Loading...
HomeMy WebLinkAbout1903 tender to tl?e :Mortgagee in accordance witl? tl?e provisions of tl?e note secured 1?ereb~, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in con?puting the amount of such indebtedness, credit to tl?e account of tl?e :Mortg,~gor any credit balance remaining under tl?e provisions of (a) of said paragraph 2. If there shall be a default under any of the provisions of this mortgage resulting ins public sale of the premises rnvered hereby, or it the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the coif?iiiencement of such proceedings or at tl?e time ~ the property is otherwise acquired, the amount then renamingg to credit of Mortgagor under (a) of paragrapt? 2 ; preceding se a credit on the interest accrued and unpaid snd tl?e balance to the principal then remaining unpaid ? on said notR. ~ 4. He will pay ali taxes, aaseaements, water sates„ sad other governmental or muntcipsl charges, fines, o>< impositions, for which p~roviaion has not been made heninbetore, and to default thereof the Mortgagee may pay the ~ same; sad that hs will promptly deliver the o~eial receipts therefor to the Mortgagee. ~ b. He will permit, commit, or softer no waste, impsironeat, 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 buildings on ea3~ premises and those to b8 erected oa 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 thereo~, and the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and ahrzll be secured by the lien of this mortgage. 6. He will pay all and singular the costs, charges, and expenses, including reasonable 4wyer'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 snd thin. mort~sge, snd 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 (a of paragraph 2 hereof be will pry promptly when due any prenuums therefor. All insurance shall be carried in companies spprove~ by Illortgagee 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 he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof o~t foss if not made promptly by Mortgagor, and each insurance company . concerned is hereby~authorrzed and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee ointlyy, and the insurance proceeds, or any part ther~eot, may be applied by Mortr gages at rats option either W t~e reduction of the indebtedness hereby secured or to the restontron or repair of the property dammed.. In event of foreclosure of this mortgage or other tnasfer of title to the mortgaged property rn extingunshment of .the indebtedness secured hereby, s~l right, title, and interest of the Mortgagor rn and to any rnsursnce policies then in force shall press to the~urchaser or grantee. R. If tl?e premises, or and- part thereof, be conden?ned under the power of en?inent domau?, or acquired for a public use, the dau?ages awarded, the pra•eeds for the takingg of, or the consideration for such acyu?sition, to the extent of the full amount of the remaining unpaid indebtedness secured b~• this n?ortgage, are hercb~- assi{ined to the Mortgagee, and his heirs or assigns, and sI?all he paid forthwith to said Mortgagee or his assignee to be applied on account of t-1?e last n?atunng installnu•nts of such indebtedness; proeicled, however, the MortKuKe?• or his assignee, ma~• at his discretion pa~• dirrc•t to the Mortgagor, his 1?eirs or assigns an~• part or all of such award; proviced, that if the loan is gu:uunteed or insured, the consent of the guarantor or insurer is obtained in advance of said payment. - 9. 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 s receiver of the premises covered hereby all arid 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 described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of i 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 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 (~z) 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 beach 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 hen•eof, 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 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 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- 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 e~sts, 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 for the amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be avsilexi of thereafter from time to time by the Mortgagee. 11. No waiver of any covenant heroin 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 a. 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 drew 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 b this mortgage. ~ 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or I notes for the sum or sums advanced ray the tilortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments 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 [ully as if the advance ti 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 ayable in approximately equal monthly pa menu for such period as may be agreed upon by the creditor and debtor. Failing to agree on the matunty, the whole of the sum or sums so ad arced shall be due and payable thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultimate anaturity of the note first s described above. ~~310 1901 9C~.1~ • ~A~•E