The URL can be used to link to this page

Home My WebLink About0930 . ~ tender to the Mortgagee in acconlance willi Lfie'~tovuions•~t j,~ note secured 1?ereb~•, tull pa;~•ment of the ` eAt,ire indebtednesa represented therebv, the hiortgagee~ as Lruste~, ahall, in computing the amount oi such i indebteclneas, crec~it to tl~e sccouM_ ot tl~e Mong~Kor sny credit balance reinaining under the provisions ot (a) ot said pitra,graph 2: 1t there shall be a detsult under apy ot t}ie pmvieions of this mortga~e resulting in s t public sale of the premises covered herebv, or i~ the Mortgagre acquites the property otherw~se aRer detault, ~ the Mortgagee, aa truatee, shall apply~ at the time ot the comuiencement of such proceedings or at tl~e time the property ~a otherwise ocquired, the arnount then re~»aining to cradit ot Mortgagor under (s) of paragrsp}~ 2 preceding ae a credic on the interest accrued and unpaid end tlie balanca to the principal then remsining unpaid on said no6e. 4. He ~ritl psq all ta:es, aaeeesments, water rates, and other 6overnanental or municip~l char8'~, os impoeitions~ for wbich proviaion haa not been made hereinbefore, ~ad ia delsult thereot the Mort;agee may p~y tbe ~ame; and thst be.will prompt~y delivet the o~ei:l r~oeipte therefor to the Mortg:g~ee. b. He ~?ill permit, oommit, or suffer no ~vaate~ ianpairmen~~ or deterioration of eaid property or any part thereoi e:cept reasonabb wrear and tear; end in the event of the failure of tha Mortg,sgor to keep :.'ses buildinge on sai~ pnmieea and thoee to be erected on esid premiees, or improvemeats thereon, in good npair~ t~he Mortgagee msy make auch repsirs ae in its diecretion it may deem neceeeary for the proper preacrvation t6ereof~ and the full amouat oi each end every such psyment ehall be due :?nd psyable thirty (30) days aft~ demaud, sad ehsll be secured by ~ the lien of t6ia mortgege. ~ 8. He will psy all and singular the coeta~ ch~rgee, aad ezpensea~ including re.aeonable 1s~vyer'e fees~ sad custe of sbgtracts of title, incurred or paid at any time by the Mortgagee becsuse ot the failure on the part of the Mortgagor pmmptly and fully to pedorm the agreements and oovenants of eaid pmmieeory note and thia mortgage, and eaid ooste, charges, and eupenses ahall be immediately due and paysble and ahall be eecured by the lien of thia mortgage. 7. He will oontinuously maintain hazan; inauranoe, of such type or types sad amounte as Mortgagee may from time to time reqt~re, on t,he improvements now or hereafter on sa~d premises and e.tcept when payment Ior e?ll such premiums li~a ~ere{~a~pre been made under (s) of part~raph 2 hereof ~e will psy pmmptly when due any premiums thcrefor. All insurance shall be carried in companies spproved by 111ortgagee and the L_ cies and renewals thereof sh:?ll be held by Mortgagee and hsve at~:ched thereto loas payable clause8 in favor ot and in form acceptable to the Mortgagee. . In event oi losa he will give immediate notice by mail to Mortgagee, and Mortgagee mey make prooi oi Ioss if not made promptly by Mortgagor, snd each insurance oompany ooncemed is hereb authorized and directed to make psyment for auch losa directly to Mortgagee instead of Lo Mortgagor and ~ortgagee jointly, and the insurance proceeda, or any put thereof, may be applied by Morw gagee at its option either to the reduction of the indebtednees hereby secured or to the restorataon or repair of the property dama~ed. In eveut of foreclosure of this mortgage or other transfer of title to the mortga~ed property m extingu?shment of the indebtednese secured hereby, a~l right, title, and intereet af t,he Mortgagor m and to any insurance policiee then in force shall psisa to the purchaser or grantee. 8. If the pre~uisis, or un~- part U~ernuf, be con~le~uned under the power of eminent do~unin, or acquired (or a public use, tlie dai~?a~es awarcied, the proreeds for t)ie taking of, or the ~onsicieration for surh acquisition, to the estent of the full a~:~ount ot tl?e remaining unpaid indebte~iness serurcd b~• this ~~~ortgnge, arn hereb~• ~ assikned to the ~lortga~;ee, anci hi.s heirs or sssi~*ns, und sLall bc~ pai~l forthwith to saicl ~iort~a~?ec or his ~ assignee to be appliect on acrow?t of thc• last niuturiuK installnients of suc•h indebtedness; pro~i~led, however, ~ the :~'iortKu~ee or 1?is ~ssignee, niu~• at liis disc•rt~lio~? pa~• dirr~•t to llie Mortgngo,-, his 1?