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Home My WebLink About0874 Y~ f ~ € • • ~ ' t ' ~ tej?der lo the "A1ort~og~~e in accc?~ilun~~~~ witl~ thc~ pra~~i:~iuns of tlu~ ttc?t~~ s~~curcil lierel,~•, full pa~~nienl of tlic ~ entir~ indebledness repr~~sentc~l tltierc~b~~, tiic~ Alortga~;ec, a.g trustec~, sl~sll, in cc,niputii~~; tlu~ Einiuu~?t of aucl~ ~ indobteJness, crc~dii to tl~c~ ac~~ou~~t of tl~c~ Nlort~a~or nny creci:t balance re~i~uinin~; un~ier th~~ pruv~~ions of (a) , o( asid para~?raph 2. If therc~ s1~aU be e detau l uu~icr :?uY o[ tii~ provi.~ians of ihis ~uortbu~;e r~~ultin~; in a ~ publie sal~ of the premises cu~~ereci hereby, ur i~ the Alorigage~ ac~yuires tlie prc~pert~• otl~rrw~ge Aher detnult, ~ ~ the I1~iortgagee, as truyte~, shall a~ipl}•, at th~ time of the conunencement ot such procee~lings or ut tli~ timc~ i the propert,y is otherwise euyuired, the an~ount tli~n mu~ainin~ to ~~rc~lit of ~'IortkaKor uncter (a) of ~3aru~;raph 2 ; precedin~; as a credit oi~ th~~ int~resi tircru~il tincl unpait! and tite I,alance to th~~ principsl thrn r~~~~ai»in~; u~ipni~l ~ Oli RBIt~ IIO~P. - t 4. He will pay ell taxea, aseeesmente, water ratc~, and other govemmental or wunicipal chargee~ finea, or ~ impoaitlons, tor v~hich provision has not been made heteinbefore, and in default thereaf the Mortgagee may pay the eame; and that he will promptly deliver the o~'icial recvipta therefor tQ tho Mortgagea. ~ b. He will permit~ canurait, or su~fer no waste, impairnient, or deterioratian of eaid pmperty or any part thereoi ~ except reasonable wear and tear; and in bhe event of thg f~ilure of the Mortgagor to keep the buildinga on eai~ ~ premises and thoee to be erected on eaid preaniees, or improvements thereon, in good repair the Mortgagee may ' make such repairs as in its. discretion it msy deem necessary for the proper prescrvation thereo~, and the full amount ~ of each and every suc6 paym2nt shall be due and payable thirty (30) daye after demand, a.nd ehall be eecured by ~ the lien of this mortgag~e. ~ , 6. He will pay all and singular the costa, oharges~ and expen~, including reasonable lawyer'a feee, aud coats oi absttacta of titls, incurred or puid at any time b;~ the I~iortgagee because of ths failure on the gart o~ ~the Mortgagor ~romp~ly and full~+ t.o perfor~n the agreemeuts snd covenants of eaid promiseory note and thiamortgage, and said coats, charges, and expEnses ahall be immediately due and payable and shall be eecured by the lien of this mortgage. 7. ~ie will continuousiy maintain hazard ins~~rance, of auch tvpe or types- snd amounts as Mortgag~e anay fmm time to time require, on the impmvementa now or hereaiter on said prein:~es, and e~cept when payinent tor all such premiums has t6erotofore been made under (a) of paragrap~ 2 hereot, he will pay promptlp when due anp premiums therafor. Allinsurance shall be car; ed in companies approved by Iliortgagee and the poli- cies and renewals thereof shall be held_by Mortgagee and have attached thereto lo$s payable clauses in favor of - and in forra acceptablQ to the Mortgagee. In event of loss he will give unmediate notice by mail to Mortgagee, and DZortgagee may make prooi of Ioss if not made promptly by tiiortgagor, and each insurance cumpany _ concerned is hereby authorized atid directed to make payment for such loss directl~~ to AZortgagee instead of - to Mortga.gor and Riortgagee ointly, and the insurance proceeda, or any part thereo , may be appLed by Mor~ gagee at its option either to t~e reduction of the indebtedness hereby aecured or to the restoration or rc3pair of the property d~.rnaged. - In event of foreclosure of this mortgage or other transfer of title to the mortgaged ~ propertp in extingu~shment of the indebtedness aecured hereby, a~l right, tit,le, and interest of the Mortgagor m and to any insu~nnce policies then in force shall pass to the purchasex or grantee. S: If tlie pr~~inis~~s, or i~n~- purt th~~rec?f, b~ conil~n~ned un~ler thr po~~•~r of rminent clouuun, or:icc~uire~l for - u public~~se, the dnmakes aH•arded, tl?c~ prore~~~ls fai• tlie tnkinK ui, or th~~ c•onsi~ic•ruiion for suc•h acquisition, to tl~e estent .of tl~e full atnottut of th~ reniniui~ig uiiptiiil i~idel~l~~~lness sec•urnd b~• tl~is »iortgnre, nre herel~~• - assi~ned to th~~ ~IortK~?k~~c, i~n~l his I~rii~ or ussi~;~?~, .in~i sluill hi• pui~l fortl~~~'iil~ to suid \1ortKn~~c or liis ussi~nee to be tipi~lie~l o~i ticrouut tli~• lust uuiti~rin~ instiill~u~~nts of sui•1? i~~def?tedn~~ss; pro~•iclc~cl, lio~~•e~•c~r, ~ the ~lortguKee or his ~.ssiKn~~~~, iuu•,- ut liis ~lis~•r~,tiun pi~~• clirr~•t to t1i~ ~lortgn~;c~r, l~is h~~ia:, ur ussirns an~• pnrt . or ull of suc~h ii«•ard; pi•o~•uli~~l, that if the. lc~~iu is ku:u~.