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Home My WebLink About0988 t~n~lrr to ti~i• ~lc~rt~u~;~~~~ in uccunlanc~• w•ith tl~e prc?visiut?~ o[ tiie nut~~ ~~~cun~~i i~~~r.•1?~~, full pa~•ii+ent ot thi~ er?tirc inilebtedncss reprnKrnte~l thrrebv, the ?11ort~;agee, as trust~~e, si~~~ll, i~~ con~E~uciiik tlie un?ount of such ; in~tebleJi?~~ss, rre~lit io tl~t• Kccount of t~~e ~tart ~a~or un~• cre~lit ~Nlae:ce r~r~n~inin~~ uie~l~~r tlic pro~•isions of (a) ; of, ssid paraKraph 2. !f Ii~ern shall bc tt defnu~t under an~' o[ ili~ provisio~~s of ihia inc~rtga~;e resultinfi i~~ n public sale of the preinisc~s co~•ere~i hereb~•, or if tiu~ ?~lortgaKt~e acyiures th~~ jaropert~' othrrtvtsc~ aftc~r default, il?c+ h~ortgs~;ee, a.~ trustee, sl~all appl~•, st the tu~?e of ti?e coinmencemcnt of sucl? j~roceeelin~s or at tl~~ tiinc~ ~ tiie propc~rt~~ 4w otherwise acyuirecl, the ainount then reu~ainin to credit af ~lortRagor under (a) of para~raph 2 ~ prececling as a credit un th~~ int~~rest arcrued and unpaid and tl`e balance to tl~~~ principat th~~n reniainin~; unp+u~l an ssid riole. ~ 4. rtort agor wili pay all taxes, assessments, water rales, and other ~o~•ernmental or muizicipal charges, fin~s, or Y ionpoaitione, ~or whic6 provieion hess not been made hereinbefore, and in default thereof tho Mottgagee may pny th6 , samc~; and H~ill promptl}~ deli~~er the ofticial mreipt~ therefor to the btortgagec. ? P 5. \lort~;agor will permit, commit, or suffer no waste, I111~)li1CI11L'11C, or deterior~ition of said }~roperty or ~u~y part thc~reof, except re~,onable wear and tear; and in the event uf the failure of the tilortgag~r to keep the buildin~,~ o~~ s~ud pr~~mises ai~d tliose to be erected on said premises, or irnprovements thereon, iii good - rep~ir, the ~fortgagee may make ~uch repairs i~s in its discretian it. may deem necE~ssary for the proper pmservation thereof, and the full amount of euch and every such payment. shall be clue ~trid payable thirty ( 30) days after demand, and ~h~ill be secured by Yhe li~~l of this mortgage. G. Atartg~gor will pa~' all a~~d singular the costs, charges, and expenses including reasonable lawy~-~'s fees, and costs of ahstrac~s nf tille, incurmd or pa~d at any time b,Vtt~e plottg~~e because of the failure on the p~rt of the 1lfortgagor - pro?r,ptl~• and Cul!}• to perforn~ the agreemenis and co~~eu2nts e said promissory note and this mortgaQ~~, and said casts, charges, and expenses shall be immediatel}• due and payable a~~d shall be secumd b}• the lie:i of lhis r~iortgage. 7. \iortgagor «~ill contiuuously~ maintain hazAr~ insurance, of such type or types and amounts as ~iortgagee may from tiine lo time rrquire, un the improee?nent,s now or herea[ter on said premises, and except when pa~~ment for all such premiums h~ts theretofore been made under (a) o[ paragraph 2 hereof, heJshe will pay promptly when due an}• premiums therefor. r111 insurance shall be canied in companies approved by tltortgagee and the pnlicies and rene~caEs thereo[ shall be held b~• ;~fortgagee and ha~•e attact~ed thereto lass payable clauses in fa~~or of and in fom~ aceeptable to tiie b'[ortgagee. In e~~ent of loss helshe will gi~~e immediate notice by mail to Mortgagee, and 1liortgagee may make proof of loss it not made prumptl~' b)' Dtortgagor, and each insurance companp concerned is hereby authorized ai~d directed to make payme~it for such loss dimctlt• to ;1lortgagee instead of to blortgagor and tiiortgagee jointly, and lhe insurance prvc•eeds, ar any part thereo(, ma~• be applied hy blortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In eeent of foreclosure of this mortgage, or other transfer of title to the ` mortgaged propert~~ in e~tinguishment oi ihe indebtedne~.s secured hereby, all righl, title, and interesl of the 1liortgagor in and to an~~ insurance policies then in Corce shall pass to the purchaser or grantee. 8. lf th~~ pmmises, or ~u~y part thereof Ge condcmned under the po~ver of eminent domain, or ~u~c~uired for a public usc~, the drunages a~~~arcied, thc~ proceeds for the t~king of, or the consideration for such acquisition, to the ext~~~it of the full amount of the remaining unpaid indebtedness secured by this mortgage, _ir~~ hereby assi~~ed to the ~lortgagee, ~~d his or her heirs or assigns, and shall be paid forth~vith to said ~lortgagee or his or her assignee to be applied on account of the la.st maturii~g installn~ents of such indeble~iness; Provided, however, the :~fortgagee or his or her assignee, may at his or her cliscretioii E~ay dirc~ct to the ~tortgagor, his c~r her heirs or assigns any part or all of such award; ~~rc~vidc~d, that if ?1ie lo~ui is guarante~d or i~isured, the consent of the gi~arantor or insiirer is obt~ined i» adt~an~c of said payment. !1. 