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HomeMy WebLinkAbout1534 tender to the Mortgagee in accordsnce with the provisiona ot the note secured I~ereb~•, full pa~ n~ent ot t1iP entire indebtednesa repreaented thetebv, the Mortgagee~ as t,ruatee, shall, in computing t1~P aiuount of such indebtednesa~ credit, to the account ot the Mortgagor an3 cted~t balance reii?ai~iug un~ier 1}?e provisio»s o( (a) ot asid psragrsph 2. II t,here shall be s default undet sny o[ the provisions of this ~nortgage resulting in a public asle of the premiaea covered hereb~ ~ or if the Mortgsgee acquu~es tlie propert~~ otherw~se a(ter detault, the Mortgegee~ ss trustee~ ahall apply~ at the time o[ the conunencement of such proceedinga or at tl~e tim~ the pmperty ia otherwise acquired, the amount then remaining to credit o~ Mortgagor uncler (a) of paragrapli 2 preceding aa s credii on the interest accrued and unpaid and the balance to the principal then rnmaining unpa~d on said note. 4. He will pay all ta~cee~ e+~eeesmente, wster rstee, and ot6er governmeatat or municipal chargea, finee. or impoeitione, for which provision hsa not been made hereinbetore, and in default thereof the Mortg,agee may pey the same; snd thst he will pmmptly deliver the o~cial reoeipta therefor to the Mortgagee. b. He will permit, oommit~ or suger no weiate, impairment, or det~erioration of esid pmperty or an part thereof~ ea except reasanable wear and t,ear; sad in the event of the failure of t~e Mortg,agor to keep the b' dinga on eaid premie~ t?nd thoee to be erected on eaid premieee, or improvementa thereon~ in good repsir, We Mortgagee msy make such repaies as in ifs diecretioa it muy deem neoeessry for the proper preeervation thereof, and the full amount ot each and every such payment a6nll be due ~urd psyable thirty (30) dsys after demand, and s6all be eecured by the liea ot this mortgage. 6. He will pay all and singular the ooste, char~ee, and expeneea, including reseonable lawyer's feee, and caete of abstr~cte of title~ incurnd or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform. e agreements and oovenanta of said promieeory note and this mortgage, and seid oosta, chargea. and expens~ sball~ im~'edutely due and payable and ahall be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain hszard inaurance, of such type or types snd amounts es Mortgsgee mey trom time to time require, on the improvemente~now or hereatter on said premises and e~cept when payment tor all auch premiums hea theretofore been made under (s) of paragraph 2 hereof ~e will psy promptly when due sny premiums thcrefor. All inaursace ahsll be carried in oompanies appmve~ bp riort~aRee and the poli- ciea and renewals thereoi sLsll be held by Mortgagee and hsve attached thereto loea payable cl~ausea in favor of and in [orm scceptable to the Mo In event of losa he will give immediate notice by mail to Mortgagee, and ~Iortgagee may make proof~~ if not made pmmptly by Mortgagor, and each inauranoe oompany ooncerned is hereby~authorized and directed to make payment for such loss directly to Mo~ee instead of to Mortgagor and Mortgagee ]ointiy , and the insurance proceeds, or any part thereof, may be app 'ed by Mor~- gagee at ita option either to the reduction of the indebtednesa hereby aecured or to the restoration or repau of the property dams~ed. In event of foreclosure of this mortgage or other transfer oi title to the mortgsged property in extinguiahment of the indebtednees eecured hereby, atl cight, title, and interest of the Mortgagor m and to any ~naurance policies then in force shall pRSa to the purchaser or grant~ee. ~ 8. If the preuiises, or an~• part tl~ereof, be condemned under the power of eminent domain, or acquired for a public use, the da~uages av?ardecl, the proceeds for the taking of, or the consideration for su~•h acqu~sition, to the crtent of the (ult ainount of tl~e remaining unpaid indebledness secured b}~ this n~ort~a~e, arc~ i~ercb~- assigned to the ~~tortgagee, and his heits or assigns, and shall be pai~i forthwith to said 1•lortgagee or his assignee to be applie~d a~ account of the last matunng installnients of sucl? indebtedness; prnvided, I?oH•e~•er, the ~iottga~;ee or his assignee, ~na~' at his discrntion pa~- dirnct to th~ 4lortgag~r, his heirs or assigns anr part or all of such aNarcl; provided, that if the loan is guaranteed or insured, the consent of the guarantor or ii~surnr i3 obtained in ad~•ance of said pa~ment. - ~1. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt havi.ng juriediction thereof for the appointment of a receiver~ and such coutt shall forthwith appoint a receiver of the premisea oovered hereby all and singular~ including all and singular the inoome~ profita, iesues, and revenues from whatever eource derived, each and every of which, it being expressly undeistood~ is hereby mortgaged as if apeciScally aet forth and described in the granting and habendum clausea hereof. Such appointment shall be made by such oourt as an admitted equity and a mutter of absolute right to ssid Mottgagee~ and without reference to the adequacy or inadequaay of j the value of the property mort.gaged or to the solvency or insolvency of said Mortgagor or the defendants. Such ~ rents, profits. income~ issues, and revenuea shall be appliecf by such reoeiver according to the lien of this mortgage and the practice of such court. In -the event of any default on the part of the Mortgagor hereunder, the Mortgagor 't agrees to pay to the Mortgagee on demand as a reaeonable monthly rental for the premises an amount at least ~ equivalent to one-twelfth (yf 2) of the aggregate of the twelve monthly installments payable in the then curr~nt year plus the actual amount of the annusl taxea, assesaments, water rates~ and insurance premiums for auch year not covered by the aforesaid monthly payments. 10_ In the event of any breach of this mortgage or default on the part of the Mortgagor, or in the event t6et 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 atipulations~ agreements, conditions, and covenants of said note and this mottgage, are not duly~ promptly, and fully performed; t6en in either or any such event, the said aggregate sum n~entioned in said note then remaining unpaid, with interest accrued to that time, and all moneya secureci hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of mone} were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to the contrary notwithstending; aad 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 moneys secured hereby had matured prior to its institu- tion. The Diortgagee may foreclose this mortgage~ as to the amount ~o declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure 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 such csse the provisions of this paragraph may again be availed of t6ereafter from time to time by the Mortgagee. 11. No wsiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter 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 efiect during any postponement or extension of ~ the time of payment of the indebtednesa or any part thereof aecured hereby. ' ~ 1.3. If the Mortgagor default in any of the covenants or agreementa contained herein, or in eaid note~ then the Mortgagee may perform the same, and all eapenditurea (inciuding reasonable attorney's fees) made by the MortgaAee in so doing shell draw interest at the rate pmvided for in the principnl indebtedness, and shall bc~ repa~'able 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 t6e ~iortgagee the Mortga~;or shall ea~ecute and deliver a supplemental note or notes for the sum or sums ad~~anced by tbe 1lortgagee for the alt,eration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.~essments a~;ainst the same and (or sn} other purpose auti?or- ized 6ereunder. Said note or notes shall be secured hereby on a parity with and as fully as i( the ad~ance ~ . e~ idenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate pro~ ided for in the principal indebtedness and shall be pa~ able in ap proximatel~ equal ' monthly pa3~ments for such period as may be agreed upon by the creditor and debtor. Failin~ to agrec on the ~ maturity, the ~hole ot the sum or sums so ad~anced shnll be due and pa~•able thirt~• (30) da~•s alter demand by the creditor. In no e~ent shall the meturity extend be3ond t,he ultimate r.~aturity of tLe note first ~ described above. ~ ~V~ f ;1(~ ~~~i BL+~K - , ~ - _ ~