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Home My WebLink About0902 i . ~ lender lo the 1blortga~;ee in accordance witl? the provisions of the nole secu~ed l~ereb~•, tull pa~•ment, of the en~ire indeblednesa represented thereby ~ the Mortga~ee~ as t,rustee, ahall, in con?puting the emount ot auci? ~ indebte<Ineas~ credit to tiie eccount of the Mortga~or tnV credil belance re~naining under tl~e provisiona ot (a) oI said p raph 2. lt there sh~ll be e de(ault under any ot the prnvisio~~s ot this n?ortga~e resulting in e public sal~ the premises covered herebv, or it the Mortgagre acqwrea the prope~ty otherw~ after detault, the Mortgagee. as truetee, shsll 4pply~ ~t the time of the eouunencement of such proceedinga or et the lime ; the property is otherwise acquireci~ the smount then reiuaining to creciit o( Mortgagor under (s) ot paragrspl~ 2 ~ prec~ding aa s credit on the interest accrued and unpaid end tl?e balance to the principal then remain~ng unpetd ~ on said note. He.wlll p?y all taxe0. ~ase~ent0. w~tee rates, und otbes governmental or muaiciPv char6es. f~es, ot ~ impositions~ for wWe6 proviaion h~e not beea made hereinbefore~ and in defsult thereoi ths Mortgagea m~?y p?y t~6s ~ e~a~e; and tlv?t he will promptly deliver the o~cial reoeipts tharetor to t6e Mortg,~ee. b. He will permit. oommi~, or suSer no waate, impairment, or deterlorstion ot e~id P~P~y ~~y P~ ~t ~ except reaeonable ~reu snd teu• and in the eventi of the failure oi the Mortg~gor to keep the building~e on eai~ ! premieee snd Lhaee to be erecte~ on esid premisea, or improvemente thereon, in good repair the Mortgagee maY # mslce euch repsiia as in ite diecreWoa it au?y deem neoeeeary ior the proper Preecrvstion thereo~, and the lull amount ~ ot each and every such payment e6sll be due and p~,yable thirty (30) dsys ait~ demand, aad shall be secured by I fbe lien ot this mortgage. 6. He will psy all and aingular the oosta,~~~, i?nd e:peneee, including reseonable lswyer'a feee, and ooets of sbetn?cts ot Litle, incurred or psid st any time by tbe -Morigagee becauee of the failure on the part ot the Mortgagor promptly snd fully to pedoran the agreements and covenante of eaid pmmieeory note and thia mortgage, snd e~id ~ ooste~ ~hargea, and expensea ahall be immediately due and paye?ble and shsll be eecured by the lien of thie mortgage. 7. He will continuously maintsin hszard inenrance, oi such type or types snd amounte ss Mortgagee may tmm time to time require, on Lhe improvemente now or hereaiter on said premises and eacept when payment tor all sucb premiums hsa theretofore been made under (a~ of psragraph 2 hereof, he will psy pmmptly when due any premiums therefor. All insurance shsll be carried in companies approved by 111ortgagee snd the poli- cies and reaewals thereof shall be held by Mortgagee aad have attached thereto loss psyable cTauses ia favor of snd in form scceptable to ~be Mortgagee. In eveat oi losa he will give immediete notice by mail to Mortgagee, and Mortgagee maq make proof ot Ioss if not made promptlp by Mortgagor, arid each insuranoe oompany ooncerned is hereb authorized and d'uected to make payment for such lo~a du~ectly to Mortga~ee instead of to Mortgagor and ~ortgagee oinUy, and the insurance proceeds, or any p~rt thereot, msy be applied by Mor~ gagee at ita option either to t~e ~eductioa of -the indebtednesa hereby secured or to t6e restoration or repnir of the property dama~ed. In event of foreclosure oi this mortgage or other transier of Wtle to tbs mortga~ed property in excingmshment oi the indebtednesa secured hereby~ a~i ngLt, title, and interest of tbe Mortgagor m and to any insurance policiee then in force shall pnss to the purc6aser or grantee. 8. If the premise~s, or un~- part thereuf, be con~lenineil under th~ power o~ eniin~nt clou~am, ur acquirn~ for e public use, the dama~~~s uHarded. ihe pro~•~e~is for ihe takinK of, or th~~ ~onsid~ration for su~•h a~•quis~t~on, to tl~e extent a[ tLe full aniount of tl~c re~naining unpai~l indeLt~~lness ser.ured L~• this uiortgaKe, am liereb~- nssigned to tl~e ~1ort~aKee, un~l liis hei~ ~~r assi~;ns, und ~I~~il b~ pui~l forthv~•itli to said ~tortgag~e or i~is assiKnee to be applied on ac~•ouut of ti?e lust n~aturiu~ install~n~•nts of such inclebtedne~ss: pro~•i~led, hoH~~er, tl~e \iortKu~ec or )us assiKnee, u~u~ ut liis dis~•rntio~~ pa~• dire~•t to t}?