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HomeMy WebLinkAbout0661n.R.~ ~y PA~E6b~. Bi'.:K '_lt~rtgagor shall pay to tl-e Mortgagee arty amount Itie~s~fld~ibr geed st~lSdc fithelamo-tnt of tl eydeficiculcyl be made within t -Irty (30) days after w•rittan notice tuft tfld ng which notice may be given by mail. If at an time the :Mortgagors all tender to the Mortgagee in nccor~l- ance with the provislons of the note secured hereby, full payment of lho entire indebtedness represented thereby, the Mortgagee ahAll, in computing tbo amount of such indebtedness, credit to the account of the :Mortgagor any credit balance remaining under the provisions of (a) of said paragraph 2. If there shall be n default under any of the ~Irovisions of this mortga({e resulting iu a public sale of the premises covered hereby, or if the :~iortg..geo acquires the property otherw-ae otter default, the ]\iortg->~oe shall apply, at the time of the commencement of such proceedings or at the time the property is otherw-s~+ ac aired, the amount then remaining to credit of 141ortgagor ender (a) of paragraph 2 preceding as R credit on tl-e interest accrued and unpaid and the balance to the principal then remAllung unpaid on said note. 4. He will pay all taxes, eeseasmenta, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbetore, and in default thereof the Diortga.gee may pay the same; and that he will ~Ibmptly deliver the official receipts therefor to the 1`iortgAg»e. b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an;~ part thereof, except reasonable wear and fear; and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its .iiscretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shell be due and payable thirty (30) days after demand, and shat! be secured by the lien of this mortgage. 6. He will pay ell and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costa of abstracts of title, incurred or paid a+ any time by the Mortgagee because of the failure on the par± of the ;Mortgagor promptly And fully to perform the agreements and covenants of said promissory note and this mortgage, and said costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage 7. He will oontinuou8lp maintain hazard insurance, of such type or types and amounts as :lfortgagee may from time to time require, on the improvements now or hereafter on said premises and except when payment for aLl such pramiams l:as theretofore been made under (a of paragraph 2 hereof ha will pay promptly when duo any premiums therefor.. All insurance shall be carried in companies approvet~ by 1~1ort.gagee and Abe poli- cies and renewalA thereof shall be held by 114ortgagee and hace attached thereto loss payable clauses in favor of and in form acceptable to the bior~agoe. In event of loss he will give immediate notice by mail to ~iortgageo, and Dortgagee may make proof o Moss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to i~tortgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by rlort- gagee at its option either to t1~e reduction of the indebtedness hereby secured or to the restoration or repair of the property ~uama~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgRged f property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the 4lortgagor ur and to any insurance policies then in force shall pass to the purchaser or grantee. S. He will not execute or file of recorc: -ny instrument which imposes a restrictioli upc•n the sale or oc•c•u- pancy of the property described herein ~n the basis of rR~e, color, or creed. ~. If the premises, or any part the*eof, be condemned under the paw•er of eminent domain, or Acquired for a public use, the damRges awarded, the proceeds for t}•e taking of, or the consideration for such Rcquisitic~n, to the extent of the full amount of the re~,:aining unpaid indebtedness secured by tl-is mortgage, Are hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be applied on account of the last maturing installments of such indebtedness. 10. The Mortgagee may, at an}• time Pending a suit upon this mortgRge, apple to thr court hR~•ing juris~li~•- tion thereof for the appointment u R recet~er, Rlui such iuurt sl-Rli fort -+{'-th xppuiut x rerc•i~'er of the pren-i;es covered hereby all and singulRr, including Rll and singulRr the income, profits, issues, and revenues fr.Tm ~~•hnt- ever source derived, each end ever}• of which, it being expressly understood, is hereby mortgaged Rs if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall he mRde by such court as an ad. fitted equity and a matter of absolute right to said ~fortgRgee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said :1ortgagor c,r the defendants. Such rents, profits, income, Issues, and revenues shall be applied b~-such receiver according to the lien of this mortgage Rnd the practice of such court. In the event of any default on the part of the ~fortgagorhereunder, the \fortgR~r agrees to pay to the \tortgRgce on demand as a reasonable monthly rental for'}>_e pmnlisea an Rmount Rt least equ-vRlent to one-twelfth (!;s) of the aggrogRte of the hvelvo monthl~• installments payable in the then current ~•ear plus the RctuRl amount. of the annuRl tares, RssCSlTlents, w•xter rates, and insurance premiums for such year not covered by the aforesaid tnontldy paylllents. I1. ire the event of any breach of this mortgage or default on the part of the JfortgRgor, or in the went that any of said sums of money herein referred to be not promptly and fully paid According to the tenor hereof, or in the event that each And every the. stipulations, RgrePments, conditions, and covenants of said note Rnd this mortKage, are not duh•, promptly, and fully performed or if the Mortgagor be Adjudicated bankrupt or made defendant in a bankruptcy or receivership proceedings; then in either or any such event, the said xggrr- gate sum mentioned in said note then remaining unpaid, with interest accrued to that time, Rnd Rll money sec~ired hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, As fully and completely as if all the said sums of money 'were originally stippulated to be paid on such clay, any- thing in said note or m this mortgage'to the contrary notwithstanding; and thereupon or thereafter, Rt the option of Bald ~fortgxgee, without notice or demand, salt at law or in equit}', may be prosecuted Rs if Rit moneys secured hereby had matured prior to its institution. The Mortgagee may foreclose this mortgage, Rs to t#Ie amount so declared due and payable, and the said premises ahRll be sold to satisfy Rnd pRV the same together with costa, expenses, and Rllowxnces. In case of partial foreclosure of this mortgage, the mortgRged pren-ise~ shill be sold subject to the continuing lien of this mortgage for the amount of the debt net then due Rnd unpxu{. In such case the provisions ~f this paragraph may again be availed of thereafter from time to time by the Mortgagee. 12. No waiver of any covrnant herein or of the obligation secured hereby shall Rt Rny time thereafter be. held to be a waiver of the terms hereof or of the note secured hereby. 13. The lien of this instrument shall remain in full force Rnd effect dI-ring Rny postponement or extension of the time of pRylnent of the indebtedness or any part thereof secured hereby. 14. This mortgage is given to secure the purcl-RSe money, or a part thereof, of the. lRnds herein described snd is executed and delivered contemporaneously with the decd therefor. I5. If the '~irigagor: t`a.~lt in Rny of the covenants or Rgreernents contRined herein, or in said note, then the hiortgRgee may perform the same, Rnd all expenditures (including reasonable eaornev's fees) made b•~ the tiortga e m so loin shall draw interest at the rate provided for in the principal indelitedn_~as, Rnd shall bc• _ repayable thirty (30) ~RyB after demand, and, together ;with i-ltPresL and costs accrued thereon, a.liRtl be secured by tftis mortgRge. - 10. Upon the request of the Mortgagee the ~lortgRgor stial; execute Rnd deliver e supple-Mental note or notes fort ,e sum or sums Advanced by the'.1crkKagre for the Rlterntion, modernization, improvement, n~R-n- tenance, or repair of said prenuses, for taxes o. assessments Against the same a*id for Rny other purpose Anther- -- ized hereunder. Said note or notes shell be secured hereby on a parity with and Rs fully as if the RdvRncc evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear s ~. ~~..