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HomeMy WebLinkAbout0222 tender lo the ?~lurtgagee in accor~l~c0 v~ith tl~e ptovisions of U~e note securnd h~~reb~-, full pa~•meut of tl~e entire indeblednesa represented theteb~•, the Mortgagre, ua ~rustee, sl?all, in computinR thc• a~uount of sucl~ indebteduesa, credit to the account of 1~~e Mortgagor an~• credit t,alance rnn~ainin~; under 1he pro~•isious of (a) ot said para~raph 2. I( thetr ahall be a defauit -uncter an~• of tl?e provisia~s of this ~nortga~e rnsultiug in a public sale ot the premises covered hereby, or if the Mortgagee acywrc~s tlie propert~• otlien~•~se• a(t~r dc[ault, the Mortgsgee~ as truatee, ahall apply, st the tu~ie of the can~neucement of such pror~~e~lings or at tl~e tii~~~~ the properi~ ia otherwise acquired~ the amount then m~neining to credit of ~4ortgagor uncier (a) ot para~;raph 2 preceding as a credit on the interest accruecl and unpaid and the balance to the principal then re~uainin~ unpa~d on said notr. 4. He ~viU pe?y alt tsxes~ aeeeesmenta, wster rstee~ and othes governmental or muaicipal char~ee, 6nes, or impoeitions, for ~vhich proviaion haa not been ms~de hereinbefore~ ewd in default thereof the Mortgagee mqy pe?y the : eso~e; end t6at he will promptly deliver the o~cial reoeiptn therefor to the Mort~agea. b. He pill permit~ oommit, or su5er no aeate~ impairment, or deterioration of eaid propezty or sny part thereoi e~ccept reasonsble wear snd tear; and in the event of the failure of the Mortg~agor to keep the building~a oa 8ai~ p~mieee and thoee to be erected on eaid premiee8, or impmvemente thereon~ in good repsir the Mortgagee msy , make suc6 repaire ue in its diecretion it ansy deem neceeeary for the proper preeervstion thereo~~ aad the full amount oi each and every such payment a6a11 be due and pqyable thirty (30) days after demand~ end ahall be eecured by the lien of thia mortgage. 6. He will psy all and singular the ooste, chargee, and ezpeneee~ includin,g reasonsble lswyer's feea, and ooets of abetracte of title, incurred or paid st sny time by the Mortgagee becauee of the Ieilure on the part of the Mortgagor promptly and fully to pedorm the agreements and oovenant8 of eaid promiseory note and this mortgage, and eaid ooste, chargea, and expensea ahaU be immedistely due and payable and ahall be eecured by the lien of t~is mortgage. 7. He will oontinuous~y maintain 6azard inaurance, of auch Lype or types and smounte as Iliortgagee msy trom time to time require, on the impmvementa now or hereatter on said premises and eacept when payment tor all such premiums has theretofore been made under (a) of paragrapL 2 hereof ~e will pay pmmptly when due any premiuma thorefor. All insurance ahall be carried in oompamee appmve~ by bio~ee and the poli- ciea and renewals thereof shall be held by Mortgagee snd have attsched thereto losa pay~ble c auses in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, ; and Mortgagce may make proof o7 Ioss if not made promptly by Mortgagor~ and each insuranoe c~ompany c~oncerned is hereb suthorized and directed to make payment for such losa directly to Mortgagee instead of 0 y~ to Mortgagor and Mortgagee jointly, and the ins~prance proceeds, or any part thereof, may be app7ied by Mor~ gagee at its option either to tbe reduction of the indebtedness hereby secured or to the resturataon or repair of ~ t6e property dama~ed. In epent of foreclosure of this mortgage or other transter of title to the mortgaged property in extingwshment of the indebtednees secured hereby, af 1 right, title~ and interest of the Mortgagor m and to any insurance policies thea in force shall pasa to the purchaser or grantee. 8. If the prniuises, or an~- part ihernof, be conde~nned uncler the power of emi~ient. ciouiain, or acquirnd for a public use, tl~e claiiia~;es av?arde~i, tl~e proceeds for tlie taking of, or the consideration for sucl~ acyu~s~tioi~, to tlie extent of tLe full a~nou~it of tlie remaining unpaici inciebleciness secured by this iuort~uge, ar~ 1?ereLr assi~~ed to t)~e ~lortgagee, und his I~eirs or assigns, and shall be pairl forthW ith to suid ~lortRagc~ or his assignee to be applied on ac~ount o[ ihe last uiaturing installroents of sucli indebtedness; pro~-ided, ho~se~er, the ~iortga~;ee or his essignee, ma~ at his discretion pa~• direct to the Vlortgagor, his heirs or assigns