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Home My WebLink About0227 tenaer lu tl?e Zlortgng~•P in accurJan~•e witli the provi~ious of thp note serured I~ereb~•, tull pa}•ment ut the entire indebtedness representrd thrreb~•, the ~iortgagee, as trustt~e, shall, in co~uputing tlie eu~uunl ot sucli indebtedneas~ credit to the account of t~~e :1~lorigeKor ony credit balance reinainin~ wid~~r the provisious ot (a) of said par~raph 2. It therN shall t,e w default under any o[ tl~e pmvisions o! this uiortga~e resultin~ in a public sale of U?e pre~uisrs covered hereb~•, or it the hlortgagre a~•qwres tlie proprrty otherw•~se eltcr default, the Morlgsgee, as trustee, st~aA apply, at the tuue o! the raiuuencement ot such proceeQinKs or at ihe tiin~ the property ia otl~erwise ac•quired; the ainount then re~uainin~ to c•redit at Mortgagor under (a) of paragrapli 2 preceding as a credit on the inleresl acerued and unpaiel and tlle balance to Ihe principal then rP~nsinin~ unpaid on said note. 4. He wiU psy all taxea~ se~esmente, wstes rstee, and othes governmental or municipal chargea 6nes, as impoeitions, for which proviaion Daa not bcen made hereinbefore, and in delault thereof the Mortgagee may pay the eame; and t6at he will promptly deliver the o6cieJ reoeiptn therefor to the Mortgagee. 5. He will permit, oommit, or suHer no waete, impairanent. or deteriorstion of eaid property or a?ny part thereof~ except reasonable wear and tear; and in the event oi the faiture oi t~e Mortgagor to keep thR building,e on eaid premiees and t6oee to be erected on eaid premisea~ or impmvements thereon~ in good repair~ the Mortgagee may make such repaire ae in ita diecretioa it msy der.m neoe~eary for the proper preecrvation thereot, and the full amount of each sad every auch payment ahall be due and psyabla thirty (30) deye siter demand, and nhall be eecured by the lien oi this mortgage. 6. He will psy all and eingular the coeta, c6argee~ and e~cpenees~ including reasonable lswyer'e feee, and oosts oi abetracts of title~ incurred or paid at any time by the Mortgagee becauee of the tailure on the part of the Mortgagor promptly and fuUy to periorm the agreements and covenanta of eaid promiseory note and this. mortgage, and aaid ooeta, charges, and expensea shall be immediately due and payable and shaU be eecuted by t6e lien of this mortgage. 7. He will continuously maintain hazard insurance, of euch type or types and amounte as Mortgagee tnay tmm time to time require, on the improvements now or hereatter on said premises~ and e.~cept when paymeut tor all such premiums 6aa theretofore been made under (a) of paragraph 2 hereof~ he wiU pay promptly when due any prenuums therefor. All insurance shall be carried in companiea spproved by I1lortgagee and the poli- ciea and renew als thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in focm accepteble to the 114ortga~ee. Ia event of loss he will give immediate notice by mail to Mortgagee~ snd :lriortgagee may make.proof of toss if not made promptly by Mortgagor, and each insurance oompany concerned is hereby~suthonzed and d'uected to make pnyment for such loss d'uectly to Mortgagee inatead oi to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to t~e reduction oi the indebtedness hereby eecured or to the restoration or repair of t6e property damaped. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguis6ment o! the indebtednesa secured hereby, a~l right, title~ and interest of the Mortgagor m and to any iasurance policiea then in force shall pasa to the purchaser or grantee. R. If thi• prei~iis~~, or un~- purt thrr~~of, b~ i•ond~~i~~n~d un~ic~r tli~ poae~r of en~in~nt da~uuin, ur auyuir~~I (or a publir us~•, th~ duu~nK~•s aK•arde~~l. th~• pmr~~~•ds for th~~ tnkin}: e~f. or the• ~•onsiili•rstion for surli n~•quis~tion, to tlu• i~xt~nt nf tl~~ ~ull umount of thi~ r~~mttinin~; unp:ii~) in~l~~l~t~~~ln~•ss ~~~~•urnd b~• this ~uortKaK~. ar~ 1?~r~~l?~• u,sik~?t~d to !hi• ~1ortKaKe~~, uud his hi~i~ or u,.~i~?ns, un~l .I~aill h~~ pui~l forthw~ith to sui~l ~lort~?u~~~~ or I~is aasiKne~ to I~e applie~~l on t~r~•ount of th~• la.t ~i~uturi~~r i~istall~ui•i!fs of sw•1? in~l~~btr~ln~~~s: pro~•i~l~~l, huH•c•~•~r, tlu~ ~lortK:?~ec• or his :~.,.SiKn~~~~, iuu~• ut liis ~li.