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HomeMy WebLinkAbout0917 tender to the Mortgagee in accc~., _,4~ce with the provisiona ot tl?e ~ote aecJ. _~d 1?ereby, fu11 ps~ utent of the entire indeblednesa repreaented ttierebv, the Mortgagee, as trustee, shall, in computi~g the •iiiount of sucli indebtednea~, credit to the account ot tl~e I~lortg~~or any cred~l balsnce retnaining under the provisione ot (a) o[ s~?id ~aph Z. It the~e shall ba ~ detsult und~r any ot the provieions ot this ~nortga~e reaulting in • publie ssle o the premises covered hereby, or if the :~ortgvgre acqueres the property othecwae after default, the Mortgagee, ~s trustee, shaU spply, at the time ot the co~ninencement ot euch proceedings or at tlie ti~ne the property is otherwise scquired, the amount then rea~aining t.o credit ot Mongagor under (a) o! paragraph 2 preoeding credit on the intereat ~ccrued and unpud an~ ttie balance to the principsl then remaimng unpa~d on a~id note. 4. Mort~agor~viU pay all taxc~, adaessmenta, water rates, and other ovemmenttJ or municipal chargea, Rnes, or imp~oeitions, ~or whieh provision haa not been made hereinbetore~ and in ~ault thereoi tbe Mork+~8~ ~Y WY ~ same; and wtlt pranptiy deliver the official receiptt thernfor to the Mortgagee, 6. Mortgagor will permit, commit, or suffer no waste, impairment, or deterioration of said property or eny part thereof, e$cept reasonab.e wear and tear; and in th~ event of the failure of the Mortgagor to keep the biuldings on said pre~cuses and those to be erected on said premises, or improvemente thereon, in good repair, the Mortgagee may make sucla repairs as in its discretton it msy deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be due and payable thirty (30) tiays after demand, and shall be secured by the lien of this mortgage. 6. Mortgagoc will pay all and s[ngular the costs, chi?rges, and expenses including reaaonsWe 1awy~•r'a fees, and costs ot absttacts of title fncurned or paid at any time by the Mozt~agee becauae oI the [aflure on the part o[ the Mortgagor prompt7y snd [u!~y to perfoan the agreementa and covenants of said promissory note and this mortgage, and said casts, charges, and expeases shall be immediatety due and payabte and shall be aecuced by the lien oi this mortgage. 7. Mottgagor will continuously mainlain hazard insurance, of such type or types and amounts ~ Mortgagee may from time to time require, on the improvements now oc herea[ter on said prnmises, and except when payment for all such premiums has theretofore been made under (a) o[ parag:aph 2 hereof, heJahe will pay promptly when due any premiums theretor. All insurance shalt be carried in companies approved by Mortgagee and the policiea and renewals thereof shall be held by Mortgagee and have attached thereto loss payable dausea in favor oi and in form acceptable to the Mortgagee. In event of Ioss de/she wvl give immediate notice by maEl to Martgagee, and Mortgegee may mai~e proof ot ioss if not msde promptly by Mortgagor, and each insurance company concemed ia hernby authorized and ditected to make payment [or such loss ditectly to Morigagee instead ot to Mortgagor and Mortgagee jandy, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or rPpair ot the property damaged. In event o[ foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment o[ the indebtedness secured hereby. all right, titte, and intetest o[ the Mortgagor in and to sny insurance pdicies then in force shall pass to ihe purchaser or giantee. 8. If the premises, or any p,art thereof be condemned under the power of eminent domain, or acquired for a public use, the darnages awarded, the proceeds for tY,e taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned to the b4ortgagee, and his or her heirs or assigns, and shall be paid forthwith to said Mortgagee ar his or her assignee to be applied on account of the last matunng ~ installments. of such indebtedness; provided, however, the Mortgagee or his or her assignee, may at his ar her discretion pay direct to the Mortgagor, his or her heirs or assigns any part or alt of such award; i pmvided, that jf the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in ~ advance of said payment. ~ 9. T'.