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HomeMy WebLinkAbout1936 tender to the ~lortgu~c~e in accurdonc~r with the pro~ isioi?a ot the notc~ seevrrd hrreb~ ~ full paym~nt oI ths entire indebtedness rrpr~~sentecl tberebv, the.:4lort~agee, as trustee, shall, in cun~puting t1~P sn~uunt of euch indebteJuesa~ rredit to t!« acrount of tl~e :~iortga~or any rredit balaiice re+uaiuin~ under tl~e pru~~uiona ot (a) ot ssid pura~raph 2. lt there al~~ll be p dNfault und~r any of tl~o pro~~i~ions of t!?is u~ortga~e resultin6 in • public snle ot the pre~ni~es ro~•ered hereb~•, or if tlie blortgagrc acyu~res the property otl,erw~ac alter default, the Mortgi?gee. as truatre, shall apply, at tl?e tune ot the com~nenceu~ent ot buch proceedinga or at ttie lime ti~e property is otherwise acquired~ the amount tl~en re~ueining ~o creclit of !llortgagur ua~lrr (a) of para~;rapl~ 2 preceding as a creilit on the interest acerued ~nd unpaid and tlie balance to the principal then remaining unp~id on said note. 4. He rviU -pay all t~xes, aeeea~smenta~ water rutes, snd other governmept,al or municipal c6arge,s, 6ae~ o~ impoeitione, for wbic6 provision haa.vot beea made hereiabefore. and in default thereof tbe Mortpgee m~y p~y tbs eame; i?nd t6at be ~rill promptly deliver the o~ci~l teoeipte theretor to the Mortg,sgee. 5. He ~riU peraniti, ooanmit, or suPfer ao ~sate~ impuirment. or det~erioration of ssid property or ao ~art thereot except reaeonabb Mear and teu; and in the event ot the fulure of the Mottg,sgor to keep the b~d~n~t on sai~ premiees and Wese Lo be erecte.d on eaid premiees~ or impmvements t6enwa, in good repair the MoK~?gee may mske such repairs aa in ita diacretion it may deem neceesary for tLe proper prescrvation thereo~, snd the full sanoua~ oi each and every such psyment ahaU be due end psysble thirty (30) dsys aiter demaad, aad ahall be eeeured by the lien oi this mort~e. ' 8. He will pay sU and eingular the oosta,~ chsrgee, ~?nd expenees~ including reasonable lawyer'e fees, and coets of abstri?cts of title, incurred or paid at sny time by t6e Mortgagee because of the failure on t6e part of the Mortgagor promptly and fully to pedorm the agreementa and covenants o! eaid promieeory note and thia mortgage~ and said ooete~ c6arges, and expenses ahaU be immediately due and p~yable and shall be secured by the liea of this mortgage. 7. He will oontinuously msinta~in baLard inenrance, oi euch type or typee snd amounts ss Mortgagee m~y irom time to time reqaire, on the improvemeata now or hereaiter on said premises and e.~cept whea payment tor all such premiums has lheretofore been made under (a) oi paragnph 2 hereof~ ~e will pay ptomptly when due anq premiums tt?cretor. All insurance shall be carried in companies approved.by 111ortgagee and the poli- ciea and renewals thereof shnll be held by Mortgagee and heve attached thereto losa payable clsusee in isvor oi and in form acceptable to the 1~3oatgagee. In event of loss he wiU give immediate notice by mail to Mortgsgee, and `iortgagee may make .proof oi Ioss if not made promptly by Viortgagor, and each insurauce oompany ooncerned is hereby authonzed and directed to make psyment for such losa directly to Mortga~ee inatead oi to Mortgagor and ~liortgagee jointly~ and the inaurance pmceeds, or any part thereof may be appled bv Morw gagee at ita option either to tbe re~uction of the indebtedness hereby secuted or to t~he restoration or repair ot the property damaped. In event oi foreclo~ure oi this mortgage or other transfer of title to the mortgaged propxrty in extingu?shment of the indebtednesa secured hereby, a~l right, title~ sad interest of the Mortgagor in and to any inaurance policiee then in torce shall pnss to the purchaser or grantee. R. If the pren?is~~, or un~- part thereof,l?r ~•onde~uned u~uler th~ power uf eu~in~•nt do~uu~n, or acquired for a public use, Ilie dau~aKt~s awarded, thi• pror~~e~ls for Ihe tukinK of, or thc~ ~onsid~ration for such acquis~t~on, to tl~e e~tent ot the full aniount of the mn~ainin~; ~u~pai~! ind~~bt~~ln~:~.s s~~•urnd b~• ihis i~~ort~a~e, ar~ liereb~- assi~;necl to th~~ ~IortKaK~~e. uu~l hi.~ hi•its or u::i~ns, :~n~l .h:?II hi~ puid fortt?witli to suid ~lort~v~ee or i~i.s assiKnee to 1~ spplie~~l ot? a~•i•ount uf th~~ lust iuat~irin~: iust~llin~~nts of sui•L ind~bt~InesS; pro~•ide~l, hoHe~~er, tLc ~iortga~er or hic :~,.