~nt~~i~~l or insurrcl, the ~~onse~it of tl?c~ ~uarti~~toi• or insurei• is ubtained in n~lvance of 4:iic1 pu~•iuc~t~t. - ~ - 9. The Mortgagee may, at any time pending a suit upon t.his mortgage, apply to the court ha~ing jurisdiction thereof for the appointment of a receiver~ and such court shall forthaith appoint a receiver of the premi~es covered ~ hereby all arid singular, including all and singular the income, profits, issuest and revenues from whatever source derived, each and every of which, it being expressly understoad, is hereby mortgaged as if apeci6cally set forth and described in the granting and habenduun clauses hereoi. Such appointment shall be made by such court as an admitted . . equity and a matter of absolute right to said Dsortgagee, and without refe;ence to the adequacy or inadequacS of the value of the property mortgaged or ta the solvency or insolvency of said Mortgagor or the defendants. Such rents, pmfits. income, issues, and revenues shall be applied by such receiver according tu the lien of this mortgage ~ and the practice of such court. In the event of any default on the part of fhe 1liortgagor hereun~er, the Mortgagor agrees to pay to the Mortgagee on demand ac a reP.sonable monthly rental for the premises an amount at least equivalEnt to one-twelfth (y12) of the aggregate of the twelve monthly installments payable in the then current year plus the actuai amQUnt of the annual taxes, assessments, water rates, and insurance premiums for auch year , not covered by the aforesaid monthly payments. - - : 10. In the event of any b?each of this mortgage or default an the part of the Mortgagor; or in the event th~t any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or :n the - event that each and every the atipulations, agreements, co~ditions, and cavenants of said note and this mortgage, ar+e noL duly; promptly; and fully perfornaed; then in either or any such event, the said a3tr,regate sum mentioned ~ in said note then remaining unnaid, with interest accrued to that tir~e, and all moneya secured hereby, shall become - due and payable fort~with, or thereafter, at the option of said hiortgagee, as fully and completely as ii all of the r3aaid sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage tc~ the contrary na+.withstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand, suit at law or in equity, may be prosecuted as if all rnoneys secured hereby had matured prior to its instit.u- ~ tion. The ;~iortgagee may foreclose thi:, mortgage, as ta the amount so declared d~e and payable, and the said , premises shall be sold to satisfy ~nd pay the ~me together with costs, expense~, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises sh~ll be sold subjPCt to the continuing lien of this mortgage ~ for the amount of the debt not then due And unpaid. In suc6 case the provisions of this paragraph may again be ~ availed of Lhereafter:from time to time by the ;~iortgagee. 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereaftar be held _ to be a waiver of the terms hereof or of the note secured hereby. - ~ _ 12. The lien of this instrument shall remain in full force and ef~ect dzring any postponement or extension ~f the timg of payment oi the indebtedness or any part thereof aec•:ued hereby. _ , - 13. If the Mortgagor defauIt in any of the co~~enants or agreements contained herein, or in said note, then the Mortgagee may pedorrn the same, and aIl expenditures (inc~uding reasonable attnrnPy'g f~a) m~de ~iy the Moriga~ee - in so doing shall draw interest at the rate provided for in the principul indebtedncss, and shall be rega}able thirt~ (30) days after deinand, an~, Loget6er wit.h interest and costs accriied thereun, sliall be seeured by this mort~age. _ ~ - _ _ 14. Upon the request of the Mortgagee the ~iortgagor sha~l ea~ecute and delivcr a supplemental note or notes for the sum or sums ad~ ance~l Dy the \tortgagee for the alterstion, modernization, improvement, main- - tznance, or repair of said premises, for tsxes or as,~essments against the sanze and for any othe: purpose author- i~ed hereunder. Said note or notes shall be secured hereby on a parity wilh and as fully as if the advance evidenced thereby were included in the note firs~ described abo~ e. Said s~~pplementsl not~ or noles shall bear interest at the rate provided for in the principal indebtedness and shall be payah!e in ~~proximately equal monthly pay ments for.such period as may be agFeed upon b3~ the creditor and debCc~r. Failtng to agree on the _ maLurity, the whole ot the sum or sums so aci~anced shaii bc due and payable thirty (30) days a[ter demand by t5e credilor. In no event shall the maturity extend beyond the ultimate maturity of the note first described above. - B0~ ?~Gf p~~ - - ~ ~ _ . _ . _