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HomeMy WebLinkAbout1644 lender to the :Mortgagee in accordance with the provisions of tl`ie note secured hen•by, full payment of the entire indebtedness represented thereb~•, the Mortgagee, as trustee, shall, in con?puting the aniuunt of such . indebtedness, credit to the account of t)?e llortgaKor any credit balance remaining under the provisions of (a) of said paragraph 2. 1( there al?all be a default under any of the provisiois of this mortgage resulting in a public sale of the premises covered hereby, or if tl?e Mortgagee acyuirea the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the canu?encement of such proceedings or at the time the property m otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding as s credit on the interest accrued and unpaid and tl?e balance to the prmcipol then remaining unpaid on said notR. • 4. He will pay all ta}tces, assessments, water rates, sad other ~overameatal or municipal charges, fins. or impositions, for which provision has not been made heninbefore, sad in default thereof the Mortgagee may py the same; and that he will promptly deliver the o8'icial neoeiptn therefor to the Mortgages 6. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or asyy part thereof except reasonabb wear and tear and in the event of the failure of the Mortg~?gor to keep the buildings on said premises and those to be erecte~ on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem neceaeary fo* the proper preecrvation thereof, and the full amount of each and every such payment shall be due sad psyab1s thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. He will pay all and singular the costs, , and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by t e Mortgagee because of the [allure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and scud costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft ' mortgage. 7. He will oontitnuously 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 hsa 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 Mortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of ' and in torm acceptable to the Mortgagee.. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of Ions if not made promptly by Mortgagor, and each insurance company concerned is hereb authorized and directed to make payment for such loss directly to Mortgagce instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mores gages at its option either to• t~e reduction of the indebtedness hereby secured or to the restoratton or repair of - the property damaged. In event of foreclosure of this mortgage or other transter of title to the mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. K. if the pmn?is?•s, or and- part thereof, bc• eondenuu•d under t)?e power of en?inent. dauuu?, car acquired for a public use, the dan?ages awarded, the proreeils for the tu{:inK oi, or the considcrution for sucL acyuisiUon, to the extent of the full amount of tl?e remaining w?paid iudebte~ln?•ss secured h~- this u?ortgage, arc hernb~- assif;ned to tJ?c Mortgagee, uu?i his heirs or assil;ns, un~l skull he paid forthwith to sold \tortl;agee or his assiKnee to Ix• applie?I on account of the last nuituru?1? install:u?•nts of such indebtedness; pro~•i:lt•?1, ho~rcrer, the Vortgugee or his assiKnee, lour at 1?is discretion pad- direct to the Vlortgngor, Lis heirs or ussigns an~•-part or all of such aw•anl; provided, that if the loon is t;u:?ranteell ur insun•d, the consent of tl?e guarantor or insurer is obtained in advance of .aid pa~•n?ent. 9. The :1ortgagee may, at any time pending a suit upon this mortgage, apply to the eouri 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 t?ereby mortgaged as if specifically set forth and j described in the granting and habendum clauses hereof. Such appointment shall 1re•nDade_~bystlelt~o0urt as an>sdmitted equity and a matter of absolute right to said Mortgagee, and without reference to the adegtisty or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or >~e defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver accerding to the lien of this mortgage and the practice of such court. In the event of say default on the part of the Mortgagor hereunder, the Mortgagor ~ sarees to pay to the Mortgagee on 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 p not covered by the aforesaid monthly payments. i 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 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 141ortgagee, as fully and completely as if 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 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- lion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said 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 l for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avitiled of thereafter from time to time by the Mortgagee. s~ 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. - l:i. 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 mpa~•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 the :Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improvement, main- i tenance, or repai• of said premises, for taxes or assessments against the same and for any other purpose author- x~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance r 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 ay able 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 parable 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. k 3U4 -~~=1642 3Cu! yy _