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HomeMy WebLinkAbout2812 tender to the hlurlgag~e in a~•cordance witi~ the provisions ot the not~~ secur~~~1 herel,~', full pa~~nu•nt of tlu~ entire indebtednc~a rE*prrsented thereL~, lhe !1lortgageo~ as trusic•~~, shall, in con?{~utin~ tl?c~ au~ow?t of sucl~ indebtednc~s, credit 1o tt?~ account of t~ie A1ortgagor an~' cmdit balnnce remaiuii~~; wid~r the pro~•isious o( (a) of said paragraph 2. II there shall be a default under an~• of U?c pro~~isions o( this mortga~~• resulting in a public sale of the pren?isea co~cred l~ereby, or if the Mortgagee acyu?res the propert~• oti?erw•ise efter ~lc~f~ult, the :~iortgagee, as trustee, shall apply, at ~he tu~ie of the com~i~c~ncement of suct~ pmceedinga or st the time~ the propert~• is otherwise acquired, the amounL then remainin~ to crr~iil of ~1ortKa~;or uniler (a) o[ par,~raph 2 precedii~g as a credit on the interesl accrued ancl unpaid and the balance to the prineipal then rnmain?nK unpaid on said note. 4. 8e ~viU pe?y e~ll taues. aseeesmente, water ratee, and other govg,rnmental or municipal chsrges, fiaes. or impomtione~ for which pmviaion has not been made hereinbefore, and in default thereof the Mortg,agee may pay the eame; snd thst 6e will promptly deliver the o~cie?I n~oeiptn therefot to t6e Mortgagee. 5. Iie will permit, oommit, or auHer no waste, impairment~ or deterioration of esid propertq or any part thereof~ except reseonable wear and tear; and in the event of tLe failure ot the Mortgagor to keep the buildmga oa said premiaes and thoee to be erected oa ssid premieee, or impmvementa thereon, in good repair, the Mortgagee may make auc6 repaira sa in ite diecretion it may deem necessary for the proper preeervation thereot, and the full amount of each and every such payment shaU be due and psyable thirty (30) dsye sfter demand, and eball be eecured by the lien of this mortgage. 6. He will pay all and aingular the coste, chargee~ and expen~, including -reasonable lawyer'e feee, and ooeta of abetrs~cts of title~ incurred or paid at e~ny time by the Mortgagee because of the failure on the part of the Mortgagor pmmptly and fully to perform the agreementa and oovenants of Baid promiseory note and this mortgage, and said ooeta~ charges~ and expensea ahall be immediately due and payable and ahall be eecured by the lien of this mortgage. 7. He will oontinuous~y maintain hazard insurence, of such type or types snd amounte as Mortgagee may from time Lo time reqnire, on the improvemenfa now or hereatter on said premises and eacept when payment tor all such premiums hsa theretofore been mede under (aj of paragraph 2 hereot 'he will pay promptly when due any premiums thcrefor. All insurance shall be carried in companies approve~ by l~iortgagee and the poli- cies and renewala thereof shall be 6eld by Mortgagee and have attached thereto loea payable clauses in fsvor of aud in form acceptable to the Mortgagee. In event of loss he will give immediste notice by mail to Mortgagee~ and Mortgagee may make prooi oi Ioes if not made promptly by Mortgagor, and each insurance oompany cwncemed is hereby~authorized and directed to make payment for such losa du~ectly to Mortgagee inatead of to Mortgagor and Mortgagee ointly , and the insurance pi'oceeds, or any part thereof~ may be applied by Morw gagee at ita option either to t~e reduction oi the indebtedneas hereby secured or to the restoration or repair of the property dama~ed. In event of foreclosure of t~ie mortgage or other tranafer of title to t6e mortgaged ~roperty in extu?guishment of the indebte.cines+a eecured herebp, afl right, title, and int~erest of t6e Mortgagor m and to any insurance pohcies then in force ahall p~?sa to the purchaser or grantse. 8. If the pren~ises, or an~- part thernof, be condemned under the power of en~inent domain, or acquired for a public use, t)~e dama~;es awardeci. the proceeds for the taking o(, or the consideration for sucl~ acryu?s~t~on, to . the eatent of tlie full aroount of the ren?sining unpaid indebtedness secured b~• this ~uortgage, are hereb~- assigned to the ~•fortgagee, and his iieirs or assigns, and shall be paid forthwith to said Mortgagee or his ass~nee to be applied on account o( the last uiaturmg i~istallments ot suc}? indebtedness; provided, jioHe~er, the ~fortga~;ee or iiis assignee, ~na~ at his discretion pa~- duect to tl.e Mortga~;or, liis }ieirs or assigns an~- part or all oi such award; pro~ided, that if the loan is ~uaranteeci or insurcd, the consent oi tl?e