HomeMy WebLinkAbout0762 sory note aecured by this mortgage and thia mQrtgage, and eaid costs, chargea, and expenses ahaU be
inimediately due and payable aqd eliall b~ secured~by ~he lieA oi this mortgage.
6. He~will conttnuously maiAtaSn hazard inaurance, oi such type or types and amounts aa Mort- .
gagee tnay frpm time to time i~equire, on the impmvements now or hereafter on said premises and he
will pay promptly when due any premiuma therefor, AU inaurance ahaU be carried in companiea appmved
by Mortgagee and the policiee and renewals thereof ahall be held by Mortgagee and have attached thereto
losa payable clauaes in favor of and in form acceptable to the Mortgagee. In event oi losa he will give
immediate notioe by mail to Mortgagee, and Mortgagee may make proof of loss if not made pmmptl3!
by Mortgagor. and each insurance company concerned is hereby authorized and directed to make pay-
ment for auch loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly~ and the insur-
ance proceeds, or aqy part thereof, may be applied by Mortgagee at its option either to the reduction
of the indebtednese hereby secured or to the restoration or repair o! the property damaged. In event of
foreclosure of this mortgage, or other tranafer of title to the Mortgaged pmperty in extinguishment oi
the indebtedness secured hereby. all right, title, and interest of the Mortgagor in and to at~y insurance
policies ~.hen in force ahall paas to the purehaser or grantee.
6. If the premisea, or any part thereof, be condemned under the power of eminent domain. or
aoquired for a public use~ the damages awarded, the proceeds for the taking of, or the consideration
for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by
this mortgage, are hereby asaigned to the biortgagee, and his heirs or asaigns, and shall be paid forth-
with to said Mortgagee or his assignee to be applied on account of the last maturing installments of
such indebtedness; provided, however, the Mortgagee or his assignee, may at his discretion pay direct
to the Mortgagor, hia heirs or assigns any part or all of such award.
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The Mortgagee may, at any time pending a suit upon this mortgage, apply to the oourt having
jurisdiction thereof for the appointment of a receiver, and such court ahall forthwith appoint a receiver
of the premises oovered hereby all and singular, including all and singular the income, profits, issues,
and revenues fmm whatever source derived, each and every of which, it being expressly anderstood, 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 equityi and a matter of absolute right to
said biortgagee~ 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 according to the lien of this mortgage
and the practice of auch courk In the event of any default on the part of the Mortgagror hereunder~ the
Mortgagor agreea to pay to the Mortgagee on demand as a reasonable monthly rental for the premises
an amount at least equivalent to one-twelfth (1/12) 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 monthiy payments.
8. 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 sums of money herein referred to be not promptly and fully paid according to
the tenor hereof, or in the event that each and everq the atipulations, agreements, oonditions, and cov-
enants of any note secured by this mortgage and thia mortgage, are not duly, promptly, and fully per-
i formed ; then in either or any such event, the said aggregate sum mentioned in such note then remain-
~ ing unpaid, with interest accrued to that time, and all moneya secured hereby, shall become due and payable
~ forthwith, or thereafter, at the option of said Mortgagee, as fullq and completely as if all of the said
~ sums of money were originally stipulated to be paid on such day. anything in such note or in this mort-
gage to the contrarq not withstanding; 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
~ and matnred prior to its inatitution. The Mortgagee may foreclose this mortgage, as to the amount
so declared due and paqable, and the said premisea 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 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 bq the Mortgagee.
~ 9. 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 terma hereof or of the note secured hereby.
10. 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.
~ 11. If the Mortgagor default in any of the covenants or agreements contained herein, or in any
~ note, secured by this mortgage, then the Mortgagee may perform the same, and all expenditures (includ-
~ ing reasonab]e attorney's fees) made by the Mortgagee in so doing ahall draw interest at the rate pro-
~ vided for in the principal indebtednesa, and shall be regayable thirty (30) days after demand, and, to- ~
~ gether with interest and costs acerued thereon, shall be secured by this mortgage. ~
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12. The mailing of a written notice or demand addressed to the owner of record of the mortgaged y
premises, or directed to the said owner at the last address actually furnished to the Mortgagee, or if ;
none, directed to said owner at said mortg?aged premises, and mailed by the United Statea mails, post- 4
age prepaid, ahall be sufficient notice and demand in any case arising under this instrument and required
by the provisions hereof or by law. ~
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