HomeMy WebLinkAbout0217 tender to the Mortgagee in accordance with the provisiona ot the note secu~ecl lu~reb~•, full pa~~iuent of tlie
entire indebtednes~ represented therebv~ the Mortgagee, a9 trustee, shall, in computing tlie auiount oi sucli
indebtedneas, credit to the accoun/ oi the Mortgegor an~ credi~ balance ren~aining under the pmvisions of (a)
of said p raph 2. I~ there shall be a de[ault under an~ ot tho prnvisioi?s of this nior~ga~;c resulting in a
public asl~ the premisea covered hereby, or i[ the Mortgsgee acquu~es the propert~~ otl?erv?tse efter cletault,
the Mortgsgee~ aa truatee~ ahall apply~ st the time ot the commencement of such proceedings or at the time
the pmperi,y is otherwise acquired, the amount then rnmainin to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the intereat accrued and unpaid snd t~e balance to the principal then rnn~aininR unpaid
on said note.
4. He will pe?,y ull ta:ee, a8eeesmente, watsr rates, snd other governmental or muaicipal chargee~ 8nes, or
impositions, for which pmvieion bae not beea msde hereinbefore~ snd in default thereof the Mortg,~gee msy pay the
ewne; and tbst he will promptly deliver the official reoeipte therefor to the Mortg,~gee.
b. He will permit, oommit, or suffer no we~ate, impuirment~ or deteriorstion of aaid pmperty or any part thereof
eaccept reaeon~?ble wear and teat; snd in the event of the failure of the Mortgagor b keep the buildinga on sai~
premieee and thoee to be erected on aaid premiees, or improvemente thereon, in good repair, the Morigagee msy
malce such repsire aa in its diecreuon it may deem neceesary for the pmper preeervation thereof. and the full amount
of each sad every euch psyment shall be due and psyable thirty (30) days atter demand,~ and ehall be eecured by
the lien of thie mortgage. .
6. He will pay all and ~ingular. the ooete, ~ snd ezpensee, including reasonable lawyer's feee~ and oosts
of abstr~cts of title, incurred or paid at say time by t Mortgagee becauee of the failure on the part of the Mortgagor
promptt'y and fully to perform-the agreemente and oovenanta of esid promieeory note and thia mortgage~ and said
ooete, charges, and expensee aAall be immediately due and payable and shall be eecured by the lien of this mortgsge.
7. He will oontinuoua~y maintsin hazard insuranoe, oi such type or types and amounts as 11~iortgagee may
from time to time require, on the improvemente now or hereatter on aaid premisea snd eacept when payment ~
tor all auch premiums has tLeretofore been made under (8) of paragrsph 2 hereof ~6e will pay promptly when
due any pr8miums thcsrefor. All insurance ahall be carried in oompsnies appmve~ by l~io~ee and the poli-
cies and renewals thereof ahall be held by Mortgagee and have attsched thereto losa payable c auses in favor of
and in form acceptable to the Mo . In event oi loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof~ if not made promptly by Mortgagor~ and each insuranoe oompany
cwncerned is hereb authorized and directed to make payment for such loas directly to Mo~ee instead of
to Mortgagor and ~ortgagee jointly, and the insurance proceeds, or any part t6ereof, may be app 'ed by Mur~
gagee at ifs option either to the reduction of the indebtedness hereby secured or to the restorataon or repair of
the property dama~ed. In event oi foreclosure of this mortgag9 or other transter oi title to the mortgaged
property in eatanguishment of the indebtedness eecured hereby, af
1 right, title, and interest of the :Vtortgagor
m and to any insurance poLcies Wen in force ahall p~?ss to the purchaser or grantee.
