HomeMy WebLinkAbout1751 tender to the •I11urtKut;rr in ac•e•orduure witl? the provisions of the note e:r•cured hen•bv, full pacuu•nt ut the
entire indebtedness re.presrnted thereby, the Mortgagee, as trustee, shall, in curuputii?K fire auu,uut of suc•1? .
indebtedness, credit to the account of t)it• ~iurtggaKor any credit Lalauce ren?aininl; under the pruvisiuns of (a)
of said paragraph 2. If there shall be a default under any of tiro provisions of this nwrtga~e resulting in a
public sale of the pronri~es covered hereby, or it the Mortgagee acquires the property utlrerwrse after default,
the Mortgagee, as trustee, shall apply, at the torte of the conunencenient of such proceedings or at the limo
the property is otherwise ac•yuirecl, the an?ount then rornaininR to credit of A'IortKagor under (a) of paragraph 2
preceding as a credit on the interest accrue) and unpaid and the balance to the principal then remainurg unpaid
on said note.
4. He will pay all taxes, aseesamentq, wales rat~ea, and other governmental or municipal charges, tines, os
impositions, for which provision has not been made hereinbefote, and in de[ault thereof the Mortgagee may pay the
name; and that tie will promptly deliver the official receipts therefor to the Mortgagee.
b. He will permit, commit, or au6er no waste, Impairment, or deterioration of said property or an part thereof,
except reasonable 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 oa said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs sa in its discretion it may deem necessary for the proper preservation thereoft, sad the full amount
of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by
the lien of thin mortgage.
6. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costs
of abstracts of title, incurred or paid at say time by the Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said
coats, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. ,
He will continuously maintain hazard insurance, of such type or.types and amounts as Mortgagee may
from time to time require, on the improvements now or hereafter on said premises, and except when payment
for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay prom flyy when
due any premiums therefor. All insurance shall be carried in companies approved by 111ortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses n favor of
and in form acceptable to the Mortgagee.. In event of loss he will give immediate notice by mail to Mortgagee,
and yiortgsgee may make .proof of Loss if not made promptly by Mortgagor, and each insurance company
concerned is hereb authorized and duetted to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may. be applied by Mores
gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property n extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in and. to any insurance policies then in force shall press to the purchaser or grantee.
R. if the premises, ur any purl thc•re•uf, l,c• condourned under 11re power of eminent douruur, or uc•quirrd for
a public use, the damages awarded, the proceeds fur the tukiul; of, or the consideration for such ac•yuisitiuu, to
tiro extent of the. full unrount of tlu• renrainink unpaid indebtedness secured b~• this nrortguke, err hereL~-
ussit;ned to the ~IortguKee, and hit heirs ur u..igns, uud sliuN he paid forth~cith to ,aid ~lort3;a3;re or his
assiKnee to lx' applied on uccourrt of the lua nurturing installnu•nts of such indebtednes; pn,videcl, ho~~•ever,
the \lorti;ai;oo or his :rsiKnee, wu~• ut his discretion pa~• direr•t to the ~Iortgat;ur, his heirs ur uc~irus an~• purl
or all of such award; provided, that if the loon is t;uuruntecd ur insured, the eonsent of the guarantor or iirsurrr
is obtained in advance of ,aid pu~•u?ent. -
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 arid. singular, including all and singular the income, pro6ta, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciScally 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 Lire 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 such court. In the event of any default on the part i)f the Mortgagor hereunder, the Mortgagor
agrees to pay to the Mortgagee on demand sa a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~f y) 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.
10. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that
any of said sums of phoney 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 covenants of said note and this mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining 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 sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; 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 had matured prior to its institu-
Lion. 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 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 b~? the Mortgagee.
11. 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 os of the note secured hereby.
12. 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. .
3:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
! Mortgagee may perform the same, and sU expenditures (including reasonable attorney's fees) made by the ?<iortgaRee
• in so doing shell draw interest at the rate provided for in the principal indebtedness, and shall be repayable
thirty .(30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
14. Upon the request of the Mortgagee the :Mortgagor shall execute and deliver a supplemental note or
~ notes for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for 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 if the advance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
_ interest at the rate provided for in the principal indebtedness and shall be ay able in_a~proximately equal
_ monthly pa morels for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate ciaturity of the note first
described above. •
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