~e Mortgagee may, at any time pending a suit upon this mortgage, apply to the court heving juriediction thereo! for the appo?ntment of a receiver, and such court shaA fort5witl~ appoint s receiver oi the premiaee covered ~ hereby a~l and singular, including all and singular the income, profita, issues, and revenuea fcom whatever soucce ~ derived, each and every of which, it being expressly understood, is hereby mortgaged aa if epecifically eet forth and ! described in the granting sad habendum elausea hereof. $uch appointment shall be made by such court as an admitted ' equity and a matter of absolute rigbt to eaid Mort~agee, and witt~out reference to the adequscy or inadequscy of - ~ the value of the property mortgaged or to the solvency or ineolvency of said Mortgagor or t5e defendants. Such rente, pmfite, income, isaues, and revenuea shall be applied by auch receiver according to the liea of this mortgage end the practice of auch oourt. In the event ot any de4ault os~ the psat of the Mortgagor hereunder~ the Mortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premiees an amount at least equivalent to one-tweltth (~yjz) of the aggregate of the twelve monthly installments payable in the tben current year plua the sctual amount of the annual tsxes, assessmenta, wster rates, snd insurance premiuma for such year not covered by the afores~id moathly paymeats. t0. In the event of sny breach of thia mortgage or default on the part of the Mortgagor; or in the event thst ~?ny of said suma of money herein re[erred to be nat promptly and fully paid according to the tenor hereof~ or in the event that each and every the atipulstiofls, agreements, conditiona, and covenanta of esid note and this mortgage, are not duly, promptly, and tully performed; then in either or any such event, the said aggregate sum mentioned in aaid note then remaining unpaid, with intereat accrued to that time, and sil moneye eecured hereby, ahall be~me ; due and payable forthwith~ or thereafter~ at the option of said Mortgagee, as fully and oompletr.ly aa J all of the said sums of money aere originally atipulated to be paid on auch dsy, anyLhing in said note or in ~hia mortgsge to the contrary notwithatanding; and thereupon or thereafter, at the option of said Mortgagee, aithout notice ~r demand, suit at !aw or in equity, may be prosecuted sa if all maneya secured hereby had matured prior to its inatitu- tion. The Mortgegee may foreclose this mortgage, as tu the amount eo declared due and payable, and the said premises ahsll be sold w satiafy and pay the s~me together witb costa, eapenses, and atlowaacea. In case of partisl ~ toreclosure a~ this mortg,ag~, the mortgaged pmmises shall be sold eubject to the continuiag lien of this mortgags for the ount of the debt not then due and unpaid. In 8uch caee the pmvisions of this psragraph may again be avsile3 o hereafter fmm time to time by the Mortgagee. i l. No aiver of any oovenant herein or of the obligation secured hereby ahall at aay time therea(ter be held to ba s~vaiv of t,he terma hereof or of the note secured hereby. i2. lien of Lhia insirument ehall remain in full force and eftect during sny postponement or exteasion of f,wne of psyment ot tdse indebtedneae or any part t~ereof eecured hereby. ' 13. If the Mortgagor delault in aay of the covenanta or agreementa coatained herein, or in said note, then the Mortgagee ~sy perform the 8ame, and all expenditures (including reasonable attorney's feea) made by the Mortga~ee : in so doing shall drax interest at the rate provided for in the principal indebtedness, and shal! be repaynble tihirtiy (30) daye aiter demand, and, together with interest and costs accrued Lhereon, ahsll be secured by thia mortgage. 14. Upon the request ot thc Mortga~* ee the Mortgagor shall eaecute and deli~er s supplemental note or note3 for the sum or sums advanced by the tifortgagee for the alteration, modernization, improvement, main- tenance, or repsi- of said premises, for taxes or saaessments a~;ainst the same and for any other purpose author- ized hereunder. Ssid note or notes shall be secureci hereby on s parity with and as tully as if the advance evidenced thereby were included in the note 6~st dexribed sbove. Said aupplementsl note or notes shall bear interest at the rate provided (or in the principal indebtedness snd ahall be payable in ap pr~ximately equsl moathlp payments for such period as may be agreed upon by the crediwr and debtor. Failing to agree on the mst,urity, the whole of the sum or slims so sdranced shall bc due and psyable thirty (30) days after demand by t6e creditor. In no event ahalt the mstutity eztend beyand the ultimat,e rsaturity of ~be note first described above. ~ gooK512 PAGE 917 ~ ~ ~ , ~ _ - . w~ ~ . _ _ - _ _ . ~ _ ~ - - - : - - - - _ ~