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Home My WebLink About0976 ~ ~ ins:uanoe; and tu,y atber oo.brage reyulred br tbe awrtgag~e. c,n Jw~e3lings eligible for tucb brosdsue~]oover~e - p~o~videci~ ho++evrr. t~t ; tuch insu~xnca be !n an amount tuffickat M~~y witb any oo-lnaurooce reyuiremmts ooverin8 tame uader the lawa of tbe 5t~be oi FbtWa, 1 and pro .v~de~ further that tbe po~licy ar polk~atat ~ bs Mrritiean ia a company or~ and throu~i ~n agency sa~factory to the Mat- ` gagere aod thit ssid or pcU~e s6all be ixN by tbe I?!~g~. rha!! be in a foma ut~actory to tbe No~agre, an~ shall oontain a fi e sang dard mort~e use in hv~or of ~ud in a form aoceptable to tLe Mortgagee; and in the eveat aay sum of moner bea~ma paYabb undes any aucb poiicy or pdicter. tLe Mortgagee sball Lave the opaon to receiv~e aod apply tbe same oa aooount af tbe indebtecin~es boreby secu+ed, ~ to pern?it t6e Mo~tgsga to rroelv~e and use it, or anY Psrt theroof, for other purpoQt,s, witbout theraby w~ivio~ n~ 1mPV~8 ~Y ~1~~'. or rigLt uadu and by virtue of tWs nwrtgage: and in tLe evwt tbe Mor?SaScr daa not o~~th thi: oovenant~ tbe I?iartga~eafuli i p~nt and pay for axx~ inaunnoe, or anY Put theieof, vvithout wai~'in8 ~'~+L~~~ ~ aD~ ~ a~Y ~t here~mder and the ~ A OE ~l`~ ~ CVQly SI1C~ pAyIDEflt fb81~ tJE ~IIt~~i~ ~Ue tO~d~a ~aaw~ SEIAu ~~CI~!!S~ f70m [tIE di~ ~10T00~ 11A[!1 ~ tt ~E dO~ii11~ rate providai In said note and tagether with ~cb into~+est shail be ~ecured by the liea of this mortgsge. Insuranoe cove n'ug the peril uE flood damage ahall oe as required by tbe Federal Diuster Protectiea Act af 19T3. or ar aaended. and mortga~or ooveaanb and agreea to oomF1Y in all respects with the provisions thereof. 4. That moctgaSee maY. at any time during the mo~tgage term. and in its dscmteHon, apply for renewat of 8e SuarantY i~ura~oe H co~~edng the mortgage e:ecuted by tha undersi~ed aa even date herewith, pay tbe premium due by reason and recl~ ~Y~ by the wndersigned of such amounb as are advanoed by suid mortgsgea. In the eveat af failure by t6e w~derti~ed torepny tsid amwnb to said mortgagee, such failura a~?eA be oauidered a defaalt, and a~.i provisio~ns of the note aad mortgage with regard to default sbaII ae appll- cable. - 5. To permit, comuut or suffer no waste, impairment a deterioraiion of said P~rtY, a~Y P~ ~ uPoa the failure o~ tbe ~~wrtgago~ to keep the butldings oa said pra~eerty in good conditim of repair. the M may drmand the tmmediate repair of said bnild- ra ings, or an increase in the amount of security. or the immadiater~aym eut af the debt he serured aad the failure o~ the Mortgagor to oom- P1Y with aaid demand of tLe Mortgagce for a period of thirty (301 days, atwII eo~titate a breacL of thi:moct~age, and. at the oQttaa of the ~lortgagee. immediately mature the entire amount af principai iod interest hereby secure~, and iaunediate}y and wlthtwt notioe, the Mo*c8agx may institute proceedings to foceclome this mortSaSe and apply for t~e appoinhnwt of a Reoelver, as bereinafter provided. 6. To perform, rnmp}y with and abide by each and every atipu4tion. aBr~m~ct, oondition and covensnt in said promissory note and deed set forth. ~ 7. In tLe event the jurtsdictia~a ~ the U. S. Dtotrict Court shall be iavoked by or ag~ast the !afortgagor under any of the provisions of the Federal Banl~uptcy Act, such action. whether voiuntary or involuntary aa thep~t af the Mortgagor. shall auta~aticaiiy, without notice, ao- celerate tiie maturity oE all sums a£ money heteia described and secnr and the same ahall thereapan become dve and payable forthwith as fuDy ac if the said aggregate sums of money were ori~nally stipula~ to be paid ou s~ dabe. 8. To deliver to said Mortgagee~ on or beEc+re March 15th of each year, tt~ reoeipts evidencing thepayment of all 1av?fully imposed taies Eor the proceding calendar year, a~ to deliver to safd Mor~agee, receipts evidencing the paymeat af aII iiem for publlc improvemeats within ninety (90) days nfber the same shaII become d~ and~a yabk, and bopa y or disc~arge within ninety (90) days after dne date, a~+ and all governmental levies that may be made on the uwft8a8~pmperty ~Se or note, or in any otLar way resulting from the 1?iortgage indebtedness secured by ihis mortBaBe; and if this canditian ~ shaII bear with and performed. asid mort8a8~ ~Y PaY such sum or sums which shaII become part of the debt s~cured by this mortga8e. inberest at the defadt rate pravided in said promissorY note payable monthly until paid or said mortga8ee may elect t6at aaid ~nort~age debt thereupan become due and payab3e forthwith. 