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Home My WebLink About2088 ~ f { tendec to ~i~e Mortgegee in accordonce wilh the prq~iaions of tl?e notP secu~ed tierebv, full payment ot ~he . enLire indebtedneas npresent,ed therebv~ the Mort;agee~ ae truatee, sha11~ in computing the aniount of auch indebLedn~s, credit to tl~e accout?l ot the Mortgegor any credit balance re~nuning under ~l?e proviaions ot (a) ot said ~ph 2. If there shsll be a detault under sny ot the provisions o! thia ~nortgs~e resulting in public sale o the premisea covered hereby. or it tha Mortgagre acquirea the pmperty otherw~se afte~ default. ths Mottg~gee. as truatee~ shaU ~pply. at the tune of the coinmencement ot such proceedings or at tl~e lime ~ tha.properiy is otherwise acquired~ the amount lhen reiutining ~o credit ot Mortgagor under ot pusgreph 2 ~ preceding as a credit on the interesC sccrued snd unpaid and U~e balancs ~o the principal then remaining unpa~d ; oa said note. i 4. 8e will p~y all taues, aaeeeecaenta. w~?tee rates, and otber~o veramental or municiPul c6uBa, 6aa. o~ ; ~P~~m, for whieh provision haa not been made heceiabsfore~ aad ia defsult thee+eof tbe Mor~i~6~ ~U? P~Y ~ i ~ams; and tLa! 6s wlll peomptly del~vee tbs o&cial noeipts lhereior to tbe Mort~ee. ~ b. He wiU perioit, eommit, or suHer ao w~ate, imp~ira~eat, or det~erioratioa ot eaid properly os~ theceot ~ ' esapt nasonabb ~rear aad teu• snd in the event ot t6e iWure oi !~?e Moe~t~or to keep the oa esic~ ~ pcemisea and t,bose to be erecte~ on said pnmises~ or Imp~+oveurents thereon~ in good npair the Mort~a;ee may ~ m~a]ce such npai~s~ ~a in ita diecr~et~on ~t msy deem aeoeea~ry for !6e proper pree~rvation t~reo~. and the fWt amouat ~ ot each aad every such p~yment e6all be due and p~yabb tbirty (30) days dt~er demaad, and s6s11 bs securai by ~ tbe liea of this nnort~e. £ 6. He wW p~y all and aingulsr t~he ooets. aad eupensea, includina reaeoaable Lwyer's fees, and oost~s ~ of sbst,racts oi tiNe. incun~ed or paid st sn,y time~Mortsa~ee becauee of the failure on the part of the Mort~agor : promptty and i~y to pedorm the agreementa and covenanta ai eaid pmmiseory not~ and t,hia mor t.g,a~ge, aad eaid ~ ooets, charges, and expenses shaU be immedistely due snd psysble and shall be eecured by the lien of t~is mortgage. ; 7. He wiU oontinuously msintsin hasard insuranoe, oi auch type or t~pes and smounta aa Mortgagee mty from time to time require, on Lbe improvements now or hereatter on said premises and except ahen psyment ) ragra p y ~ tor all auch premiums has t6ereto~ore been made under (a oi psrag~aph 2 bereof ~e will pay prom ti when due any premiums lherefor. All insuranoe ahsll be camed in companies spprove~ by bio~ and the poli- cies and renewsls thereof shall be held by Mortgagee and Lsve sttached thereto loss psyabla c susee in isvor ot 2 aad in iorm acceptable to the Mortgagee. In event oi loss he will give immediate notice by msil to Mortgagee~ ~ and Mortgagee may mske prooi oi Ioea ii not made prompWy by Mortgagor, and eaR:h insuranoe oompany , ; oonceraed is hereby~suthorized and direeted to make payment for such lo~ direcUy to Mort~a~ee inatead oi = to Mortg_sgdt and Mortgagee lointly ~ anA the insurance proceeda, or any part thereoi, msy be sppZied by Mor4~ ~ gagee at its option either to the reduction oi the indebtednees hereby secured or to the restoration or repair of a the property dsms~ed. In event oi foreclosure of this mortgage or other ~ansfer oi title to the mortgaged ~ pmperty in extingu~ahment oi the indebtednees secured hereby, s~l right, title~ and intereBt oi the Mortgagor ~ m snd to ~ny insurance policies then in force aball pasa to tha purchsser or grsntee. 8. If tl~e prn~~~is~~s, or an~- part thereof, be conden~necl uuder th~ power of emin~nt don~am~ or acquired for u public use, tl~e clau~aKc~s awar~iecl, tl~e pm~•eecls for tl?e taking of, or th~ ronsicl~rntion for surl~ ac•qu~sition, to ; tl~e e!ttent of tlie full nmount of Uie rnn~aining unpoid indeLte~lness ~rurcd h~• this ~nortKaKe, arc l~ereb~• ~ assigned to tLe titoHRaKec~. and hi.c i?eirs or assi~?ns, und sliull tx~ pai~l forthv?ith to said L1ortRagee or his ass~nee to t~e applied on ar~•ount of the last ~i~aturii~K installnients of suc•h indebtedness; pmvi~led, hoKCVer, tl~e tiiortK~ee or his assignee, iuu~• al his dis~•r~~tion pa~- din•rt to the Vlortgugor, l~is h~~irs or assigns an~~ part or ell o( such aNard; pro~ided, thut if the loau is Kunranti~~~d or insurecl, the consent of tl~e gunrantur or insurer is obtained in advance o( said pn~•~~~e~?t. 9- The Mortgagee msy, at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction