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HomeMy WebLinkAbout2548 tender to the Mortgagee in uccorda~?ce with tl~e provisions of the note se~curncl iier~b~•, full pa~•men~ of tlu~ entire indebtednesa represented therebv, the Mortgagee, as truste~, sh~ll, in cou?puting tl~e amount o~ such indebtednesa~ credit to the accounl~ of Lhe Morlgagor sny credit Lalan~•e ren~ainin~ under tl?e provisious of (a) of said paragraph 2. If there ahall be a detault under an~ oI the pro~isions of this ntortga~;e resulting in a public sule ot the pren~isea covered herebv~ or if the Mortgagee scqu?res the propert~• otht~rw•~se afte~ defeult, ~he Mongagee~ sa trualee, shall spply~ at the time of the commencement of such pro~•erdings or at the tim~• the propert~ ia otherwise ncquireci~ the amount ~hen remainin~ to credit o: l~fortga~or under (a) af paragraph 2 preceding aa a credit on the interesl acerued and unpaid and tF?e balsnce tu tlie principal then rnmain~nK unpaid on said note. 4. He will pe?y all tsxee, aaeeeemente, wstet rstes~ e?nd other governmental or municipal chargee, 6nes, or impoeitione, for which provision hae not been made hereinbefore~ and in default thereof the Mortgagee msy pay the eame; and tbs~ 6e will promptly deliver the official reoeipte therefor to the Mortgagee. b. He will permit~ oomanit, or Suger no waate, impsirment, or deterioration of said property or any p~art thereof except reasonable wear and tear; and in the event of the fsiture oi the Mortgagor to keep the buildinga on esi~ premieee and thoee to be erected on eaid premiees, or impmvementa thereon, in good repair, the Mortgagee may make such repaire aa in ita diecretion it me?y deem neoeeesry for.the proper preeervstion thereof, sad the full smouat of eech and every auch payment shall be due sad pe?ysble t6irty (30) dsys after demand, and shall be eecured by the lien of thie mortgege. 6. He will psy all and eingular the c~oste~ chsrgee, und ezpeneea, including reaeonable lawyer's feee, and c~osts of sbstncts of title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor pmmptly and fully to perform the ag~eements and oovenants of eaid promise~ry note and this mortgage, and said ooete, eharges, end expenaes ahaU be immediately due and payable and a6all be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain hazard insurance, of auch type or typee and amounte as Mortgsgee may trom time to time require, on the improvements now or tiereafter on asid premises and eiccept when payment tor all auch premiums hea theretofore been msde under (a) of psrsgrsph 2 hereof 'he will pay promptly when due any premiums thorefor. All insurance shall be carried in compsnies appmve~ by 111ort~e~ee and the poli- ciea and renewals thereof shall be held by Mortgagee and have sttached thereto loes payable cCauaee in favor of and in form acceptable to the Mort~a~ee. In event of loas 6e will give immediate notice by mail to Mortgsgee, snd Mortgagee msy mske proof of tags if not made pmmptly by Mortgagor~ and each inauranoe aompany ooncemed is hereby authorized and directed to make payment for such losa directly to Mo~ee instead of to Mortgagor and Mortgagee ointiy , and the inauranoe proceeda, or sny part thereof, may be app 'ed by Morw . gagee at its option either to t~e reduction of the indebtedne~s hereby aecured or to the restoration or repair of the property dsmaped. In event of foreclosure of this mortgage or other transfer of. title to the mortgaged property in eatinguishment of the indebtednees eecured hereby, af 1 right, title, and interest of the Mortgagor m and to any insurance policies then in force ahsll pnss to the purchaser or grantee. 8. I[ the prnmises, or an~• part tLereof, be condemned under the power of en~inent doniain, or acquired for a public use, tl~e damages aNarded, tl~e proceeds [or the taking of~ or the consideration for suc•li acquisition, to the extent of tl~e full amount of the remaining unpaid ind~btedness secured br this n~ort~s~ge, are !?ernbr assigned to tl?e Mortgagee, and i?is lieirs or assigns, and shall bc~ paid forthwit.h to said :~~1ort~agee or hi.s assignee to l~e appliecl on ac~ount o[ the last n?aturing installments of such indebtedness; pro~ ided, liowe~er, the tilortgagee or his assignee, n?ay at his discretion pa~• direct to the bfortga~;or, his lieit5 or assigns an~• part