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HomeMy WebLinkAbout0302 _ r i . tender W the Mortgagee in accordance ~witli the prdvisioha o[ the note secured hereby, full payment of the entire indebtedness represented thereby, tha Mortgagee, ss trustee, sks!!, in cet:epttting tlir atizount of such t indebtedness, credit to the account of the Mortgagor any credit balanoe.reinaining under the provisions of (a) of said paragraph 2. if them shall be a default under any o[ the provisions of this niort,b'a~e resulting in a public sale of the preniiscs covered hereby, or it the Mortgagee acquires the property otherwtse after default, the Mort;sgee, as trustee, shall apply, at the time of the coininenoeinent of such proceedings or at the time 1 the property is otherwise acquired, the amount then retuaining to credit of Mortgagor under (a) ~f paragraph 2 preceding as a credit on the interest accrued and unpaid and t ie balance to the prrncrpal.then remaining unpaid on said note. 4. He will pay all ta~tee, aeeeestaeats, water rates, and other aoveramental or municipal charges, finer. otr imptttRtioas, for wliieh pcovisio~n has not been made he~reiabetore, and ii, defitilt tltereot tbs Mortp6eo may pay the tttime; and that bs will ptroraptly deliver the oeieial reoeipte therefor to the Martaa~ee. 5. Se gill permit, commit, or suffer no waste, impairment. or deterioration of,aaid p:aperty at part thereof . eutoept reasonable Hear and tear; and in the event of the failure of the Mart~,s6ot to Peep the btuj' dingp oa t~ait~ • premises and those to be erected on said preanisee, or improvements thereon, i>: 6ood repair the Mortgagee may make ouch repairs as is its discretion it may deem necessary for the proper preectvatibo thereo#, aatid the full amount of arch and every such pymeat shall be due and payable thirty (30) days after dea~aad, sad .ball be eeetu+ad by tbs lien of this wort`sae. - 8. He will pay all and aitigtilar the costa, and eorpensea, lnoltding reasonable lawyer's foes, and costs _ of abstracts of title, incurred or paid at arq time~Mortgsgee because of the failure oa the part of the Mortgagor _ p~pt,(y and fury to perform the agreements and oovenaats of said prcmiaeory note and this. m sad said -costs, charsra, and e:peasos shall be immediate)~y due sad payable sndadtall be secured by the lien o~mort~ge. 7. He will ooatinuoualay maintain hazard insurance, of such type or types sad aunounte sa Mortgagee may from time to time require, on-the improvements now or heveafter on said premises, and except when payment for all such premiums bas theretofore beep. made under (a) of paragraph 2 hereof, he will pay Promptly when due any premiums therefor. All insurance shafl be darned in companie~.approved by lliortgagee and tha poll- - eieB and renewals thereof shall be held- by Mortgagee and have attached thereto loss payable c _ uses in favor of _ sad inform acceptable to the M ee. In event of loss he will give immediate notaoe by email to Mortgagee, and Mortgages may make.proofa~ if not made promptly by Mortgagor, sad-each insurance ~mpany ooneerned 18 herebyy~authorized and directed to make payment for such loss du~ectl to Mortgagee instead of to Mortgagor and ivlortgagee ointly, and the insurance proceeds, or any part thereof, may be appled by Mores gages at its option either to ~e reduction of the indebtedness hereby secured or to the restoration or repair of # the property damaged. In event of foreclosure of this mortgage~~or other transfer of title to the mortgaged property in extinguishment of the indebtedness accrued hereby, all right, title, and interest of the Mortgagor in and to any insurance policies then in force shall prise to.the purchaser or grantee. R. If the preniiscs, or auk- part tlicmof, lx• conrlewned under the power of eminent doruarn, or acquired [or a public use, the. damaKes awarded, the pra~ecds for the taking of, or the consideration for suit acqutsuaon, to the extent of the full- amount of the rc•rnaining unpaid indebtedness src•umd b~• this uiorttLaKe, air hen•b~• assiKrieci to ihr vfortgagec, anti his hairs or assit;r~s.:titrl shall l_n• ptud_lorticwiUi_to -saitl ~4ortgagee or his assignee to be applied on acrount of Uic last ruaturwg installnrcnts of sur•h indebtedness; provided, however, the ~lortgugeP or his nssiKnce, nra~• at his disc•rr~tion pa~• dimrt to the Mortgagor, his hairs or n~igns and part - or all of such award; provided, that i! the loiin is guarantercl or insured, the consent of the guarantor or insurer is obtained in advance o[ said pa~•nient. The Mortgagee may. at any dune 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 ail and singular the income, profits, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged ae if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made: by Ruch court as an admitted equity and a matter of absolute right to said Mortgagee, and-without reference to tha adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the delendants. Such- rents, profits, income, issues, and revenues shall 1te applied by such receiver according m the lien of this mortgage and the practice of Such court. Zn the event of any default oa the part of the Mortgagor Hereunder, the Mortgagor agrees to pay w Lhe Mortgagee on demand as a reasonable men+.hly rental for the premises an amount at least ~ equivalent to one-twelfth 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. _ _ tO.In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that i 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 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 ~I in said-note thenlemaining unpaid, with interest r.ceruci to that time, and all moneys secured hereby, shall become 'I due and payable forthwith, or thereafter, ~•t the option of said Mortgagee, as fully and completely as if all of the # j said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to the contrary notwithstaodinR; and thereupon or thereafter, at the option of said Mortgagee, without notice ar i demand, suit at law or in egtirty, may be prosecuted as if all moneys secured hereby n:+~d matured prior to its institu- lion. The ~fortgagre may foreclose this mortgage, as to the amount so declarr+d due and payable, and the said { premises shall be soil to satisfy and pad the same regether wiili costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the nic?rtgags•d promises shall be sold subject io the continwr~g lien of this mortgage fir the amount of the debt not then clue aria unpaid. in such case the provisions of this paragraph may again he availed of thereafter from trine w time icy tree l~fortgagee. No waiver 4f any covenant herein or of the obligation secured hereby shall at any tone thereafter be held b be s waiver of the terms hereof or of the note secured hereb;•. i3. The lien of this inatrumeut 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. la. 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 attorney's fees) made by the Mortgagee in so doing shall draw interest at the rate providrd for in the principal indebtedness, and shall be repayable thirty {3t)) days after demand, and, together with interest and costs accrued thereon, shall be secured by ( this mortgage. - , :d. upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improvement, main- ; tenants, or repair of said premises, !or 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 iI 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 indebtednes and shall be ayable in approximalPiy equal monthly pa ments for such period ss 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 _ciaturity of the note first described above. i