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HomeMy WebLinkAbout2652i~.R. ~2 -~Et~~S ~ ~' ~, r,. i\lortgAgur shall pay to the Mortgagee any amount nece,~a~ry to make up the deficiency. Such payment shall be mAde within thirty (30) days aftet,~~ri~n j~0ltite 1wM ftt© Mortgaggee stating the amotutt of the dt•6cienev, which notice may be given t-y mail. If et any time the 1\:ortgAgor shnll fonder to the ~iortgngee in accord- tuue with the provistons of the note :~~cured hereby, full payment of the entire indr•btedn~ss r~presrntrd thereby, the Mortgngee shall, iu computing the amount of such indebtedness, credit to the account of iho Aortgagor any crcYlit balance remaining under the provisions of (n) of said pnrn{;raph 2. It there shall be n dofau t under Any of the pmvisions of this mortKa~e resulting in a public sale of the premises covered hereby, or if the ;1lortgAgeo acqu-rea the property otherwise after default, the Aiortge~ee shall Apply, nt the time of the commencement of such pmceedings or at the time the property is otherwise acquired, the amount then remaining to credit of htort~~,.ngor undc~ (s) of paragraph ?preceding As a credit on titc• intemst accrued and unpaid and the balanc•~ to t6c principo! then remaining unpaid mi said note. 4. Ile will pay all taxes, assc~sments, water tutee, sad other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereat the Mortgagee may pay the same; and that he will promptly deliver the of&cial receipts therefor to the bortgagee. 5. He will permit, commit, or sufTer no waste, impairment, or deterioration of said property or any part thereof, except reasons` le wear and tear; 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, i^ good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper pres. iti•ati• n tl.ereof, and the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. Ile Rill pay all and singular the oasts, charges, and expenses, including reasonable lawyer's fees, and coats of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Dortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said caste, charges, and expenses shall be immediately due and payable and steal! be secured by the lien of this mortgage. 7. Ile will continuously maintain harard insurance, of such type or types and amounts as Aortgagee may from time io time require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptlyy K•hen due any premtuins therefor. All insurance shall be carried in companies approved by Ilfortgagee and the poli- cies and reneRals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to` the Morttg~agee. In event of loss he will give immediate nonce by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by i\iortgagor, and each insurance company concerned is hereb~ authorized and directed to make payment for such loss directly to ?\iortgagee instead of to Mortgagor and , iortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by ~iort- gagee at its option either to t~e reduction of the indebtedness hereby secured or to the restorstion or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extingmshment of the indebtedness secured hereby, e~l right, title, and interest of the Mortgagor in end to any insurance policies then in force shall pass to the purchaser or grantee. 8. lle will not execute or file of record any instrument which imposes a restriction upon the sale or occu- pancy of the property described herein on the ba_ais of race, color, or creed. 9. If rho promisos, or an}• part. thereof, hr conclernneci under the power of ominent donuiin, or Acquired for a public uso• rho danuige, Awarded, the proceeds for rho taking of, or the consideration for such inquisi- tion, to the extent of rho full iunuunt of the romnining unpaid iudel;tedness secured by this mart Age, Are hercb~ assignod to the \tortgagoo, and his hairs or assigns, And shall be paid fort.h~ti•itli t4 said ~~ortk,cgee or his Assigneo to be applied oft account o. the last maturing installnu•nts of such iudebtnesa; provided, how- ~•ver, rho \fortgrigee or his Assignee, mA}• at his dis~•retion pA}• direct to the Mortgagor, his hairs ur Assigns an~• part or fill of sucl- awanl; provided, that if the loan is guaranteed or insured, the consent of the guaran- tor or insurer is obtained in advance of said pa}•mcnt. 10. The Mortgagee may, at any time ending a suit upon this mortgage, apply to the court having inrisdic•- tion thereof for the appointment of a receiver, and such court shall fort iu•ith appoint a receiver of the premises coverod hereby all and singulsr, including; all and singular the income, profile, issues, and revenues from what- ever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciticall}• set forth And described in the granting and habendum clauses hereof. Such appointment shall be made by sucl- court as an admitted equity and a matter of absolute right to said `fortgagee, and without reference to the adequsc}• or inadeqquacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendAnts. Such rents, profits, income, issues, and revenues shall be applied b}• such receiver Aceu~duiK to the lier+ o:. this mortgage and the practice of such court- In the event of any default on the part of the Mortgagor hereunder, the ~Sortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equn•alent. to one-twelfth (~;,) of the aggregate of th? twelve monthlj• installments pa}•able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 11. In the event of env breach of this mortgage or default on the part of the titortgagor, or in the event that env 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, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed or it the Mortgagor he adjudicated bankrupt or made defendant in a bankruptcy or receivership proceedings; then in either or any such event, the said aggre- gate sum mentioned in Said note then rematnmg unpaid, with interest accrued to that time, and all money secured hereby, shall become due and payable forthwith, or thereafter, at the option of said lfortgage~, as fully and completely as if all the said sums of money were originally stipulated to be paid on such day, e_^.~•- thing insaid note or m this mort{iaga to the contrary notwithstanding; and thereupon or thereafter, At the option of said \lortgagee, without notice or demand, sort at law or in equity, may be prosecuted as if all moneys secured herobv had matured prior to its institution. The Mortgagee may iroreclose this mortgage, as to t{te amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together w7th costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. 12. No waiver of any covenant herein or of the obligation secured hereby shAll at any time Hereafter be held to be. a wailer of the terms hereof or of the note secured hereby. 13. The lien of this instrument shall remain in full force and effect during any postponement or extension of the time of payment of t:te indebtedness or 9riy part thereof secured herby. 14. This martgage is given to secure the purchase money, or a part thereof, of the lands herein described and is executed and delivered contemporaneously with the deed therefor. 15. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the biortgag;ee may perform the same, end all expenditures (including reasonable attorney's fe~_a) made -y the Mortgagee m so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by t~tis mortgage. lg. Upon the request of the hiortgalee the ;`icrtgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as tf tl-e advance evidenced thereby were included in the note first described shove. Said supplemental note or notes shAll bear -1-