or all of suc}i aKard; provided, that if the loan is guaranteed or insured, th~ consent of tl?e guaraiitor or insurer is obtained in ad~ance of said pa~•ment. 9• The Mortgagee may, at any time pending a suit upon this mortgege, apply to the oourt having jurisdiction thereof for the appointment of a n~ceiver~ and such oourt shall fort;~with appoint a reoeiver of the premises oovered hereby all arid singular~ including all and eingular the income, profita, issuea, and revenues from whatever aource derived, each and every of which, it beina eapressly understood~ ia hereby mortgaged sa if specifically eet forth and described in the granting and habendum clsuses hereof. Such appointment ehall be ma.de by auch court ae an admitted equity and a mntter of absolute right to ~aid Mortgagee, and without reference to the adequacy or inadequacy of ' the value of the property mortgaged or to the eolvency or ineolvency of said Mortgagor or t:?e defendants. Such ; rents~ pro6ta, income, issues, and revenues shall be applied by such receiver according to the lien of this.mortgage ~ and the practice of such court. In the event of any default on the part of the Mort~agor hereunder~ the Mortgagor agree.s to pay to t6e Mortgagee on demand as a reseonable monthly rental for the premiaes an amount at lesat E equivalent to one-twelfth (~2) of the a~regate of the twelve monthly installmenta payable in the t6en current ~ year plus the actual amount of the annual taxea, assessments, water rates, and insurance premiums for such yeat not covered by t6e aforesaid monthly psyments. 10. In the event of any breach of thia mortgage or default on the pait of the Mortgagor, or in the event 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 atipulationa, agreementa, conditions, and oovenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or sny such event, t6e said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, ahall become due and payable forthwith, or thereafter, st the option of said Mortgagee, as fully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in aaid note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneya secured hereby 6ad matured prior to its institu- tion. The l~iortgagee may foreclose thia mortgage, as to the amount so declared due and payable, and the said premises ahall be sold to satisfy and pay the same together with c:o~ta, expenses, and alluwances. In ca~e of partial foreclosure of this mortgage, the mortgaacd premisea ahall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In auch ca~e the provisions of this parngraph may again be availed of thereafter from time to time by the Mortgagee. 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time ttiereafter be held to be a waiver of the terma hereof or of the note eecured hereby. ~ 1'l. The lien of this inatrument shall remain in full force and etiect during any postponement or extension of the time of payment of the indebtedneee or any part thereof sec~ued hereby. 1:3. If the Mortgagor default in any oi the covenanta or sgreementa contained herein, or in said note~ t6en the ~ Mortgagee may perform the aame, and all ezpenditures (including reasonable attomey's fees) made by the MortgaAee ~ in so doing shall draw interest at the rate pro~ ided (or in the principal indebtedn~ss, and shall be mpa~-able thirty (30) da~•s after demand, and, together with interest and costs accrued thereo~, shall be secured by this mortgage. 14. Upon the request of the 11Tortgagee the Mortgagor shall eaecute and deliver a supplemental note or notes [or the sum or sums adranced by tbe ltortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.~essments a~;sinst the same and for any otl~er purpos~ ai~ti~or- ized hereunder. Said note or notes shall be secured hereby on a parity with and as tully as if the ad~•ance evidenced thereby were included in the note 6rst described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable in a~prosimatel~ equal mont6ly pay ments for such period as may be agreed upon by the creditor and debtor. Fail~n~ to agree on the maturity, the whole of the sum or sums so ad~anced shnll bc due and pacable thirty (30) da~•s aftcr demand by the creditor. In no event shall the maturity extend beyond lhe ultimate ciaturity of tL~ note first, described above. F~~« 2~4 ~~2547 ~ - - - - ~ 3~~~~~ s ~ry ~ ~ ~~-x..~~- . .