HomeMy WebLinkAbout2030 tender to tl?e 'Mortgagee in accordance ;with the prpvjaipna of the note secured hernby, full payment of the
entire indebtedness represented thereby; the Mortga~eh;'~ trust.~e, shall, in computing the an?ount of such
indebtedness, credit to tl?e account of the ~4ortgegor any credit balance reu?aining under the provisions of (a)
of said paragraph 2. If there sl?all be a default under any of the provisions of this u?ortga~e resulting in a
public sale of the premises covered hereby, or if the Mortgagee acgwres the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time of the comn?encen?ent of such proceedings or at the time
the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on tt?e interest accrued and unpaid anti t ?e balance to the principal then remaining unpaid
on said note.
4. He wiU pay all taxes, assessments, water ranee, and otber governmental or municipal charges, fines, o:
impositions, for which provision has not been made hereinbetote, and in default thereof the Mortgagee may pay the
some; and LhaL be-will promptly deliver the o>ficial receipts therefor to the Mortgagee.
b. He will permit, commit, or sutler no waste, impairment, or deterioration of said property or an part thereof
except reasonable wear sad tear; and is the event of the failure of the Mortgagor to keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs as in 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 Lwyer's fees, and costa
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 immediately due and 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 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 6aa theretofore been made under (a of paragraph 2 hereof he will pay promptlyy when
due e~ny premiums therefor. All insurance shall be carried in companies approve by 111ortgagee and the poli-
cies and renewals thereof 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 may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authoriae~ and duetted to make payment for such loss duectly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mort*
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 in extinguishment of the indebtedness secured hereby, e~l right, title, and interest of the Mortgagor
io and to any insurance policies then in force shall pass to the purchaser or grantee.
R- If the premises, or any part thereof, be• condc•un?ed under thr• power of eminent don:u?n, ur acquired for
a public use, the dan?ages awarded. the proceeds for the taking of, or the consideration for such ncqu?s?t:on, to
the extent of the full uuiount of the remaining unpaid indebtedness secured h~• this mortgage, are 1?ernb~•
assigned to the Mortgagee, uud his hcir~ or aasirns, uncl Shull he paid forth~~•ith to said Mortgagee or his
assignee to be applied on account of the' lust n?aturing installn:cnts of such indebtedncs_~: prc?~•ided, how•c~•er,
the \iortgugee or his assignee, may at Lis diw•n•tion pu~• direct to the Mortgagor, his heirs or assigns any part
or all of such ae•ard; provided, that if the loan is gu:?r:uitecd or insured, the consent of flee guarantor or insurer
is obtained in advance of said paynu•nt.
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
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derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and
I' 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 tl?e 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
E agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (yf 2) of the aggregate of the twelve monthly installments payable in the then current
c year plus the actual amount of the a~ual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments.
~ t0. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that
g 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,
j are not duly,. promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
1 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 -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-
tion. 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 costs, 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.
- f 1. 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.
= t2. 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.
I: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 repayable
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall 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 by the Mortgagee for the alteration, modernization, improvement, main-
= tenants, or repair of said premises, for taxes or asscssmt•nts against the same and for say 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 s?ipplcmental note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be ay able in approximately equal
monthly payments 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 c~aturity of-the note first
described above.
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