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HomeMy WebLinkAbout2820 tender to tha Mortgagee in ucco~dsnce with the provisio~?s' o( tl?e note securncl h~~reb~-, full parnient of tl~e entire indebtednees represented therebv, the Moctgsgee, ae i,ruatee, ahsll, in computing the suwunt ot aucl~ indebtedneee~ credit ~o the account of tbe Mor~gegora~ y'credil belancs remaining under the provisions of (a) . of said r~ph 2. there ahsll be s def~ult ur?de~ a~''Df the provisio~~s of t1~ia uiortga~e resulting in a public sal~ the premises covered hereb~, or it the Mortgagee acquirea the propercy otl?erwise afte~ default, the Morigagee, ss trustee, ahall spply~ st the time oi the coinmencement of such procc~edings or a~ tlio time the property is oLherwise acquired. the e?mou~t then remainin to credit of Mortgagor under (a) of paragrapl~ 2 preceding aa a credit on the interest accrued and unpaid and t~e bslance to tt~e principat then re~ua~ning uapR~cl on said note. 4. Hs w[ll p~y ~ll taues, ~eeaennents, wstes rates. snd othergo vernment,at or municipsl ohargee, Hnee, o= Impoaitions, for whioh pr~vision hae not been made hereinbefore, and in default thereof t~ Mortgagee ma?,~? psy the ee~ue; i?nd t~t he will promptly deliver the o~cial reoeipte therefor to t6e Mortg~gee. b. He will pernnit~ oommit~ or euHer no wadte~ tmp~ira~ent, or deteriorstion of eaid proper~y orany psrt thereof eucept reseonable wear and tei?c; and ia the event of the fsilure of t6e Mortg~agor to keep the buildingA on ea~c~ pcemisee and tboee to be erected on said p~emiees, or improvementa t6ereon~ in good repair t,he Mortgagee msy make euch npairs ~s in its diecretion iti msy deem neoeeeary for the proper preeervation thereo~, and the full amount oi each ~?nd every euch psyment ahall be due aad payabk thirtY C30) d~?Ye after demand, sad shall be eeoured by the lien of thia mortgage. ~ 6. He will psy all and eingWsr the oosts, and expeneee, ineluding reas~nable ]awyer's f and ooera of sbetr~cta of tiWe, incurred or paid st sny time~Mortgagee becauee of the failure on the part of th~ortg,agor gromptly and fully to pedoran the a~ements and oovenants of esid promieeory note snd this mortgage~ and ssad ooate, chargea, and expen~es shaU be immediately due snd re?ysble and shall be eecuced by the lien of fhis mortgage. 7. He will oontiauoua~y msintsin hasard insuranoe, of such type or t~pes snd amounte as Mortgsgee may from time to time require, on the improvemente now or hereafter on said prsmises and except wheu payment tor sll such premiums haa theretofore.been msde under (a) oi parsgn~ph 2 hereof ~e will pay prompWy when due any premiuma thcuefor. All insuranoe shall be csrried in aompanies +?PProve~ by ltiio~ and the poli- cies snd renewala thereof s6all be held by Mortgagee and have attsched thereto losa payable c auses in favor of and in form acceptable to the Mortgagee. In event of lo~a he will give immediste notioe by mail to Mortgagee, and Mortgagee may make .proof of Ioss if not made promptly by Mortgagor, and each inauranoe oompany ooncerned is hereby~authonzed~ and directed to make payment for sucL loee directly to Mor~sgee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any psrt thereof msy be appled by Mor~ gagee st its option either ~o ~e reduction of the indebtedneaa hereby eecured or to t'he reatNrat~on or repair of the property dama~ed In event of foreclosure of this mortgage or other transfer of title to the mortgaged pmperty in eatinguishment oi t6e indebtednees eecured hereby, sfl right, title, and interest oi the Mortgagor m and to any insurance policies then in force ahall pnsa;to the purchaesr or grant~ee. _ 8. I( the prnmis~~s~ or an~- part thernof, be conden~ned under the power of en~inent domsin, or acquimd for a public use, Uie.daniages awardecl, tl~e proceeds for the taking of, or the consideration for sucl~ acqu~sition, to the extent of die full a7nount of the remaining unpaid indebtedness secured b~ this mortgage, are 1?ernb~- assigned to l1~e Mortgagee, and liis {~eirs or assigns, and shall be paid forthwitli to said r4ortgagee or )~is assignee to be applied on account o[ the last niaturing ~nstalL~ients of such indebtedness; provided, liowever, the Mortgagee or h~s assi~nee~ ~na~ at his discrntion pa~ direct to the Mortgsgor, his heirs or assigns an~ part or all o[ such award; provided, that i[ the loan is guarant~ed or