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Home My WebLink About2098 . i tender Lo the'Mortg~gee in acoorda~ce with.the pro~pions ot ~lie note secured l~ereby. full payment ot the . entire indebt,edne8s representai thereby ~ the Mort~gie~, as trustee~ sh~ll, in computing the amount ot such indebtedness~ creclit to tlie account o! il~e Mortgagor sny credit balance n~naining under tlie proviaions of (a) ot s~id ph Z. It there shall be ~ default under any ot tha pmvieions ot this ~nortga~e resulting in a public sal~tha premiees covered hereby, or it tha Mortgagee acquires the pmpeny otherw~se after delault, ths Mottgsgee~ ae trustee~ shaU spply. at the time of the co~nmencement ot such proceedings or ot t1~e time the pmperty m otherwise ecquired~ the ~rnount then remainin to credit ot Mortgagor under of paragnph 2 r~ precediag ae a credit on the interest acerued and unpaid and t?e balanc,e to tha principsl then remaining unpaid on said notR. ~ ~ 4. Hs wiU p~y all taxea. aaeeeemenb. water s~ta~ and otLee~overnmental oe munieiPV ~ impos~do~. tor w~eh proviaion La~ no~ beea made hereiobetors, aad in detwk tbee~eot t6s Mottp~ee my? P~Y ~ rme; und tbat be will promptbr deliver ths o~ciat reoeipte t6eretot tio t6e Morta,a~ee. br 8s will pecmi~, oommil, or suffer no waate, impaiimeaL. oe detedoration ot eaid P~'oP~Y ar any part thereof esoep! ra~eonabie weu and t~ear• and in the event ot t6e f~ulure of the Mortg,~or to keep tLe building~ on eai~ pcemises and those to be erecte~ oa eaid premises, or improvemeats thereon, in good repuit tbe Mort6~8~ ~Y make such npa~s aa in its disaret~on it msy deem neoeeeary for tbepm per preec,rvstion L~reo~, and tha tull unount of each aad every euch p~yment e1u~ll be due and paysbls tLirty (30) dsys atter demaad~ and s6~ll be ~eaured by ~he ~en of t~ mort~e. ~ 6. 8e will p~y a11 and sin~ulu the oosta, and ezpenses~ iacludin~ reae~nable Lwyer's fees, aad oosta of sbetnefs of Utle, incurred or st an time e~~ ~P~ ~ f~ ~ patd Y by e Mort~agee bee~wse ot the fsilure on t6e part of t6e Mort~,a~or y perform t6e agnements and oovenaate of ea~d promise~ry note and tAia mortg~ge, sad siud ooste, charges, aad expenees ahaU be immedistely due and paysble sad a6sll be seeured by tLe llea of tbie mor~age. 7. He aill oontanuous~j ~qn~intain.hsssrd ineuranae, ot such 6ype or types and amounts se Mortgagee m~ trom time to time require, on~the impmvements now or hereafter on ssid pnmiaes and except when psyment tor all such premiums 6aa theretotore been made uader (a) oi psragcsph 2 hereof 'he will pay prompWy when due any premiums thcrefor. AU insuraoce ahsll be carried in compsnies spprove~ by biortgagee and the poli- cies aad renewals thereof shall be held by Mortgagee ~nd bsve ettached thereto loss payable clsuees in isvor oi aad in form acceptable to the Mortgage~. In event of loss he will give immedinte notice by mail to Mortgagee, and Mortgagee mey meke praoi of Toss if not made pmmptly by Mortgsgor, and each inauraace oompany ooncemed is hereby~aut6orized and directed to make paymeat for auch lves directly to Mortga~ee instead oi to Mortgagor snd Mortgagee ointly, and the inaurance proceeds, or any part thereof, msy be appled by Mor~ ~ gsgae at its option either to t~e reduction of the indebtedness hereby eec~ued or to the restontion or repair of tl~e pmperiy dama~ed. In event of foreclosure oi this mortgage or other transfer oi title to the mortgaged pmperty m extingu~shment of the indebtedness secured hereby, s~l right, title, .snd interest of tLe Mortgagor m and to any inaurance policiee then in force ahall pnss to the purchaser or grantee. _ 8. If the prni~~is~~s, or nn~• par.t thcreof, be rondemned undcr the power of emin~nt dai~um, or acquirnd for s public use, the dau~aKes awardecl, the pro~•eeds for ihe taking o(, or the ~onsiderntion for surh acquisition, to the e!ctent of the full uroount of the remeining ur~paid indelite~lness serumd b~• this n~ort~s~e, ar~ 1?ercb~• ~ assigned to the ZZortRaRee~ nnd his heics ar assiKus, un~l shall ~x~ pai~l forthwith to said ~'lortga~ec or his ~ assignPe to tx~ applie~l on ac~•ouut of th~• lust n~uturin~ instalLiicnts of such indebtedness; provided, how~ver, ~ the `lortgnKee ur his ussignee, ~uu~ at his dis~•rrtion pa~• dire~•t to tlie Vlortga~or, his I~eirs or assigns an~ part or all of sucl~ aw•ard; prov~decl, thnt if the loan is Kuarunt~~d or insurecl, the consent of the guarantur or insurPr t is obtaineJ in aclvance of said pu~•ment. 9• The Mortgagee may, at any time pending a sui~ upon thia mortgage, apply to the eourt, hsving juriadiction thereof for the appointment of s receiver, and