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HomeMy WebLinkAbout0984 i a~ ~ 1 leader to the Mortgagee in aceordsn:.a. witlt the_ jrOtjsions of tine note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such iadabtedneas, credit to the account of the Mortgagor any. credit balance remaining under llre provisions of (a) of said ph 2. It there shall be a dais t under any of the provisions of this rnortga~e resulting in a public sale o the premi9~s covered hereby, or it the Mortgagee acquires the property otherwise attar default, the Mortgagee, i>s trustee, shall apply, at the time of the coirunencement of such proceedings or at the Lime 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 the balance to the principal then mmaining unpaid on said note. 4. He will pay all takes, aseeseanents, wat~ec rates, and other governmental or municipal charges„ fiaea, sac impositions, for which provision Las not been made hetraabefore, and is default thereof the Matgtrgee may pay the rams; and that be will promptly deliver the offiard receipts tberefor to the Mortgagee. b. He will permit, commit. or suffer no waste; impairment, or deterioration of said property or asy part thereof except reasonable ~ ear and tear sad in the event of the failure of the Mortgagor to keep the buildings oa sai~ premises and those to be erecte~ oa said preao~ises, or improvements thereon, in good repair the Mortgagee may make such repairs as in its dieent~on it may deem necessary for,the proper preservation thereo>~ and the full amount of each and every such payment stall be due and payable thirty -(30) days attar demand, an~ shall be secured by the lien of-this mortgage. 6. He will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs ~ of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Morr promptly and fury to perform the agreements and oovenanta oaf said promissory note and thia•mortgpge costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of t-hia ortgpge. ~ 7. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee ma t from time to time require, on the improvements now or liere3fter on said premises and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof. ~e will pay promptly when due any premiums therefor. All insurance shall be.carried in eompaniea approved by Mortgy~~ and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable cl~ausee in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may- make,proof of Ions if not made promptly by Mortgagor, and each insurance company concerned is hereby authorised and directed to make payment for such lose directly to Mortgagee instead of to Mortgagor -and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be s_pp7led by Mortr gages at its option either to the 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 secured hereby, a~l right, title, and interest of the Mortgagor is and to any insurance policies then in force shall pass to the purchaser or grantee. 8. If the premises, or any part thereof, be condenured under the power of eminent. donran, u~ acquired for a public use, the dauiaKes awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b.• this mortgage, are hernby assigned to the Mortgagee, and his I?eirs or assigns, and shall lx' paid forthwith to said tiiortgagec or his assignee to be applied on account of the last niaturinK installments oi_sueh indebtedness; provided, however, the Mortgagee or his ussi~nee, way at Iris discretion pad- direct to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the loan is Kuuranteed or insured, the consent of the guarantor or insurer is obtained in aclvance of said payrrrerit. 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 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 sa if specifically set forth and } described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted k 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 steal! 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 Mortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount ut least equivalent to one-twelfth (~z) 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. ( i 10. in the event of any beach of this mortgage or default on the part of the Mortgagorf or in the event that any of i;aid 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 perforaned; then in either or any such event, the said aggregate sum mentioned in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the -option of said Mortgagee, sa fully and completely as if all of the said sums of money were origfinally stipulated to be paid on such day, anything in said note or in this mortgage to the 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, sa to.the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold'subject to the continuing lies 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. I l . No waiver of any covenant herein or of the obligation secured hereby shall at say 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 eBect during any postponement or extension of S the time of payment of the indebtedness or any part thereof secured hereby. ~ 13. If the Mo rtgagor 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 resa~nable attorney's fees) made by the Mortgagee in so doing shsrll draw interest st the rate provided for in the principal indebtedness, and shall be repayable thirty (30) 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 i notes for the sum or sums advanced by the titortgagee for the alteration, modernization, improvement, main- tenance, 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 i[ the advance t evidenced thernby 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 syable in approximately equal montbly pa ants for such period as may be agreed upon by the creditor and debtor. Failing to agree on the 3 maturity, the whole of the sum or sums so advanced shall be due and pay able thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultimate raatwity of the note first ~eacribed above. Rflo[e / f~11~~ ~~7• l