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HomeMy WebLinkAbout2748 i leader w the 'Mortgagee in accordance with the pto~isions of tl?e note secured 1?erebv, fuA payment of the entire indebtedness represented therebv, the Mortgagee, as trustee, shag, in computing the account of such indebtednea, ct+edit to flee account of flee Mortgagor any credit balance remaining under the provisions of (a) of said ph Z. It these stcsU be s default under sny of the provisions of this cnortgs~e resulting in a ihebMosalthe premises covered hereby, or it the Mortgagee acqutns the property otherwtse attar default, rtgages, v trustee, shall apply, st the time of the cocncnencement of such proceedings or st flee time the property r otherwise acquired, the amount then reu~sining to credit of Mortgagor under (a) of paragraph.2 oA saidmnotae ~ credit on the interest accrued and unpaid and the balance to the principal then remaining unpud 4. ae will pay all taxes, saeessmeats, water rata, and otbet vernmeatal os muaici impoaltione, for which provision has not bees made hereinb~ors, sad in default t!?ereot the Mort~es may pslr tbs same; and that he will peompt~y deliver the o6ieial receipts theretot to the Mortgaaes. - b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property a thereof except reasonable west and tear and in tbs event of the failure of the Mortgasgot to keep the b~ oa said premises and those to bs erecte~ oa said oft im vements make such repairs as is its diseret+oa it Pte. ~ ' ~ 6~ npadr ~ Mortgagee ~ e[ each and a such deem necessary for Nts pe+opa~r peesorvation tbereo~ and the full amount the lien of thu~mortg~ ymeat shall be due and payable thirty (30) days after demand, sad shall bs secured by 6. He will py all and eingul.r the costs, mss, and axpeases, iaeludin6 reasonable bwya's fees, and costa of abstracts of title, incurred or paid at any time bry~ et6 Mortgagee because of the tailors on the part of tbs Mortg~oe promptly and try to- perform the agreements and covenants of said promissory note and this mo ,and acid costa, charge, sect expenses shall be immediately due sad payable and shall be secured by the lien ~ t-his mortga6e.~ 7. He will continuouab maintain hazard insurancs, of such type or types and amounts as Mortgagee ma t from tune to time require, on the improvements now or hereafter on said premises and except when payment i for all such premiums has tberetofora been made under ~(a of paragraph Z 6ereo! ~e will pad promptly when due sny prenuums therefor. All insurance shall be carried is oompania approved by Mortgages and the poli- cies and renewals thereof shall bs held'by Mortgagee and 6avs attached thereto loos payable use in favor of L- sad in form acceptable to the Mortgagee. In event of loss he will give immedute notice by mail to Mortgagee, and Mortgagee may make proof of Iola if not made promptly by Mortgagor, and each insurance company ~ concerned is hereby authorized sad directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee ointlyy, sad the insurance proceeds, or any part thereof, may be a_pp7ied by MorF gages at its option either to ~e reduction of the indebtedness hereby secured or to the ratoratron or repair of F the property dammed. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property cn extingucshmeat of the indebtedness secured hereby,_all right, title, and interest of the Mortgagor is and to any insurance. policies then in force shall p+tss to the purchaser or grantee. 8. If the premises, or and- part thcrnof, be concenmed under the power of eminent doncam, or acquirnd for ~ a public use, tl~e ciacccages awarclecl. tl?e proc•eecls for flee taking of, or the consicieration for such acquisition, to the extent of the Lull amount-of the remaining unpaid indebtedness sec•urnd hr this mortgage, arc hernb~• assigned to the ~'Iortgagee, and his heirs or assigns, and shall lx~ paid forthwith to said Mortgagee or his assignee to be applied on scrount of the last maturing instalhnents of such indebtedness; provided; however, s the Mortgagee or his assignee, mad at his d~rretion par dinK•t to the Mortgagor, his heirs or assigns any part ' or all of such av?anl; provided, that if the loan is guarantec~cl or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. t 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, sad such court shall forthwith appoint s 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 ss if apeci8calty set forth and described in the granting sad habendum clauses hereof. Such appointment shall be made by such court as as 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, proSta, 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 Mo r agrees to pay to the Mo on demand as a reasonable monthly rental for the premises an amount at~ equivalent to one-twelfth~of the aggregate of the twelve monthly instaltmente payable in the then current • year plus the actual amount of the annual taxes, assessments, water ratRS, sad insurance premiums for such year act covered by the aforesaid monthly payments. - . F e 10. In the event of -any b_•eac6 of thin mortgage or default on the part of the Mortgagor, or in the event that any of said soma of money herein referred to be not promptly and lolly paid according to the tenor hereof, or in the event that each and every the atipulatioce, agreements, conditions, and covenants of said note and this mortgage are not duly. prowptly, and fully performed; then in either or any such event, the said aggregate sum mentioned is acid note then remaining unpaid, with interest accrued b that time, and all moneys secured hereby, shall become due sad payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely sa it all of the i said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to t the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice ~ ~ 3 demand, suit st 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, a to the amount ao declared due sad 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 thin 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 E to be a waiver of the terms hereof or of the note secured hereby. 12. 19ce lien of this instrument shall remain in full force and eBect during any postponement or extension of ~ the time of payment of the indebtedness or any part thereof secured hereby. 13. If the Mortgagor default in any of the covenants or agreements contained herein, or in acid note, then the - Mortgagee may perform the same, and all e:penditurea (including reasonable attorney's foes) made by the Mortgagee in so doing shall draw interest at the rats provided for in the principal indebtedness, sad shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by ) this mortgage. l 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- ; tenants, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ; ;zed hereunder. Said note or notes shall be secured hereby on a parity with and ss [ally sa if the advance 1 5 evidenced thereby were included in the Hots 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 1 ~ monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the E maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand by the creditor. Ia no event shall the maturity extend beyond the ultimate maturity of the note first described above. - gooK 303 ~~2744 ~ ~ , t ~_2~_ 6 _ ~ ~ _