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HomeMy WebLinkAbout0746 . _ . ~ ~ ; ~ ~ Mortgagee may pay the same ; and that he will promptly deliver the official rec~i~ita tlierefor to the ' Mortgagee. . . 3. To permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof, except rea~wnable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premiaes, or improvements thereon~ in good repair. the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof. and the full amount of each and every such payment shall be due and pay- able thirty (30) days after demand, and shaU be secured by the lien of this mortgage. 4. To pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of any promis- sory note secured by this mortgage and thia mortgage, and said costs, charges, and expenses shall be immediately due and payable and aball be secured by the lien of this mortgage. 6. To continuously maintain hazard inaurance, of such type or tppea and amounts as Mort~ gsgee may from time to time require, on the improvements now or hereafter on said premises and he will pay pmmpt,~y when due any premiuma therefor. All insurance shall be carried in companies ap- proved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have at- tached thereto loas payable clauses in favor of and in form acceptable to the Mortgagee. In event of losa he will give immediate notice by mail to Mortgaeee, and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each inaurance company concerned is hereby suthorized and directed to make payment for such losa directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the inaurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction 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 Mortgaged property in extin- guishment of the indelit~ednesa secured hereby, all right, title, and interest of the Mortgagor 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 awarded, the proceeda 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 asaigned to the Mortgagee, and his heirs or, assigns, and shall be paid forth- with to said Mort$agee or his asaignee 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, lua heira or assigne any part or all of such award. 7. 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 receiver ~ of the premises covered hereby all and singular, including all and singular the income, profits, issues, i and revenues fr~n whatever source derived, each and every of which, it being expresaly understood, is ~ hereby mortgaged as if speci5cally set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as 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 . insolvency of said Mortgagor or the defendanta. Such rents, profits, income, issues. and revenues ahall be applied by such receiver according to the lien of this mortgage ~ and the 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 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 install- ments payable in the then current year plua the actual 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 anq breach of this mortgage or default on the part of the biortgagor, or in the event that anq of said suma 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, condtions, and cov- enants of any note secured by this mortgage and thia 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 pay- able forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said suma of money were originaUy atipulated to be paid on such day, anything in such note or in thia mor~ ~ gage to the contrary notwithatanding; and thereupon or thereafter, at the option of said Mortgagee, ~ without notice or demand, suit at law or in equity, may be prosecuted aa . if all moneya secured hereby ~ and matured prior to ita institution. The Mortgagee may foreclose this mor-tgage, as to the amount ~ ao declared due and payable, and the said premisea ahall be sold to satisfy and pay the same together ~ with coata, expenses, and allowancea. In case of partial for~closure of this mortgage, the mortgaged ~ premises ahall 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 provisiona of this paragraph may again be availed of thereafter ~.n irom time to time by the Mortgagee. • 9. No waivei of any covenant herein or of the obligation secured hereby ahall at any time there- after be held to be a waiver ot the terms hereof or of the note secured hereby. ~ 10. The lien of thia inatrument ahall remain in full force and effect during any postponement or ~ R extension of the time of payment of the indebtedneas or any part thereof secured hereby. v ~ ~ 11. If the Mortgagor default in any of the covenanta or agreements contained herein, or in any ~ note, secured by this mortgage, then the Mortgagee map perform the same, and all expenditures (in- _----~-:s.-~, . - -y-y-~; - _ _ _ ~ ; ~ - - - .x ~ r~~~... -