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lrn~l~r to tl~e T~iort~;u~;c~~~ in uccur~lane~~ H•ith th~~ pruvisions of thi~ nut~• ,~•~•urr~l li~~ri~Uv, full pa~•n?i~nt of tlie '
entire in~lebicdness repre,ented tht•rcb~•, Ihe+ ~iort~;~~~;e~, a.4 trustre, sl~~?!I, in ron~puli~i~; Ih~~ eui~uunt of sucli :
inciebtedues.g, credit to tlu+ account ot tli~ liort ~n~;or an~• crn~lit LHlancc~ rc~~nninin~ un~l~~r Ih~~ pru~•isions of (a) r
of said pttragraph 2. there aliall Ixj u defsu~t undrr an~~ of tlir pro~•isi~~ns of tl~is inart~~i~;~~ r~~sultin~ i~~ a ;
public sale ot the premi~es c~o~•creci liereby, or if ih~ 1torlga~;re a~•~~utres tlie prupert~• otlicr~~~~~t~ e~fter ~lefault,
tho ~lortgagee, c?s trustt~e, shall upply, at the tin?e ~of the co~nni~ncement of such ~~rocee~lings or ut th~ tim~
the pro~erty ia otherwise :ic~yuire~l, the amount then re~nainin~ to credit c~f ;~tortgagor wider (a) ot pnrei~rc~p)~ 2 '
preceding as a credit ou Ihe interrst acerued t~nc! unpai~l nncl tile t,slauce to tlu~ priucipal th~~n r~inai~?~nk i~npni~l ?
oi~ said iiotc. - ;
4. He will pay alt taxee, assessments, water ratee~ and other governmental or municipal charges, &nes~ or ~
impasitlons, for which pro~zsion haa not becn made hereinbefore, acd in default thereof the Mortgagee may pay the ~
~ aame; and that he wiU promptly deliver the official receipte therefor to the Mortgagee. ~
b. He will permit, commit, or auPfer no was4e, impaircuent~ or deterioration of said property or any part thereof ;
except reasonable wear and tear; and in the event of the tailure of the Diortgagor to keep the buildings on eaic~ ~
premiaes and those to ~e erected on said preiniaee, or improvemente thereon, in gaoci repair the DTortgagee iuay '
make such repaire as in its diacretion it may deem neceseary for the proper presc,rvation thereo#, and the full amount ;
of each and every.such payment shall be due and payable thirty (30) days after demand, and ahall be eecured by :
the Uen of this mortgage. . - ~
- 6. He will pay all and singular the costs, chargea, and expensee, including reasonable lawyer's fees, and costs #
of abatracta~of title, inc~urr.cl or paid at any time by the ?1Sortgagee becaueg of the failure oa #.he part of the Mortgagor ~
promptly and fully to perform the agrecments a.nd covenants of eaid promissory note snd this. mortgage, and said :
coats, chargea, and expenses shall be immediately due and payable and ahaU be eecured by the lien of this mortga.ge. ~ :
i
7. He will continuously msintain hszard insurance, of auch type or types and smounts as Mortgagee raay !
from time to time require, on the improvements now or hereafter an said premises and a~cept when payment ~
!or all such premiums has theretofore been made under (a) of paragraph 2 hereof, ~e will pap promptly when ~
due any prem~ums therefor. All insurance shall be carried in companies approved by I1lortgagee and the poli- ;
eies and renewals thereof shall be held by tiiortgagee and have attached thereto loss payable clauses in favor of -
and in form acceptable to the 114ortgagee. In event oi loss ha will give immediate notice by mail to Mortgagee, ~
. and ~iurtgagee may make.prooi of Ioss if not made promptly by biortga.gor, and each insurance eompanp
concerned is hereby suthorizsd and directed to mal~e payment for such l~ss directly to 114ortgagee instead of
~ to 111ortgagor and i~Tortgagee )'ointly, and the inswance proceeds, or any part thereof, may be appLed by Mor~
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damape~l. In event of foreclosure of this mortgage or other transfer of title to the mortgaged ;
~roperty in extinguishment of the indebtedness secured hereby, a~l right, title, and interest ot the Mortgagor i
in and ta any insurance policies then in lorce shall pass to the purchaser or grantee. .R
- - _ - - - - - . .
