Loading...
HomeMy WebLinkAbout2763 tender to U?e ~lortgai;ee in accurdauc•e with the provisions of the note secured hereby, !u!1 payment of the t entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the en?ount of such indebtedness, credit to flee account of tl~e Mortgagor ant credit Lalance remaining under the provisions of (a) of acid paragraph 2. If fliers aliall be a default under any of flee provisions of this rrrortga~e resulting in a public axle of the premises covered hereby, or if the Mortgagee scyu?res the propert, otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the conunenceinent of such proceedings or at the time the property w otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 ` preceding as a credit on the interest accrued and unpaid and tl'e balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, assessments, water ntee, and other governmental or monist impositions, fos which provision has not been made heninbefore, and in default thereof the Mod barges, name; and that be will promptly deliver the official reoeiptii therefor to the Mortaagee. ~Y f h° br He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any Part thereof euicept reasonabb wear and tear sad in the event of the tailun of the Mortgagor to keep the buiklinge on said mr~mises~ those to be erected on'said premises, or Improvements thereon, in good repair We Mortgagee may _ pairs as in its discretion it may deem necessary for the proper prescrvatioa thereof, and the full amount 1 the lien this m such payment shall be due and payable thirty (30) days after demand, and shall be secured by rtgaae• 6. He will pay sU and singular the costa, c6 ,and expe~, including reasonable lawyer's tees, and costs of abstract of title, incun+ed or paid at any time by the Mortgagee because of the tailors oa the part of the Mortgagor promptly serf fully to perform the agreements sad covenants of said promissory note and this mo costs, charges, and expenses shall be immediately due sad payable sad shall be secured by the lien oft ' 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 !or all suc4 premiums has theretolore been made under (a of paragraph 2 hereof ~e will pay promptly when due any premiums therefor. All insurance ahsU be carried in eompames approv b I?1o d h po ciea and renewals thereof shall be held b Mor ~ y nBagee an t e L- ~ y tgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee, In event of loss 6e will give immediate notice by mail to Mortgagee, and Mortgagee may make proof o loss if not made promptly by Mortgagor, and each insurance company ~ eoacerned is beret authorized and duected to make payment for such loss directly to Mortgagee instead of f to 1liortgagor and Mortgagee ointly, and the insurance proceeds, or nay part thereof, may be app ed by Mori gages at its option either to t~e 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 extinguishment of the indebtedness secured hereby,~a~l right, title, and interest of the Mor o in and to any insurance policies then in force shall pass to the purchaser or grantee. r s R. If the premises, or un~• port thcn•of, be• condemned under the power of eminc•nt_ domum, or acyuircd for i a public use, the daniaKc•s awarded, the proceccls for the Lakin of, or the ronsidcrution for such acyu~sition, to } the extent of the full amount of the reniaininK unpaid inde~iteclnc•ss secured h~• this mortl:aKe, are hereb~• unsigned to the ~fortgaKee, and his heirs or ussikns, uucl shut) t?c• paid forthwith to said ~tortKagce or his assiKnee to be applied on srcowit of the last niaturink installnu•nts of such indebtedness; pro~•idcd, hoK•c•~•er, I the `tortKuKee or his ussiKnec, mu~• at leis discn•tiou pa~• direct to the Mortgagor, his heirs or assiKns an}• part or all of such award; pro~•ided, that if the lour is Kuuruntecd or insured, the e•onsent of the guarantor or insurer is obtained in advance of said pu}•nient. 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 sod singular, including all and singular the income, proSta, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as it 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 lSe applied by such receiver according to the lien of this mortgage sad 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 (yjz) 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 b_?each of this mortgage or default on the part of the Mortgagor; or in the event that any of acid sums of money herein referred to be not rem tl and fuU event that each and eve the ati ulations P P y y paid aceording to the tenor hereof, or in tbe are not duly, promptly, arynd full P ' agreements, conditions, and covenants of said note and this mortgage, y 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 tbe contrary notwithstanding; sad 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- tion. The Mortgagee may foreclose this mortgage, sa to the amount so declared due and payable, and the said 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 premises shall be sold subject to the continuing lien of this mortgage [or 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.. 1 I. 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 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 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 aU 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, s1is11 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 Dy the ~tortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for lazes or as.~cssmenta 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 st the rate provided for in the principal indebtedness and shat) be a able in a monthly pa menu for such period as may be agreed u p Y PProrimately equal maturity, the whole of the sum or sums so advanced shall be due and ram b ecth,rt Fai ing to agree on the by the creditor. In no event shall the maturity extend beyond the ultimate cia~urty fatheen t brat described above. °~R. ~U8 z7s3