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HomeMy WebLinkAbout1622 . ~ sory note secured by this mortgage and thia mortgage~ and said costa, charges~ and expenses shall be ~ immediately due and payable and shall be aecured by the lien oi thi8 mortgage. b. He will continuously maintain hazard ineurance, oi such type or types and amounts as Mort- gagee may from time to time require. on the improve enta now or hereafter on said premisea and he will pay promptly when due any premiums ther~tor: AU~naurance ahall be carried in companies approved s by Mortgagee snd the policiea and renewala thereof shall be held by Mortgagee and have attached thereto { losa payable clauses in favor of and in form acceptuble to the Mortgagee. In event of loss he will give ; unmediate notice by mail to Mortgagee, and Mortgagee may make proof of losa i! not made promptly t by Mortgagor, and each insurance company concerned is hereby authorized and directed to make pay- ment for such loss directly to Mortgagee instead o! to Mortg~gor and Mortgagee jointly, and the inaur- _ ance Rroceeda~ or any part thereof. maq be applied by Mortgagee at its option either to the redaction ; of the indebtedness hereby secured or to ttie restoration or repair o! the property damuged. In event of foreclosure of thia mortgage, or other transfer of title to the Mortgaged property in extinguishment of ~ the indebtedness secured hereby, all right, title, and interest of the Mortgagor in and to any inaurance 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 awarded, 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 Mortgagee, and hia heirs or assigns, and shall be paid forth- with to said Mortgagee or his assigiiee to be applied on account of the last maturing installments of such indebfiRdness; provided. however, the Mortgagee or his assignee~ may at his discretion pay direct , to the Mortgagor, hia heir~ 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 ahall forthwith appoint a recei~~er ~ of the premises covered hereby all and singular, including all and singular the income. profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is herebp mortgaged as if specifically set forth and.described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted equitq and a matter of absolute right to - ~ said Mortgagee~ and without reference to the adequacy or inadequacy of the value of the property " mortgaged or to the solvency or insolvency of said 1liortgagor or the defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of sueh court. In the event of any def~ult on the part of the MortSagor hereunder, the Mortgagor agreea to pay to the Mortgagee on demand as a reasonable monthly rental for the prem~ses 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 actnal amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 8. 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 referred 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 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 aggreSate 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 Mortgagee, as fully and completely as if all of the said 4 ~ sums of money were 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 Mortgagee, ~ 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 maq 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 the provisions of this paragraph may again be availed of thereafter ~ from time to time by the Mortgag?ee. ~ 9. No waiver of any covenant 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. ~ ~ ~ : ~ i 10. The lien of this instrument shall remain in full force and effect during any poatponement or ~ extension of the tune of payment of the indebtedness or any part thereof secured hereby. , ' ~ 11. If the ~iortgagor default in any of the covenants or agreements contained herein, or in any note, secured by this mortgage, then the Mortgagee may perform the same, and all expenditures (includ- ~ ing reasonable attorney's fees) made by the Mortgagee in so doing shall draw interest at the rate pra ~ vided for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, to- ~ gether with interest and costs acerued thereon, shall be secured by this mortgage. ; . . ~ ~ 12. The mailing of a~vritten 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 hiortgagee, or if ; ~ none, directed to said owner at said mortgaged premises, and mailed by the United States mails, pos~ ~ ~ age prepaid, shall be sufficient notice and demand in any case arising under thia inatrument_and required ~ ~ by the provisions hereof or by law. ~ ~ , ~ ; ~ ~ ~35 1 ~ soc~~ encE 6~ ~ ~ R _