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HomeMy WebLinkAbout2850 • • • t • • ~ tender to the •Mortg?ytee in accordance with the provisions of tl?e note secured 1?ereby, toll paynrunt of the entire indebtedness represented thenbv, the Mortgagee, as trustee, shall, in computing the srnount of such indebtedness, credit to tl?e acooun tt~?e M r any credit balance remaining under t1?e provisions of (a) of said par~raph 2. It tl?ere shall bra a det~p der any of the provisions of this mortgage resulting in a Public we of the premises covered hereby, or it theMortgagre acquues the property otherwise after default, the Mortgagee, ~ trustee. shall sPPIY. at ~ tune of the oo?nrneaaraunt of such proceedings or at t1?e time the property r otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2 preeediag ae a credit an the interest accrued and unpaid sad tl?e balance to the principal then remainrng unpard on said note. 4. H'e will pay all tames. assessments, water rates„ sad other ~overnmeaW a municipal cbargeta, tines, oz ~P~t~, to: which provisiaa has not been made 6ereinbefore, sad to d~ault thereof the lldoetpiee mrUr PAY ~ same; sad that 6a will promptly deliver the of5cial receipts therefor to the biortasaee. 6. Hs will permit, commit, or suffer no waste, impairmeat, or dstetrioration of said peopesty a thereof eutoept ceaeoaabk wear and tear and in the event at the failure o[ tbs Mort~gor to keep the btu ~t on siJd premises sad those to be erecte~ on said premises, or improvements thereon,, is good repair the M make wch repairs ad is its discntoa it may deem necessary for the proper preservation thereo~, sad the f u~nt the lien ~ ~ ~w~ ymeat shall be due sad payable thirty (30) days after demand, and shall bs secured by 6. He will pay all sad singular tbs costs, chart[es, sad e~cpeases, includi~ reaso~nsbk Lwyes's fees, and costs of abstracts of title, incurred or paid at any time by tFieMortgr~gee beasuee of the failure oa the part of the Mort~a~ P~P~Y sad f ull1y to perform the agreements sad oovensnts of said promissory note sad thin mort~, aacl slid costa, charges. andd expenses shall be immediately due sad payable sad shall be secured by the lien d this mortgage. 7. He grill oontinuous>rj maintain hasard insurance, of wch type or t and amounts as Mortgagee ma from time to fame require, oa the 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 promptlyy when due say premiums therefor. All insurance shall be is oomparues approve by I?i rtgs~ sad the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payabo le cGuses in favor of and in form acceptable to the Mort~gsgee. In event of loss ha will give immediate notice by mail to Mortgagee, and 4ortgagee may make proof of rose if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed ~o make payment for such Ices directly to Mor~sge~ instead of to Mortgagor and Mortgagee jointly, and the mset~tioeproceeds, or any part thereof, may be spp7ied by Mortr gages at rte option either to the uction.of the indebtedness hereby secured or to the restoration or repair of the property dsma~ed. In event of foreclosure of thin mortgage or other transfer of title to the mortgaged property rn extir?g;:rshment 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. A. If the pre?nisi•s, or un~- part thereof, be e•ondenu?ed under the power of eminent domain, er acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acyursitiou, to the extent of the full srnount of the remaining unpaid indebtedness secured br this n?ortgsge, err hereb~- assigned to the Mortgagee, and his heirs or assigns, and shall 1?e paid forthwith to said ~lortRagce or his assignee to be applied on account of the lost n?aturing installments of such indebtedness; provided, however, the `long++??~gee or his assignee, u?a~• at his di.~cn•tion pa~• dirc•c•t to the Mortgagor, his heirs or assigns any part or all of sucl? award; provided, that if the loan is Kuuruntecd or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. 9• The Mortgagee may, st.any time pending a suit upon this mortgage, aPP1Y ~ 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 add singular, including aU 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 ouch court sa 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 aeoording to the lien of this mortgage and the practice of such court.. In the event.of any default oa the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mo on demand as a reasonable monthly rental for the premises an amount st 1 -east equivalent to one-twelfth ( z) of the aggregate of the twelve monthly installments payable is the then current year plus the actual amount of the annual taxes, aseemanenta, water rates, and insurance premiums for such year not covered by the a[oresaid monthly payments. 10. In the event of nay b_~each 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 aceordiag to the tenor hereof, or in the event that each sad every the stipulations, agreements, conditions, and eovenanta of said note sad 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 wen originally stipulated to be paid on such day, anything in said note or in this mortgage to f the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or f 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 acid premises shall be sold to satisfy and pay the same together with costa, expenses, sad allowances. Ia 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 ahaq at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 4 12. The lien of this instrument shall remain in full force sad effect during any postponement or extension of the t.me of payment of the indebtedness or any part thereof secured hereby. ` 13. U the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, sad 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, stall 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 `lortgsgee (or the alteration, modernization, improvement, main- ' tenants, or repai- of said premises, for taxes or a.~~essments against the same and for any other purpose author- i 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?rpplemental note or notes shall bear 3 interest at the rate provided for in the principal indebtedness and shall be a able in a 3 monthly pa menta for such period ss may be agreed u p y pProximately equal pore 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 e by the creditor. In ruo event shall the maturity extend beyond the ultimate maturity of the note first described above. ~ BUUK ~U puf _ ~ - Y z .it