Loading...
HomeMy WebLinkAbout2237 tender ~to the Mortgsgee in accunla~ce wiU? the provisions ot the note secured I~ereby~ r~~ ~~~~?e~~c or ~~?e entise inJebtednees reprexented thereb~, the Mortgagee, aa ~ruatee. shall, in con?puting tt~e a~i~ount of sucl? indebt,edneas~ creclit Lo tl~e accoun6 of t~ie Mortgagor any credit balance remsining under tho provisions of (a) ot said ~aph 2. It ll~e~e sl~all be a detault under sny of t!?e provieiona of tt~is mort,ga~e resulti~~g in e publie s~le o the premiaes covered hereb,v~ or if the Mortgagee ecquice~ the property ot}~erwise after defeult, ihe Moctgsgee~ aa truatee, shsll ~pply~ at the time o~ the caninencernent ot ~uch proceeciinge or a~ tl~e time ~he propenv is otherwise a?cquirecl. the amount the~ remsining to credit of Mortgegor under o~ paragrap}~ 2 preceding as credit on the intereaC accrued and unpud snd tl~e balance to lhe principsl t~hen rr~naining unpui3 on said note. • 4. He wiU pay ~ll taues~ a~eseeements, wster rutes„ aad otbes ~overnmental or municiPV a~=8~. B~. ~ impoeitions, tor whieh prov~sioa hae not beea made 6ereiabefore, and ia defsult thereo~f tbe MertBAB~ ~4Y P~Y ~ ra?e; und thaL 6s will PromPt~Y deliver Lhe o~cial reoeipts tLentor to tLe Mortg~gee. 6. 8e pill permiL, oomani~, or suHer no weate, innpairmeat, or deterioration of said P~P~Y ~ any Qart thereot esapt reaeonabb ~reu snd t,ear• and in the event ot t6e fsilure ot t~b~e Mort$agor to keep the buil~ag~ oa said premis~ a~ad t~ose to be erecta~ on said premiees. or improvements thereon, in good repair the Mortgagee msy make auch repeiis aa ia its diacretioa it msy deem aeoeaeary for L6e PraPer W'eecrvstion thereo~, aad the full smount of each aad every suc6 psyment d?all be due snd p,ysbls thirtY (30) days atter demand, and a6a11 be eecured by the liea oi ~6is nnortg~e. 8. He will psy sll and eiugular the ooets. c6srges, aad e~cpensee, including resaonable ]swyer's fees, and oosts of abst.racts ot title~ incurced or paid at any time by the Mortg,ngee becsuee of t6e failure on the put af the Mortgagor promptly and fully to pedoran the agreemente sad oovenante of said promiaeory note aad t~ia mo~t,~e, and aaid oosts~ charges, and e~cpenees shall be immediately due and payable snd ahsU be secured by the lien ot tbis mort6age. 7. He rvill o~ntinuouel,~ maintain hazard i~urance, of such type or typee and amounta se Mortgsgee may imm tima to time require, on the impmvements now or hereafter on eaid premises sad excep6 when payment for all sucL prewiums ba8 tberetofore been made under (s) oi paragrsph 2 6ereof ~e will pay pmmptly whea due any premiums thorefor. All insurance shall be carried ia companies approve~ by M~ee snd the poli- cies and renewsls thereof shall be held by Mortgagee snd have attached thereto loes psyable usee im favor oi and in torm aoceptable to the Mortgagee. In event oi losa he will give immediste notioe by msil to Mortgsgee, and Mortgsgee may mske ,proof o3 Ioes ii not made promptly by Mortgagor~ and ea~:L inauranoe oompany aoncemed is hereby~authoriaed and directed to make paymen~ for auch loes directly to Mortgag u~atead-of to Mortg.agor snd Mortgagee jointly~ sad the inaurance proceeds, or sny part thereoi may be sp-.p7i~ed by Mortr gagee at its option either to tbe reduction of the indebtednees hereby secured or to the reatorst?on or repair of the property damaped. In event of foreclosure oi this moH,gsge or other transier of title to the mortgeged pmperty in extingu~ahment oi the indebtedneas secured hereby, a~l right, Wtle~ and intereat oi t~he Mortgagor m and to any inaurance policiee then in force ahall p~sa to the purchaser or grantee. 8. I~ U?e prnmises, or au~• purt thernof, be conde~uuecl under thc pov?er of eminent clanau~~ or acquirnd for a public use, tlie elan~a~;es av?arclecl, tl?e pro~•eccls for t}~e taking o(, or the ~onsiderution for sucl~ acqu~sition, to the e~tent of the full au~ount of tlie remaining unpui~i indebt~dnc~s secured b~• tLis n?ortgaKe, are l~ereb~• ussigned to tl~e ~sort~af;ee, und hi.~c i~eirs or assi~;ns, un~l sliull b~ puid forthvrith to said ~tortgagee or his assignee to be applied on acrount the last n~aturu~K installu~ents of suel~ inclebteclness; pmvided, however, the tiiort~u~e~ or his nssignce, n~u~• at liis di.~~•r~•tiou pa~- clire~•t to th~ ~lortgt?gor, his heirs or assigns an~• part or all o[ such aNard; provided, that if the loun is kut~rante~•d or insured, the consent of thc guarantor or insurnr is obtained in aclvance of said pa~iiieut. 