guarantor or insurer is obtained in advance o[ said pa~-~uent. ~ ' 9. The Mortgagee may, at any time pending s suit upon this mortgage, apply to the oourt having jurisdiction f thereof for the appointment of s receiver, and such court shall forthwith appoint a receiver of the premises oovered hereby all arid sirigular, including all and singular the income, profits, issues, and revenues from whatever source ~ derived, each and every of which, it being expressly underatood~ is hereby mortgaged as if apecifically eet forth and F described in the granting and hebendum clauses hereof. Such appointment ahall be made by such court ss an admitted - ~ equity and a matter of absolute rig6t to said biortgagee~ and without reference to the adequacy or inadequacy of ~ the value of the property mortgsged_ or to the solvency or inaolvency of said Mortgagor or the defendanta. Such F rents, profits, income~ issuea, and revenues shall be applieci by such receiver according to the lien of this mort~age ; and t6e practice of such court. In the event of any default on the part of the Mortgagor hereunder~ the Mortgagor ~ agrees to pay to the Mortgagee on demand ae a reasonable monthly rental for the premises an amount at lesat ~ equivalent to one-tvrelfth (~2) of the aggregate of the twelve monthly inatallmenta payable in the then current ~ year plua the actual amount of the annual taxes, asaessmenta, water ratea, and insurance premiuma for such year ~ not covered by the aforeeaid monthly payments. ~ 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 refen~ed to be not promptly and fully paid according to the tenor hereof, or in the ~ event that each and every the stipulations, agreementa, conditions, and covenanta of said note and this mortgage, are not duly~ promptly, and fully performed; then in either or any suc6 event, the said aggregate sum mentioned ~ in said note then remaining unpaid, with interest accrued to that time, and all moneya secured hereby, ahall become ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and complet.~ly as if all of the ~ esid sums of money were ori~nally stipulated to be paid on such day, anything in said note or in this mortgage to ~ the contrary notwithstsnding; aad 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 ;ltortgagee may foreclose this mortgage, as to the amount eo declared due and payable, and the said ~ premises ahall be sold to satisfy and pay the same together with costs, eapenses~ and allowancea. In casE of pariial ~ foreclosure of this mortgage, Lhe mortgaged premises shall be eold subject to the continuing lien of this mortgage ~ for the amount of the debt not then due and unpaid. In such caee the provisions of thia paragraph may again be availed of thereafter fmm time to time by the Mortgagee. I 1. No waiver of any oovenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the ternos hereof or of the note aecured hereby. = 12. The lien of thie instrument ahall remain in full force and eRect during any postponement or extension of the time of pay-ment of the indebtednese or any part thereof eecured hereby. ` 13. If the Mortgagor default in any of t6e covenanis or agreements contained 6erein, or in said note, then the Mortgagee may perform the eame, and all expenditures (including reasonable attomey's fees) made by the Mortgagee - in so doing shall draw interest at the rate provided tor in the principal indebtedncss, and shall be repa~•able thirty (30) days aiter demand, and, together with interest and costs accrued thereon, shall be secured by _ this mortgage. ~~s 14. Upon t6e request of the Mortgagee the biortgagor shall execute and deliver a supplement8l note or z~ notes for the sum or sums ad~anced by the ~tortgagee for the alteration, modernization, improvement, main- - tenance, or repair of said premises, for taxes or as.Qessments against the same and [or any other purpose author- ized hereunder. Said note or notes shall be secured hereb~ on a parity with and as fully as if the ad~~ance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interesL at the rate pro~ided for in the principal indebtedness and shall be pa~~able in approximately equal r`'' mont6ly pay ments for such period as mey be a~reed upon by the creditor and debtor. Failing to agree on the maturity, -the whole of the sum or sums so ~d.anced shall bc due and pa~•able thirt~ (30) days a(ter demand by t6e creditor. In no event shall the maturity extend beyond the ultimate r~aturity of the note first - deecribed sbove. . r i 223 P~,cE ~8~~