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HomeMy WebLinkAbout1115 tender to the hlurtgagee in accordanc~ wili? tLe pro~isio~is ot tlte tiot~ secured h~~r~br, fuq pa~•nient of tlu~ entire indebtedness represenled thernbv, the Moitgagee~ as trtistee, shall, in coinputing 1h~ amount of such indebtednesa~ creciit to tl?e sccount ot the 114ortgegor an~'credit balance rnmainin~ under tl?e pro~•isions of (a) of said paragraph 2. It there shall be a de(ault, under any o( the provisiona of tl?is uiorlgagc resultit~g in a public sale at 1he pren~ises covered hereby, or if the Mortgagre acquues Il~e propert~~ otl?erw•~se after default, the Mortgagee~ as tcustee, ahell spply, et the tune ot the comniencement o( such proceedings or at 1he time the propert~ ~a otherwise ecquired, the amount then remaining to credit of riortgagor under (a) of paraf;raph 2 preceding as a credit on the intereat sccruecl end unpaid and the balance to the principal then rc~main~n~ unpaici - on said note. 4. He wiU pe?y ell ta:es. seeeeeonent0. wster i':?tes, and ot6er goverament,e~l or municipal cha?rgee~ finee. os impoeitions, for wLieh pmviaion hsa not been me~de hereinbefore, snd in deisult thereof the Mortgagee msy P4Y the as~e; sad that he will promptly deliver the o~cial reoeiptt~ therefor to the I~iortge~gee. b. He wIll permit~ commit, or su~er no wa~eLe, impsirment~ or deterioration of esid property or any pait thereof e~ccept reaeonable wear snd tear; snd in the event of t6e fe~ilure of the Mortgagor to keep the buildinga on eaic~ premieea and thaee to be erected on eaid premieee, or improvemente thereon~ in good repair the Mortgsgee may nuake such rep~ire as in its diecretion it msy deem neoeesary for the proper preeervstion thereo#~ snd the full amount of each and every euch psyment ahall be due and peyable tbirty (30) dsys atter demaad, and ehsll be eecured by the lien of tLie mortgage. 6. He will pey ell and eingular t6e oaste,c6argee, and expeneea, including reaeonable lawyer's feee, sad ooste of abstracts of title, incurred or pnid at any time by the Mortgagee becsuee of the failure on the part of the Mortgagor promptly and tully to perform the agreementa snd covenants of esid promieeory note and thia mo~age , and said coata, chargee, and expenses ahall be immedietely due and psyable and ahall be eecured by the lien of t~ia mortgage. 7. He will oontinuoua~y maintain hazard ineurance, of such type or types and amounts as Mortgagee msy imm time to time require, on the improvemente now or hereafter on said premises and e.tcept when payment tor all such premiums has theretofore been made under (s) of peragraph 2 hereof ~e will pay pmmptly when due any premiums therefor. All insurance ahall be carried in companies appmve~ by hio~ee and the poli- cies and renewals thereof ahall be held by Mortgagee snd have attached thereto losa payable c susee in favor of snd in form acceptable to the Mo~ee. In event of loBS he will give imme~iete notice by mail to Mortgagee, and Mortgagee may make .proof of o~ if not made promptty by Mortgegor, and each insw~ence oompany ooncemed is hereby~authonzed and directed to make papment for such losa directly to Mortgagee inatead of to Mortgagor and Mortgagee ointly , and the insurance proceeds, or any part thereof, may be applied by Morw gagee at its option either to t~e reduction of the indebtednesa hereby securEd or to the rest,~rataon or repair of the pmperty dama~ed. In event of foreclosure of this mortgage or other transfer of title to tLe mortgaged pmperty in exttnguishment of the indebtednese eecured hereby, ail right, title, and interest oi the Mortgagor m and to any inaurance policiea then in force shall p~sa to tbe purchaser or grantee. 