~ Vlortgu~or, I~is h~irs or assigns sn~~ purt or all of such aH•arcl; prov~iled, thut i( the loan is Ku:vanteed or insure~l, the ronse»t of the guarantor or insurer is obtained in ad~ ance of said. pa~•ii~ent. 9• The Mortgagee may, at any time pending a suit upon thia mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of the premises aovered hereby all arid singular, including sll and aingular t6e income. pro5ta, iasuea, and revenuea fmm whatever source derived, each and every of which~ it being expressly understood~ is hereby mortgaged sa if specifically eet forth and described in the granting and habendum clauses hereof. Such appointment ahall be~ by such oourt as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the. adequacy or inadequ~cy, of the value of the pmperty mortgaged or to the solvency or insolvency of said Mortgagor or the defendanta. Such ' rents~ profits, income~ issues, and revenuea shall iSe applied by such receiver according to the lien of this mortgage i and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor i agrees to pay to the Mortgagee on demand as a rea.gonable monthly rental for the premises an amount at lesst equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then cun~ent j?ear plua the actual amount oi the annual taxes, assessmenta, water rates, and inaurance premiums for such year ~ not covered by the aforesaid montbly payments. E 10. In the event of any b-each of this mortgage or defaWt on the part of the Mortgagor; or in t~e event that any of said suma oi money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event thst each and every the atipulations, agreements~ conditione, and covenants of said note and this mortgage~ are no~ duly, promptly~ and fully perfornied; then in either or any such event~ the said aggregate 8um mentioned in eaid 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 of said Mortg,agee, as fully and completely ~s if all of the esid eums of money were origlnally stipulated to be paid on such day, anyLhing in said note or in this mortgage to . the contrary notwithstanding; aad 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 moneya secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to the amount ao declared due and payable, and the said premiees ahall be sold to satisfy and pay the same together with coste~ expen~es, and allowances. In case of p~rtial foreclosure ot this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mo=tgage for the amount of the debt not then due and unpaid. In such caae the provisions of fi,his paragraph may again be ~ availed of t6ereaiter from time to time by the Mortgagee. 11. No waiver of any covenant herein or of t6e obligation secured hereby shaA at sny time thereafter be held to be s waiver of the terme hereof or of the note secured hereby. ~ - 12. The lien of thia inscrument ahall remain in full force and eHect duriag any poatponement or extension of the time of psyment of the indebtedneas or any part thereof eecured hereby. ~ 1:3. Ii the Mortgagor defsult in any of the covenante or agreements contained herein, or in said note, then the ~ ~ Mortgagee may pedorm the eame~ and all expenditures (including reasonable attorney's fees) made by the MortgaRee ~ in so doing shall draw interest at the rate provided for in the principal indebtedncss, and shall be rrpa~ eble ; ~ thirty (30) days aiter demand, and, together with interest and costs accrued thereon, shaU be secured by ` ~ this mortgage. ~ 14. lipon the request of the Mortgagee the ~iortga};or shall execute and deliver a supplemental note or notes for the sum or sums advanced Dy the ~tortgagee for the alteration, modernization, improvement, main- tenance, or repai~ of said premi5es, for taxes or as.~es.sments against the same and tor an~ other purpose author- ~ ized hereunder. Ssid note or notes shall be secured hereby on s pariLy with and as fully as it che advance ~ evidenced thereby were included in the note first described above. Said s~~pplemental note or notes shall bear ~ int~erest et the mte provided for in the principal indebtedness and shall be pa~ able in ap proximately equal monthly payments for such period as may be a~reect upon by the credit,or and deblor. Failing to agree on the msturity, the whole of the sum or sams so sd~anced shall be due and pa~able thirty (30) days after demand ~ by the creditor. In no event shall t6e maturit,y extend beyond t6e uttimate c~aturity of the note first ~ deacribed above. L ` _ ~ ~ 9 ~;5~ VL12 r'~ ;r ~z a _ _ _ - - - ~ : .r~.-sG~ . . - _ . ~ ,.....M~.~~