9. It ic ftuther covenanted and agreed by said parties that in th~ event o~ a suit belag institubed to foreclase this mortgag::, the Mortgagee shall be eatided to apply at ary time pending such forecloaure sait ta the oourt having jvrisdictia~ thereof fot the appintmeu: of a receiver of aU and singular the mortgaged ropertY, and of all the reatt, i~omes. Profits, issues a~ revenue,s then~of. from whatsotver source derived• and thereupon it is berebY csp~ covenanted and a~~eed ihat the court shaIl fo?thwith appoint a receiver af said mortgaged P~~Y. ~ and sinxular. and of nich rents, incomes, Profits, issues and reveflue thereof. from whatsoever sauoe derived, with the utual pow~ers and duties of receivers in like cases• and such appointment shall be made by snch oourt as a matter of striet right to tbe Mortgagee, its su~n, IeRal repsesentatives or assigas, and without reference to the adequacy or inadequacy of th:s vaiue of the P 1~erebY mo~tgt8ed, ~ to the solvency or ussolvency of the Mortgagor, and that such rent, Profits. inrnme, issues and revenues shaD be a~ by such receiver to the pay- ment of the mortgage i~ebteclnexs. ~st~ and charges, aooording to tbe ocder of such court. 10. If sII or any part of the prq~erty or a legal or equitable interest therein ia sold or transferred by matgagor without mortgagee's prior written consent, including ~ut not limit3d to the ezecution aF an agraement for deed, but eschding ( a) the creatian ~ a lien or enc~m- brance subordinate to this mortgage, ( b) the «eation of a purc.haie money security interest for hotLSehakl applianc~es. ( c) a traasfer by devise or deuent, nr by operation o# law upon tLe death of a~nt tenant, or ( d) the grant of any leasehnld interest of three years or less not containing an option to purchase. morcgagee may, at its optioa, decLre aD the sums secured by this martBaSe to be immediately dwe and PaYable. Moctgagee shaIl have waived such option to socelerate if, Prior to the sale or trangfer, mortgagee and the pe~aon to wham the P*aPerty' is to be sdd or traasfemed reach a~eement in writing that the credtt o# auch pzison is satisfactory to Mortgagee and that tbe interest P~Ya~ on the suins secured this mortgage shaIl be at such rate as Mcutga~e shaII requast. If Mortgagee has waived the option to accelerate pro- su ns vided in t~ia paragrap and if Moitgagos's succ~or in interest bas e:ecated a wrltten atsumption agrcement aa+epted in writing by Mozt• BaBe~, Mort8a8ee shaII r~ekase Mortgagor fmm all obligatioos u~er thi3 moitgage and the note securod hereby. ll. Tbat in the event the premises hereby mort ged, or any pnrt thereof, shall be condemned and takea for public use imder the povver of eminent domain, the Mortgagee shall have the n t to demand that sIl damages awarded for the-taldng af or damagea to said prcanis~s shall be paid to the Mortga ee up bo the amamt uapaid oa this moitgag~ and at the option of the Iriortgagee may be aPP~ uP~ che pay~a lasc payabk t~~. - 12. i4~e mortgagor binds himielf nat to erect or permit to he erectod any nee, b~aldings un the premises herein mortgaBed ar w add to or permit to be added to any of the e~risting improvemenls thereo~ or mabe auy cban8es or altezatioas in said imptovemeats which materislly chanRe the same or the use thereof, without the wiitten ca~nsent of the 14;ortgagee, and in ibe eveat af a~ vidation or attempt to vi~late this stipulation this mortgage and aIl sums sec~ed heieby shaIl immediateIy beeome doe snd ooIlec.~hble at tue optian rf tbe Mortgagx. ~ 13. It is spccificaily agreed shat time ii of tl~e essenoe o£ this oontraet Tbe fai2ure af the Mortgagor in ~e or more instances to insiat upon strict performanoe or observance of oce or more of the covenants or oonditions hereof, or to ex~cise anY ie~Y P~~Be ~T conferred upon or reserv~ed to the Mortgagnr, shall not operate ar be construed as a relinqaishment or waiver for t~e future of snch oo~venant or candition or of tbe right to enforce the same or to e:ercise such privilege. option, or remedy, bm the same shaII continue in fuIl forae aAd effect. 