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Home My WebLink About1837 1 lencif°r to tl~e Tlortga{;ee in accor~lanco witl~ the provi~ions of ilto ~~atc~ secured I~cr.~b~•, lufl pet~~~iient~ o( tl~e entirts indebiedness reprrsenteil therel,~~, tht+ ~iort~agee, a.~ trustee, shnll~ lll COI11}lUhll~; lIl(' ~u~ount o! surJ~ in~iet~lednes.9, credit to tl?~ sccouti~t at tl~~ I~tortga~;~r iu~y cre~lit balcu~cc+ remninin~; utuier the provi~ions o! (a) of seid pa~agraph 2. It ther~ s1?t~U be a cleteult under auy oI ll?e pro~~isiats o! tl~is mortga~e r~sulting in a publie sale of tho preti~ises covered herebv, or if the Mortgagc.~e a~yuires tl?e propert~~ oth~rwtse efter default, the Morlgagee, as truatce, ahsll apply, at ~the tinie or the coinmencement of such proceecl'sn~ or t~t tlio tim~ the property is otl+erwise scqaisecl, tt?e at?~ount thcn re~naininK to c~reciit of Mortgagor ~uidcr (a) at paragraph 2_ preceJing as a credil on 1ho interest accruecl and unpaid anci tt`e balanco to tl~c~ pri~~cipal then rei?iainm~ unpaid on said note. 4. He will pny all tsxe~, aABeesmente, we?ter ratee, snd other goverumental or municipal ahargee, 6nee~ o= impositlone, for whiab proviaion haa not been msde hereiubafore, ~?nd in defautt theroaf t6e Mortgag~e mey pay the e~?me; and that ha wil! prtimptly deliver tbe officiAl rec~eeipte theretor to th~ Mortgsgee. 6. He will pernait, commit, or suQer no waste, i.mpairm~nt, or det~erioration of eaid property or ~ny parL thereof exozpt reaeonable wear and tear; and in t4e event of tho failure of the Mortgagar to keep thA buildings on eaic~ premiees and thoee to be erected on eaid premiaee, or improvemente thereon, in good repair, the Morigagee may malce euch repaire aa in its diecretion it may deem nec~ary for the proper preac:rvat~on thereof, and the full aaaount ot each and every euch p~yment eball be due and payable thirty (30) dsys afGei demiwd, aad ahsll be aecured by . t,ha lien o~ thia mortgage. . . 8. wilt pay alf and aingulsr t~e costa~ cbarges, and expenees, including reasonable lawyer'a feee, uad coata of abstracta of title, incurceci or paid at any time by the 1Vlortgagee bec~?uee of the f~ilure on the part, of the Mortgagor . protnptly and fully to perform the agreements and covenants of aaid promis~ory note and thiamortgage, and said coets, charges, and expenses ahall be immediately due tind payable and shall be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain hazard insurance, of such type or typee and amounts as Mortgagee me? from time to time require, on Lhe imgmvements now or herea`ter on said premises and ezcept when payment tor all such premiuma hsa theretofore been msde under (a) of paragraph 2 hereof 'he will pay promptl when _ du~ any premiums therefor. All insurance shall be carried in companies approvec~ by hiortga~ee and t~e poli- . cies and renewals theraof shall be helu by Mortgagee and he?ve,attached thereto loss peyable clausee in favor of and in~torm acceptable to the hiortgagee. In event af loss he will give inamediate notice by mai.l to Mortgagee, . _ and `~T~rtgagee rtiey make proof oi Ioss if not mada promptly ~iy Mortgagor, and each insuiance Company _ concerned :s ~ereby authorized and directed to make payment for such losa directly to Mortgage~e inst~ead of - ~ to bTortg.agor and Mortgagee jointly, and the insurance proceeds, or anp part thereof may be apglied by Mor~ gagee at its option either to the reduction of the indebtednesa hereby secured or to t~e restorataon or repair of the property dama~ed. In event oi forecloaura of this mortgage or other transfer of title to the mortgaged propertp ~n extingu~shment of the inde6tedness secured hereby, a~l right, title, and interest of the Mortgagor ui and to any insurance policies then in force ~shall psis€ to the purchaser or grantee. _ _ 8. If the Premis~~s, or nn~- part tl?ereof, be co»denuied uncler the }wH•er of eminei~t clomuu~, or acquirrd for ~ a public use, tlie dt~inA~;ec nw•nrded, iL~• pror~~~~cls for the tnking of, or the ~onsid~rntion for such ncquisition, to the erient of t1~e fu11 ainount of tLc~ ren?aining unpni~l ind~bte~hiess src•ured b~• tLis inortgake, arn lierrbti- assi~;ned to tl~e \fort~a~ee, t1f11I ~145 Itic~i~~ or assi~;~is, t?i~~1 s1~:~1! b~ ptiid fortii~~•ith to said ~tortgttgee or his . assignee to bc~ applieei on ~rr~unt c~f th~• last n~nturinr instfllliurnts of suc~~ lil(IPt11P(Iiit'SS; pro~•i~le~l, lio~se~er, ihe ~1ort~;uKec ur his :issi~nc~~, nue~- ut )?is ~liscr~~tiai? pa~• ~lirec•t to th~ ~1ort~;Agor, his li~i~~ ur assirns fln~~ part - ~ or ull of suc•lr a~~•arcl; pra~•i~ted, thait if the lonu~is ~;unrunte~cl or insured, tli~ consc~nt of t!?e Kuarnnlor