HomeMy WebLinkAbout2983 aedit to the account of the Mortgagor any aedit balance rerr~aining under the provisions of (a) of said paragraph 2. If there shal be a
default under any o1 the provis{o~s ot this mortqafle resuhing In a pubNc sale oi the premises covered hereby, or N ihe Mortgagee acquires
the property otherwise after detauR, ihe Mortgagee, es trustes, shal applyr et tfie time af the coim~encement oi such proccedings or at the
time the property is otherwise acqu'aed, the amount ihen remainin~ to cxed'N the Mortgagcx under (a) of parayraph 2 preredin~ as e aedrt
on ihe intxest acaued and unpaid and iha balence to tha p~incipal then remaining unpafd on said nota.
4. Mortgagor wii pay a1 texes. assessments, water rates. end olher govem~tal or muniapel charges, lfnes. or irnpositiocis, for
which orovisbn haa not been made hereinbeloro, and h default thereol the Mortgagee may pay the same; end w~ promptfy deliver the
offiaal ~eceipts theretor to the Mortgagee.
5. Mortgegor w~l pem~it, conmit, or autter no waste, inpeirme~t, or deterioration ot safd properiy a sny pert thereof, except reaso~-
able wear and tear; and h the event of the fallure of the Mortgagor to keep the buildings on said premisea and those to be erected on said
Premises, or improvementa thereon, in good repair, the Mortgagee msy make auch repaira aa in Rs disaetl~ons, It may deem necessary tor the
proper preservation thereot, and the tul amount ot esch and every such Fayrnent sha~ be due and peyable thiriy (30) days atter demend, and
shal be secured by iha iien of this mortysge.
6• Nlortgagor rv~ pay aM and singular the costs, charges, and expenses induding reasonable lawyer's fees, and costs of abstracts
ef tiUe, incuRed, or paicl at any time by the Mortgagee because o1 the failure on the pert of ihe Mortgagor pranptly and tuMy to periorm the
agreemsnts and covenants ot sald promissory note and this mortgage, and satd costs, charges, and expenses shaM be irrwr~ediately due and
~ayable and shal be aecured by the Yen of this mortgage.
7• Mort9agor wi continously maintan hazard hsurance, of such type or types and amounts as MoRgegee may hom time to time
require, on the h~provements ~ow or hereaRer on said prertwses, a~d except when payrr~ent for am such premiums has theretofore been made
under (a) of paragraph 2 hereof. ~e/she w~ paY prompty when due any premiums therefor. AN lnsurance shaN be cartied "+n «~mmpanies
approved by Mortgagee, and the poici~s and ~enewals thereof sha~ be held by Mortgagee and have ariached thereto bss payable dauses
in favor of and in torm e~table to the Mortgagee. In event of bss he~she rvi give brxrx~diate notice by mai tu Mortgagee, and Mort-
gagee may make proof of bss it nol made promptly by Matgagor, and each insurance compeny concemed 3s hereby authorized and
directed to make payrnent tor such bss ~ectly to Mortgagee instead of to Mortgagor and Mortgsgee jandy, and the insurance proceeds,
or any part thereoi, mey be appied by Mortgagee at its option either to the reduction af the indebledness hereby secured or to the restor-
ation a repair oi the property damaged. In event oi foredosure of this mortgage, or other transfer of tiUe to the mortgaged property in
extinguishment of the indebtedness secured hereby, aN right, title, and interest oi the Mortgagor in and to any insuranoe poGcies th~ in
force sha! pass to the purchaser or grantee.
