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HomeMy WebLinkAbout0673 _ - _ _ f tender to the 'Mortgagee in accortilancd w'itl? thil pfo4yisiona of tl?e note secured i?ereby, full payu?ent of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to tl?e account of t11e Mortgagor any credit balance remaining under file provisions of (a) of said ph 2. !f there al?aU be.a default under any of the provisions of this ?nortga~e resulting in a public aalhe premises covered i?ereby, or if tl?e Mortgagee acqu?res the property otl?erwtse after default, the Mortgagee, as trustee, shall apply, at the time of the co?n?nencement of such proceedings or at tl?e time the property m otherwise acquired, the amount then mu?ainingg to credit of Mortgagor under (s) of paragraph 2 preceding as a credit on the interest accrued and unpaid and ti?e balance to the principal then ren?ain?ng unpa?d uu rsia nvie. 4. Hs will pay all taxes, aeeeesmeab, water rates„ and other governmental or municipal charges, fine., etc impositions„ for which provision bas not been made bereinbeton, and in default thereof the Mortgagee may pay the tame; and that M will promptly deliver the o>lieiai receipts therefor to tbs Mortgagee. b. Se will permit, commit, or suffer no waste. impairment. or deterioration of said or+ooerty or any nart t:M~+nt'- - exoept reasonable wear and teas' and in tt?e event W the failure of the Mortgagor to keep the buildingp on a?i~ premises and these to be erected on said premises, or improvements thereon, in good repair the Mortgagee may make such repairs as is its discretion it may deem neeeesary for the proper prosuvatioa tbereoi~, and the full amount of each sad every such payment shall be due find payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. - 13. He will pay sU and singular the costs, sad expenses, including reasonable lawyer's fees, and costs of abstracts o! title, incurred or paid at any time by tie Mortgagee ba;auee of the failure on the part of the Mort~or promptly sad fully to perform the agreements and covenants of said promissory note and this. mortgage, anti said costs, charges, sad expenses shall be immediate~j? due sad payable sad shall be secured by the lien of this mortgage. 7. He will continuously maintain hasard insurance, of such type or types and amounts as Mortgagee may from time to time require, on the impi'nveac?enta now or hereafter on said premises and except when payment for all such premiums bas theretofore been made under (a of paragraph 2 hereof ~?e will pay promptly when due any preanroma Lhcrefor. All insurance shall be carried in companies approve by Mortgagee and the poli- cies and renewals thereof shall be held by Mortgagee wd have attached thereto loss payable clauses in favor of and inform acceptable to the Mortgagee. In event of loss be will give immedute notice by mail to Mortgagee, sad Mortgagee may make.prooi of Ions if not made gmmgtly by Mortgagor, and each insurance t;ompany . eonceraed ?a hereb sut6or?red and directed to make payment for such loss directly to Mortgages instead of to Mortgagor and Mortgagee 'ointly, and the insurance proceeds, or any part thereof, may be applied by Mortr gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment oI the indebtedness secured hereby, sal eight, title, and interest of -the Mortgagor ~a and to any insurance policies then in force shall press to the purchaser or grantee. 8. If thc• Prrmis/•s, or un~- part thcmof, lx• rondrnlned under the power of eminent donlaul, or acyuii:ed for a public use, the damages awarded. the proceeds for the taking of, or the consideration for such aeyuislt?on, to file extent of the full amount. of the remaining unpaid -indebtedness sec•urcd b}• this ulortgaKe, arc berth}' assigned to the ~fartgagee, and his llei?'s or assigns, and sllall tic pawl forthwltll to said ~iortgsKce or his assignee to lx• applied on account of thr last maturul}; installnlcnts of sorb indebtedness: provided, however, the Mortgugee or his assignee, u?ay at his discrrtion pa}- direct to the Mortgagor, his heirs or assigns an}• part or all o[ such award; provided, that if the loan is Kuaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said parnlent. 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 a receiver of the premises covered hereby all sad singular, including all and singular the income, profile, 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 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 tale 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 ss a reasonable monthly rental for the premises an amount st 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 a~ual taxes, asseagmente, water rates, and insurance premiums for such year sot covered by the aforesaid monthly payments. 10. In the event of any b_-each of this mortgage or default on the part of the Mortgagorf or in the event that any of acid sums of money herein referred to be not promptly and fully paid accordsng to the tenor hereof, or in the event that each end 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 eaId 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 ~r demand, suit at law or in equity, may be prosecuted ea 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 ppremises shall be sold to satisfy and pay the same together with costa, 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 Mortgagee. - . 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 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 paymentof the indebtedness or any part thereof secured hereby. - 1:3. 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 sU 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 reps}'able thirty (30) days after demand, and, together with interest and costs accrued thereon, shall 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 soma advanced by the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for rases or as.~essments 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 at the rate provided for in the principal indebtedness and shall be ayable in approximately equal monthly pa meats for such period as may be agreed upon 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 by the creditor. In no event shall the maturity extend beyond the ultimate ciaturity of the note first described above. au~?K • ' iK 314 Pa~~ 670