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HomeMy WebLinkAbout1439 tender to the 'Mortgagee in accordance with tl~a=provisions of ills note secured hereby. full payment of the entire indebtedness represented thereby, the Mortgagee, ae trustee, shall, in computing the atuount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under ills provisions of (s) of said paragraph Z. It there shall be a default under any of the provisions of this inortga~e resulting in a public sale o the premises covered hereby, or :t the Mortgagee acquires the property othervrtae after default, the Mortgagee, as trustee, ahaU apply, at the time of the coititnencement of such proceedings or at tl?e time the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) o! patragraph.2 preceding as a credit on the interest accrued and unpaid and ills balance to the principal then remaining unpud on said note. 4. He will py? all taxes, teseeementa, water rates, and other governmental or mudeipal charges, Snea, os impositions, for whloh provision has not been made hereiabefore, and in default thereof the Mortgagee may pay the rams; sad that hs will promptly deliver the official receipts therefor to the Mortgagee. . b. Hs wiU permit, commit, or suffer no waste. impairment, ~ detedoratioa of raid property o: an part thereof eaoept reasonable wear and t~ear• sad in the event of the failure of the Mortgagor to keep the building, on sai~ preaoises sad those to be erecte~ on said premises, or improvements thereon, m good repair the Mortgages may make such repairs as is its discretion it may deem neeeeeary for the proper preservation thereo~, and the full amount of each and every sucb payment shall be due and payabb thirty (30) days diet deaoand, and ahaU be secured by the lien of this mortgage. 6. He will pay all and singular the costs, and expenses, including reasonable Lwyer's fees, and costs of abstracts of title, incurred or paid at any time~Mortgagee because of the failure on the part of the Mortgagor promptly and fly to perform the agrcementa and oovenaats of said promissory note and this. moztg~ge, and e~id costs, charges, and expenses shall be immediately due and payable and shall be eeaur~ed by the lien of this mortg~ega 7. Re will oontinuousb maintain hsaard 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 aU such premiums has theretofore been made under (a of paragraph 2 hereof ~e will pay promptly when due any preauums therefor. All insurance shall be carried w companies approve by I~iortgagee sn. the pol~- cies sad renewals thereof shall be held by Mortgagee and Gave attached thereto loss payable clauses is favor of and is form acceptable to the Mort' ee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make .proof o3 loss if not made promptly by Mortgagor, and each insurance company concerned ~s hereby authorised and directed to make payment for such loss directly to Mortgages instead of to Mortgagor and Mortgages jointly, and the insurance proceeds, or any part thereof may be applied by Mori &age~ at ins op'^n either to the reduction of the indebtedness hereby secured or to t~6e restoration or repair of the property dammed. Ip,gv~n~ o~ Qreclosure o! this mortgage or other transfer of title to the mortgaged property in extingu>shment oT the itl~e~btednesa secured hereby, a~l right, title, and interest; of the Mortgagor in and to any insurance policies then is force shall pASS to the purchaser or grantee. 8. If the prnuiisc~s, or and- part thereof, be c•ondcnnicd wider the power of eminent domain, or acryuirnd for a public use, ills damages awarded, the. prorccds for the takingg of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indelitcdncss secured b~• this mortgage, arc hcreb~• assigned to the Mortgagee, and hi.4 heirs or assigns, and shall tic puid fortl?witli to said Mortgagee or his assignee to be applied on acc•owit of tl?e last niaturuig instalhucnts of such indebtedness; pro~•ided, however, the ~fortgugce or his assignee, may at his discretion pa~• direct to the :Mortgagor, his hefts or assigns an~• part or all of such awanl; proviclecl, that if file loan is guarntitcecl or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. - - 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 slid 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 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 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 Mortgagors 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 every the stipulations, agreements, conditions, and coven:nts 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 Hots then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwitb, 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, sa to the amount so declared due and payable, and the said ppremises 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 by the Mortgagee. 11. Na salver of any covenant herein or of the obligation secured hereby shall at say time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. The lien of this inbtrument 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. _ 1:3. It 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 repay 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 sums advanced by the :ltortgsgee for the alteration, modernization, improvement, main- ~ tenance, or repair oI 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 fully as it the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest a6 the rate provided for in the principal indebtedness and shall be payable ins proximately 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 no event shall .the maturity extend beyond the ultimate c~aturity of the note first described above. aaj;~ 314 P~cE 1432 _ _