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HomeMy WebLinkAbout0279 tender to the hiur~gagee ~in uccordan~•r K•ith tiie provisiuns o! the note ,ecured h~~r~~br. tull p~~~•~u~•nt of th~• entire indebtednesa represeuted thernb~•, the ~lortgngee, as tru.gt~~c~, shall, in c•on~putii~K tl~~~ flu~oant of surh indebtedness, credit to the~ ac•~ount o~ tLe :Nort gagor au~• cmdit bale~?ec~ re~naiui~?k und~~r th~~ pn,~•isians of tn) of said paragraph 2. lf thcrn shall be~ A~Ie[ault uncie~ an~• o( th~• pro~•isio~~s of tliis n~ort~u~;i~ rc~sultink in u public sale of tlie pre~~?isea covernd he~eby, or if tl?e Mortgag~~e acquires the propert~~ othPr~~•is~~ aft~~r d~•fault, the Mortgagee~ e,s truatee, s1iaU apply, at the tit~?e of the co~tt~~iencrn~ent ot such pro~•~edin~ or st il?~~ tinu• the propcrt~• is otherwise scquired, the amount then remsininR to credit of ~1ortKagor under (a) of pAr~raph 2 preceding ss a credit on the interest acerued and unpaid and the balan~e to the prmcipal then rninainin~; unpt?id on said note. 4. He ~viU psy etl teuces, aeeeeeinents~ watet rst~ and other governm~ntal or muaicipat charges, finee, or impoeitions, for which proviaion haa not been made hereinbefore~ and in default thereof the Mortgagee may psy the aame; aad thet he will promptly deliver the official t+eoeiptn t4erefor to the Nt~rtgagee. b. He will pernnit, oommit. or au~er no ~vaete, impairment~ or deterioration of eaid property or any part thereof~ eucept reas~nable wear and tear; and in the event oi the failure of the Mortgagor to keep the buildinga on said premieea and thoee to be erected on esid premieee, or improvementa thereon, in good repair~ the Mortgagee mn make such repaira aa in ite diecretioa it r.,vy deem neoe~eary for the proper pre~servation thereo#~ and the full amouni of each and every such payanent ahall be due and psyable thirty (30) days atter d~mand, and ehall be eecured by the lien of thie mortgage. 8. He will psy all and singular the ooete, ch~rges, and expenees~ including reaeonable lawyer's fees~ and coeta - of abstrACta ot title~ incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of eaid pmmie~ory note and thia martgage, and said oosts, chargea, and expeases ahall be immedistsly due and payable and shall be eecured by the lien of thie mortgage. 7. He will oontinuously maintsin hazard inaurance, of auch type or typea and aniounts as Mortgagee may irom time to time require~ on the impmvemenis now or hereafter on said premises and eacept when payment for all such premiums hsa theretofore been made under (a of patagTaph 2 hereof ~e will pay promptly when due aay premiums therefor, All insurance ahall be carri~ in compames approved by 11iort~a~;ee and Lhe poli- cies and renewals thareof shall be held by Mortgagee and have attached thereto losa payable crauses in favor of and in form acceptable to the Mortgagee. In event oi loss he will give immediete notice by mail to Mortgagee, and 1lortgagee may make proof of Ioss if not made promptly by Mortgagor, and each insurance oompany ooncerned is hereby~authorized and directed to make payment for such loas directly to Mortgagee inatead of to Mortgagor and Mortgagee~ointly~ and the insurance proceeds, or any part thereof, may be applied by Mor~ gagee at its option either to t e reduction of the indebtedness hereby secured or to the resturataon or repair of the property dama~ed. In event oi foreclosure of this mortgage ar other transfer of title to the mortgaged pmperty in extinguishment oi the indebtedness aecured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force ahall pnsa to the purchaser or grantee. _ 8. If lhe preu~is~~s, or an~• purt lh~reof, be conden~ned w~~ler tl?c }w~s~r oi eii~inen4 domain, or ac•yuir~~~l f~?r a public use, the dan~a~es awarded, th~~ proceeds [or the taking ot, or th~ consicleration for suc•1~ ac~quisitioi~, to tt~e extent of tl~e full amount of U~~ remainin~ unpaid inclebt~~lness secured b~• tl~is inortgu~e, ar~~ lu~r~~l>~• assigne~l to the `longagee, and 1?i.~ lieirs or assigns, an~l sltnll be pai~l forthNith to said ~1ort~ag~•i~ or his a.ssignee to he ap~~li~~d on ac~•ount of the last ~~~aturiii~ instalLnc*nts of sucl~ ind~btedness; pro~-id~•d, ho~~•~~~•~~r, ihe ~fortgagee or his t?ssignee~ ma~• nt his discretion pa~- dirert to the ~lortg8gor, liis I~eirs or assigus ~n~• p~rt or a!I o[ suc•h a~~•ar~l; pro~•id~cl, thnt if the loAn is ~uarnntr~J or insured, tLe co~isent of tl?e guorantor or insurer is obtt?ined in advanc~ of ssid pa~•m~nt. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premiaes covered hereby all arid singular, including all and singular the incame, profits, issues~ and revenues from whs?tever eource derived, each and every of which, it being expressly understood, ia hereby mortgaged as if specificallv set forth sud described in the granting and habendum clausea hereof. Such appointment shall be made by such court as an sdmitted equity and a~tatter of absolute right to said Mortgagee~ and without reference to the adequacy or inadeq~~cy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such rents, proSts, income, issues, and revenues shall be applied by such receiver acxording to the lien of ttsss mortgage 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 T'[ortgagee on demand as a reasonable monthly rentat for the premises an amount at least ~quivalent to onc-twelfth (~2) of t6e aggregate of the twelve monthly installmenta payable in the then current year plus the actual amount of the annual taxes, asaessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly paymenta. ' 1(?. 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 aums 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, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in eit.her or any such e~•ent, the said aggmgate sum mentioned in said note then mmaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable fotthwith, or thereaffer, at the option ot said 1~lortgagee~ as fully and comptetely as if all of the said sums of money were originally stipulated to be paid on such da~•, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or themafter, at the option of said Mortgagee, a~thout notice or demand, suit at Iaw or in equity, may be proseciited as if all moneys secured hereby had matured prior to its institu- tion. The ~iortgagee may foreclose this mortgage, as to the amount so declareci due and payable, snd the said premises shall be sold to satisfy and pa3• the sume together wit6 coats, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises ahall be sold subject to the continuing lien of this mortgage for the amount of the debt not then due and unpaid. In auc6 case the provisions of this paragraph may again be availed of thereafter from time to time by the :liortgagee. 11- No waiver of any cavenant berein or of the obligation secured hereb~• shal) at any time thereafter be held to be a waiver of tbe terms hereof or of the note secured hereby. 1''. The lien of this insttument shall remain in full force and effect during any postponement or eqtension of the time of payment of the indebtedness or any part thereof secured hereby. 1:i. If the Mortgagor default in any of the covensnts or agreements contained herein, or in said note, then the Mortgagee may perform the same~ and all ezpenditutes (including reasonable attomey's fees} macte by the 141ortqx~ee in so doinK shalt draw interest. at the rete pro~•id~•d for in the ~ri?~cipal in~lebt~~l~rss, and shal) b~ r~pa~•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 the tilort~;agee the ~iortgago* shall e~ecute and delivcr a supplemental note or notes for the sum or sums ad.•anced b} the ~tortgagee for the altcration, modcrnization, improvcm~nt, main- 4enance, or rcpsir of said premises, !or tsxcs or a~.Qessments a~ainst the same and for at~~- other purpos~ author- ized hereunder. Said note or notes shall be secured herebl' on a parity with and as fully as if the ad~•ance e~ idenced t}eereby w ere included in the note first described abo~ e. Said supplemental note or notes s}~all bear~ interest at the rate pro~ ided for in the principal indebtedness and sha11 be pa} able in a~pprosimately- c~qua! monthly pa~•ments for such period as ma~ be a~rced upon bti• the creditor and ~lebtor. Failin~ to agrce on the maturity, t~c Hhole o[ the sum or sums so ad~•anced shall be duc and pa~•able thirty (30) da~•s after d~~mnnd by the crcditor. In no event shall the maturil} extend bcyond thc ultimate r_~aturity o[ t6t~ i?nt~ fint described above. F~~Y`~~.~ ~~a~E 279 _ - r~ , _ ~ - ~ ~_.n. _ . , - :