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Home My WebLink About0476 ~endet lo the tiiortga~;re in uccurJ~u •r with the pco~wioi~a ot tl~e nate s~cured hereb~•, tull pa~•~ne~~t of the u entire indebtedness represented there v, ~he Mortga~re, as truatee, ahall, in coa~puting tlir en?ount ot eucl~ . indebtedness~ credi~ to the ~ccount of t~~e ~fortgoKor nny credit bnlance re~naining uncler the pcovisions o( (a) o[ said p~ragrsph 2. It there sl~ell be a ~letault und~r any of the provisiona ot this n?urtga~e resulting in • public sale ot the prenuara covered hereb~~, or if the Mortgagre acyu~rea tlie propertv otherwtse atter de[ault, the Mortgagee~ se truatee, ahsll epply, at the tin?e of the couunencement ot such proceedinge or st tl~e ~ime the property is ottierwise acquirecl, the amount then reu~aining to credit, of Mortgsgor under (s) of paragrapl~ 2 preceding ae a credit on the intereat eccrued and unpaid and tl?e balance to the pnne~psl then remaining unps?d . on said no~e. . ~1. He will p?y all tauea ~eeeementa water nt~es~ and other ~overomenW or muaicipal eharges, 8ne~„ os i~poeitions, tor which pmvieioa has not been made henlnbetore, and in defsult thereof tbe Mort~,egee auy p,y t6e same; i?nd t.hat be will promptly delive~ the o~cisl reoeipte theretor to t6e Mort~agee. b. Ha ~riU permiti, oommit, or suHer ao wsate, impsirment~ or detedoration ot eaid pmperty or anp ~part thereot ezcept reasonable weu ~?nd tear; and in L6e event of the tailure ot the Mortg~gor to keep the building~ on eata premisee and t6oee to be erected on asid pnmieea or improvemente thereoa~ in good repair We Morigagee may make such npairs aa in its diecretion it msy deem neceeeary tor the proper preec.rvstion thereo~~ and the tull amount of each and every such psyment ahall be due sad psysble t6irty (30) dsys Jter demsad, aad shall be aecured by - the lien of this mortgage. 6. He will pay all and eingular the ooeta, chargee~ and expeneea including reasonable lswyer's feea, snd oosts of sbetrscta ot title, incun~ed or paid st sny time by the Mortgsgee becauee of the failure on the psrt ot the Morigagor promptly and fully to per[orm the agreementa and oovenants ot eaid promieeory note and this mortgage. and eaid eoata~ charges~ and expenaea ahall be immediately due and psysble and ehall be secured by t6e lien of this mortgsge. 7. He will oontinuously maintain hszsrd inaurance, oi auch type or types snd amounta ~ Mortgagee mey from time to time require~ on the impmvemente now or hereafter on said premises and e.~cept when payment tor all such premiums has thetetofore been made under (s) oi parag~aph 2 hereof ~~e will pay pmmptly when due any pretniums therefor. All insurance shall be catried in companies approved by Diortgagee and the poli- cies and reaewats thereof shall be held by Mortgagee and he~ve attached thereto lo~s payable clausee in favor oi ' and in form acceptable 6a the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee. snd Mortgagee may mske proot ot Ioss if not made promptly by Mortgagor, and each insurance company cxancerned ta hereby authonzed and d'uected to make payment for auch losa du~ectly to Mortgagee instead of tio Mortgagor and Mortgag~e ~pip~t~y ~ and the insurance proceeds, or eny pert thereof~ may be applied by Mor~ gagee at its option eitber tb t~e reduction of the indebtedness hereby aecured or to the restoration or repair of the property dama&ed. In event of forectosure of this mortgage, or other transier oi title to the mc:tgaged pmperty in extinguishment ot the indebtedness secured hereby, all nght, title~ and interest of the Mortgagor m and to any insurance policiea then in force shall p~ss to the purchaser or grantee. R. If tl?e pren~is~~c, or un~• purt th~•rno(. b~ ~•on~lrn~n~~d un~ler tl~~ powc~r o( en~in~nt don~uiu, ur a~quir~d far a publir us~•. tli~ dnn~nK~~s aw~arded. th~• pro~•~~~~ds for th~~ takinK of, or th~• ~onsid~•ration for su~•h acyu~s~t~ou, to the ~~xte•nt of tlie full ui~iount of tLe r~~n~aininK ~iupaicl i~id~~bt~~ln~~s s~~rur~d hr tl~is n?ort~aKe, arP her~l~~• uasikned to th~~ ~lortga~~~~•, un~I hi.