8. I[ thc pmmis~~s, or an~- part thernof. be condemned undcr tl?e poHer of en~inent dou~sin, or ac~quirrd for a public use, tl~e ciau~ages aHarciecl, tl?e proceeds [or tl~e taking of. or the consideration [or suc•1~ acqu~sitiou, to the extent of the full n~nount of tlie remaining unpaid indebtedness securnd b~- tliis inortgage, ar~ 1?ereb~• assi~ned to tLe ~~iortgagee, und his heirs or assigns, and s}?all be paid forthwith to saici ~iortgugec or his assignee to tx~ applied on account of the last matur~ng installn?ents ot suc}i indebtedness; pro~ i~ied, lio~~•e~•er, the 1lortgagee or his assignee, ii~a~ at l~is discretion pa~• direct to t1~e ;Hortgt~or, his heirs or assigns an~• pnrt~ or all of such aH•ard; pro~ided, that i[ th~ loan is guarnntced or insured, t,he consent o[ the guarantor or iusurer is obtained in ad~ance of ssid pa~-ment. ' The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having jccfadictaon thereof for the appointment of a receiver~ and such court shall forthwith appoint a receiver of t6e prelmiaea oovered hereby all arid singular, including all and singiilar the income, pro6ts, issues~ and revenues from whatever vource derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecificaliy ae~ forth and - described in the granting and habendum clauses hereof. Such appointment shall be made by such court ae an admitted equity and a matter of absolute right to said Mortgagce, and without reference to the adequacy or-idadequ}cy of ! t6e value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t~e defendapts; ~ Such ' rents~ pmfits, inoome, issues, and revenuea shall be applied by such receiver according to the lien of thjs mdrtgage~ ' G and the practice of such court. In the event of sny default on the part of the Mortgagor hereunder, the B~~Ortgsigpr ( agre,~es to pay to the Mortgagee on demand as a reasonable 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 cun~ent s year pius the actusl amount of the annual taxea, assessments, water rates, and insurance premiums for such year ~ not covered by the aforesaid monthly paymente. ` ]0_ In t6e 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 refen~ed to be not promptly and fully paid according to the tenor hereof, or in the event that each and every the atipulations~ agreementa~ conditions, and covenants of said note and this mortgage, are not duly, promptiy~ 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 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 money were originally stipulated to be paid on such day, anyLhing in said note or in this mortgage to t6e 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 moneys sgcured hereb~ had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said premisea ahall 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 the provisions of this paragraph may again be ~ availed of thereafter from time to time by the 1liortgagee. ~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any ti~e thereafter be held ~ to be a waiver of the terms hereof or of the note secwed hereby. 12. The lien of this instrument shall remain in full force and ef3ect during any postponement or extension of 4_ the time of payment of the indebtedness or any part thereof aecured hereby. ~ l3. If the Mortgagor de4'sult in any of the covenants or agreements oontained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mort$a~ee ~ in so doing shall draw interest at the rate pro~•id~d for in the principal indebtedn~ss, and shall be mpa~ able ~ thirt~ (30) da}•s atter demand, and, together with interest, and coses accrued thereon, sl?aU be secureci by ~ this mortgage. 14. Upon the request of the Mortgagee the Mortgagor shall eacecute and deliver a supplemental note or ~ notes for the sam or sums ad~anced by the Ztortgagee for the alteration, modernization, improvemcnt, main- tenance, or repair of said premises, for taxcs or as.~essments agsinst the seme and for eny other purpose sutl~or- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i[ tlie ad~•ance evidenced thereby were included in the note first described abo~ e. Said supplemental note or notes shall bear - interest at the rate provided for in the principal indebtedness and shall be pay able in ap prosimatel~ cqual monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agrec on thc maturity, the H hole of the sum or sums so ad~ anced shall be due and pa~ able thirty (30) da~ s after demand by the crcditor. In no event shall the maturity extend beyond the ultimat,e r.iaturity of t6~ note first described above. ~ ~ R K ~+1~ PAGE ~~~0 800 ~ _ ~ _ _ - - - ~ - ~~K ' k~::;~"~- aj s._-. r ~ . , _