~irs or assigns an~• part ~ or all of such awarct; provided, thut if the loat~ is guaranteed or insured, the consent of the guarantur or insurt~r is obtained in advance of said pa~•inent. 9. T6e Mortgagee may, at any time pending a suit upon this mortgage, apply to the court hsving juri~iiction ~ thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver af the premisee oovered ~ hereby all arid singular, including all and singular the income, pm6ta, iesuee, and revenues from whatever source derived, each and every of which, it being expressly underatood, is hereby mortgaged as if apeGifieally eet forth and _ described in the granting and habendum clauses hereof. Such sppointment shall be made by such court ae sn admitted equity and a matter of absolute rig6t to said Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the salvency or insolvency ot said Mort.~agor or t~ae defendanta. Sueh rents, pro6ta, income~ issues, and revenues shall be applied by such reoei~+er ac.cording to the lien of thia mortgage and the practice of auch court. In the event of any default on the part of the Mortgsgor hereunder, the Mortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesst equivalent to one-twelfth (~z) .of t6e aggregate of the twelve monthly instsllmenta payable in the t6en current ~ year plus the actual amounL of the aanual ta~cea, s~ssmente, wster ratea, and insurance premiums for auch year noL covered by the aforesaid monthly payments. " ; 10. In the event of any b*each of this mortgage or default oa the part of the Mortgagor; or in thc~ evc~nt that ' any of asid sums of money Aerein referred to be not promptly and fully paid according to the tenor hereof, or in Lhe ~ event that each and every the stipulations, agreementa, conditione, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event~ the said aggregate sum mentioned ~ in ee~id note then remaining unpaid, with interest accrued to that tine, and all moneys secured hereby, ahall become ~ due and payable forthwith, or thereafter, at the option oi said Mortgagee, as fully and completely ae if all of tho s eaid sums of money were originally atipulated to be paid on such day, anything in said note or in this mortgage to p L6e contrary notwithstsnding; sad thereupon or thereaiter, at the option of said Mortgagee, without notice or ~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may fareclose this mortgage, se to the amount eo declared due and paysble, and the said premiees shall be sold to satisfy and pay the same together with oosta~ expens~s, and allowances. In case of partial foreclosure of this mortgage~ the mortgaged pmmises ahall be sold aubject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In sucL case the provisions of this paragraph may again be ~ availed of t6ereafter from time to time by the Mortgagee. 11 _ No waiver of any covenant herein or of the obligation secuied hereby shall at any time thereafter be held ~ to be a waiver of the terms hereof or of the note secured hereby. 12. The lien of thia inssrument ahall remain in full foroe and efiect during any postponement or extension of ° the time of payment of the indebtednese or any part thereof eecured hereby. S ~ 13. If the Mortgagor default in eny of the covenante or agreemeats contained herein, or in said note, then the ~ Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortga~ in so doing shali drsw interest at the rate provided for in the principal indebtednrss, and shall be repayable thirt,y (30) days after demand, and, together with interest and costs acerued thereon, sliall be secured by this mortgsge. 14. Upon the requesL of the Mort.~a~ee the ~iortgagor shall eaecute and deliver a supplemental note or note.g for the sum or sums edvanceci by the ~tortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for caxes or as.~essments against the same and for sn~~ other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advence evidenced thereby were included in the note first described above. Said s~~pplemental note or notes shall bear interest at the rate provided for in the principal indebtednesa and shall be payable in e~ proximately equal monthly payments for s~ich period as may be agreed upon by the creditor and debLor. Faiting to agree on the maturity, the whole oi the sum or sums so advanced shnll be due and pa~~able thirty (30) days atter demand by t6e creditor. In no event shall the maturity extend beyond the ultirnate ~~aturity oi the note first deacribed above. r~~ ~ EL'~!( PAGF _ _ _ _ ~ ~