~•r~~tion pu~• din•~•t to th~ ~1urt~ak~r, his h~~in or ussi;;ns un~~ pnrt or ull of au~•h uw•ar~l; pravide~el, thut if tli~~ luau is ~;u:~rant~•~~~1 ~ir i~isure•d. tli~ ~•onst~nt of th~• guarantor or insur~r is obtain~~~l in a~l~•an~•e of ,aid pu~•nu•nt. The :1~Iortgagee may~ at any time pending a suit upon this mortgage, apply to t6e court having jurisdiction thereof for the appointment of a rece'iver, and such court ahall forthwith appoint a receiver of the premises covered hereby sU and siagular~ including all and singular the income~ pro6ts, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speci6cally aet forth and described in the grantiag and habendum clausee hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to esid Mortgagee, and without reference to the adequacy or inadequacy of Lhe value of the property mortgaged or to the solvency or insolvency of said btortgagor or the defendants. Such rents, pro6ts, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such court. In the event o[ any default on the part of the Mortgagor hereunder, the Mortgagor agrec~ to pay to the biortgagee on demand as a reasonable monthly rental for the pmmises an amount at least equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual tuxes, assessments, water rates, and insurance premiums for auch year not covered by the aforesaid monthly payments. ' 1 U_ In the event of any b-each of this mortgage or default on the part of the Mortgagor; or in the evebt that ' sny of said surr~s of money herein referred to be not promptly and fully paid according to the tenor hereof~ or in Lhe I event that each and every the atipulations, agreements, conditions, and covenanta of said note and this mortgage, ~ are not duly~ promptt"y, and fully pertormed; then in either or any such.event, the said aggrcgate sum mentioned ~ in said note then remaining unpaid, with interest accrued to that time, and all moneya secureci hereby, shall become ~ due and payable forthwith, or thereafter~ at the option of said Mortgagec, as fully and completely as if sll of the ~ said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to ; t6e contrary notwithstanding; and thereupon or thereafter. at the option of said Mortgagee, wichout notice or ~ demand, suit at law or in equity, may be prosecut,ed as if all moneys secured hereby had matured prior to its institu- tion. The 4tortgagee may foreclose this mortRaRe, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial foreclosure of this mortgage~ the mortgaged pmmisea shall be sold subject to the continuing lien of this mortqage for the amount of the debt not then due and unpaid. In such cese the provisions of this paragraph may again be aveiled of theceafter from time to time by the Mortgagee. ~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held g to be a waiver of the terms hereof or of the note secured hereby. ~ 1''_ The lien of thia instrument shall remain in full force and eHect during any postponement or extension of the time of payment of the indebtednesa or any part thereof eecured hereby. ~ i:i_ If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the Mortgagee may pertorm the same, and all ezpenditures (including reasonable attorney's fees) made by the MortqaRee a in so doinK shall draw interest at the rate pro~•i~l~d for in the principal ind~btc~ln~ss, and shall be repa~•able ^ thirty (30) da}s efter demand, and, together with interest and costs accrued lhereon, shall be sccured by this mortgage. ~ j 14. Upon the requPSt. of the 11ort~a~ee the ~tort~aRor shall ezecute an~i deliver a supplemental note or ~ noles tor the sum or sums advancc~l bY tbe ~Iort~agee for the slteration, modernization, impro~cm~nt, main- ~ tenance, or repair of said premises, for taxes or as.~essm~nts a~ainst the same and for ea~• other pur~~ose author- x ized hereundcr. Said note or notes shall i~e secured hereby on a parity with and as (ully a.s i( the ad~ance ~ evidenced thereby were included in ~he note firsl described above. Said s~~pplem~ntal note or notes shall bear ~ interest at the rate prorided for in the principal indebtedness and shall be pa}•able in approrimat~ly~ cqual ~ monthly pay ments tor such period as may be a~recd upon by the creditor snd dcbt,or. Failin~ to agrec on the ~ maturit~~, the whole ot the sum or sums so advanced shnll be due and pa~•ai,le thirtv (30) days after d~mand ~ by t6e creditor. In no event s6a11 t6e maturity extend beyond the ultimate ciaturity of the nnte first ~ described sbove. ~ 3~R~ ~9 ~act 2z~ ~ .:~s~~-~.. = ~x = ~ ~r~ ~-sl-~< -b ~i3¢'y, fy5 . ~3 _ : c;~ , . . ~ -,a,.s;_i::;:::