~ h~~ir~ ur u;si~ns, :?ud sLall h~ pui~l forthNith to said ~1ort~a~~~~~ or his aasiKnce to t,r applie~l on a~•~•ow?t of th~• l~st n~utur~n~ instulln~~~nts of su~•t~ ind~~btedm~u; pru~•i~l~~l. IioH•c~~•er, thc ~1ort~*uKe~ ur his assiKnr~, ~uu~- nt liis ~lis~•rntiot~ pa~- dir~~c•t to th~• `1ort~aKor, his li~irs or assi; ns am• purt or all of su~h aw~anl; pro~i~l~d, that if thc loun is ~uar:int~~~~~1 or insure~l, th~ ~•onsent of the guarant~~r or insurer is obtain~~~ in ad~•anre of said pu~•nu•nt. `•1• The Mor2gagee may~ at any time pending a auit upon this mortgage~ apply to the court having juriediction thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of the premisea oovered ~ hereby all arid singular~ including all and singular the income, profits~ issues, and r~venues from whatever source derived~ each and every of which, it being expressly understood, is hereby mortgaget~..Ae if $peci6cally aet forth and I described in the granting and hebendum clausea hereof. Such appointment shall be made by such court ss an admitted j equity and s matter of absolute right to eaid Mortgagee~ and without reference to:the.~.dequscy or inadequacy of _ i the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!~e defendants. Such ~ renta, profits, income, issuea, and revenuea shall be applied by such receiver according to the lien of thia mortgage : i and the practice of auch court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ? I egrees to pay to the biortgagee on demand as s reasonable monthly rental for the premises an amount at least i equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current ~ year plus the actuel amount of the annual taxee, assessmente, water rates, and insurance premiums for such year ~ not covered by the aforesaid monthly paymenta. ~ l0. In !he event of any b-each of this mortgage or default on the part of the Mortgagor; or in the eveet that ~ ~ any of said aums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that each aad every the stipulations~ agreements, conditions, and covenants 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 moneya secured hereby, shall become ~ due and payable forthwith, or thereafter, at the option of said blortgagee, as fully and completely ~a if sll of the ~ esid sums of money were originally stipulated to be psid on such day~ anything in said note or in this mortgage to ~ the contrary notwithstanding; aad thereupon or thereafter. at the option of said Mortgagee, without notice or ~ demand, suit at law or in equity, mey be prosecuted ss if all moneys secured hereby had matured prior to its institu- ~ tion. The Mortgagee may foreclose this mortRage, as to the amount so declared due and payable, and the said ~ premises ahall be sold to satisfy and pa}• the srime together with costa~ expenses, and sllowances. In case of partisl ~ foreclosure of this mortgage~ the mortgaged premises shall be sold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In auc6 case the provisions of this paragraph may again be - ~ availed ot thereaiter from time to time by the l~iortgagee. 11. No waiver of any oovenant herein or of the obligation secured hereby ahall at any time thereafter be held ` to be s waiver of the terma hereof or of the note aecured hereby. ; 12. The lien of thia inatrument ehall remain in full force and effect during any postponement or extension of ~ ~ the time of payment of the indebtednesa or any part thereof eecured hereby. ' = I:i- II the Mortgagor default in sny of the covenants or agreementa contained herein, or in said note, then the - Mortgagee may per(orm the ssme, and all expenditures (including reagonable attorney's fees) ma~je by the Mort~a~ee in so doin~ shall draw interest at the rate pro~ iJcd (or in the principal indebtedn~ss, and shall be repa~•abla - thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. - 14. L'pon the request ot thc :~iortgagee the 1lortgaf;or shall eaecute and deliver a supplemental note or ' notes !or the sum or sums ad~ancecl by tbe ~iortgagee tor the alteration, modernization, impro~cmrnt, msin- tenance, or repai- of said premises, for taxes or as.~cssmenls against the same and for ea~ othcr purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as if the ad~ ance ~3 evidenced tbereby were included in lhe note first described above. Said snpplemental note or notes shall bear ~ interest at the rate pro~ ided for in the principal indebtedness and shall be pa~ able in ap proximately equal ~ monthly pay ments for such period as may be a~reed upon by the creditor and debtor. Failing to agree on the ~ maturity, the whole of the sum or sums so ad~•anced shnll bc duc and pe~•able thirty (30) days after Jemand by c6e creditor. In no event shall the maturi~y extend beyond the ultimate c~aturity of t6e note first described ~bove. ~ goFK 3U4 476 ~ ~ ~~~y _ . ~ ~°h : . . : `r~G 5:.._ #~4~,.Y. ~ ~Y~ ~ x, _ . . _ _ '~fi' . Y~~