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HomeMy WebLinkAbout0882 tender to the tilor~gs~;ee i~ sccordvc?ce with the provJsiais ot the note secured I~ereb~, full pa~•ment of the entire indeblednesa repreaenled thereb~~ the M~t~a~ee~ aa trustee, ahall, in computing the smoun~ ot such indebtedneas~ credit to the account of ILe NoMgegor ony cred~t balance re~naining under the provisions of (a) . ot a~?id puy~rsph 2. If therP ahall be ~ defsult under sny of the provisiona of thia u?ortga~e resulting in • public s~le of the pre~nisea covered i~erebv, or if tl~e Mortgagre acqu~res the property otherwise after defaul~, : the Mortgagee~ as truatee, ahall apply~ ~t the time of the comu~encement o! such proceeclings or st tl~e time ~ the property ie otherwise acquired~ the amount then remsining to credit of Mor~gsgor under (a) of paragraph 2 preceding as a credit on the intereat sccrued er.d unpaid and tlie balance to tt~e principal then remain?ng unpa~d on said note. 4. He wiU p~y all taxes. a~esmeats, w~?ter rsLes, and other ~overnmental or municipal char~ea Snes~ or impoeiUons, for w6ic6 proviaiori haa noti been macie hereinbefote~ and in de(wlt thereof tbe Mott~sgee may p~y the eame; snd t6at he will prompUy deGver tbe o~cial reoeipt~ tbereior to the Mortgagee. b. He will permit, oommit~ or suger no waate~ impairment. or deteriorstion ot eaid propartY or ~aY ~part thereoi e~capt reasonable Mear and teu; and in t6e event ot the failure of t6e Mortgagor to keep the buildingp on sai~ premisee and tboee to be erected on said premises, or improvementa t6ereon~ in good repair Lhe Mortgagee may make wch npsirs aa in ita dixrecioa it msy deem neoeeanry for the proper prescrvatioa thereo~~ and the full smoun! of each sud every such psyment ahall be due and p~yable t~hirty (30) dsys atter demaad, and ahall be secured by the lien ot this mortgage. 6. He will psy all and eingular tho ooete, ch~. and ezpeneee~ including reaeoneble lawyer's fees, and oosts a ot abstn?ete of title, incun+od or paid at any time by the Mortgagee beceuee of the fsilure on the part of the Mortgaaor promptly and fuUy to pedorm the a~reementa and oovenanta ot said promieeory note and thia mort,g,age, and said ooets, chargea, snd expenses shall be immediately due sad psysble and shall be eecured by the lien oi t~ia mort.g,age. 7. Ne will oontinuously maintain hazard insursnoe, oi such type or types snd smounts as Mortgagee msy : from time to time require, on the impmvementa now or Lereafter on said premises and except when payment tor sll such premiums haa t6eretofore been made under (a oi parag~aph 2 hereof~ ~e will pay promptly when due any preuuums therefor. All insurance shaU be carri~ in compaaies approved by riortgag ee snd the poli- ; cies and renewsls thereof shall be held by Mortgagee and hsve attached thereto.loss payable clausee in lavor oi 3 and in form acceptable to the lbiortgagee. In event of loss he will give immediste notice by mail to Mortgsgee, and :~Iortgagee msy make proof oi Ioss ii not made promptly bp Mortgagor, and each insurance oompany . ooncerned is hereby authorize~ and directed to make peyment for such loss directly to Mort~a~ee instead of to Mortgagor and Mortgagee ointly, end the insurance proceecis, or any part thereoi~ may be app~ied by Mort- gsgee at its option either to t~e reduction of the indebtednesa hereby aecured or to the restorstaon or repair of the pmperty dama~ed. In event oi forecloeure oi t,his mortgage or other transfer oi title to the mortga~ed property in extinguishment o! the indebtedness aecured hereby, a~l right, title~ and interest of the Mortgagor m and to sny insurance policies thea in force shall pnss to the purchaser or grentee. R. If the pre~uis~~s, or un~- pArt ther~~of, b~ eondeuined under th~ power of eniin~nt clomam, ~~r acquir~d for a public use, tLe dninaKc~s aN•arde~l, tlu~ pm~•eeils for the tukinK of, or th~~ ~onsitleration for suc•1~ a~~yuuition, to the extent of U~e full ainouni of Uie minaining unpai~l incl~Lte~ln~~ss s~~rured h~• this ~iiort~aKe, arc liereb~. assikned to thc~ \lortgaKee, und hi.c he~in or assiRns, un~l .liall iN~ pai~l forthwith to said ~1ort~a~;~~e or his assiKnee to tx• ap~>lied on ac~•ount o[ th~~ last ~nnturi~~~ ii?staUiuc~nts of su~~h ind~bt~dn~ss: pro~~i~led, how•e~•er, the \1ortKu~ee or liis assiKnee, iuuy at I~is di.ti~•r~~tion pa~• ~lire~•t to the ~Iortgngor, l?is heirs or assiKus anr part - or all of suc•1? aH~ard; pro~idecl, that if thi~ loun is Ku:irunte~~d or insured, the ronsent of the gunrantor or ii~surer is abtained in ad~ance of said pa~•nicnt. 