such oourt s6all forthwit6 sppoint a receiver of the premises oovered ; bereby all a~6d singular, including all snd singular the income~ pm6ts, iesuea and revenuea from whatever eource derived, each snd every of which. it being expresaly undee~tAOd~ ie hereby mortgaged as if speci6c~Uy eet forth and ~ deacribed in the granting and habendum clsueea hereof. Such appointment ehsll be made by such oourt ss an admitf~ed equity and a matter of absolute rigbt to aaid Mortgagee, and without reference to the adequacy or inadequacy of ~ t6e value of the property mortgage~ or to t6e solvency or inaolvency of aaid Mortgagor or the defendante. Such ~ renta, profita, income~ iasuea and revenues ahall be applied by such receiver acoording to the lien of thia mortgage i and the practioe of such oourt. Ia the event of any detault oa thepart of the Mortgagor hereunder, the Mortgagor ; E ugreea to. pay to the Mortgagee on demand aa s reusonable monthly rental for t6e premisea an amount at leaat ~ equivslent to one-twelEth (~z) of the aggregate of the twelve montWy installmente payable in the then current ~ ~ year plus the actusl amount of the unnusl taxes, aseeffiments, water ratea, and insuranoe premiume for auch yesr not oovered by t.~e aforeesid mont6ly psymente. ~ ~ 10. In the event of any b-each of t6ia mortgage or defaWt on the part of the Mortgagor~ or in the evc~nt thst $ any of said eums of money herein referred to be not promptly and lully p~aid according to the tenor hereof~ or in the event tbat each and every the atipulationa~ agreementa. oonditions, snd oovenants of aaid note ~~nd this mortgage~ ~ an not duly. prompUy, and lully performed; then in either or sny such event, the said aggregste aum mentioned - in eaid note then remaiaing anpaid, ~rith interest accrued to that time, and all moaeys aecured hereby, ahaU beoome ~ = due and psyable forthwith, or thereafter~ at the option ot said Mortgagee, ss fully and completely ae if a1l of tbe ~ ~ said sume of money were ori~nally stipulated to be paid on such day, anyLhing in eaid note or in tfiis mortgage to - the contrary not~rithstanding; aad thereupon or theresiter. st the option of said Mortgagee, without notice ~r ` demsnd~ suit at law or in equity, msy be proeecuted aa if sll moneys eecured hereby bad matured prior to ite institu- 3 tion. The Mortgagee may foncloee this mortgage, aa to the amount ao declared due and payable, and the esid premieee ahaU be sold to satisfy and pay the same together with ooete, e:pen~ea, and allowances. In csee of partial ~ toreclosure of this mortgage, the mortgaged premisea shall be eold aubject to the oontinuing lien of thia mortga~e ; for the amount ot' the debt not then due and unpaid. In auch csee the provisions of thia paragrspb may again be ~ availed of thereatter from time to time by the Mortgagee. ~ 11. No waiver oi any oovenant 6erein or oi t6e obligation secured hereby ahsU at any time ~hereafter be held s ~ to be s waiver ot the terms Lertof or of the note eecured herEby. ~ 12. 1~e lien of t6is inscrument ehall remain in full force snd eRect during sny postponement or extension ot ~ the time of p~yment oi tLe indebtedneas or any pe?rt thereot eecured hereby. ' 1'3. If the Mort~agor default in any of the covenante or agreemente oontained herein, or in esid note, then the ~ Mortgagee may aedorm the aame, snd all eacpenditurea (including naeonable attorney'e fees) msde by the Mortga~ee ~ in so do~ng shsll draw intereat st the rate provided tor in the principal indebtednesa~ and shal) be repay able thirty (30) days atter demand, and, together with interest and costs accrued thereon, st~al! be secured by ~ thi~ mortgage. ' ~ 14. Upon the request of t6e 11Sortgagee the Mortgagor sball execute and deliver a supplemental note or ~ j notes for the sum or sums advanced ~y t6e ~tortgagee for the alteration, modernization, improvement~ main- tenance, or repai* of said premises, fortaxes or as.aessments against the same and tor any other purpose au~hor- ; i iud 6ereunder. Said note or notes shail be secured hereby on a pari~y with and as fully sa i( the advance evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear : ~ interest at the nte provided for in the principal indebtedness snd shall be psyable in spproximately equal monthly p~y ments for such period as may be agreed upon by the creditor and debtor. Failing to agree on lhe ~ maLurity, the whole of the sum or suma so advanced shall be due and payable thirty (30) dsys after demand ~ ~ by t6e creditor. In no event s6a11 the maturi~y excend beyond t6e ultimate r~sturity of e6e note firs~ deacribed above. ~.:~.K31? P,,.~~l~96 - _