Loading...
HomeMy WebLinkAbout0698 ~ ' - ~ _ ~ ' 1 C tender to the Mortgagee in secor+di?~ga with` a pqo `iaions of tl~e note sec red'~ceceby, f payment of the ~ entire indebtedness represented lherbbv, the ~ortg~t~ee, as trustee. shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor~any credit balance remaining under the provisions of (s) of said paragraph 2. If there shall be a default under any of the provisions of this inortga~e resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwtse after default, the Mortgagee, as trustee, shall apply, at the time of the canmencement of such proceedings or at the time the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and flee balance to the principal then remaining unpud on said note. _ 4, He will pay all taxes, asseesnnente, wales rates, and other governmenW or municipal charges, •fiaa, os impositions,-for which provision has not been made hereinbefore, and is default thereof the Mortgagee may pqy tbs same; and that be will promptly deliver the olScial receipts therefor to t!~ Mostg~agea b. He will permit, commit, or suffer no waste, impairment, or deteriorstioa of add property or an part thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on ed~ premises and those to be erected on said premises, or improvements thereon, is good repair the Mortgagee may make such repairs as in its discretion it may deem aeoeesary-for the proper preservation Wereo~, sad the full amount of each and every such payment shall be due and payabb thirty (30) days alter demand, and shall be secured by the lien of this mortgage. _ - 6. He -will pay all and singular the costs, charges, and ezpensee, including reasonable Lwyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee be~cawee of the tailors on the part of the Mortgagor -promptly and fully to perform the agreements sad ooveaants of said promissory note and Win mortgage, and add costa, charges, and- expenses shall be immediately due and payable sad shall be secured by the lien of this mortgage. 7. He-will eontiauoualvy maintain hazard insurance, of such typei or types and amounts as Mortgagee may from time to time require, gg~ .the ip~provementa now or hereafter on said premises and except when payment for all such premiums has th`eretofOre been made under (a of paragraph 2 hereof ~e will pay promptly when due any premiums therefor. All insurance shall be carried m companies approved' by 1liortgagee and the poli- eies-and renewals Wereof shall beheld by Mortgagee and have attached thereto loss payable clauses in favor of and inform acceptable to the Mor In event of loss 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 hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and rho insurance proceeds, or any part thereof, may be app •ed by Mortr - ~ gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of We property dammed. In event of foreclosure of thin mortgage or other transfer of title to the mortgaged property in tsxtingwshment of We indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pass to the purchaser or grantee. - 8. I( the preiuist•s, or and- part thernof, be rondenmed under the power of en~inent• domain, or acquirnd for a public use. the damages awarded, the proeecds for the taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness sec•urnd b~• this_ u~ortgage, am hereb~- assigned to the Mortgagee, and his heirs or assigc~s, and shall be puid forthwith to said ~fortgagce or his assignee to be applied on account of the last maturing installments of such indebtedness; provided, however, the Mortgagee or his assignee, mad at his cliscrntion par dirnc•t to the Mortgagor, his heirs or assigns any Part or all of such awanl; provided, that if the loan is guaranteed 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 We court having jurisdiction Wen~of for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby sU and 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 forW 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 Mo:*..gagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premiaea_an amount at least equivalent to one-twelfth (y~z) of We aggregate of the twelve monthly installments payable in We then current year plus the actual amount of We annual taxes; assessments, water rates, and insurance premiums for such year sot covered by the aforesaid monthly payments. 10. In We event of any beach of this mortgage or default on We part of the Mortgsgor~,Qr in We event that any of said sums of money herein referred to be notpmmptly and fully paid according to the tenor hereof, or in the event that each and every We stipulations, agreements, conditions, and covenants of said note and this mortgage, 3 are not duly, promptly, and fully performed; then in either or any such event, the s~regate sum mentioned in add note then remaining unpaid, wiW interest accrued to that time, and all moneys'secured hereby, shall become due and payable forthwith, or thereafter, at the option of said 1liortgagee, as fully and completely as if all of-We said soma of money were originally stipulated to be paid on such day, anything in said note or in Wis mortgage to We 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, as to the amount aD declared due and payable, and the said premises shall be sold to satisfy and pay the same together with coats, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall: be sold subject,to We continuing lien of this mortgage for the amount of the debt not then due and unpaid. Ia 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 We obligation secured- hereby shall at any time thereafter be held to be a waiver of the terms hereof or of We note secured hereby. • 12. ThE lien of this instrument shall remain in full force and effect during say postponement or extension of the time of payment of We indebtedness or any part thereof secured hereby. 3:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said cote, then the Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgages in so docng shall draw interest at the rate provided for in We principal indebtedness, and shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, sl?all 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 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 if 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 payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, tfie 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 rsaturity of the note first described above. OR