'I'~ie ~lortgagce may, at any time pending a suit etpon this inortgage, apply to the coart ha~~;ng jwisdiction thereof for thc np~uintment of a recr~ver, and such court shall forthwith appoint a receiver of the premises covered hereb~• all and sin~;ulnr, iocluding sll nnd singular the income, profits, issues, and revenues from whatever ~ource derived, each and c~~ery oi c~•hich, it t~ing expressly understood, is hereby mortgaged as it specifically set forth and describe~i in the granting an~l hubendum clauses hereof. Such appointment ahall be made by s~tch court fss an admitted equity and a matter uf absotute right ta said ~lortgngee, and without reference to the adequacy or inadequacy of the ~•aluc of thc property rnortgaged or to the sol~~ency or insolvency of said Mortgagor or t~e defendants. Such rents, profits, income, i~5ues, a~d revenues shall be appliecl by such receiver according tu the lien of this mortgage and the practice of such court. In ihe er•ent oi any default on the part of the Mortgagor hereunder, the Mortgagor agrces to pay to the ~iortgagee on demand as a reasonable monthly rental for the premises an amount at least equi~~alent to onc-twelfth (~2) of the ap~regate of the twetve monthly installments payable in the then current year ptus the actual amount of tbe annual taxes, asse~sments, water rates, ~nd insurance premiums for auch year not covered by the a{oresaid monthly pati•ment9. ' lu. In the event of any breach oE this mortgage or default on the part of the Niortgagor; or in the event that any of said sums of mon~y herein referrecl to be not promptly sad fully paid according to the tcnor hereof, or in the event that each ~+nd every the atipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or an~~ such event, the said aggregate sum mentioned in said note then remaining unpaid, with inte~est accr~ed to that time, and ull moneys securecl hereby, shall become due and payable forthwith, or thcreafter, at the option of snid hiortgagee, as fully and compleiely as if alt of the aaid sums of money were originally stipulated to be ~aid on such day, anylhing in said note or in this mortgage to the contrary notwithstanding; at,cl theret~pon or thereafter, at the option of said hiortgagce, without notice or demand, suit at law or in equitq, may be proseciited as if all mone~~s secured he~eby had matured priar to its institu- tion. The :4lortglgcc may foreclose this niortRaRe, as to the amount so declared due and payable, and the said premiscs shall be sold to satisiy and pay the ~1rne together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortRage~1 pmmises shaU bc~ sold subject to the continuing lien of this mortgage for the amount of the deht not then r~ue and unpaid. In suc6 case the provisions of this paragraph may agaia ba availed of thereaiter from time t.o timc b~• the ~iortgagee. 1 l. No waiver of any covenant hercin or of the obligation secured hereby shall at any time thereafter be held to be x waiver of the terms hereof or of the nole securecl hereby. 12. The lien of thie in5trument ahall remain in full force and effect during any pos±penement or extension of Lhe i?me of payment of the indebteduess a: AnS• part thereof secured hereby. l:i. If the Mortgagor default in any of the co~•enants or agreement9 cont,ained herein, or in said n~te, then the ;4iortgagee may perforu~ the same, and all expenditures (including reasonahle attomey's fees) made by the hiortgaRee in so ~ioin~; shall draw• interest at the ratc j:ro~~i~led for in the principnl indebtedness, and shall be rcpe~•able thirty (30~ da}'s a!ter demsnd, ancl, together wiGh interest and costs accrued thereon, shall be secured by this mortgage. 14_ L'pon the req~~est of the ~iort~;a~ee thc ~tortga~or shall execute and a~li~er a supplemental note or notes for the sum or sums ad~anced t,y the ~tortgagee for the alteralion, mo;jcrnizetion, impro~cmcnt, main- tenance, ~r r~pai~ of said premi~es, for taxcs or as.~essmcnts a~;ainst tlie seme a~~d ior s~~• othcr purpose author- ized hereunder. :iaid note or notes shall be secure~l hereby on a parity wii~, and as tully as if the ad~~ance evidence~i thereby were included in the note fi~t described above. Said"snpplemental r~ote or notes shall bear interest at the rate provided for in the principal indebtedness snd shaU be pa~•able in approximately equal monthly pa~~ments tor such period as may be a~;reed upon by the cred:tor and debtor. Failing to agrec on tne maturity, t~e ~~hole of the sum or sums so ad~•anced sl~nl! be due and pa~•able thirl,y {30) days after dcmand by the credilc,r. Ti~ no event shall Ltxe maturit,y exteud beyond the ultimate c~aturit} ot t6e note first described above. - ao~x 569 PaGE 9~8 - ~ y _ _ _ . . _ , s _