thereof for the appointment of a receiver~ aad such court shall forthwit6 appoint a recei~er of the premieea oovered hereby all a~d singular~ .including aU snd eingular the income, pm6ta~ issuea~ and revenuea from whatever eource derived~ each and every ot which, i! being enpreasly understood~ ie hereby mortgaged sa if apecifically eet forth and deacribed in the 6ranting and habendum clausea hereof. Such appointment e6all be made by such eourt ss an admitted : equity and a matter of absolute right to said Mortgagee, and without reference to the ndequacy or inadequacy of 3 the value ot the property mortg,aged or to the aolvency or insolvency of said Mortgagor or t:~e defendants. Such I renta, pmSte, income~ issues~ and revenuee shall tfe appliecl by such receiver according to the lien of thia mortgage and the prsctico of suc6 oourt. In t6e event of any default on the part d t6e Mortgagor hereender, the Mortgagor E a~es to psy to the Mortgagee on demand sa s reasonable monthly rental tor the premises an amount at leset ` equivalent to one-tweltth (~2) of t6e aggregate of the twelve mont6ly installmenta payable in the then current ~ year plus the actual amount of the annual taxea, sseessonente, water rstea, and insurance premiums for auch year ~ not ooverEd by the atoreesid monthly psyments. ~ ~ 10. In t6e event of any b*esch of thia mortgage or default on the part of the Mortgagorr or in the eve~nt thst ; any of said aume of money herein refen~ed to be not promptly and fully paid according to the tenor hereof~ or in the event that each and every the stipulations, agreements, conditione, and oovenanta of eaid note and this mortgage, are not duly~ promptly, and fully petformed; then in either or any such event~ the eaid ag„gregate aum mentioned in esid note then remaining unpaid, with interest accrued to that time, and sU moneye aecured hereby~ shall become ' due and payable forth~vith~ or thereafter~ at the option of said Mortgagee, sa fully and completely ,~s if all oi the said aume of money were originally atipulated to be paid on such day, anything in said note or in this mortgage to tbe oontrary notwithstanding; sad tLereupon or thereafter~ st the option of said Mortgagee~ without notice or demand~ suit at law or in equiLy, may be prosecuted aa if all moneya eecured hereby had matured prior to ita institw tion. 'The Mortgagee may foreclo~e this mortqage~ as to the amount ao declared due and payable, and the said premiaea ahaU be sold to satisfy and pay the same Wgether with casta~ expenses, and allowances. In case of psrtial foreclosure of this mortgage, the morigaged pmmises shall be sold subject to the continuing lien of thia mortgage _ for the amount of the debt not then due and unpaid. In such case the pmvisioas of this psragrsph may agsin be availed of thereafter (rom time to time by the Mortgagee. 11. No waiver of any oovensat herein or of the obligation eecured hereby ahall at ewy time thereafter be held ~ to be s waiver of the terms hereot or of the aote secured hereby. ~ ~ 12. Tbe lien of this inatrument ehsll remain in tull force snd eRect during any poetponement or extension of ~ tha time oi p?yment of tbe indebtedneae or sny part thereof eecured hereby. ~ 13. If the Mortgagor default in any of the covenanta or agreements oontained herein, or in said note, then the Mortgagee msy pedorm the aame~ snd all eapenditwes (including resaonable attorney'e feea) made by the Mortga~ee ~ in eo doing shall draw interest st the rate provided for in the principal indebtedness, and shall be repa~ able tLirty (30) days atter demand, and, together with interest and costs accrued thereon, sl~all be secured by ~ this mortgage. ~ 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notea for the sum or sums advanced by the ~tortgagee for the alteration, modernization, improvement, main- Lenance, or repai? of said premises, for taxes or as.~essment,s against the same and tor aay other purpose author- ized hereunder. Ssid note or notes shsll be secured hereby on s parity wit6 and as tully as if the advance ° evidenced thereby were included in the note firsl described above. Ssid sopplemental note or notes shall bear ~ interest at the nte provided tor in the principal indebtedness and shall be payable in ap proximately equs! montbly pay ments for such period as may be a~reed upon by the creditor and debLor. Failing to agree on lhe ~ maturity, the whole oi the sum or sums so advanced shall be due and payable thirt,y (30) days a(ter demand by t6e creditor. In no event s6all t,he maturi~y extend beyond the ul~imste raaturi~y o[ L6e note 6rst described above. i ~;;"t 3~~ e+~,E?~~6 ~