Loading...
HomeMy WebLinkAbout2332 tender to the Mortgagee in accordance with the provisions of the note secured hen+b~•, full pa~•ment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such indebt~ednesa, credit to the account of the :Mortgagor any credit balance remaining wider the provisions of (a) of said paragraph 2. ifthere shall be a default under any of ilia provisions of this iiiortga~e resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the coinniencement of such proceedings or at the time the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (s) of paragraph 2 ~ preceding as a credit on the interest accrued and unpaid and t}le balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, assessments, water raters, sad other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee maY WY ~ same; and that he will promptly deliver the olificial receipts therefor to the Mortgagee. ~ b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or say part thereof ! except reasonable wear and tear; sad in the event of the failure of the Mortgagor to kerep the buildings, on said premises and those to be erected on said premises, or improvements thereon, in good re pair the Mortgagee may make such repairs ae in its discretion it may deem necessary for the proper preservation thereo~, tind the full amosmt of each and every ouch payment shall be due sad 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 tessoaable lawyer's fees, and coats i 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 lull to perform the agreements and covenants of said promissory note and this mortgage, and said coats, charges, an~expensea shall be immediately due and payable and shall be secured by the lien of this mortgage, He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on Lhe improvements now or hereafter on said premises and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, ~e will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by 111ortgagee and the pol~- ciea 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 it not made promptly by Mortgagor, and each insurance company concerned is hereb authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee Jointly, an(1 the insurance proceeds, or any part thereof, may be applied by Mores gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. Ia 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 pun;haser or grantee. R. If the premises, or unr part thereof, be eondennu•d under the power of eminent douium, c,r acquired for u public use, the claniages awarded. ilia proceeds for the taking of, or the consideration for suc•L acquisition, to ~ the extent of the full amount of the remaining unpaid indebtechiess serun•d h~• this niortgaKc, am liernb~- ussil;ned to the Mortgagee, uiul his heirs or ussil;ns, and shall he purl forthwith to said Mortgagee or his assignee to be applied on ac~rount of the lust niuturiuK iustallnu•nts of such indebtedness; provided, however, the JlortgaKee• ur his a_~signec•, sour at his discretiuu pub- direct to thc• Mortgagor, leis heirs or ussiKns an~• part or all of such a~card; provided, that if thc• loan is Kuarunteed or insun•d, the c•onse•i?t of the guarantor or insurer is obtained in advance of said pa~•nient. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction I thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all acid 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 a rents, profits, income, issues, and revenues shall 1Se 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 sa 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 1 not covered by the aforesaid monthly payments. 10. In the event of any breach of this mortgage or default on the part of the Mortgagors or in the event that any of said sums of money herein referred to be not rom tl and full event that each and eve the ati ulations p p Y Y paid according to the tenor hereof, or in the rY p ,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 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- lion. The Mortgagee may foreclose this mortgage, as to the amount ro declared due and payable, and the said ,t premises shall be sold to satisfy and pay the same together with ~ebsts, 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. 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 tare of payment of the indebtedness or any part thereof secured hereby. - 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may ,xrform 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 '.liortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced oy the Mortgagee for the alteration, modernization, im rovement main- tenance, oc repair 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 if the advance 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 payable in approximately equal monthly papmenu 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 caturity of the note first described above. 3L JU5 ~~7