HomeMy WebLinkAbout1765 • tender to tl?e 'Mortgagee in accordance with the pro~iaiona of tl?e note secured Hereby, full ay ~:ient of the '
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the Mount of suci~
indebtedness, credit to the account of.the Mortga~ot any credit balance remaining under the p visions of (a)
of said paragraph 2. If there el?aU be a default under any of flee provisions of this rrtortga~e resulting in s
public sale of the premises covered hereby, or if the Mortgagee acqutrea the property otherwrae after default,
the Mortgagee, as trustee, shag apply, at the time of the corrtrriencement of such proceedings or at the time
the property m otherwise acquired, the amount then reruaining to credit of Mortgagor under (a) of paragrapi~ 2
preceding as a credit on the interest accrued and unpaid and t)~e balance to the principal then remaining unpaid
on said note.
4. He will pay all taxes, aeeessmente, water rates, and other governmental or municipal charges, fins, os
impositions, for which provision has not been made heninbefon, and in default thereof the Mortgagee may pay the
same; and that hs will promptly deliver the official receipts therefor to the Mortgages.
b. He will permit, commit, or auger no waste, impairment, or deterioration of said property or an part thereof
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the b ' oa~ai~
premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee tgay
make such repairs as is its discret~oa it rosy deem necessary for the proper prescrvatioa thereo~, and the full amo t
of each and every such payment shall be due and payable thirty (30) days after demand, sad shall be sec by -
the lien of this mortgage.
8. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costs 4
of abstracts of title, incurred or paid at any time by the Mortgages because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promissory note and thin 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 has theretofore been made under (s) of paragraph 2 hereof he will pay promptly when
due any premiums therefor. All insurance shall be carried in companies spprove~ by Mortgagee and the poli-
cies and renewals thereo! shall be hold by Mortgagee and have attached thereto loss payable clauses rn 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 authorized and duetted to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mortr
gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged -
property in extingursHment 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 prrmisi~s, or am part thereof, be condenur~d under the power of eminent don~arn, ur acquired for -
a public use, tIIP dalUB~eS BKar(1e/1, tlu• proceeds for the taking of, or the consideration for such acquisition, to
the extent of the full amount of the remaining unpaid indebtedness secured i?~- this mortgage, are hereby
assigned to the ~tortgsgec, and his hefts or assikns, and stall Ix' paid forthwith to said \tortRagee or his
assignee to tx• applied nn acrow?t of the last maturinl? instalhuents of such indebtedness; provided, hoveever,
the ~lortguKee ur his assiKnee, nta~- at I?is discn•tiou pa~• direct to the Mortgagor, His heirs or assiKns any part
or all of such award; provided, tt?at if the loan is Kuaranteed ur insured, the consent of the guarantor or insurer
is obtained in atlvance of said pn~•n~ent.
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 singuH~r, 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 88 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, profile, income, issues, and revenues shall tae 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 1liortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth of the aggregate of the twelve monthly installments payable in the then current
year plus the actual amount of the a~ual taxes, assessments, water rat~ea, and insurance premiums for such year
not covered by the aforesaid monthly payments.
10. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that
e any of said earns of money herein referred to be not promptly and fully paid aceording to the tenor hereof, or in the
~ event that each and every the stipulations, agreements, conditions, and covenants of said note and this mdrtgage,
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 aU moneys secured hereby, shall become
due and payable forthwith, or thereafter, at the option o[ said Mortgagee, as fully and completely ae if all of the
~ said sums of money wen 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 Chia 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.
l 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.
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.
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 repa~•able
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 ;lortgagor 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 oI said premises, for taxes or as.~essments against the same and for e~ny 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
r interest at the rate provided for in the principal indebtedness and shall be payable 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.
R 306 ~:,~.1763 -
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