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HomeMy WebLinkAbout0981 . , ~ ~ tender to the Mortgagee in wcordance witl~ the provaio~s ot tlie note ~ecured l~erebti•. tull paymen~ ot ehe eAtire indebtedne~ re r~eented thereby , the Mori !n computing thp ~mount ot ~uch P K*i~~, aa ~ruatee~ ehaU~ ~ indebMedaea, crecii~ w tl~e ~ccounc ot 1t~e Mortg~Ror any credi~ b~lanoe rem~i~ing under tl~e provieions ot ~ of saidap~ragraph lt there sh~il be detsutt uod~r any ot the provisiont o~ this tnortgs$e reaulting io s publia e o[ the Fremieea covered hereb,v, or if the Mortgagee ac~quises the prapect~y other~viae •tter detault~ • the Morigagee, ~a ~ruetee, ehaU Apply, at the ~ima of the cammencement of such proceedings or at tl~e time °~'d the properiy ~e otherwiee ~cquired~ the amount then rem~?init~g to credi~ ot Morigago~ unde~ (a) o~ par~gcsph 2 preadipg ~a a credit on the interesC accrued snd unpaid and tlie bslance to the principal then remt~in~ng unpa~d on said note. 4. Mort~o r will psy atl taxea, asaeasmenta, water ratea, and otheT govemmental or municipal charges, tinea, or impoeiNone, foi which provteton hae not been made hereinbetore~ iund ta dat~ulti thereot the Mortg,eaee m,?y p~?y tbs . same; and will promptly deUver the ofAct~l receiptr. theretor ta the Mortgagee. ` . 6, Mortgagor will pemait, commit, or suffer no waste, impairment~ or deterioration of said property or any part thereoi, escept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep - the buiidin~s on said preraises ~nd thaae to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discret~on it may deem necessary for the proper preseivat~on thereof, and the full amount of each and every such payment shall be due and payable thirty ~ (30) days atter demand, and shatl be secured by the iien of tltis mortgage. 6. Mortgagor will p~y all end singular the coats~ char~es ~ and expenses including r~asoaaWe lawyer's fees~ s+nd caata of abstracfs of title lncurred or paid at any tlme by the Mortgagee because of the ftilure on the part of the Mortgagor gre promptly and tul~y to perfoim the ~greements and covenanta of sdd promlasory note ~nd tl~is mo age, and said costs. chargea, and expenses shall be immediste[y due and payabte and shall be aecured by the lten of thfs mo gage. 7. Mortgagor will contlnuously maintain hazaM insurance, o[ auch type or types and amounta aa Mortgagee may irom • time to time requlre, on the improvements now or herea[ter on satd premises, and except when psyment tor all such prnmiums has ih~retofore been made under (a) of parngraph 2 hereat, he/she wiq pay promptly when due any premiums therEfor. All insurance ahell be carried in companies approved by Mortgagee and the polEcies and renewals thereof ahall be held by Mortgegee a~nd have attached thernto loas payable dauses !n favor of and In foan acceptabte to the Mortgagee. In event of loss he/ade witl g~ve immediate nottce by mal! to Mortgagee, and Mortgagee may make proot of loss if not made prompt~y by Mortg~gor, and each inaurawc~ Fompany ~ncemed is hereby authorized autid directed to make payment for such loss directly to Mortgagee inatead of •l,o Mottqa~i and Mortgagee jointly, and the tasurance proceeds~ or any pari thereof, may be applied by Mortgagee at its option either to the teductton of the indebtedness hernby secured or to the restoration or repa~r of the ~roperty damaged. In event ot foreclosure of th~s mortgage, or other transfes of tiUe to the morigaged property in extinguishment of the Indebtedness secured hereby, all right~ t~tle, and interest of the Mortgagor in and to any insurance pdicies then in fotce shall paas to fhe purchaaer or grantee. 8. If the premises, or any part thereof; be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or th+e consideration for ~ such acquisition, to the extent ~f the full arrtount of the remaining un~aid indebtedness secured by this rnortgage, are hereby assigned to the Mortgagee, and his or her heirs or assigns, and shall be paid forthwith to said Mortgagee or his or her assignee to be applied on account of the Iast maturing installments of such indebtedness; provided, however, the biortgagee o~ his or her assi~ee, may at his or her discretion pay direct to the Mortgagor, his or her heirs or assigns any part or all of such awazd; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said payment. 