4. If t!+.c~ ~rei~~ts~~s, or iui~• pt~rt U?~~reof, Ix~ ron~lein~ieil un~lcr t)u~ poi~~ci• uf en?i~i~nt douiiiu+,
or:icqt~imd Sor -
u~public use, t~i~ ilaii~akes n~rarilecl, the~ pro<<e~ls for the tnking of, dr ihe~ considerution for suc•1? ttcytiis~tioi~, to
tlit~ ~~rtent of tlie full ainount of tl~e ren~ni~?in~; unpni~l i~ul~l~trclness sec•ureci h~• tl?is ii~~rt~;a~;~•, vre liereU~-
iissi~n~~d ta tl?~ \Iort~n~;~~e, uncl his lu~ii~ or ussi~i~s,_tuul slwll h~ pui~l-forth~~•ith to said ~1ort~;a~;e~ or Li~
assiknee to Ue ~ppliecl an ni•~•oiu?t uf th~~ lust nuiturii?k installiui~nts of surl? ind~~t~t~~dnrss; }~ro~•i~l~>~l, I~o~~•c~~•cr,
tlie \iort~;uKec• or liis .issi~;n~~~~, ~u:l~" !1~ I113 I~ISI•r~•tioi~ ~u~~- ~lir~~~•t to tlu~ ~1ort~u~;ur, liis lu~in ur .issi~ns :ui~•_~~~irt
- oi• ull of s~uch ~i~~•t~rd; pi•o~•iilc~il, that if-thc~ lu,~u is kuar:?nt<<~~l C?r insttn•cl, th~ c•onsent of tlu• gu~trnnt„r or ii~stircr
_ is ohtnincd in nd~~ance of sui~i pu~•iu~~nl. - -
9. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction
thereof for the appointcuent of a receiver, and such court shaU forthwith appoint a receiver of the premises covered _
hereby all arid singular, iocluding all and singulur the income, profits, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is here~y mortgaged as if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity and a mat.ter of absolute right to said 111ortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvenc~~ or insolvency of said D'Iortgagor or the defendants. Suc6 -
rents, profits, income, issue9, and revenues shall t5e applied by such receiver according to the lien of this mortgage
and tha praetice of such court. In the event of any default an the part of the Mortgagor hereunder, the Mortgagor _
agrees to pay to_ the ~fortgagee on demand as a reasonable monthly rental for the premises an amount at least
- ~equivalent to one-twel[th (~2) of the aggregate of the twelve monthly installments payable in the then current ;
= ` year plus the actual amount of t6e annual taxes, s~ssessments, water rstes, and insurance premiums for auch year -
not covered by the aforesaid monthly payments. - . _ _ - _ -
~ tO.In the event of any b-each of this mortgage or default on the part of the Niortgagor; or in the eveut that
- any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
; event that each and every the atipulations, agreements, conclitions, and covenants oP said note and fhis mortgage,
are not duly, promptly, and fully perfotmed; then in either or any suc;? event, the said aggregate sum mentioned ;
- in said note then remaining unpaid, with_interest accrued to that time, and all moneys secured hereby, shall become r
f due and payable forthwith, or thereafter; at the option of said 1liortgagec, as fully and completely as if all of t6e _
~ said sums of money were originally stipulated to be paid on such" day, anything in said note or in this mortgage to . ;
I - the contrary notwithstanding; and thereupon or thereafter, at the option of said ~iortgagee, without notice or -
I demand, siiit at law or in equity, may be prosecu+_ed as jf all moneys secured hereby had matured prior to its institu-
~ tion. The ~iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
~ premises shall be sold to satisfy and pay the ~ame together R•ith costs, expenses, and allowances. In case of partial -
- 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 such csse the provisions of this paragraph may again be '
availed of thereafter from time to time by the ~iortgagee. - ~
I 1. No waiver of any covenant herein or of t.he obligation secured hereby shall at an}• time thereafter be held -
to be a waiver of the terma hereof or of the note secured hereby. _
12. The lien of thia instiument ahall remsin in full torce and effect during any postponement or extension of ~
the time of payment of the indebtedness or any part thcreof secured hereby. ~ -
13. If the Mortgagor default in any of the covenant$ or agreement9 contained herein, or in said note, then the
~ ~ Mortgagee msy perform the same~ and all expenditures (i~cludin~ reas~nable attorney's fees) made by the hiortgaRee
in so doing shall draw interest at the rate Fro~ ided tor in the principal indebtedness, and shall be rcpay able
thirty (30) days after demand, and, together with interest and costs accrued thereon, sl~all be secure~ by
this mortga.ge. - .
i4. Upon the request of the ~tortgagee the ~iortga~;or shall execute and deliver a supplemental note or
u~._._ _ '~e sur.? or sums ad~ anced by the ~tortgagee for the alteration, modernization, improvement, main- -
tenance, _ ~ of said premises, for taxes or ss.~essments against the samc and for aa~ otticr purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if th~ ~-dvance
eviclenced thereby were included in the note first described above.' Said si~pplemental note or notes shall bcar - _
interest at the rate provided [or in the principal indebtedness and shall be payable in a~proximately~ equal
monthly payments fbr such period as may be agreed upon b~• the creditor and dcbtor. Fail~ng to agree on the ~
maturity, the whole of the sum or sums so advanced sh,~ll be due and pa~•able thirly (30) da}s after demand t
by the creditor. In no event shall the maturity extend beyond the u(timate ~~aturity of the note first
described sbove. ~ _ _
80Wi ~r~ PA.Cf ~,~e~