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HomeMy WebLinkAbout2445 tender to the tiiortgagc+e in accordanpe with the provi~io?u? of the note secured hernb}•, full payn?ent of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, is computing the amount of such indebtedness, credit to the account of the ~lortgaKor any crrd?t balance re?nainiug under the previsions of {a) of said paragraph 2. If there sl?all be a default under any of the provisiors of this n?ortga~e resulting in a public sale of the pre?nisea covered i?ereb~•, or if ti?e Mortgagee acqu?rea tl?e property otl?erw?se after default, the Mortgagee, as trustee, shall apply, at the time of the canu?encement of such proceedings or at the time the property ?a otherwise acquired, the amount then renamingg to credit of Mortgagor under (s) of paragrapl? 2 preceding as a credit on tl?e interest accrued and unpaid and tl?e balance to tl?e principal then rer~?aining unpaid on said note. 4. He will pry ail taxes, aaeeesments, water rates, and other governmental or municipal charges, 6nett, or impositions, for which provision has not been made 6ereinbefore, sad is default thereof the Mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the Mortgagee. b. He will permit, commit, or su8er no waste, impairment, or deterioration of said property or asy part thereof except reasonable west and tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~ 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 thereof, and the full amount of each sad every such payment shall be due and payable thirty (30) days after detnaad, 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 said promissory note and this. mortgage, and said costa, 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 sa?d premises and except when payment for all such premiums has theretofore been made under (s) of paragraph 2 hereof, she will pay promptlyy when due any premiums therefor. All insurance shall be carried in companies approved 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 fie will give immediate notice by mail to Mortgagee, and Mortgagee may make .proof of loss J not made promptly by Mortgagor, and each insurance company concerned is herebyy authonzed and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and :1~iortgagee omtlyy, and~the insurance proceeds, or any part thereof, may be applied by Morfr gages at its option either to t~.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 to ext?ngu?shment 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 pren~isc•s, or un~- part then•of, be condemned under tl?c power of eminent don?uw, ur acyuirc•d for a public use, the dan?uges awarded. the proceccls fur the taking of, or thc• consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b~• this n?ortgage, art herrb~• assigned to the Mortgagee, uud I?is heirs or assigns, and .hull hc• paid fortl?witl? to said \lortgagee or his aasiKnee to lx' applied on account of the lust n?uturing installnu•nts of such indebtedness: provided, Irowever, the \lortgugee or his assigner, mud- at his discn•tion put din•ct to the vortgagor, 1?is l?eirs or assigns any part or all of such a~~•ard; provided, that if the lour is guunu?teed or Insured, the consent of the guarantor or insurer is obtained in advance of said pa~•nu•nt. fit- 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 j described in the granting and habendum clauses hereof. Such appointment shaQbe made by such court as an admitted I 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 t'?e defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage E 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 F equivalent to one-twelfth (~2) 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 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, f are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned is 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 ??s 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 as if all moneys secured hereby had matured prior to its institu- lion. The tifort ee ma foreclose this mort a as to the amount so declared due and able and the said g~ y R~ , >~y 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 promises 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. t 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of the to"rms 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. j 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 repayable = thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. E. 14. Up~on the request of the tifortgagee 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 repair of said premises, for taxes or as.~essments 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 syable in approximately equal monthly pa manta 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 r_~aturity of the note first described above.