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Home My WebLink About1707 • i tQnder to the 'I1lartgt~~~t+ in accordance with Ihr. pro~~isions of tl~e ~~ote secured hereb~•, lull pa~~n?enl~ of tl~o entiro indebtedne.qs raprrse:~ted thernb~•, the hiortgageo, ~sa trustee, s1iaU, in c~mputinK th~ tin~oun~ ot sucii iRdebtedness, crFdit~ to itic~ accuunt ot t~~e I~ioctgAgor a~~~~ credit balnnce reinainin~; un~t~r Il~r ~:ro~'131011S OI ~ft~ of asid para~;raph 2. 1[ th~~rc+ s1iaU ~o a default u~~~lc~r any of llie provi~ions of tiiis iuortga~e r~~3ultii?~; in ii public ssle o( the preini~es covered liereb~•, or it tl?o 111ortgagro arquires the properl~• otlierµ•~se ntlcr defautt, ~ ttie hiortgagee, as truat~e, shall apply, at the time of tho co~~in~eneement of sucl~ proceeclings or at tl~c timc tl?e prop, rt~~ ~s utherwis~ ~:cyuired, the amount tlRen reiuainin~ ~o c~redit af ~lortgagor ~u~der (a) of p~ragrapli 2 - preceding ae a credit on tl~e intc~rest eccrue~l e~ncl unpaid anci tlle balanco to thc~ principsl then remt~inin~ unpaid # on said note. 5 • 4. H~, will pay all tax~s, aseessmente, water ratee, a~d other governmental or~ municipal chargee, finea or ; impositione, for whlch provieion has no6 been made hereinbefore, and in default thereof the Priortga~ee may pay tha ~ e~mo; and thr.; he will pmmptly deliver the official receipta therefor to tl:e Mortga~gee. . S. He wiU permit, commit, or sutier no waate, impairment~ or deterioratlon of said property or any part thereof except reaeonable wear and tear; and iQ the event of the failure of the Mortgagor to keep the buildings on eaic~ ; premi~s and thoee to be erecled on said premises, or improvements thereon, in good repair, the Mortgag~e may • mAke aucli repaire ae in ita discretion it ma~r deem nec.eeaary for the proper prescrvation tbereof, and the full amount i of each and every such payment ehall be due and payablo thirty (30) days after dem~nd, and ehall ba eecured by ~ t,he lien of this mortgage. ~ 6. He will p~y aU and eingulsr the coate, chargea, and expenae8, including reasonable lawy~r's feee, and coeta ~ £ of abetracts of title, incurred or pa'id at any time by the Mortgagee bscau~e of the failure on the part of the 14iortgagor i promptly and fully to perform the agreements and covenants of said promissory note and thia mortgage, anrt said i costs, charges, and expenses ahall be immediately due and payabie and shall be secured by the lien of this mortgaga. ! . ~ fi. He will vrontinuously maintoin hazard ia~urance, of auch type or types and amounts as I~Tortgagee nray ~ from time to time require, on the improvements now or hereaiter on seid premises, and a~cept when payment ~ for all such premiums has theretofore been made under (a) of paragraph 2 hereoi, he will pay promptly whon due any premiuma thereior~ : All insuranee shall be carried in companies approved by biortgsgee and the poli- cie~s and renewals thereof shall be held by Mortgagee and have attached thereto loss psyable clausea in favor ot c~ and in form acceptable to the Mortga ee. In event oi loss he will give inimediate notice by mail to Mo~tgagee, : ~ and ~Tortgagee may make prooi of oss if not msde promptly by Mortgagor, and each insurance company ~ concerned is hereby authorized and directed to make payment for such loss directly to Mortgage~e instead of ~ ' to 1V;ortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereoi, may be applied by Mor~ ~ gagee at ita optian either to t~e reduction of tho indabtedness hereb9 secured or to the restoration or repair of . r the property dama~ed. In evenG-of foreclosure of this mortgage or_ other transier of title to the mortgaged % ~ property in extinguishment of the indebtedneag secured hereby, a~l right, title, and interest of Lhe biortgagor ' in and to a~v insurunce policies then in force shall pass to the purchaser or grante~e. . ~ ~ 8. It thr preiuisi~s, or un~- pi~rt tliereof, be can~len~ned un~ler tlie po~t~r of eminent~ daiuam, or ncquired for r: u public use, the dmm~Kes ~~~•nrd~d, th~• prorer~ls for the tttkin~; of, or thc~ considerRtion for sucl~ arqui~ition, to - the extent of tl?e full ninou~it of tlie rerunii~ing un~~nicl iudebteclne~ s~~cured b~• this mortKnKe, arn liereb~• ~ ussikned to-tli~ ~Iort~;agee, un~l his h~~iis or ussi~ns, ain~l s)wll bc~ paitl fortl~~~•itl~ to said ~fortg~~;ee or his - assiknee to br applir~l on nc<•oui?1 of lh~~ tust mnturin~ insttilln~~~nts of su~~h ine(ebtectness; pro~•i~ic~~l, ho~~•e~•er, the \Iortg~~ee ~~r 1?is :~.SSiKne~~, lllii~" Al IUS lllSt'Cl~tio~i }~a~• ~lirr~•t to tliE~ ~1ort~;~~;ur, 1?is lirir,: ur ussi~;~is at~~• pnrt ~ or ~lt o[ sucli n~•ar~l; pro~•tcled, tliut if the loi?n is guuraii~te~~cl or insur~~cl, th~ eoi~se~nt o[ ih~~ giieirnntor or ii~surc~r is obtaitted in acivence of sai~l