8. N the premises, or any part thereof be condermed under the, power or eminent domain, or acqui~ed for a puWic use, the damages
awarded, the proceeds tor the taking oi, or the consideration for such eoquisition, to the e~ctent ot the tul amount oi the remaining unpaid
indebtedness secured by this mortgage, are hereby assigned to the MortQagee, and his heirs or assigns, and shaM be paid forthwilh to seid
Mortgagee or his/her assignee to be app~ied on account ot the last maturhg hste~nents of such indebtedness; provided, however, the
P,Aortgagee or his or her assignee, may at his or h~ discretion pay drect to the Matgagcx, his or her heirs or assigns any part or e1 oi
such award; provided, that is the loan is guaranteed or insured, the corssen~ ot the guarantor or nsurer is obtained ir~ advance ot said
PaYment-
j 9. The Mortgagee may, at any time pendng a suit upon th9s mortgage; apply to the court haring jurisdiction thereof for the appoint-
mesit of a receiver, and such court shaM torthwith appoint a receiver oi the premisQS covered hereby aq and singular, induc~ing aN singular
~ the income, profits, is.wes, and revenues hom whatever source derived, each and every of which, it being expressy understood, is hereby
mortgaged as if spedficaMy set torth and desc.~ibed in the granting end habendum dauses hereof. Such eppok~tment shaN be made by such
~ court as an adntitted equiy and a matter oi absolute right to sald Mortgagee, and without re(erence to the adeguacy ex inadequacy of the
value of the property mortgaged or to the sohrency or insohrency of said MoAgagor or the defendents. Such rents, profits, income, issues,
and revanues shaC be applied by such receiver accoraing to the i'ien oi this mortgage and the pr~ctice oi such oourt. In the event oi any
defauh on the pert of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgagee on demand es a reasonabfe monthly rental
for the prerr~ises en amount at ieast equivalent to on~twelvth (1/12) of the aggregate of the twelve,monthly instaMrnents payable in the then
~urrent year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums tor such y~r not covered by
f the eforesaid monthiy payments.
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E 10. In the event oi any breach o( this mortgage or defauR on the part of the Mortgagor, or in the event that any of s~id sums of
~ money herea~ ret~red to be not prompUy and tuYy paid according to the tenor hereof, or in ihe eve~t that each and every the stipulations,
agreernents, oo~drtions, and covenants of said note and this mortgage, are not duly, prom~ptly, and IuNy per(onned; then in either or any
such event, the sald aggregete sum mentioned in said note then ~ining unpaid, with interest accrued to that time, and aN moneys secured
~ hereby. shatl become due and peyable torthwilh, or th£reatter, at the option of said MoRgagee, ss tuAy and corripietely as ii aN of the said
sums of money were originaMy sti{wlated to be paid on such day, anything n said note or in this mortgage to the contrary noMrithstan~ng;
~ and thereupon or ther~fter, at the option oi said Mortgagee, without notice or derr~and, suit at law a in equiry, may be prosecuted as ff aN
moneys secu~ed hereby had rtsatured prior to its institution. The Mortgagee may Iwedosure this mortgage, es to the amount so dedared due
i and payable, and the said premises shal! be sofd to satisfy and pay the same together with costs, expenses, and abwances. !n case of
~ partial foredosure oi this mortgege, the mortgaged premises shaM be sold subject to the contirsuing ien o( this mortgage tor the amount of
, the debt not then due and unpaid. In such case the provisions of this paragraph may again be aveied oi theireafter hom time to time by the
Iv4ortgegee.
~ 11. No waiv4x ot any covenant herein or ot the obiigation secured hereby sha8 at any time ther~ftPr be heEd to be a waiver
~ of the terms hereof or of the note secured hereby.
~ 12. The ~en of this instrument shaN remain in fuU torce and eitect during any postponement or extention oi the Gme of pa~t
~ o! the indebtedness or any part thereof secured hereby.
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~ 13. ff the Mortgagor defauft n any of the covenants a a~eem~ts contained herein, or in seid note, then the Mortgagee may
r perform the same, and eM expe~ditures ('induding reasonable attomey's lees) made by the Mortgagee in so doi~g shaN draw interest at the
= rate provided !or in the prinapal indebtedness, and shaN be repayable thiAy (3C) days after dernand, and, together with interest and costs
k a~aued thereon, shali be secured by this mortgage.
` 14. Upon the request of the Mortgagee the Mortgagor shaN execute and defiver a supplemental note or notes for the sum or sums
~ advanced by the Mort~agee for tfie alteration, modemization, improve.ment, maintenance, or repaer of said premises, tor texes or assessments
~ against the same end for any other purpose suthorized hereunder. Said note or notes shaA be secured hereby on a parity with end as fuNy
€ as ~t the advance evidenced thereby were inc~luded in the note first descxibed above. Said supp{emental note or notes shaN beer hterest at
~ the rate provided for h the principal indebtedness and shaN be peyable in appro~dmately equal monthly peyrnents for such period as may be
agreed upon by the cxedtor end debta. Faiting to agree on the maturity, ihe whole of the sum or sums so advanced shaq be due and
payable thuty (30) days after demand by the creditor. In no event shaN the maturity extend beyond the ultimate maturity oi the note first
described above.
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