or insurer is ohtained in advanc~ o[ ssti~{ p~~•inr?tit. " ~ The Mortgagee may, at any time pending a~ suit upon this mortgage, apply to the cauri naving jurisdiction thereof foz the agpointment of a receiver, and such court shatl forthwith appoint a receiver of the ~remises covered ~ hereby all arid singular; including sU and singular the income, profits, is4uea, and revenues from whatever source derived, each and e~ery of which, it being expressly understoad~ is hereby mortgaged as if specificaily set forth and described in the granting and habendum clauses hereof. Such ~rpointment shall be made by such coutt as an admitted equity and a matter of absolut~e right to said Mortgagee, and wit~?out reference to the adequacy or inadequacy of ` ~ the v$lue of the property mortgaged or to the solvency or insolvency of said l~sortgagor or t!?e defendants. Such ~ ' rents, profits, income, issues, and revenues shall 1Se applied by such receiver according to the lien of this mortgage , - and the practice of such ccurt. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ~ ~ _ ngrees to p~y to the 1liortgagce.on demand as a reASOnable monthly rental for the premises.an a~ount at least ~ equivalent ta .one-twelfth (~z) of the aggregate of the twelve monthly installmenta payable in the then current ~ year plus the actual amount of t~e annual taxes, assessments, water rates, and insurance prem~ums for such year ~ , - not covered by the aforesaid monthly paYments. ~ , ~ 10. In tbe event of any b*each of this mortgage or default on the part of the Mortgagorr or in the event that . ~ sny of said sums af money herein referred to be not promptly and fully paid according to the tenor hereof, or an the . event that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage, at~ not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned " in said note then remaining unpaid,.with interest accrued to that time, and all moneys secured he:eby, shall becoma ~ due and payable forthwith, or thereafter, at the option of said 1~lortgagee, as fully and completely as if all of the said sums of m~nay were originally stipulated to bP patd on such day, anything in said note or in this mortgage_to ~ the contrary notwithstanding; and thereupon or thereafter, at the opt'son of said Mortgagee, without ~otice ~r ~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior ta ita institu- ~ tion. Th~ 2~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 same together with costs, expenses, and all~wan:,es. In case of psrtial ~ fore~losure of this mortgage~ the m~rtgaged premises ahall-be sold subject to the continuing lien of this mortgage for the amQUnt of the debt not then due and unpaid, In such case the provisiona of thia paragraph may sgain ba availed of thereafter from time to time by the Mortgagee. - _ - ~ 1 l. No waiver of any covenant herein or of the obligateon secured hereby sha11 at any time themafter be held ~ to-be a waiver of the terms hereof or of ~ihe note aecured hereby. ~ ~-12. The lien of thia in5trument ehall remain in full force and effect durin~ any puetponement or exte,~sion of ~ the tenee of p~yment of t.he indebtednesa or any part thereof escwred hereby. _ . - ~ _ ~ 13. If the ~Iortgagor apta~ Jt ir, any of the covenant~ or sgreementa contained herein, or in said note, then the 3 Mortgagee may perform the same~ and all expendi6ures (including reasonable attorney's fees) made hy the Mortga~ee ~ in ~o doing shall draw interest at the rate provided tvr in the principal indebtedness, snd shall be repay~able Lhirty (30) days attex c~emand, and, together with interest and costs accrued thereon, siiall be secured by ~ . 6his-mortgege. . ~ - -14. Upon the request of the Martgagee the :~iortgagor shall eaecute and deiiver a supplemental note or ~ notes !or the sum or swn.s advanced Cy the `tortgagee for the alteration, ~odernization, improvement, main- ; - tenan~ce, or repair of said premises, for taaes or as.Qessments against the ~me anci for aay other pur}~ose autfior- F ized hereunder. Said note or notes shall be~secured hereby on'a parity with and as fully as if the advance ~ - evidenced thereby were inciuded in the note first described abov~. Said supplemental note or notes shall bear interest at the rate pmvided for in the principal indebtedness and shail be payable in ap prorimately equsl monthiy pay ments for such period as rnay be agreed upon by the creditor and debtor. Failing to agree on the - rnatunty, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand by the creditor. In no event shall the maturity ext~nd beyond t,he ultimate rsaturity oi ihe note first described above. - - - - ~ ; 840K ~'tt~ PACf ~Sc)!! ~ _ - - _ _ -