovenaats of aaid promieeory note snd thia mortgage, an~I eaid ooste~ cbugea, an expeaeea shalt be immedi~?tely due snd psysble and shsll be secured by the lien of thie mortgage. 7. He wiU oontinuously maintain 6szsrd insuranoe, oi such type or types snd amounts as Mortgagee may from time to time require, on the improvements now or hereafter on seid premises and eacept when payment tor sll auch premiums has t6eretofore been msde under (s) oi p.ra~wFh a he,~eoi,'he will pay promptly when due aay premiums thc~efor. All insurance ahall be canied in compaiues approved by I?lortgagee and tLe poli- cies and renewals thereof shall be held by Mortgagee snd have sttached thereto losa psyable clsuses in favor oi , •nd in torm acceptable to t6e Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make prooi o3 Iosa if not made promptly by Mortgagor, and each insurance oompany ooncemed ia hereby~suthorized and directed to make psyment for such lo~a directly Lo Mor~ee instead oi to Mortgagor and Mortgagee jointly, nad the insurance proceeds~ or any psrt Lhereof may be app 'ed by Mor~ gagee at its option either to t6e reduction of the indebtedness hereby secured or to t~e restorataon or repair of . ~8 p~~~~ iimm~4w~, T~ a.,p„t of ioncclc~un+ oi thia mortgage or other transfer of title to the mortgaged property in extineu~s6ment of t6e indebtedness secured hereby. a~l right, title. and interest of the Mortgagar m and to any inaurance poGciea then in force ahall pase to the purchaser or grantee. R. If tlie prnniisi~s, or un~-.purt th~~r~~of, be• cond~ninecl under U~e~power o[ eii~in~nt douium, or arc{uir~~d for a public use, tlif• dan~ak~~s si~•arded, tL~~ pro~•eeils for the takiug of, or thr ~onsideruUon [or such acquisit~on, to tlie ertcnt of tl~e fup amount of tlie r~•n?aininK unpaid i~eclet,te~lness se~~ured b~• tl~is ~uortgaKe, arn liercb~• ussign~~~l to ih~• ~Iort~aKec•, uud his hein or u~.si~;ns, aml ~l~ali tx~ puid fortt~H•itl~ to sui~l ~tort~?age~~ or l~is ussiKnee to lx~ applied on a~•~•ount of th~• lust uu?turiu~ installi~~~•nts of su~•h ind~btedne~ss; pro~•i~le~~l, hoH•c~~•er, t6e \1ort~u~ee or liis :~tisiKne~, niu~ ut I~is dis~•n•tion pa~• dire~•t to th~ tilort~?a~;or, I?is h~~irs or u~.ci~us an~• pnrt - or aii of sw•1~ aH-ard; providt•d, tl?ut if the loan is ~;uariu~t~•~~~I or insured, thc roiisent of the guarantor or insurer is obtained in advanc•p of said pa~•n?e~~t. _ 9• 1'he Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having juriadiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all arid singular, including all and singular the income~ proSts~ issuee~ and revenues from whatever source derived, each and every of which~ it being expres4ly understood, is hereby morcgaged as if apeciScally eet forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such oourt as an admitted equity and a matter of absolute 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 the defendants. Such rents, profita, income, iseuea, and tevenuee ahall be applieJ by such receiver according to the lien of this mortgage . end the practice of such oourt. In the event of any default on the part of the Mortgagor hereunder, the Mortgsgor ag~ees to pay to the Mortgagee on demand se a reasonable mont6ly rental for the premises an amount at leas6 ` equivalent to one-twelfth (~z) of the aggregate of the twelve montWy installments payable in the then current E year plus the actusl amount of the an.nuai taxes, sesessments, water ratee, and insurance premiuma for such yesr ~ not oovered by the aforesaid monthly psymenta. 10. In t6e eventi of any b*each of this mo;tgage or defsolt on the part of the Mortgagor; or in the event that ~ any of said auma of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the E event that ea~ch and every the atipulations~ agreementa, conditions, and oovenants~of said note and this mortgage. ~ are not duly, promptly, and fully pedormed; then in either or any such event~ t6e said sggregate sum mentioned , in eaid note then remaining unpaid, with interest accrued to that time~ and all moneye eecured hereby, shall beoome ~ due and psyabk fottbwitt~, or thereafter at the option oE said Mortg,agee, sa fully and completely ~s if all of the eaid sums of money ~vere orig{w?lly stipu~ated to be paid on such day, anyl,hing in said note or in this mortgage to tbe ooatrsry notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, wiLhout notice ~r demand, suit at law or in equity, may be prosecuted as if all moneys aecured hereby had matured prior to its institu- tion. The Mortgagee may forecloee this mortgage, as to the amount eo declared du~ and payable, and the said _ premiees ahaU be sold to satisfy and pay the same together wit6 oosts~ e:pensea, and allowances. In case of p~rtial forecloaure of this mortgage. the mortguged premises ahall be eold aubject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such c~ee the provisions of thia paragraph may again be ~ availed of there~?iter fmm time to time by the Mortgagee. ~ 11. No ~vsiver ot any covenant herein or of the obligation eecured hereby ahall at any time thereafter be held ~ to be s waiver of the terms hereof or of t6e note aecured hereby. 12. T6e liea of thie inbtrument shall remain in full force and eHect during any poetponement or extension of ~ tbe time of p~yment of t6e indebtednese or any part thereof eecured hereby. ~ 13. I! the Mortgegor default in any of the covenanta or agreemente contained herein, or in eaid note, then the ; Mortgagee msy perform the same, and sU eupenditures (including reasonable attoroey'a fces) made by the Mortga~ee in so doing shall draw interesL at the rate provided for in the principal inJebtedneas, and ahall be repa~ able : t6irty (30) days atter demand, and, together with interest and costs accrued thereon, shall be secured by thia mortgage. ~ 14. Upoa the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or ' notes tor the sum or sums advanced ~y che titortgagee for the alteration, modernization, improvement, main- ~ tenance, or repair of said premises, for taxes or as.~essments against the same and for any other purpose suthor- ~ ized hereunder. Ssid note or notes shail be secured hereby on a parity with and as fully as i[ the advance ~ evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear ~ interes6 st the rate provided for in the principal indebtedness and shall be psyable in ap procimately equal ~ monthly psyments tor such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ msturity, the wbole ot the sum or sums so advanced shall bc due and pa~able thirty (30) dsys after demand ~ by the creditor. In no event shall t6e maturity extend beyond 6he ultimate ciaturity oi the note first ' described above. ~ $o~c 2~ ~ ~ ~51 ~ . ~ ~ ~ t - _ _ _ _ ~ 1~ ~ ~ a~~~ _ - ~