'Ibe rece~~pt by the MorigRgee of a monthlypa yment or paymenta or aF-any ather~ayment required to be made by tbe Martga~or, o~r any part thereof, shaII not be a waiver of any other additional paymeats or amoimt3 tt~ea dne, nor thall s~ reoeipt, ti ~ugh with ~mowl- edge ~ the breach o£ any oovenant or oondition hereo#; aperate as or be deemed to be a waiver of s~u~ breach. No waiv~ by the Mortgagce ~ of any a~ the provis~ Lereof or suy af the Matgagee s ri~ts, :emedi~, Privileges or optioas hereuuder shall be deemed w have been made unless made by the Moatgagee in priting. 14. If fareclo~ue p o~ a~ second mort~e or ~eoood tnsst deed or any junior lien of auy iand shoukl be instituted, the Mort- 888ee may, at ita opitan,~~~~tdy or thereafber deelare this mat8~8e and the indebte~iness secured hereby due and gayable forthwid?, aa3 may at its option ptace~ed to fotec]ase t~ moctp,~e. 15. To the eztent of the iodebtedness of the Mortgagor w the Mortgagee ~described herein or secured ~e~eby che Mortgagee is hereby subrogatecl to tfie lien or liens and to the rig}~ts of the owners and holders thcreof o# each and every mortgaRe lien or other incumbrance an the land described herein which ic pa~d and/or satisfied in whole or in part out of the proceedc of tbe loan described herein or securad hereby and the r~spective liens of said mortgaRes, lieag ~r otder ixaimbrances shaIl be and the same and each of them hereby is preserved and shal~ pass to and be held by the Mortgagee hereir as aeciuity fa~ the fadebtedness to the ~fortgagee herein desc~ibed or hereby secured, to the same 7 e:tent that it would have 3een preserved and wwld have been pa.4sed to and been Ixld by the Mortgagee had it been dn}y and regularly assi~ned, transferred, set over an.i delivered u~to the Mortgagee by separate deed of assignment notwitlsstanding the fact tha*_ the same ma3' be sarisfied and canceite~ of recard, it being the intention of tbe paities hereto that the ssme wiIl be satisfied and ca~eDed of seoord by the holders thereof at or about the time of the recording of this mortgage. 18. 1be Mortgagor wilIpa y or reimburae the Mortgagee~ for aII reasonubk attorne~s fces, coais and ezpen~es paid or incurred by t~e Mort- ~ gagee in any acti~n, prooeedir,8 or ditpute of any 1ond, whether an app eal or not. in which ibe Mortgagee io s~rved with ~egal Proces,t, i~ made a~arty or ap~ears ~s party plaintiff or defendsat affecting t~e note, this mortSRBy, Mortgagar or the mu~tBaB~ P~KY, ~nS b~ not lim~'ted to the forec'.aaure or other enfoccement of tlus mortga8e, any coademnatfon aeHon involving ihe mort8$8ed Pro'Pe~tY, eaY action to ~ protect the security hereof, or~ an~y proceeding in probate or banimaPtcY; anda~y tuch amonnts paid or incarred~y the Mortga ee ahall be ~ added to thc indebteciness, shaD bear inber~st at t~ defauk rabe specified in tl-,e note from dax of paymeat, tnd ~haII be ~ by the Nm of tbis mortgage. • 17. When any amount of money to be paid by the Mortgagor to the MortYagee ~mder the terms hereof shaIl be in defanlt, or shaald the ~ Mortgagor default in any of tbe other terms, prm~isions or conditions of this Mortgage, then and in that case the biortgagee s~aII have the ; riqht, without notice to the I?tortgag~r, to coIlect and receive hom a~ tenant or lessee of aaid mortgaged premise3 tbe renta, issues and prnfits of the reat estate I~ereby mortgaged and the impravec~ents thereon, and to give pro~er receipb and aoquittances therefor. anu sfttr Pa S aII commissions of any rental agent collectine the aame, and any reasonabk attomeys fces and other neoessary e:penses iccurnad in co~ecting sams, to apply the pruceeds of sur_h collections ur,ona~ indebtedness obligation or liability, af the Mortgagor here~mder. 'I'he rip,ht granted the Mortgagee under this paragraph shall be in additian to, and s'6alt not limit or r~t~t, ri~t ~anbad the \iortFagee in this ?~tortgage. - i~ 18. I: the 1liortgagors at the tune of mak:ng this M~rtga~~ subsequent tiuereto take out life S~ ~ ~ as beneficiary with a campany approved bp the Mortgagee or aasi~s policies to tbe Martgagc~e for the pnrpaee of secaring ~~ge_ ~ ~ aa u n I hereby secured. then the Mortgagee shall 6ave the ri~?t to paY ~Y P~miam aaxuing under said snd all sums ao sbaII added to and become a part of the princi iodebt~ness secured by this MortRage aad shall bepa j.d t~ae Mort~gor to the I?~toctga~ee ; in twelve equal cansecvtfve month}y ' ~ L~, the first uwnthly installinent to be paid as a part of and in addition t~ the: n?anthly payme~at ' ~ :