HomeMy WebLinkAbout2672 tender to the T~iortgagee in accordance with the provisions of the note secured hereli~•; full pa~•n?ent of the
entin? indebtedness represented thereby, the Mortgagee, as trustee, shall, in con?putirig t1?e an?uunt of such
indebtedness, credit to the account of t~?e Mort agor nny credit balance remaining under the provisions of (a)
of said paragraph 2. It there shall be a default under any o[ the provisions of this wortga~e resulting in a
public sale of the premises covered 1?ereb~•, or if the Mortgagee acyuues the property otl?erwrse after default,
the Mortgagee, sa trustee, shall apply, at the tine of the canu?encement of such proceedings or at the tine
the property tg otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2
preceding sa 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, aaeesements, water rates, and other governmental or municipal charges, tines„ or
impo~tions, for which provision hew not been trade hereinbefore, and is default thereof the Mortgages may pay the
tome; and that be will promptly deliver the ol~cial receipts therefor to the Mortgagee.
b. He will permit, ootnmit, or suffer no waste, impairment, or deterioration of said property or any part thereof
e:cept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said
premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee tray
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the Lull amount
of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by
the lien of this mortgage.
6. He will pay all and singular the costs, 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 Raid protniesory note and this mortgage, and said
coats, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage,
7. Ne 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 sand premises, and except when payment
for all such premiums has theretofotb been made under (a) of paragraph 2 hereof, he will pay promptlyy when
due any pretwums therefor. All insurance shall be carried in compantea approved by Ilfortgagee 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 be will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of Iosa if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed 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 applied by ?dort-
gagee at tta 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 to extingurshment of the indebtedness secured hereby, a~l tight, title, and interest of the Mortgagor
to and to any insurance policies then in force shall pass to the purchaser or grantee.
R. If the premises, or uu~- purt thereof, l,e• eonde:nned under the power of eminent don:am, or arc{aired for
a public use, tl?e damages uwarde•d, the proceeds fur tltc takinJ; of, or the ronsiderution for such acquisition, to
the extent of the full uu:ount of the ren?ainiuJ; unpaid indebtrdnr•ss assured h~• this n:ortKaKe, an• herrb~-
ussi}•ned to the ~1ortKaKce, and his heirs or assigns, and s}:ull he pair! furthwillc to swirl ~1urtJ;aJ;ee or his
assignee to he applied on arsonist of the lua n?atunng uistalhur•nts of such indebtedness; pru~•ided, howe~-er,
the ~iortguger ur his a_ssiKnt•e, mu~• at his cliseretiou pub- rlireet to the Mortgagor, his heirs ur assigns un~- }>art
or all of such award; pro~•rded, that if the loon is gu:uunteed or insured, Uie consent of the guarantor or ii?surer
is obtained in ad~•anc•e of said pa~•n?c•nt.
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, sad revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged ae if specifically set forth and
described in the granting sad 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
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
equivalent to one-twelfth (ySZ) 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 auras 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,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate Bum 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
2 the contrary notw?thstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
1 demand, swt 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, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with coats, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject w 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 1Viortgagee.
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 oI the note secured hereby.
t 12- Tbe 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.
t If the Mortgagor default in any of the covenants or $greements 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, sl?all 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 Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assrs.5mrnts 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 srrpplrmental note or notes shall bear
interest aL the rate provided for in the principal indebtedness and shall be ay able in a proximately equal
monthly pa ments for such period as ma be reed u p
f y ag pon by the creditor and ebtor. 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 shalt the maturity extend beyond the ultimate caturity of the note first
described above.
• a~~Kr ~09 ~a~`~~9
t