HomeMy WebLinkAbout2303 t••nder to the -\lortt;u};ee in accunlau?•e with the provisions of the note s?•currdtl?i•re•t,r, full pa~•ment of thc• -
entire indebtedness repn•:?rnted thereby, the Mortgageo, as trustee, shall, iu c•omputinK the anu?unt of such
indebtedness, credit to the account of tl?e Mort ?agor any credit balance n•ulainin}; under the pruvisiouti of (a)
of said paragraph 2. It there shall a defau~t under hny of the provisions of tl?is morlga~e resulting in a
public sale of the premises cuvrmd hereb~•, or if the ;tlortgagee acquires the prulx•rt~• otherwise after dcfa<ult,
tl?e Mortgagee, as trustee, shall apply, at the tulle of the ronunenc•ement o! such proceedings or at the flute
the properly is otherwise acquired, the amount then reniainin~ to credit of ~fortl;agur under (a) of paragraph 2
preceding as a credit on ti?e inten•st accrued and unpaid and t le balance to the principal then rnniaiuuig unpanl
on said note.
4. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, or
impositions, for which provision hea not been made hereinbetore, ^nd in default thereof the Mortgagee may pay the
same; and that be will promptly deliver the official reoeiptn therefor to the Mortgagee.
b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof,
e:cept reasonable wear and tear; and in the event of the failure of the Mortgagor b keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper presctvation thereof, and 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 this mortgage. -
6. He will pay all and singular the costa, charges, sad a:pensea, including reasonable lawyer's fees, and costs
of abatracta 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 said promissory note and this mortgage, and said
cost8, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
7. 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 promptlyy when
due any premiums there[or. ~Rll insurance shall be carried in companies approved by rlortgage8 and the poll-
- ties and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate nonce by mail to Mortgagee, ,
and Mortgagee may make proof of toss if not made promptly by Mortgagor, and each insurance company
concerned is herebyy authorized slid directed to make payment for such loss directly to Mortgages instead of
to Mortgagor and Aiortgagce jointly, and the insurance proceeds, or any part thereof, may be applied by 11~or~
gages at it8 option either to the reduction of the indebtedness hereby secured onto the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
yroperty in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in and to any insurnnce policies then in force shall pRSS to-the purchaser or grantee.
_ K. If tlu• premise., ur uu~- part thereof, he condenuu•d under the Ix,wer of eminent dou?uw, or ucquimd for
a public• use, the duu?akes a~carded, the pro?•eeds fc?r the takinK of, or the eonsiderution for wch uequu~twn, to
the extent of the full an:ouut of the rem:?ininl; unpaid indebtedness seeun•d i?r this niortK:ige, are herrL~-
ussi~ned to th+• ~lorti?ul;ee, un?1 his heir or ussi~ns, and :hull i?e gold forthwith to sold ~lurtkul;ee ur Li_.
assiKnee• to ix• applied ou ueeuunt of the last nuuurin~ installnu•nts of such indebtedness: pn?cided, hu~ce~•er,
the ~lortkuKi•?• ur his a~`si~;nee, uui~' ut leis dis?•mlion puc dire?•t to the ~lortt:uRor, leis lu•ir` ur as.i~ns tu?.' part
or all of such u~+ani: provided, that if the lu:u: is kuar:uite~•?1 ur insun•d, the ?•on:?•ut of the I;uurantur or insurnr
is obtained in advance of sai?1 pu~-n?eut.
!1. 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 slid singular, including all and-singular the income, profits, issues, and revenues from whatever~ource
derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically 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 ot~the property mortgaged or to the solvency or insolvency of said Mortgagor or t!le 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 of the Mortgagor hereunder, the Mortgagor
j agrees to pay to the `tortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth ('S2) 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
i not covered by the aforesaid monttily payments.
10. In the event of any b-eac6 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 Lhe
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
F 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
s demand, suit at law or in equity, may be prosecuted as if all moneys sec?u•ed hereby had matured prior to its institu-
lion. The :Liortgagce may fareclose Lhis mortgage, as to the amount ~ declared due and payable, and the said
premises shall be sold to satisfy and pay the game 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
y availed of thereafter from time to time by the Mortgagee.
~ 1 1. 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.
~ 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.
I:;. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the -
Mortgageemay perform the same, and all expenditures (including reasonable attorney's fees j made by the :Mortgagee
in so doing shall draw interest at the rate provided for in the principnl indebtedness, and shall be reps}•able
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 ny the Mortgagee for the alteration, modernization, improvement, main-
; tenance, or repair of said premises, for taxes or as.~essments against the same and for say other purpose author-
x ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as i[ the advance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate provided (or in the principal indebtedness and shall be a~•able in approximately equal
monthly pa ments for such period as may be al;reed 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 pa~•able thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate caturity of the note first
described above.
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