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HomeMy WebLinkAbout2743 tender to the T~iortgagee in acrurdsnce with the provissi~i?l~of tl?e nuts secured hen•by, full payn?ent of the entire indebtedness repn•sentrd thereby, the !Mortgagee, its trustee, shall, in cou?putinK the antuunt of such indebtedness, credit to the account of tl?e MortgaK~r any credit balance remaining under the provisions of (a) of said paragraph 2. It there shall be a default under any of the provisiots of this u?ortga~e resulting in a public sale of the preu?tscs covered 1?ereby, or if the Mortgagee acyu~rea the pn?perty otherwtse after default, the Mortgagee, as trustee, shall apply, st the tints of the couunencement of such proceedings or at the time the property to otherwise acquired, the amount then reutainin~~ to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and tl?e balance to the princtpal then rematnu?g unpatd on said note. 4. He will py all taxes, aeeeesments, water rates, and other governmental or mudcipal charges, liner. otr ° impositions, for which provteioa has not been made heeeinbetore, and in default thereof the Mortgagee may pay the same; and that lie will promptly deliver the o~eial receipts therefor to the Mortgagee. b. He will permit, commit, or suffer no waste, impairment, or deterioration of said pmperty or asp part thereof ettcept reasonable wear and tear; and in the event of the tailun of the Mortgagor to keep the buildings on ~d premises and those to be erected on said premises, or Impmvements thereon, is good repair the Mortgagee may make such repairs as is its discretion it may deem necessary for the proper preservation thereo>~, 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 costs, charges, and expenses, including reasonable lawyer's lase, 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 said promissory note and this mortgage, and said costs, charges, and expenses shall be immedtately due and payable and shall be secured by the lien of this mortgage. 7. He will continuous)vy 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 etcept when payment . for all such premiums has theretofore been made under (a of paragraph 2 hereof 'he will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by Itiortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of a and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make .proof of Loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorised and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds. or any part thereof, may be a_pp7ied by Mortir gages at its option either to the 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 to exttngutshment of the indebtedness secured hereby, a~l rtght, title, and interest of the Mortgagor in and to any iusurance policies then in force shall pass to the purchaser or grantee. 8. If the pmn?ises, or any port themof, be eondeuu?ed under the power of eminent don?uu?, or acetuin•d for a public use. the dais?aKes aHarded, the pro?•eeds for the takingg of, or the ~onsiderution for such arqu?sition, ro the extent of the full an?ount of the remaining unpui?I iudehte~lnc•ss securnc} by this mortKaKe, am hrrnby ussi{tned to the ~1ortKaKee, uml his heirs :,r uss?~ns, and s}?ull lK• paid forthwith to said ~lortga{;ee or hi., a~ignee to br applied an account of the lust n?uturinr instalhuents of such indebtedness; provided, however, the ~iortKuKee or his ussi{;nee, niuy ut his dis?•rrtion pub- :lirect to the ~lortga~?or,1?es Lairs ur usirns auy part or all of such u~canl; proculyd, that if the luau is guar:u?ter:l or insun•d, the consent of the guarantor or insurer is obtained in advance of said payn?ent. 9. 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, and revenues from whatever source - derived, each and every of which, it being expressly understood, is hereby mortgaged a8 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 of the property mortgaged or to the solvency or insolvency of said Mortgagor or the 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 agrees to pay to the Mortgagee oa demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (~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. 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 money herein referred to be not promptly and fully paid aceording to the tenor hereof, or in the _ I 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 a due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ce 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 ~r demand, suit at law or in equity, may be prosecuted ss if all moneys secured hereby had matured prior to its institu- lion. The Mortgagee may foreclose this mortgage, as to the amount eo declared due and payable, and the said premises shall be sold to satisfy and pay the same together with coats, 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 by 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 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 dotn shall drew 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 z; 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 by 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 ayable in approximately equal monthly pa menu 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 maturity of the note first described above. U R ~1 27~ seat ~~cE r s _ I~ _