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HomeMy WebLinkAbout1620 • t: tender to the Mortgagee in accordance witlt tl~e provisions of tl?e note secured hereby, full payment of the entire indebtedness represented therebyy, he Mortg~gae, as trustee, shall, in computing the amount of such indebtedness, credit to tl~e account of the rtgago~ Nty c~edit balance remaining under tl~e provisions of (a) of said raph 2. If there shall be i e~~~aaaullt under ny of the provisions of this mortgage resulting in a ' public sal the premises covered hereby, or it the Mortgagee acquubs the property otherwise attar default. the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings or at tl?e time • the property is otherwise acquired; the amount then re~uaining to credit of Mortgagor under (a) of paragraph.2 preceding as a credit on the interest accrued and_ unpaid and tf~e balance to the principal then remaining unpaid on said note. 4. He wtU psy all taxes, sssessanents, water rates, and other governmental or municipal eharga,Saes, otr • impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay t6s same; and that hs will promptly deliver the o~cial receipts therefor to tha Mortgaaea b. He will permit, commit, or su8er no waste, impairment, or deterioration of said property or any part thereof except reasonable wear and teu• and in the event of the failure of the Mortgagor to keep the buildiagp on said ± premises and than to be erected on said pnanises, or improvements thereon, in good repair the Mortgagee may maloe such repairs as in its discretion it may deem neoeeeary for the proper preecrvation tbereo~, and the full amount of each and every such payment shall be due and payable thirty (30) days aftei demand, and shall be secured by the lien of this mortgage. ~ 6. He will pay ~sll and singular the costs, sad expenses, including reasonabb bwyer's fees, and cosh ; of abstracts of title, incurred or paid at any time b~Mortgsgee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this. mortg~a, and said oasts, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. , 7. He will oontiauouab maintain haaard 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 pr+emiuma has theretofore been made under (a of paragraph 2 hereof ~e will pay prompd when due any premiums therefor: All insurance shall be carried in companies approved by 1110rtgagee and the poli- ties and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of ~ and in form acceptable to the Mo In event of lose he will give immediate notice by mail to Mortgagee, and Mortgagee may make.proof~ if not made promptly by Mortgagor, and each insurance company _ concerned is harsh authorised and directed to make payment for such lass directly to Mortgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any pert thereof, may be app 'ed by Mort- gagee at its option either to t~e reduction Hof 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 aide: to tlemortgsged property in extingu~.shment o! the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor ~n and to any insurance policies then in force shall pass to the purchaser or grantee. 8. if the premises, or and- part thereof, be rondenmed m~der the power of eminent domain, or acquirnd for a public use, the damaKes awarded, the proceeds for the takingg of; or the consideration for suet acquisition, to the extent of the full amount of the remaining w~paid indebtedness serurncl 1?~• this mortgage; arc hereb~• assigned to the Mortgagee, and his heirs or assigns, and shall lx• paid forthwith to said .Mortgagee or his assignee to be applied on account of the last maturinK installments of such indebtedness; provide•~I, however, the :liortgagee or his assignee, may at his discretion pa~• direct to the Mortgagor, his heirs or assigns any part or all o[ such award; provided, that if the loan is I:uarnnteed or insured, the consent of the guarantor or it?surer 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 from whatever s,~urce 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 wch court as atJ admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadeyuaey of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or tree defendaata 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 ae a reasonable monthly rental for the premises an amount at least ; equivalent to one-twelfth (~s) of the sg~r~to 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 b*eac6 of this mortgage or default on the part of the Mortgagors or in the event that any of said soma 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 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 sU moneys aecur~ed 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 wen originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice ar demand, suit at law or in equity, may be prosecuted sa if all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, sa to the amount ao declared due and payable, and the said ppremises shall be sold to satisfy and pay the same together with costa, expenaea,'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 o[ 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 payment of the indebtedness or any part thereof secured hereby. - - 1:3. If the Mortgagor default in any of the covenants or sgreementa 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 ao doing shall draw 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 ~ 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 ~'[ortgagee 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 rwte or notes shall be secured hereby on s parity with and as fully as if the advance evidenced thereby wen included in the note brat described above. Said snpplemental 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 soma eo advanced shall be due and payable thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultimate maturity of the note &rst described above. ' `'x314 P~~E1613 ±1.~K