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HomeMy WebLinkAbout1214 tender to the Mortgagee in accordance with °t~t~b provi~iory ;q~ the Mote secured hereby, full payment of the entire indebtedness represented thereby, the r1V!<'ortgsgeb, Us °t'rllstee, shall, in computing the aiiiount of ouch indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a) of said puagraph 2. If there shall be • default under any o[ the provisions of this ~nortcga~e resulting in a } public sale of the premises covered hereby, or if the Mortgagee acqutrea the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings or at the time the property is otherwise acquired, the amount then re~uaining to credit oI Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and t ie balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, aseeesmenfa, water rates, sad other governanenW or mudcipal charges, liner„ oft impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay tbs rates; and that he will promPyy deliver the official receipts tber~otr to the Mortgagee. i b. He will permit, commit, or auger no waste, impairment, or deterioration of said property or say thereof except reasonable wear and tear• and in the event of the failure of the Mortgagor to keep the buildings on rain premises sad those to be erect oa said premises, or improvements thereon, in good repair the Mortgagee may < make ouch repairs as in its discretion it may deem necessary for the proper preacrvation thereof, and the full amount of each and every such payment shall be due and pay?abb thir~? (30) days niter demand, and aball be seeiit+ed by the lien of this mortgage. 6. He will pay all and singular the coats, and expenses, including reasonable Lwyer'r fees, and costa of abstracts of title, incurred or paid at any time~Mortgagee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and thin mort~ge, and said ' costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. He will continuouslvy maintain hazard imsurance, of such type or types and amounts as I1~ortg~agoe ma from time to time require, on the improvements now or hereafter on said premises and except when paymen0 i for all such premiums has theretofore been made under (a of paragraph 2 hereof ~e will pay prom fly when due any premiums therefor. All insurance shall be ceuaied is compacues appmve~ by biortga~e~ and the poli- - cies and renewals thereof shall beheld by Mortgagee and have attached thereto loss payable cTausee 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 o3 loss if not nnade 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 ointly, and the insurance proceeds, or any part thereof may be applied by Mort- ee at its option either to t~e reduction of the indebtedness hereby secured or to t~e restoration or repair of e property dams~ed. 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 Mortgagor ' in and to any insurance policies then in force ahall~pnsa to the purchaser or grantee. 8. if the premisis, or and- part ihernof, be c•ondenined under the power of eminent domain, or acquired for i a public use, the damaKes awarded, the proceeds for the taking of, or the consideration for such acquisition, to t the e;ctent of the full amount of the rernaiuing unpaid indebtedness secured b~• this mortgage, arc Lernby assigned to the `Tortgagee, and his heirs or assigns, and shall be puid forthwith to said ~tortRagce or his assignee to be applied on account of the last maturing iustal)ments of such indebtedness; provided, however, the Mortgagee or his assignee, may at his d~sc•rrtion pad- dirrct to the Mortgagor, his Leiis.or assigns any part or all o[ such award; provided, that if the loan is Kuaranteed or insured, the consent o[ 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 a receiver of the premises covered ~ hereby all and singular, including all and singular the income, profits, issues, and revenues i~na., hptever source #t derived, each and every of which, it being expressly understood, is hereby mortgaged as ifs ~y,eet~forW:and:. described in the granting and habendum clauses hereof. Such appointment shall be made by sue pqurt,~ aga~jioq~jttiod„ equity sad a matter of absolute right to said Mortgagee, and without reference to the adequ ' or inaaddequacy of the value of the property mortgaged os to the solvency or insolvency of said Mortgagor or the defendants. _ Such rents, profits, income, issues, and revenues shall lee 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 sa a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (3~jx) 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 acid sums of money herein referred to ~ ;,ot promptly and fully paid according to the tenor hereof, or in the event that each and every the stipulations, agreements, conditions, and oovenaata 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 ii all moneys secured hereby had matured prior to its inatitu- 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 costa, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of thin 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. ~ t 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. ~ 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 attoroey's fees) made by the Mortgagee in so doing shall draw interest at the rate provided (or 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 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 oy the 1~tortgagee for the alteration, modernization, improvement, main- _ tenance, or repair of said premises, for taxes 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 menu 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 ao event shall the maturity extend beyond the ultimate maturity of the note first described above. i;7~iK 3~`t PaGE~L~.IA - - . - r