any part or all o[ such awarci; pmvided. that if the loan is ~uaranteed or insured, the consent of the guaranior or insurer is obtained in aci~•ance o[ said pa~-uient. _ 9• The Morigagee may~ at any time pending a suit upon this mortgage, apply to the oourt having jurisdiction thereof for the appoint,ment of a receiver~ and such court ahall forthwith appoint a receiver of the premises covered hereby all arid singular, including aU and singular the income~ profits, issues, and revenues from whatever source derived, each and every of which~ it being expressly understood, is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauaes hereof. Such appointment ahall be made by such caurt as an admitted ~ equity and a matter of absolute right to said Mortgagce~ and without reference to the adequacy or inadequacy of ` ~ the value of the property mortgaged or to the ~olvency or insolvency of said Mortgagor or t'~e defendants. Such ' ~ rents, proSts, income~ is4ues, aqd revenues shall be applied by such receiver according to the lien of this mortgage i ~ and the practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor ~ agrees to pay to the Mort$sgee on demand as a reasonable monthly rental for the premises an amount at least ti equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then current ~ year_plus the actual amount of the annual taxes, assessments, water rates, and insurance'premiums for such year ~ not covered by the aforessid monthly paS~nnents. ~ 10_ In t6e eveat of any breach of this mortgage or default on the part of the biortgagor; 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 stipulations, agreements~ conditione, and covenants oE said note and-this mortgage, ~ are not duly, promptly~ and fully per[ormed; then in either or any such event, the said aggregate sum mentiuned ~ in said note then remaining unpaid, with interest acerued to that time, and all moneys secured hereby, shall become due snd payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of ti,~ " said sums of mone~• were ori~inally stipulated to be paid on such day, an~ thing in said 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 mone~s secured hereby had matured prior to its institu- tion. The 1~fortgagee 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 costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged 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 t6e provisions of this paragraph ma} again be availed of thereafter from time to time by the ~tortgagee. ~ 11. No waiver of any covenant herein or of the obligation secured hereb}~ shall at any time thereafter be held ~ to be a waiver of the terme hereof or of the note secured hereby. ~ 12. The lien of this insttument shall remain in full force and effect during any postponement or extension of the time of payment of -the indebtedness or any part thereof secured hereby. ;r 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the ',~;=f Mortgagee may periorm the same~ and all expenditures (including reasonable attorney's fees) made by the MortgaRee -s in so doing shall draw interest at the rate prorided for in the principnl indebtednhss, and shall be repa~~able thirt~ (30) da~•s after demand, and, together with inter~~st and costs accrued thereon, shall be secured by thic mnrtgage. 14. Upon the request of the :~4ortgagee the ~iort,gago~ shall execute and deliver a supplemental note or ~ notes for the sum or sums ad~ anced by tbe ~tortgagce for the alteration, modernization, improvement, main- tenance, or repair of said premises, tor taxes or a~~essments a~ainst the samc and for en~• othcr purE~ose a~~tt?or- ized hereunder. Said note or notes shall be secured hereb~• on a parit} with and as full~ as if tlie ad~-ance , e~ idenced thereby were included in the note first described above. Said supplemental note or notes shall bear ~:r~ interest at the rate provided for in the principal indebtedness and shall be payable in approrimatel~ equsl monthly pa~ ments for such period as may be agreed upon b~ the creditor and ciebt,or. Failin~ to agrec on the ~ maturity, t~e whole of the sum or soms so ad~anced shull bc duc and pa}-ablc thirt.l' (30) da:s aflcr dcmand by the creditor. In no event shall the maturity e!ctend beyond the ultimate r.~aturit} of l~c note first ~Ff described above. r~. r:= U R 2~~ ' ~~22 sae~ ~..t ~ ~ - _ ~~~'x__ ~ . .