pa~•n~c•nt. - ~ The :Viortgagee may~ ~t eny time pending a.suit upon this mortgage, apply to the court having jurisdiction k_ thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all arid singular, including all and singular the income, profits, issues, and reveaues from whatever source ~ derived, each and every of nhich, it beiug expressly undezstood, is hereby mortgaged as if specitically set forth and F. descrit~ed in the granting and habendum clauses hereof. Such appointment shall be made by such court as an ad~nitted equity and a matter of absolute right to said 1liortgagee; and aithout reference to the adequacy or inadequacy of - the value of t}ie property mortgaged or W the solvenc~ ar insolvency_ of said Mortgagor or t~e defendants. Such = rents, proGts, income~ i~ues, and revenues shall t5e applied by such recQiver according to the lien of this. mortgage = and the practice of auch court. In the event of any default on the part of the Mortg~gor hereunder, the Morigagor ~ agrees to pay to. the ~'iortgagee on demand as a reasonable monthly rental for tha premises an amount at least equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current _ year ~lus the actual amount of the annuol taxes, assessments, water rates, ard insurance p~emiums for such year - , not covered by the aforesaid a?onthly payments. - ~ - - 10 In the event of any breach of this mortgage or default on the part of the l~iortgagor; or in the event that t m?ny of said eums of money herein referred to be not promptly and fully paid accorc~ing to the tenor hereof, or in the - event that each and every the atipulationa, agreements, conditions, and covenants of said note and this mortg~ge, e . are nc?t duly, pramptly, and fully performed;_ then cn either or any such event, the said aggregate sum mentioned in said note then remaiu~ng unpaid, with interest accrued to that time, an~# all moneys secured herEby, shall become _ due and payable farthwith, or ther~after, at the option of said biortgagee, as fully and completely ~s if all of the - said sums of money were originally stipulated to be paid on such day, anylhing in said note or in this mortgage to . the contrary notwithstanding; and thereupon or thereaiter, at the.option of said Mortgagee, without notice ~r - demand, suit at luw or in equity, may be prosecuted as if ull meneys seeured riereby hae~matured prior to its institu- tion. The ~io~ tgagee may foreclose this mortgage, as to the a.mount so declared due and payable, and the said premises shall be sald to satisfy and pay_ the same together with costs, expenses, and allowances. In case of part.ial ~ foreclosure of this mortgage~ the mortgaged premises shall be sold subject to the co~tinuing lien of this mortgage ~ _ for the aa,ount of the debt not then due and unp~id. In such case the provisions of this pa~ageaph may again be ~ - svsiled of thereaf~er Irom time to time by the hiortgagee. ~ ~ € 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held i° ~ to be a waiver of the terms hereof or of the note secured hereby. - k_ 12. The lien of this inbtntment ahall remain in f~~ll force and eRect ~uring any postpr~nement or extension of the t,ime of payment of t~e indebtedness or any part thereof secured hereby. - - - ~ 13. If the Mortgagor default in sny of the covenants or agreement9 contained herein, or in said nute, then the Mortgagee may perfurm th~ same~ and aU eapenditures (inc;t~ding reasont~ble attomey's fees) msde by the Mortga~ee ~ in so doing shall draw interest at the rate proti~ided for in the principnl indebt~eciness, and shall b~ repayabla ~ thirty (30) days after dema~d, anrl, to~ether with interest and_ costs acerued thereon, sliall be secured by ~ - this mortgage. _ - ~ ~ 1~. L3pon the request of the ~'ioriga~ee the ;liortgagor shall e~ecute and deliver a supplemental note or noteG for the sum or sums advanceil by t~ e~tortgagee tor tF.e alteration, modernization, irnprovement, main- _ t;enance, or repair r~f said premises, for tazes or assessments against the same and for any other purpose auttior- - . ized hereunder. Said .~~te or notes shait be secured hereby on a parity with and as fully as it the advance ~ - - evidenced thereby were inclucled in the note 6cst described above. Said s»pplemental note or notes shall be$r interest at the rate provided for in the principal indebtedness and s~hall be pa~ able in a~proximately equal t manthly peyments for such period as ma; be a~*reed upon by the creditor and debtor. Failmg to agree on the b stuhrityithe whole of the sum or su~ns so ec~vanced shnll bc due and pa~•abie thirty (30) days after demand ; y t e c ed~tor. In no event shall the matur~ty extend beyond the ultimate niaturity af the note first - } ; described above. . ~ - - U R = ~ BOOK~~ P~Gf ~ _ _ ----_-t__--