9• The Niortgagee may, at any time pending a suit upon this mortgage, apply to the court having juriadictioa thereof for the apFointment of a receiver~ and suc6 court ahal! forthwith appoint n rec~eiver of the premiaes cov~red hereby all arid singular~ iecluding all and singular the iacome, pro6te, iseuea, sad revenua from whateve! source derived~ each aad every of which, it being expresaly underatood, ie heceby morcga~ed a,e if epeciHcally aet forth and described in the granting and habendum clauaea hereof. $uch eppointment ahsll be made by suc6 court as an admitted equlty and s matter of absotute right ta said Mortgsgee, and without reterence to the adequaay or iasdequacy of the value of the property mortgaged or to the ealvency or insolveucy of said Mortgagor or t'~e defendanta. Such renta, pmfita. income~ iesues, and revenuea shall be applied by euch receiver sc~ording to the lien of thia mortgage snd tbe practice of auch oourt. In the event of any default on the part of the Mortgagor hereunder~ the Mortgsgor agrees ta psy to the Mortgagee oa demaad as s reaeonable monLhly rental for the premiees an amount at leaat equivalent to onc-tweltth (~z) of the ag~regate of the twelve monthly install~neats payable in t,he then curtent ~ year plue the a+c6ua1 amount of the e?nnuat taxes, asaessnnenta, wster ratea, snd ineurance premiums for such year not covee+ed by the sforesaid monthty paymenta. 10. In the event at sny b*each of this mortgage nr defAUi~ on the part of the Mortgagor, or in the evrnt thst any of said auma of money herein referred to be not promptty snd tully paid sccording to the teaor hereof~ or in 1,ha event that esch and every the stipulstiona, agreementa, conditions, and covenanta of esid note and this mort.gage, i are not duly, prompt~y, and fuily performed; then in either or any such event, the said aggregate aum mentioned in dsid note then remaining unpaid, with interest accrued to thst time, and all moneys secured hereby, shail beoome due snd paysble forthwith. or thereafter~ at the option of said Mortgagee, s?a fully and completely ~us it all of f,he -said aua.tis af money were ori~aslly atipulated to be paid on such day~ anything in said note'or in thie mortgage to ; the contrary notw~thatanding; and thereupon or thereafter~ bt the option of seid Mortgagee~ without notice ar demend, suit st law or in equity, may be proeecuted aa if aii maneys ~ecur~d hereby had matured prior ta ite inatltu- tion. The Mortgagee may foreclose this mortgage, as to the amount eo declared due and psyable, and the aaid premises ahall be sold to satisfy and pay the same together with uoeta~ expenees~ ~uud allowancee. In case of pertisi forecloeure of this mortgage, the mortgaged premise~ ahaQ be aotd subject to the continuing lien o[ this mortgage for the smount ot the debt not then due and unpaid. In etteb caee Lhe provisions of Lhis paragraph may again be avsiled of therEalter Irom time to time by the Mortgagee. 11. No ~vaiver of aay oovensat Lerein or of t6e obligation aecured hereby ahall at eny time thereafter be held . to be t? w~iver ot the teru~s hereof or of the note eecuied hereby. . 12. The lisn ot this inatrument sh~ll remaia in tull force sad etiect during any postponement or extenaion af the time ot psyment ot the indebtedneae or aay part therea( secured hereby. 13- Tf the Mortgagor default in e?ny of the oovenante or agreementa contained herein, or in said note~ then the Mortgaget mey pedorm the eame, and all ex~ienditara (including nasoaable attorney'a fees) made by the MortgaRee in so doin ahsl! draw inter~st at tha rato provided for in ths principal iadebtedness, and shall be mpsyable t6irty (30~ days stter demsnd~ and, toget6er with interest and coata accrued thereon, s1iaU be secured by Lhia mortgage. 14. Upon the request o~ thc Mortgagee the ~iortgagor shali e~cecute and deiiver a supplemental note or not~ea for tbe sum or sums advanced by f,he ~tortgagee tor the alteration~ modernization~ improvement, main- tenance, or repsi~ of said premises, (or taxes or ssaessments against the ssme and tor e~tiy other purpose author- ized hereunder. Suid note or notes shall be secured hereby on 4 parity with snd as fully 4s i[ the sdvance evidenced thereby were included in the note first de$cribed above. Said supplementatl note or notes shall besr interest st t6e rste provided for in Lhe principal indebtedness and shaq be psyable in sp proximstely equsl monthly p~yments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the msturity~ the whole of the sum or suma so advnnced ahall be due etnd psysble thirty (30) days attcr demsnd ~ by t6e creditar. In no event shult the maturity extend beyon~ the ultimate r.~+tturi~y of the note first deacribed aboNe. ~ ~551 ~f ~98p : ~ - - w _ .