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HomeMy WebLinkAbout1903 ten~ler to tl?e ~lurtgugee in accordanr~~ H•itl~ the pro~•isio~~s of thr not~~ s~~•ured I~ernb~•, (uil pa~•in~>>?1 of tlu~ entire indebted~ess represented thereb~•, the 1lortgagE~e, as trustee, shall, in camputi~i~ th~~ aniount af such indebtedneas~ credit to tl?e account of t~?e 11ortga~or an~• credit 6alance rnmainin~; und~~r the pro~•isions ot (a) of said paragraph 2. It thern ahal) be a default under an~• of the pro~•isions o( this uiortga~e r~~sulti~~k in public sele of the premises covernd hereb~, or if lhe Mortgagee acqu~res the proix~rt~• otlier~~•is~ after default, the Aiortgagee, as trustee, sl?all appl~, at ti?e tuiYe of the co~~i~uencement of such proc~~t~dings or at the ti~n~~ che propen~• ia otherwise acquired, the amount then remaininR to crt~dit of \lortKagor under (a) of paru~raph 2 preceding as a credit on the internst accrued and unpaicl and the balance to the principal then rnmninin~ unpai~l on said note. 4. He ~viU psy t~ll taxee~ aeeeeamente, water ratee, snd other governmental or municipal chargee, fiaee„ or impaeitiona, for which pmvision hae not been made hereinbefore, and in default thereof the Mortgsgee may pay the same; t?nd t6ut he will promptly deliver the o~cial reoeiptr thesefor to the hturtgsgee. b. He will permit~ oommit~ or auger no waste, impairment~ or deterioration of said property or any part thereof, ezcept reseonable wear and tear; and in the event•of the failure of the Mort~gagor to keep the buildinga on said premises and thoae to be erected on said premiees, or improvementa thereon, in good repair, the Mortgagee may meke euch repairs ae in its discretion it may deem neoeaeary for the proper preeervetion thereof, and the full amount of each and every euch payment'ahall De due and pe~yable thirty (30) daye atter demand, and ahall be eecured by the lien of thia mortgage. 6. He will pay all and aingular the ooate, and e~zpenses, including reseonable lawyer's fe~s, and ooata of abstr~cta of title~ incurnd or paid at any time b~Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to per(orm the agreementa and covenanta of esid promiseory note and thia mortgage~ and said ooats, charges, and expensea ahall be immediatety due and payable and shall be eecured by the lien of this mortgage. 7. He will oontinuously maint,ain hazard insurance, of such type or typea and amounts as Mortgagee may from time to time require~ on the impmvementa now or hereatter on said premises and e.~cept when payment tor all such premiums has theretofore been msde under (a) of paragraph 2 hereof ~e will pay promptly wLen due any premiums therefor. All insurance shall be carried in compamea approve~ by 1lfortg es and the h- m ag cies and reaew als thereof shall be held by Mortgagee and have attacLed thereto loss payable clauses in favor of and in form acceptable to the Mortga~ee. In event of loss he will give immediate notice by mail to 11Sort,gagee, and ~iortgagee may make proof of ioss if not made promptly by Mortgagor, and each insurance oompany ooncerned is hereb authorized and directed to make payment for such loss directly to Mortgage~e instead of to ~iortgagor and ~orcgagee jointly, and the insurancs proceeds, or any part thereof~ mey be applied by Mor~ gagee at its option either to the reduction oi Lhe indebtedness hereby secured or to the restaration or repa~r of the property dama~ed. In event oi foreclosure of this mortgage or other transfer of title to the mortgaged property in extingu~shment of the indebtedness secured hereby, a~l right, title~ and int,~rest of the Mortgagor m and to any insurance policies then in force shall pASa to the purchaser or granf~ee. R. If the pr~•iiiisi~s, or ~n~- part tL~•mof, b~ condcnu~ed undcr tl~e po~~•er of eniinent don~ain, or:ieyuir~•d for a public use, th~ clnmaKes aNarde~i, tl?e pro~eeds for the tAkin~ of, or the consideration for su~•I~ acyuisition, to the extent of tl?e full nmount of th~~ rnmaining unpaid inclebtedness secured b~• this n~ortKage, t~r~ h~~mb~- assigne~l to th~~ ~IortgaKee, an~l his lieirs or assigns, und sl~sll be paid forthw~ith to said ~lortga~:~~~ or liis a~iKnee to ix• applied on acc•ou~ti/ o( tl?e last ~i~aturing installments of sucli indebteciness; pro~•ideci, lio~~'e~-er, thc ~lorlgaKee or his ussignee, ma~- at his disc•retion pa~• direcl to tlie tiortga~or,1?is liei~ or ussigns un~• p:irt or all of sui•h a~~•ard; pro~i~led, tliat if th~• loan is guarant~~d or insured, the consent of th~ guarantor or insumr is obtaincd in ad~~nc~ of said pa~•t~~~nt. The ;4lortgagee may, at any time pending a suit upon this mortgage~ apply to the court having juriadiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises oovered hereby all arid singular, including all and singular the income, pro6ts, issues~ and revenues from whate~er source derived~ esch and every of which, it being expressly underatood, is hereby mortgaged as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute rig6t to said Mortgagee~ and without reference to the adequacy or inadequacy of the ~ alue of the property mortgaged or to the solvency or ia~olvency of said Mortgagor or t5e defendants. Such rents, proSts, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of such oourt. In the event of any default on the part of the Mortgagor hereunder, the 1~lortgagor ~ agmes to pay to the Diortgagee on demand as a r~ssonable monthly tental for the premises an amount at least ' equivalent to one-twelfth (yf 2) of the aggregate of the twelve monthly instaliments payable in the then current i year plus the actual amount of the annual taxes, sssessments, water rates, and insurance premiums for such year ~ not covered by the aforesaid monthly pa~ ments. j 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 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 mortgage~ are. not duly, promptly, and fully performeci; then in either or any such event, the said aggregate sum mentioned in said note then mmaining unpaid, with interest accrued to that time, and all mone~•s secured hereby, shall become due and paS able forthw-ith, or thereafter, at the option of said Diortgagee, as fully and completely as if all of the said sums of mone~• Rere originally stipulated to be paid on such day, an~thing in said note or in this mortgage to - the contrarS~ notaithstanding; and thereupon or themafter, at the option of said hlortgagee, a~ithout notice or demand, suit at laa or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The ~iortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pa~• the same together with costs, expenses, and allonances. In case of partial foreclosure of this mortgage, the mottgaged 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 pro~risions of this paragraph ma~- ngain be availeci of thereafter from time to time by the ~iortgagee. I 1. No waiver of any oovenant herein or of the obligation secured hembti~ shall at an3 time thereafter be held ~ to be a waiver of the terms hereof or of the note secured hereby. 12. The lien of this inatrument shall remain in full force and eftect d~:ting an~• postponement or extension of ` the time of payment of the indebtedness or anS~ part thereof secured hereby. ~ 1:3_ If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the ~ Mortgagee may perform the same, and all expenditures (including reasonable attcmey's fees) made by the 1liortgaRee ~ in so doing shall draW interest at the rate pro~•ided for in the prin~ipAl in~lebte~ln~ss, and shall t~ mpa~•able ~ thir~~• (30) days after demand, and, together wit}~ interest and costs accrued thereon, shall be secured by t6is mortgage. ~ 14. Upon the request of the Aiortgagce the ~fortgagor shall e~ecute and deliver a supplemental note or ~ notcs for the sum or sums ad~anced b} the ~lortga~;ec for the alteration, modernization, impro~•emc~nt, main- ~ tenance, or repair of said premises, for ta~es or assessments e~ainst the same and for ea~- other purposc~ sutl?or- ized 6ereunder. Said note or notes sliall be secured hereb~- on a parit}~ with and as fully as i( t}?e ad~-ance e~ idenced thereby W ere included in the note first described atw~ e. Said supplemcntal note or notes sl~all bear ~ interest at the rate pro~ ided for in the principal indebtedness and sl~all be pa~~able in appmximat~l~ equal ~ monthl} pa~ ments for such period as may be agrecd upon b~ the creditor and debtor. Failing to agree on thc ~ maturity, t~e Khole of the sum or sums so ad~•anced shnll~bc due and pa~-able thirty (30) da}•s a(ter demand ~ by the creditor. In no e~ent shall tl~e maturit~ extend beyond the ultimate r_~aturity- of tLe note first ~ described abo~ e. ~ a'~ ~`r. ~U'~ rG c ~ Z~o~ ~ ~ %~`.:.~~~~~_,~_r~. ~.,trx r ~ 'c.y .~.as~ a`"`y_J F-~- £ +i}~c'-°~°r^~ ~ k' . ~ . .