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HomeMy WebLinkAbout0377 • ~ti • •?.~t ~ ..~t tender to the Mortgagee is aooordaaoa with the provisions of tl?e aoti? secured hereby, full payment of the entire indebtedness represented thereby, the Mortgages, as trustee, shall, in computing the amount of such indebtednea, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a) of said paragraph g. I[ there shall be a default under any of the provisions of this mortgage resulting in • public sale of the premises covered hereby, or it the Mortgagee acquires th4 property otherwre niter default, the Mortgages, a trustee, shaA apply, at the time of the co~runeaoement of such prooesdings or at the time the property is otherwise acquired, the amount then reuisinin~ to credit of Mortgagor under (a) of paragraph 2 ti+~+++'!f w. ~ wcaiit vif lath S33i+oacev .a,..• d~ ~i:v isiar~i~i .stag t:a? ba.w-t~ Lo t::8 p:'~%i~a. a:...:...::«b :.:.pw on said note. 4. He wtli pay aq goes,; asmssments, watee rates, and othee ~overnmeaW or municipal charges, ~ of impositions, foe which peovisien bas not been made hereinbefors, and in default thereof tbs hortggee mq Ps~r tLs same; and that be w111 promptb? delivee tbs otcial receipts thesefoe to tbs MatsAgee. br He will permit, commit, oe suttee no waste, impaiemei oe deteriosatloa of said psopes~ty oe t6es~eot reasonable wear and tear and is the event of the failure of tbs M to keep the b~ on sai~ ps~emiaea and those to be mooted{ on said p~anises. ~ improvements Cher'eon. 3n-good repair the Moetgsgeb ma~? make such repairs as in its diseret+on it may deem necessary foe the q preservation thsreo~ and tbs full amount • of each and every each paym~t ehaU be due and p~yabls thirty (80j ~dyrs attae~ demand, aa~ shall bs soured by tbs lien of this mortpge. 8. He wiII pay all and singulu the costs, and eoop~anses, induding reasombis lawyer's tees, and costs of abstracts of title, incurred or paid at any time C~ortg~ee because of the failure on the part of the Mortgagoc~ P~P~? and tullvjr to perform the agreements and covenants of said promissory note and this. anndd said coots, charges, anndd eacpeosae ehaU be immediately due and payable and shall be~cured by the liessnu~aoortgaae. 7. He wiD oontinuous>, maintain haurd insurance, of such type or t~pea and amounts as Mortgagee may from time to time require, on the improvements now or hereafter on saidd p and eoept when payment for all such premiums has theretofore been made under ~(a of pangraFh S hereof will pr4y promptly whoa due ~ Premiums therefor: All insurance shall be caunried in eompwr+es appmve~ by M and the poli- cies and renewals thereof shall beheld by Mortgagee end have attached thereto foes payabo~uses tin favor of and in form aooeptab~ to the Mo In event of loss he will give immediate notice by mail to Mortgages, and Mortgagee may make .proof~o~ if not made promptly •by Mortgagor? and -each insurance oompagy concerned is hereb auWorued and directed to make payment for such Idea du+ectly to Mo tgageematead of to Mortgagor and Mortgages jointly, and the insurance proceeds, or any part thereof may be apr - Flied by Mort gages at its option either to the reduction of the indebtedness hereby secured or to t~e r+estontan or repair of the property dammed. In event of foreclosure of this moor other transfer of title to the mortgaged property ~a extingwshment of the indebtedness secured hereby, right, title, and interest of the Mortgagor m and to any insurance policies then in fords shall p+?ss to the pun•Laser or grantees 8. If the PPremises, or and part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, tl~e procrecis for tl~e taking ot, or the consideration for such acquisition, to tlce extent of tlce full amount of the remaining unpaid indebtedness secured h~• tlcis nortgage, arc liereb~• assigned to the Mortgagee, apcl his Iceirs or assigns, and slcall Ix~ paid forthwith to said Mortgagee or his - ass ee to be applied on account of the last maturucg instaUncents of such indebtedness; provided, however, -the Mortgagee or his essi~nee, may at his discretion pay direct to the Mortgagor, his Leirs or assigns any part or all o[ sucl~ award; provided, trot if the loan is guaranteed or insured, the consent o[ tJie guarantor or rnsurer is obtained in advance of said payment. 9. The Mortgagee may, st any tame 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 a:~ singular, includin6 all and singular the income, Frosts, issues, and revenues from whatever eouroe derived, each and every of which, it being expressly understood, is hereby mort8eged'as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such eourt~as an admitted equity and a matter of absolute right to acid Mortgagee, and without reference to the adeggaay~otr+inadequaay of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. $uch rents, ts. income, issues, and revenues ehsll Ise lied by such receiver according to the lien of this P~ app ~ and the practice of such court. In the event of ~aay default on the park of the Mortgagor hereunder, the Mo agrees to pay to the Mo oa demand ss a reasonable moat lh y natal for the preanisea as amount st~ equivalent to one-twelftbof the a8eregste of the twelve monthly installnuente payable is the then current you plus the actual amount of the annuua~ll taxes, aaseeemeats, water rates, sad insurance premiums for ouch year not covered by the atoreaaid monthly payments. ' 10. In the event of any b_*each of this mortgage or default on the part of the Mortgagor, or is the event that any of acid 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, sad eoveaanta of acid note and t6ia mortrt~~ee.,, are not duly, Promptly, and fully performed; then in either or any such event, the acid aggregate sum menu'oned in said note then remaining unpaid, with interest aocraed b 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 aD ~ the said sums of money wen ori~nally stipu4ted to be paid on such day, anything in said note or in thin mortgage to the contrary notwithstanding; sad thereupon or thereafter, at the option of acid Mortgagee, without notice ee 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 forecleee this mortgage, as to the amount so declared due sad payable, and the said premises shall be sold to satisfy sad pay the same together with costs, eupenees, sad albwances. 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 cane tLe provisions of this paragraph may again be availed of thereafter from tame to time by the Mortgagee. 11. No waiver of nay covenant herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of the terms hereof or of .the note secured hereby. ~ - - 12. The lien of this inbt:<mnent shall remain in full foroe and effect during any postponement or extension of the time of payment of the indebtedness or nay part thereof secured hereby. 13. If the Mortgagor default in any of the oovenanta or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all eacpenditures (including nssonablc attorney's fees) made by the Mortgagee in so do shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable thirty 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 Mortgagee for the alteration, modernization,,improvement, main- tenance, or repair of said premises, for taxes or aaeeasments against the same and for any other purpose suthor• iced hereunder. Said note or notes shall be secured hereby on a parity with and as fully as d the advance evidenced thereby were included in the note Brat described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable inroximately equal monthly pa eats for such period as may be agreed upon by- the creditor and dehtor.-->~' ' to-agree-ore-the-- - - - matunty, the whole of the sum or sums aD advanced shall be due and payable thirty (30) days niter demand by the creditor. Ia no event shall the maturity extend beyond the ultimate maturity of the note first - described above. 3~6 371'