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HomeMy WebLinkAbout0955 sory note secured by this mortgage and this mortgage~ and said costs. charS~s~ and expenses sliall be immediately due and payable and shall be aecured by the lien of this mortgage. 6. He will continuously maintain hazard insurAnce, of auch type or types and amounts as Diort- gagee may from time to time require. on the impmvements now or hereafter on said premises and he wiil pay promptly when due any premiums therefor. All insurance shatl be carried in companies approved by Mortgagee and the policies and rene~vals thereoi shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to''the Mortgagee. In event of loss he will give immeciiate notice by mail to Diortgagee~ and Mortgagee may make proof of loss if not made promptly by biortgagor, and each insurance company eoncerned ia hereby authorized and directed to make pay- - ment for such loss directly to ~iortgagee instead of to Mortgagor and Mortgagee jointly, and the insur- ance proceeds, or any part thereof~ may be applied by Mortgagee at its option either to the reduction 't of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of : foreclosure of this mortgage~ or other transfer of title to the DlortgaS~ed Property in extinguishment of ~ the indebtedness secured hereby, all right, title~ and interest of the riortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 6. If the premises~ or any part thereof. be condemned under the power of eminent domain. or ~ acquired for a public use, the damages a~varded, the proceeds for the taking of. or the consideration for such acquisition. to the extent of the full amount of the remaining unpaid indebtedness secured by _ this mortgage, are hereby assigned to the l~iortgagee, and his heirs or assigns, and shall be paid forth- with to said Mortgagee or his assignee to be applied on account of the last maturing installments of such indebtedness; provided. however~ the Mortgagee or his assignee. may at his discretion pay direct to the Mortgagor, his heirs or assigns any part or all of such award. 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 receivcr . of the premises covered hereby all and singular, including all and singular the income, profits, issues, and revenues from ~vhatever source derived, each and every of which~ it being expressly understood, is hereby mortgaged as if specifically set forth and described in the granting and habendum-clauses hereof. Such appointment shall be made by such court as an admitteci equity and a matter of absolute right to said 1liortgagee, and without reference to the adequacy or inadequacy of the ~alue of the property mortgaged or to th v cy+Q~' ~solvenc of said Aiortgagor or the defendants. Such rents~ profits. income, issues, and~~e~~es Bh~' l~a_p~ied by such receiver according to the lien of this mortgage 2 and the practice of such courk In ~e event of any default on the part of the 14iortgagor hereunder, the 1liortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (1/12) 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 aforesaid monthly payments. 3 8. In the erent of any breach of this mortgage or default on the part of the Mortgagor, or in the s i 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, conditions, and cov- ~ enants of any note secured by this mortgage and this mortgage, are not duly, promptly, and fully per- formed ; then in either or any such event, the said aggregate sum mentioned in such note then remain- ing unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Diortgagee, as fully and completely as if all of the said sums of money ~vere originally stipulated to be paid on such day, anything in such note or in this mort- gage to the contrary not withstanding; and thereupon or thereafter, at the option of said Diortgagee, without notice or demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby and matured prior to its institution. 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 ~vith costs, expenses~ and allowances. In case of partial foreclosnre 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 ciue and unpaid. In such case the provisions of this paragraph may again be availed of thereafter from time to time bq the Mortgagee. 9. No waiver of any co~ enant herein or of the obligation secured hereby shall at any time thereafter - be held to be a waiver of the terms hereof or of the note secured hereby. 10. The lien of this instrument 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. t ~ ~ 11. If the Diortgagor default in anq of the covenants or agreements contained herein, or in any - note, secured by this mortgage, then the biortgagee may perform the same, and all expenditures (includ- ing reasonable attorney's fees) made by the l~iortgagee in so doing shall dra~v interest at the rate pro- v:ded for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, to- ~ gether ~rith interest and costs accrued thereon, shall be secured by this mortgage. 12. The mailing of a written notice or demand addressed to the owner of record of the mortgaged premises, or directed to the said owner at the last address actually furnished,to the Diortgagee. or if none, directed to said owner at said mortgaged premises. and mailed by the United States mails, post- age prepaid, shall be sufficient notice and demand in any case arising under this instrument and required by the provisions hereof or by law. go~ 2~'G ~~~r~: ~~J ~ ~ -