HomeMy WebLinkAbout2268 tender to tl?e Mortgagee in accordance with the pro~isiona of the note secured hereby, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the au?ount of such
indebtedness, credit to the account of tl?e 1'Iortgagor any credit balance remaining under the provisions of (a)
of said paragraph 2. 1t il?ere si?all be a default under any of the provisions of this iriortgs~e resulting in e
public sale of the premises covered 1?ereby, or if tl?e Mortgagee acquires ti?e property otlerwise after default,
the Mortgagee, as trustee, shall apply, at the time of the couunencernent of such proceedings or at the time
the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragrapl? 2
preceding as a credit on the interest accrued end unpaid and tl?e balance to the principal then remaining unpaid
on said note.
4. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, or
impositions, for which provision has not been made hereinbefon, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official reeeipte therefor to the Mortgagee.
b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof
except reasonable wear and tear; and in 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 diacret~on 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 costa, charges, and expenses, including reasonable lawyer's fees, 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 eai~ promissory note and thia.mortgage, and said
costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of fhWi'ss mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounts ss Mortgagee may
from liana to time require, on the improvements now or hereafter on said premises and except when payment
Ior all such premiums has theretofore been made under (s) of paragraph 2 hereof ~e will pay promptly when
due any prenuums therefor. All insurance shall be carried in companies approved by I~iortgagee 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 hereb authorized and directed to make payment for such loss directly to Morf,~a~;ee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mores
gages at its option either to a 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, 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.
R. If the premiseti, c?r un~- port themof, bc• condennu•cl under the power of en?inent donrun?, c,r acyuirnd for
a public use, the danraKes awarded, the proceeds for the taking of, or the consideration for such acquisition, to
the extent of the full amount of the remanning unpaid indebtedness serurnd L.• this mortgage, am hemb~•
ussit;ned to tlu• ~fortgaKee, and his heirs or assigns, and -shall he paid forthwith to said Mortgagee or his
assignee to lx• applied on account o[ thc• lust n?uturinl; installments of such indebtedness; pro~•ided, however,
the ~iortKuKce or his ussiKnc•c, near at his discretion pub- elirect to the Jlortgagor,l?is heirs or assiKns any part
or all of such award; provrdhd, that if the loon is guar.u?tecd or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•nrent.
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 as 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 on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the than current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
r not covered by the aforesaid 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 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
E 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 ae 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 sa if all moneys secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount ao declared due and payable, and the said
premises shall be sold to satisfy and pay the same together w:t6 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.
i 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 inbtrument shall remain in full force and effect during any postponement or extension of
the t.me of payment of the indebtedness or any part thereof secured hereby.
x t: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 doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable
c thirty (30) days after demand, and, together with interest and costs accrued thereon, sliall 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-
tenance, or repai- 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 i[ the advance
3 evidenced thereby were inciuded 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 ayabie in approximately equal
monthly pa ments 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 i
~ described above.
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