~iKnt~~•, ~~~u~- ut his ~?is~•r~•tiun p»~• ilin•~•t ta tl~~ ~Iortgu~or, his h~in or a~.sig~~s an~• part or ~li of sucL aw~anl; proa-i~lr~l, tiiut if the lo;~n is ~~u:~r~~nt~~~~~1 or insurnJ, U~~ eonac~~t of th~ guara~?tor or insurer . is obtained in advancP of :c~i~l pu~•nu~nt. The ~iortgagee may, at any time pending a suit upon this mortgage, apply to the court hsving jurisdiction thereof for the appointment of a recei~er, and such court shall forthwith appoint s receiver of the premises covered hereby all spd singular, including all and singular the income, pro6ts, issues~ and revenues irom whatever source derived~ each and every ot which~ it being expmssly underatood~ is hereby mortgaged sa if specificaUy eet forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an sdmitted equity and a matter of absolute right to 8aid Mortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the aolvency or insolvency of said b~ortgagor or t!~e defendanta. Such renta, prosts. income~ issues, t~ad revenues shall be appGed by such reoeiver acoording to the lien of thia mortgage ~wd the practice of such oourt. Ia the event of any default on the part of the Mortgagor hereunder, the Mortgagor r agrees to pay to the ~iortgagee on demand as s reasonable monthly rental for the pmmiaes an amount st lesst ~ equivalent to one-tweUth (~z) of the aggregate of the twelve monthly installments p~yabl~ in the then current i year plus the actual amount of t6e annual taxes, assessmente, water rates, and insuranoe premiums for such year ~ not oovered by the aloresaid monthly paymenta. 10. In the event of any b*each of thia mortgage or default on t6e part of the Mortgagor; or in the event thst any of said sums of money herein referred to be not promptly and fully paid according to the tenor bereof, or in the event thet each and every the atipulations~ agreemepts, conditione, and covenanta of said note and this mortgage, are aot duly, promptly~ and fully pertormed; then in either or any such event, the said aggregate sum mentioned in eaid note then remaining unpaid, with interest accrued to that time~ and all moneys eecured hereby, shall beoome due and psyable forthwitb~ or thereafter, at the option of said Mortgngee, as tully and completely as if all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the oontrary notwithatanding; aad thereupon or thereafter~ at th~ ~Y±n^~ Q..sca M~rtgsgee, without notice ~r demand~ suit at law or in equity, msy be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortRage, as to the a~ount eo declared due and payable, and the said premiaes ahall be sold to satiafy and pay the same together with oosts~ expenees, and sllowances. In caae of putial foreclosure of thie mortgage, the mortgaged pmmisea shall be eold aubject to the continuing lien of thia 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 thereaiter trom time to time by the Mortgagee. I l. No ~aiver of any oovensnt herein or oi t6e obligat,ion eecwed hereby ahall at sny time theresfter be held to be s waiver of the terme hereof or of the note eecured hereby. - 12. The lien of thia inatrument shall remain in full force and eHect during any postponement or extension of t6e time of psyment of the indebtedneae or any part thereof eecured hereby. 13. If the Mortgagor default in any of the covenants or agreements contained herein, or in asid note, then the Mortgagee may pedorm the aame, and all expenditures (including reasonable attorney's fces) made by the MorigaRee in so doing shsll draw interest at the rate proviJed tor in the principal indebtedness, and shsll be rnpa~sble thirty (30) days after demand~ snd, together with interest and costs accrued Lhereon, shall be secured by this mortgage. 14. Upon the request ot t6e Mortgagee the ttortgagor shall ea~ecute and deliver a suppiemental note or notes for the sum or aums advancecl ~y the ~tortgagee for the alteration, modernization, improvement, main- tenance, or repair ot said premises, to~ taxes or assessments against the same and for any other purpose~author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as it the advance evidenced tbereby were included in the note first described above. Said snpplemental note or notes shall bear interest at the rste provided !or in the principal indebtedness artd ahall be payable in ap proximately equsl monthly psy ments for such period ss may be agreed upon by the creditor and debtor. Failing to agree on the . msturity, the wbole of the sum or sums so advanced sha11 be due an~ os~able thirty (30) days after demand by t6e creditor. In no event shalt the maturity extend beyond the ultimate r~aturity o( the note first described above. ~Q~K 244 P~~1~3? ~ ~ ~ - - - : ~.'its. ~ r ~,:y,3s,~, ~ ' ' t . .:s~, gCS, . RC"~ ~,~e."~s``~~ ~.4 „~Y~~-,.~_~...F.'-<. .