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 premisea oovered hereby all aod singular~ including all and aingular the income~ profits, isauea, and revenues from whatever eource derived, each and every of which, it being expressly understood. ia hereby mortgaged sa if apeci6cally set forth and described in the granting and hsbendum clauses hereof. Such appointment ahalt be m~de byeuch oourt ss an admitted equity and a matter of absolute right to esid Mortgagee, and without reference to the.adequacy or inadequacy of the value of the property mortgaged or to the aolvency or insolvency of asid-Mortgagor or ~'~e defenda~ife. Such rents, profits, income, issues~ and revenues shall 1Se applied by auch receiver according to the lien of this mortgage and the practice of such court. In the event of any default on the part of t6e Mortgagor hereunder~ the Mortgagor agrees to psy to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at lesat . equivalent to one-twelfth (~z) of the aggregate of the twelve ~?onthly instaltment3 payable in the then current year plua the actual amount of the annual taxes, assessmente, water rates, and insurance premiums for auch year not covered by the aEoresaid monthly payments. ; 10. 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 aums of money herein referred to be not promptly and fuUy paid according to the tenor hereof~ or in the ~ event that each and every the atipulations, agreements, conditiona~ and covenanta of said note and this mortgage~ ! are not duly, promptly, snd fully performed; then in either or any such event, the said aggregate sum mentioned in aaid note then remaining unpaid, with interest accrued to that time~ and all moneya eecured hereby, ahall become ' due and psyable forthwith~ or thereafter, at the option of said Mortgagee, as fully and completely ~a if all of the ~ esid sums of money were originaUy atipulated to be paid on such day~ anything in said note or in this mortgage to ; the contrary notwithatsnding; and thereupon or thereafter~ at the option of said Mortgagee, without notice ~s ' demand, suit at law or in equity, msy be prosecuted as if ail moneys secured hereby had matured prior to its institu- tion. The 4fortgagee may foreclose this mortRage, as to the amount ao declared due and payable,, and the said ; premiaea ahall be sold to satisfy and pay the same together with costa~ expenaes, and allowances. In ca~e of partial ; foreclosure of this mortgage~ the mortgaged pmmises shall be sold subject to the continuing lien of this mortgage ; for the amount of the debt not then due and unpaid. In sucb case the provisiona of thia paragraph may again be svailed of thereafter from time to time by the Mortgagee. 11 _ No waiver ot any oovensnt herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of the terma hereof or of the note aecured hereby. ; l2. The lien of thia instrument shall remain in fuU force and ef3ect during any postponement or extension of ~ the time of payment of the indebtedneas or say part t6ereof eecured hereby. ~ l:i. It the Mortgagor default in any of the covenants or agreementa contained herein, or in said note~ then the Mortgagee may pedorm the same~ and all expenditures (including reasonable attorney's fees} made by the Mortga~ee in so doing shall draw interest at the rate provided for in the principal indebtedncss, and shall be repa}•able thirty (30) days after demand, and, together with interest and costs accrued thereon, sl~all be secured by this mortgage. . 14. Upon the request of thc biort~agee t6e ~'iortga~;or shall eaecute and deliver a supplemental note or aotes for t,he sum or sums advanced by the `lortgagee for the alteration, modernization, improvement, main- tenance, or repai- of said premises, for taxes or as.~es.sments against the same and (or aa~ other purpose author- ized hereunder. Said nute or notes shall be secured hereby on a parity with and as fully as i( the advance evidenced Lhereby were included in lhe note 6rst described above. 5aid s~ipplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shail be pay able in ap pro!cimately equal monthly psy ments for such period as may be a~reed upon by the creditor and debtor. Failin~ to agree on the msturity, the whole of the sum or soms so advanceJ shnll bc due and pa~•able thirty (30) days after demand by t6e creditor. In no event shell Lhe maturity extend beyond the ultimate r_~aturity ot the note first deacribed above. :`~`.3U4 ~A~~ 882 ~ : ~ . ~ _ - .