HomeMy WebLinkAbout0702 leader to the Mortgagee in accaurdanoe with the prd~diidhs oI tl+e note secured hereby, full payment of the
entire indebtedness repreeepted therebv, the Mortgagee, as trustee, shsU, in computing the euuount of such
indebtedness, credit to the account o! tl~e Mortgagor any credit balance remaining under tl~e provisions oI (a)
of said paragraph 8. If there shall be a default under any of the provisions of thcs ~aortga~e resulting in a
public sale of the premises covered hereby, or if the Mortgagee acquires-the property otherwise after default,
the Ibfortgagee, as trustee, shall apply, at the time of the canmencement of such proceedings or at tl?e time
the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2
- preceding as a credit an the interest accrued and unpaid and t1+e balance to the pnncipal then remam?ng unpaid '
on said note.
4. 8s wlll pay all to:es, asseeemeats, wates rates. and other ~overnmeatal or municipal charges, or
lmpoeitions, for which provision has not beau made hereinbefore, and in default thereof the Mortgagee may pa3? tbs .
same; and that hs will promptl3? deliver the official reoai.pts therefor to the Martaagee.
b. 8e will permit, commit, or suffer uo waste, impairmznt, or detereoration of Bald property ~ an part thereof
except reasonable west and tear and in the event of the failure of the Mortgagor to keep the building on sal
premises-and those to be erecte~ on said premises, or improvements thereon, is good repair the Mortgages may
make such repairs as in its discretion it may deem'neoeeaary for the proper preecrvstion thereo~ and the full amount
of each and every each payment shall be due and payable thirty (30) days otter demand, aa~ shall be secured by
the lien of this mortgage. - -
8. 8e will pay all and singular the coet0. chharges, and expenses, including reasonable lawyer's fees, sad costs
of abstracts of title, incurred or paid at any time by ~thhee Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the sgreementa and covenants of said promissory note and this. mortgage, -and-said
costs, charges, sad enpenees shall be immediately due and payable and shall be secured by th$ lien of tthhiiss mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may
from time to time require, on the improvements now or hereafter oa said premises and except when payment
for all such premiums has theretofore been made under (s of paragraph 2 heneof,'he will pay promptly when
due any premiums therefor. All insurance shall be carried in oompamea approved by+Mortgsgee and the poli- -
ciea and renewals thereof shall be held by Mortgages and have attached thereto loss payable c auses is favor of
and in form acceptable to the Mod btsevent of loss he will give immediate noti_
ce by mail to Mortgagee, .
and Mortgagee may make .proof ~ if not made -promptly by Mortgagor, and each insurance company
concerned is hereb suthorued sad directed to make payment for such loss directly to Mortgs~ee instead of
to Mortgagor and Mortgagee 'ointly, and the insurance proceeds, or any part thereof may be app~iad by Mortr
gages at its option either to ~e reduction of the indebtedness hereby secured or to t~e restoration or repau of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in 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 under the power of en+inent domain, or acquired for
a public use, tl+e clan+ages awarclccl, tl+e proceeds for tl+e taking of, or the consiclerntion for surl+ acyu+s+teon, to
the extent of the full amount of the remaining unpaid indebtedness aerated b~ this uortgage, am hereb~•
assigned to the tiiortgagee, nn~l his heirs or assigns, and shall lx• paid forthwith to said ~rtoregagee or.his
assignee to be applied on account of the last +++aturu+g installments of such indebtedness; prodded, Lowder,
the Mortgagee or his assignee, nine at his disrrntion par direct to the:~Iortgagor, his heirs or assigns and part
or all of sucl+ a~wartl; provided, flint if the loan is guava«tercl or insureel, tl+e consent of the 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 _ -
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
hereby all slid singular, including all and singular the income, profile, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if apeci6cally -set forth and
described is the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
equity sad s 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 t'~e defendants. Such
I! rents, proSta, income, issues, and revenues shall lse applied by such receiver according to the Tien 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 as a reasonable monthly rental for the premises an amount,at least
' equivalent to one-twelfth (~s) of the aggregate of the twelve monthly installments payable in the then current
year pIua the actual amount of the annual taxes, aonents, water rates, and insurance premiums for such year
not oover+ed by the aforesaid monthly payments. _
I 10. In the event of any beach of this mortgage qr defa~uit on the part of the Mortgagor; or in the event that
any of said sums of money herein referred to be not promptly and fully paid accordsng 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 ceinaini~g unpaid, with interest accrued to that time, and all moneys secured hereby, i,hall become
due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully sad completely as if all of the
said sums of money were originally stipulated to be paid on such day, anything iu said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the. option of said Mortgagee, without notice ar
demand, suit at law ar in equity, may be prosecuted as if ell moneys secured hereby had matured prior to its institu-
tion. The Mortgagee rosy foreclose this mortgage, ss to the amount so declared due and payable, and the -said
ppremises shall be sold to satisfy and pay the same together with casts, expenses, and allowances. In case of partial
foreclosure of this mortgagethe 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 case the provisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee. -
1 i. No waiver of any covenant berein 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.
13. If the Mortgagor default in say of the covenants or agreements contained herein, or in said note, then the
Mortgagee may perform the acme, and all expenditures (including reasonable attorney's fees) made by the Mortgagee
in so doing shall draw interest at the rate provided for iii the principal indebtedness, and shall be-repayable
thirty (30) days alter dematrl,-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 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 shelf bear
interest at the rate provided for in the principal indebtedness and shall be ayable in approximately equal
monthly pa meats 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 sums so advanced shall be due and payable thirty (30) days after demand
by the creditor. In no event shalt the maturity extend beyond the ultunate riatwity of the note first _ ,
described above. ~
j - gMr317 P,~~ 7(11