insured, the consent of the guarantor or insurcr is obtained in advance of said pa~ ment. - 9• 1'he Mortgagee may~ at any time pending a suit upon this mortgage, apply to the oourt hsving jnriediction thereof for the appointment of a receiver~ and such oourt e~all forth~tith appoint s reoeiver of the premises covered hereby aU arid aingular, including all and eingular the income, proSta, iesues, and revenues from whatever source derived, each and every of which, it being eapresaly understood, is hereby mortgaged as if apecifically set forth and described in the granting and habendum clausea hereof. Such appointment shall be made by such court as an admitte~ ~ equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of I the value of the property mortg,aged or to the solvency or ineolvency of said Mortgagor or the defendanta. Such rents, profita, income, issues, and revenues ahall be appliecl by auch receiver according to the lien of this mortgage ~ and the practice of such court. In the event of aay default on the part of the Mortgagor hereunder, the Mortgagor i agrees to psy to the Mortgagee on demand a8 a reseonable monthly rental for the premises an amount at least ~ equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current year plua the actual amount of the annual ta~ces, as~sments, water ratea, and insurance premiums for such year not coyered by the aforESaid monthly paymenta. ~ 10. In the event of any breach of this mortgage or default on the part of the Mortga,gor; or in the event that any of said sums of money herein refen~ed to be not pmmptly and fully pajd~ceo~ding tq th~e'teAbr hereof, or in the event that eac6 and every the stipulationa, agreements, oonditions, and oooenants 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 moneys secured her~by, ahall become due and payable forthwith, or thereafter~ at the option of said Mortgagee, as fully and vompletely as if all of the said sums of money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to the contrary notaithstanding; 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 moneys secured hereby had matured prior to ita institu- tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with ooats, expenses, and allowances. In case of partial foreclo~ure of thia mortgage, the mortgaged premises ahall be sold subject to the continuing lien of thia mortgage for the amount of the debt not then due and unpaid. In such caae the provisions of thia paragraph may again be availed of thereafter from time to time by the Mortgagee. 11. No waiver of any oovenant herein or of t6e obligation secured herebS 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 ahall remain in full foroe and effect during any poatponement or extension of ~ the time of payment of the indebtedness or any part thereof secured hereby. 1:3. If the Mortgagor defsult in any of the covenante or agreements oontained herein, or in said note, then the Mortgagee may perform the aame, and all e~cpenditures (including reaeonable attorney's fees) made by the Mortga~ee in so doing shell draw interest at the rate prorided for in the principnl indebtedness, and shall be rnpa~ able thirty (30) da~•s aiter demand, and, together witti interest and costs accrued thereon, shall be secured by this mortgage. 14. Upon the request of the ?~'Iortgngee the Mortgagor shall execute and deliver a supplemental note or notes tor the sum or sums ad~ anced by the ~tortgagee for the alteration, modernization, improvement, main- tenance, or repeir of said premises, for taxes or assessments against the same and for any other purpose autl?or- ized hereunder. Said note or notxs sl~all be secured hereby on a parity with and as tully as if the ad~•ance evidenced t6ereby were included in the note first described above. Said supplemental note or notes shall bear interest st t6e rate provided for in the principal indebtedness and shall be payable in ap proximatel} equal monthly pa •ments tor such period ss may be agreed upon by the creditor and debtor. Failin~ to agrec on thc maturity, t~e v?hole oi the sum or sums so ad~anced shall bc due and pa~•ablc thirty (30) da~s aRcr d~mand by the creditor. In no e~ ent ahall the maturity extend beyond lhe ul~imate r.~aturity of thc note first described sbove. ~ 9~Q ~ y7[ j~( 8GOK214 ~A~~2817 ? J~r~~ ~ • y~!~f y-..?. _ - .,e -...r - _ - ' - Y" a 'E" .rd,;.'~rs"~.~€4s':'. ~ '~"''r~. '