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HomeMy WebLinkAbout0009 - tender to the 'Mortgagee in aeeordanw .y~il~ ~he ~provisio[ fife note secured hereby, fuU payment of the satire indabtedneaa represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such , iadebtsdneN, credit to tl~e account of the Mortgagor any credit balance rernsining.under tl~e provisions of (a) of said pph Z. It there shag be • default under any o[ the provisions of this rnortga~e resulting in a public salthe premises covered hereby, or it the Mortgagee acquires the pro rty otheswtse after default, the Mortgages, as trwtee, shall apply, at the time of the caruneacement of such proceed' or at the time the property sz otherv?ise acquired, the amount then renaming to c-relit o! Mortgagor under_(~s of paragraph, 2 preoediag v a credit on the interest accrued and unpaid and the balance to the principal then remaining unpi?~d on said note. 8e will pay aft lases, assessments, wales b~ other ~ove:anoental ae mualclpat charges, otr impositions, toe whbh provlsioa has not bean wads ore, and is detwll t~hee+eol lhs Mort~~es may pa, fba same; and that bs will PromPW? deliver lhs o~oial receipts therefor to the Morip~ea br lIe wilt permit, commit, or suRer no waste, impaira~ or deterbeatlan of said peope:ty ab~ thet~ eacoept reasoastils wear sad t~ear• and in lhs event et the failure et the M to keep tbs on premises and theses to bs encte~ on said pnm3ses, or improvements thereon, 3a-good repair the Mottpaee may males such repairs as in its discretion it d~Mn gaoeasary for the pe~p~ presctvslioa thereo~, sad the toll amount of each sad every such payment shall be less and payable Wdrfjr (80) days atke~ demaati, and a~hall bs secured by the >i~ of this asortaage. - 8. He will pay all sad eingulat the coals, and e:psnses, including reasoasbls Lwye:'a teas, and coats of abstracts of title, inounod or paid t?t any time t~~dortdages beaa~ae of fbe iailur4 on the part of the pe+omptly-sad t _ _ to perform the a~reezneats end covenants of saki peomissory note and this. mo Ir - - oosta, charges, sespenses ahaUbe imme~iate)~jr dos a~ paysbb and shaII be secured by the lies of~this 'mort6sgs. 7. He wiII obntinuoua), maintain hasard insurance, of such type or t and amounts as Mortgagee may _ from time to time require, on the improvemenb now or hereafter on said premises acd esoept when payment for all such premiums has theretofore bees made under (a of paragraph a hereof ~e will pay promptly when due any premiums therefor. Alt insurance shall be carried in eompaotee approve by Mor~gag and the poll cues and renewals thereof shall be held by Mortgagee and Lave attached thereto bee payable- ,Gc mouses in favor of and inform acceptable to the Mo ~agee. In event of lose he wit! give immediate notice by mail to Mortgagee, and Mortgagee may make.proof~o~f Iosa it not made. promptly by Mortgagorf and each insurance company concerned m herb authorised and directed to make payment for such bas du+ectly to Mo~~~ instead of to Mortgagor and Mortgages 'ointly, end the insurance proceeds, or any part thereof may be appled by Mortr gages at its option either to ~e reduction ai the indebtedness hereby secured or to tt?e restoration or repair et the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged - propery m extinguishment o! the indebtedness secured hereby, ail right, title, and interest of the Mortgagor rn and to_any insurance policies then in force shall pass to the purchaser or graates. 8. If the prnmiscs, or any part thereof, be condemned under the power of eminent domain, or acquirnd [or _ a public use, tl~e damages awanleci, tl~e proreecls for fife Laking of, or the t•onsicleration for suclo acquisition, to the extent of the full a~uount of the remaining unpaid indebtedness serurrd by this uortgage, arr. hernb~• assigned to the h+Iortgagee, and his heirs or assigns, and shall be paid forthwith to said vlortgagec or h>s sea nee to be applied on account of the last maturing installments of sucl? indebtedness; proviciecl, however, the~ort~gagee or his assignee, may at his discrntion pay direct to the Mortgagor, his heirs or assigns any part • or all o! sucli award; provided, that if the loan is guaranteed or insured, the consent of t.l~e 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 thenwf for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all grid 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 sad _ -~cn w gran g an um ~eieof: -Such appow m-t en~ball be made by such ur -sa as a~mit~ed _ 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 $uch rents, Profits. income, iss~res, and revenues shall be applied by such receiver according to the lien ~ this mortgage end the practice of such court. In the event of say default on the part of the Mortgagor hereunder, the MorttgagOr agrees to pay to the Mo on demand as a reasonable monthly rental for the premises an amount at llees~at equivsknt to one-twelfth (~sj of the ag~r~ate of -the -twelve monthly installments payable in the then current - year plus the actual amount of the annual taxes aeeemments, water rates, sad insurance premiums for such year not covered by the aforesaid monthly payments. 10. In the event oaf any beach of this mortgage or default ou the part of the Mortgagor, or in t~ event that any of sold Bums of money herein referred to-be not promptly end fully paid according to the tenor hereof, or in the event that each end every the atipulstiona, agreements, conditions, and oovenanta of acid note and this mortgage, are not ~Y, P~PUY, and fully performed; then in either or any ouch event, the said aggregate sum mentioned in said-note then remaining unpaid, with interest accrued b that time, end all nnoneys secured hereby, shall become due sad payable ~ortbwith, 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 notwitlletanding; and thereupon or therealter, st the option of said Mortgagee, without notice or demand, suit at law or in equity, rosy be_prosecuted as-if-all moseys secured-hereby had matured-prior-to its inetatu- - - - - tion. The Mortgagee may foreclose this mortgage, ss to the amount so declared due sad payable, and the said premises shall be sold to satisfy and pay the same together with costa, espenees, end allowsnc:ea. In case of partial foreclosure of this mortgage, the mortgaged premises shall be Bold subject to the doatinuing lien of thin mortgage foe the amount of the debt not then due and unpaid. In such case the provisions of thin paragraph may again be availed of thereafter from time to time by the Mortgagee. 11. No waiver of any eovenaat herein or of the obligation secured her+ebjr shall at any tame theresttei be held to be a waives 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. 13. U the Mortgagor default in say of the covenants or agreements contained herein. or in said note, then the Mortgagee may perform the came, sad all expenditures (including reasonable attorney's fees) made by the Mortgagee in so doi shall draw interest at the rate provided for in the principal indebtedness, and shell be repayable thirty (30~ days suer demand, and, together with interest sad costs accrued thereon, shall be secured by this mortgage. - - - --14.- Upon-the request of the Mortgs~gee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced by a ~[ortgagee !or the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ised hereunder: Said note or notes shall be secured hereby on a parity with and as fully as ~f 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 ss rosy 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 dcmand by the creditor. In ao event shall the maturity extend beyond the ultimate nutturity of the nc?te first described above. r BOOK~~~ t?A(:F D :