HomeMy WebLinkAbout2308 under to the 111ort{;u{;?•r in accurdauce vrith the provisiui?s of the uc?u• eec'iin•il hen•bv, lulrpa}•uu•nt of the
entire indebteducais repn•sented thrrebY, the Mortgagee, as trustee, si?all, in c•on?putiitK the anwunt of Such
indebtedness, credit to the account of t)u• ~lurtgaKur any credit balance reutaiuing water the provisions of (a) -
of said paragraph 2. lI llleiN shall be a default under auy of the provisions of this ntortga~e rnsultin{t in a
public sale of the prentiara courted ltereb~•, or if the `lortgagee ac•gwres the prolx•rty otherwise after default,
the Mortgagee, as trtt:itee, shall apply, at the taus of the roinutenceuient of such proceedings or at the time
the property is otherwise acquired, the anwunt then r?~wainiug to credit of 114ortKa~;ur undt•r (a) of paragraph 2
preceding as a crndit on the intense accrued and unpaid and the balance to Ute principal then reutaiiunK unpaid .
on said note.
- 4. He will pay all taxes, aaeesaments, water ranee, and other governmental or municipal charges, tines„ or
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee rosy pay the
tame; and that he will promptly deliver the official receipts therefor to the Mortgagee.
b. He will permit, commit, or softer no waste, impairment, or deterion?tion of said property or say part thereof
except reasonable wear and tear and in the event of the failure of the Mortgagor to keep the buildings on sai~
premises serf those to be erecte~ on said premises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it rosy deem necessary for the proper preservation thereof, and the full amount
of each and every such payment shall be due sad payable thirty (30) days after demand, and shall be secured by
the lien of this mortgage.
8. He will pay all and singular the oost8, charges, and expenses, including reasonable~lawyer's fees, and coats
of abstracts of title, incurred or paid at any time by the Mortgagee because of the Iailure on the part of the Mortgagor
promptly atod fully to perform the agreements and covenants of said promissory note and this mortgage, serf said
oasts, charges, and expenses ahaU be immediately due sad 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 ss 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 (s) of paragraph 2 hereof, be will pay promptlyy when
due any premiums therefor. All insurance shall be carrieedd in comparuea approved by 111ortgagee and the poli-
cies and renewals Cheroot 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 notice by mail to Mortgagee,
and Mortgagee rosy make proof of loss J not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed to make payment for such loss directly to Mortgages instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by Morw
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 in extinguishment of the indebtedness secured hereby, s~l right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pia to the purchaser or grantee. -
R. If the premises, or un~- purl thereof, hc• c•ondennu•d water the power of eminent doniaut, ur,u•yuired for
a public use, the dun?aKes u~~•arded, the pn?c•eeds for the tukiu{? of, or the consideration for such aryuisitian, to
tl?e extent of the full uutount of the rcntaining unpaid iudelHedne•s secured i?}- this n?ortKa{;e. are he•r?•bt~
u,.tii{;uec) to the \lurt{;u{~ee, and his heii~ ur u:.i~ns, uucl ~liall he paid furthw'ith to said ~1ort;;u{;ce or I?is
aa~iKnee to Ix• applied on arc•ount of the lust uu?turin;: installnuvtts of such uulebtedneu: provided, hu~~•ever,
the ~lort{:ugec or his ;tssi{!nee, tnu}- ut ilia di:c•rc•tion par direct to t1t?• ~Iortf;u};or, hi, heirs ur us.~i~ns unr port
or all of such u~curcl; pruvidrd, that if the lu;u? is ~u:u-untecd or ir?sun•d, the consent of thc• {;our:attar or insurer
is obtained in advanc?• of said I,u~-tueut.
The `iortgagee 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, and revenues from whatever source
- derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and
described in the granting and hsbendum clsii_~~ hereof. Such appointment shall be made by such court as an admitted
equity and a matter of absolute right to said 11'Iortgagce, 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 defendants. Such
rents, profits, income, issues, and revenues shall Ise 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 (3~z) 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.
lU. In the event of any breach 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 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 dote 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-
flan. The Mortgagee may foreclose this mortgage, as to the amount eo declared due and payable, and the said
s` premises shall be sold to satisfy and pay the same together with costa, 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
f availed of thereafter from time to time by the :Mortgagee.
f 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 teens-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.
1:3. 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 all expenditures (including reasonable attorney's fees) made by the Mortgagee
_ in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repa}•able
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
3 14. Upon the request of the Mortga~ee the tiortgaRor shall execute and deliver a supplemental note or
_ notes for the sum or sums advanced ny t e Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or a.S.~essmcnts against the same and (or say other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity wi.lh 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 suable in approximately equal
~ monthly pa meets 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 pa~•able thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate maturity o[ the note first
described above.
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