8. If the premises, or an~- part thereof, be condemned under the power of.en~inent danain, or acquired for
a public use, U~e dan~ages awardecl, the proceeds [or the tsking of, or the consideration [or such acqu~sition, to
t}ie extent of the full au~ount of t}ie remaining unpaid indebtedness secured b~• this n~ortgage, are 1?ereb~-
nssi~ned to tl~e Mortgagee, and his heirs or assigns, and s)~all be paid forthW ith to said Mortgagc~ or t?is
assignee to be epplied on ac~ount o[ the last maturing installments of suc}~ indebtedness; pmvided, lio~e~er,
the MoKga~;ee or his assignee, ~~?a~ at his discretion pa~ direct to tlic Moctgagor, liis licirs or assigns an~ part
or all oi such awarci; provided, tl~at if the loan is guarantecd or insured, the consent of the guarantor or insurer
is obtained in ad~ance of said pa~•tnent.
9- The Mortgagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction
thereof for the appointment of a receiver~ and such court ahall forthwith appoint a receiver of the premises covered
hereby aA arid singutnr~ including all sad singular Lhe income, grofits, issues, and reveaues from whatever aource
derized, each aud erers of trhich~ it bcing exgx~t3 u~~e:stooa~ is hercb~ mortgagec! as if sp~i~c:il13 sct forth sa3
described in the granting and habendum clauses hereof. Such appointment ahall be made by such oourt as an admitted
! equity and a matter of absolute right to aaid Mortgagee, and without reference to the adequacy or inadequacy of
; the value of the property mortgaged or to the eolvency or inaolvency of said Mortgagor or t3e defendants. Such
rents, profite, income, isgues, and revenues shall be applieci by such receiver ac,cording to the lien of this mortgage
~ and the practice of such oourt. In the eveat of any default on the part of the Mortgagor hereunder~ the Mortgagor
~ agrees to pay to the Mortgagee on demaad as s re.aeonable monthly rental for the premiees an amount at least
~ equivalent to one-twelfth (~2) of t6e agg~+egate of the twelve montWy inatallments payable in the then current
~ year plus the actual amount of the annusl taxes, asseesments, water ratee, and insurance premiums for such year
not covered by the aforesaid monthly psymenta.
° 10. In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event that
any of said suma of money herein refen+ed to be not pmmptly and fully paid according to the tenor hereof, or in the
event that each and every the atipulations, agreements~ conditions, and oovenants of said note and this mortgage,
are not duly, promptly~ and fully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneye secured hereby, ahall become
due and payable forthwith, or thereafter, at the option of said Mortgagee, ss fully and completely as if all of the
said sums of money were originally stipulated to be psid on such day~ anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereslter, at the option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ita institu-
tion. The Mortgagee may foreclose t6is mortgage, as to the amount so declared due and payable, and the said
premisea ahall be sold io satisfy and pay the same together with oosts, expensea, and allowrsnces. In case of partial
forecloswe of this mortgage, the mortgaged premisea ahall be sold subject to the oontinuing lien of this mortgage
for the amount of the debt not then due and unpaid. In auch case the provisiona of this paragraph 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 theresfter be held
to be a waiver of the terms hereof or of the note eecured hereby.
~ 12. The lien of thia instrument shall remain in full force and eftect during any poetponement or extenaion of
the time of payment of the indebtednesa or any part thereof eecured hereby.
~ 13. If the Mortgagor detault in any of the covenants or agreements contained herein, or in eaid notoe, then the
Mortgagee may perform the eame, and all eapenditw~es (including reasonable attorney's fees) made by the Mortga~ee
~ in so doing shall draw interest at the rate pro~ ided for in the principal indebtedness, and shall be rnpayable
thirt~ (30) da~s after demand, and, together with interest and costs accrued thereon, shall be secured by
~ this mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums ad~anced by the :~tortgagee for the alteration, modernization, improvement, main-
tenance, or repair ot said premises, for texes or as.~essments against the same and for any other pur}x~se autlior-
ized hereunder. Said note or notes shalt be secured hereby on a parity with and as fully as if the advance
evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be payable in ap prorimatel~ equsl
monthly pny ments for such period as may be agreed upon by the creditor and debtor. Failin~ to agrec on tlie
maturity, the whole of the sum or sums so advanced shsll bc due and pa~•able thirt~ (30) days after demand
b~ the creditor. In no event shall the matwity extend beyond the ultimate ~iaturity of thP note first
deacribed above.
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