9. The Mortgagee anay, at any time pending a suit upon this mortg,ege, apply to the oourt having jurisdictioa thereof for the appointment of a receiver~ and such court ahall forthwith sppoint s receiver of the premvaes oovered bereby all aad singular~ including all and singular the income. pmfits, isaues, snd revenuea fram whatever eource derived~ each and every of w6ich~ it being expressly undetstood~ ia hereby mortgaged as if apecifically eet forth and deacribed in the granting and habendum clausea hereof. Such appointment ahall be made by such oourt se an admitted equity 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 inaolvency of said Mortgagor or t'ae defendsnta Such i renta, profits, inoome, iasuea, aad revenues a6all be applied by such reoeiver acxording to t6e lien of t6ia mortgage ~ snd the practice of such court. Ia the event of any default on thep~t of tbe Mortgagor hereunder, the Mortgagor f agrees to psy to the Mo on demand sa a reaROnable mont~ly rental tor the premiees an amount at least ~ equivalent to one-taelfth~of the aggregate of the twelve monthly installmenta psyable in the then current year plua t6e actual amount o the annual taxes, assessnnente, wster ratea, snd insuranoe premiuma for euch year ~ not oovered by the aforeeaid monthly paymenta ~ 10. In the event of any b~+each of this mortgage or default on the part of the Mortgagor~ or in the eve~t thati ~ any o1 said snma of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that esch and every the stipulatione, agreemente, oonditione~ and covenants of said note and tbis mortgage. sre not duly, prompUy, and f~lly performed; then in either or any such event~ the said aggregate sum mentioned in esid not~e then remaining unpaid, with interest accrued to that time, and all moneye eecured hereby, ahall become dae and psyable forthwith~ or theseafter~ at the option of said Mortgagee, as fully and completely ua if all of the eaid euma of mo~y were originally atipulated to be paid on such day, anything in said note or in thia mortgage to the contrary notwithstanding; aad thereupon or thereafter, at the option of said Mortgagee, without notice ~r demand, suit at law or in equity, may be pro~ecuted as if aU moneya eecured hereby hed matured prior to ita institu- tion. The Mortg,agee may forecloee thie mortgage, as to the amount eo declared due and payable~ and the said premiaea ahall be sold to satisfy and pay the same together wit6 eosts, expenees, and allowances. In caee of p~rtisl foreclosure of thia 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 c~se the provisions of thia paragraph may again be availe~ of thereafter from time to time by the Mortgagee. 11. No ~vaiver of any covenant herein or of We obligation aecured hereby shaq at any time thereaftes be held to be s waiver of tbe terms hereof or of t6e note eecured hereby. 12. The lien of thia instrument sball r~main in full force and eftect dwing any po~tponement or extension of - the time of psyment of tDe indebtedneas or any part thereof aecured hereby. ~ 13. If tLe Mortgagor default in any of the oovenanta or agreements contained herein, or in eaid note~ then the Mortgagee msy periorm the asme, and all expenditures (including naeoneble attorney's fees) made by the MortgaRee in ao doin shall draw interest at the rate provided for in the principal indebtedncss, and shall be repayable thir6y (3d~ dsys dter demand, and, together with intsrest and costs accrued thereon, shsil be secured by tLis mortgage. ~ 14. Upon t6e request of the Mort,~agee the Mortgagor shall ea~ecute and deliver a supplemental note or notes tor the sum or sums advancecl ~y the `tortgagee tor the slteration, modernization, improvement, main- tenance, er rr.pair ot ssid premises, lor taxes or ssgessments against the same and for any other pur}wse author- ized hereunder. Ssid note or notea shall be secured hereby on a parity with and as iully as ii the advance evidenced t6ereby were included in Lhe note first described sbeve. Ssid supplemental note or notes shall bear interest st the nte provided !or in the principal indebtedness and shsll be psyable in ap pm~imstely equal montbly psy ments for such period as msy be agreed upon by the crediWr and debtor. Failing to agree on the msturity, the whole of the sum or sums so advanced shall bc due and payabie thirty (30) days sfter demand by the cred~tor. In no event ahall the maturity ext,end beyond the ultimate r.iatwity of the note Srst described above. °s~ox 2~~ ~2~7 - - - _ ~ Yr - ~F -S- ~ :'.~'~y~ B.~G s..>="~'r`~~.=. .