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HomeMy WebLinkAbout1510 tender to the 'Mortgagee in acxordanoe witl? N?e prov• na of tl?e note secured 1?eroby, tali payment of the entire indebtedness represented therebv,.,the Mpry~sSN, as trustee, shall, in computing the amount of such indebtedness, credit to tl?e account of tl?e Mortgagog any credit balance remaining under tl?e provisions o! (a) of acid raph 2. It there sl?all be a default under any of the provisions of this ti?ortga~e resulting in a public sal the premises covered hereby, or if the Mortgagee acqu?res the property otherwise after default, the Mortgagee, as trustee, shsA apply, at the time of the canmencement of such p*nceedinga or at the time the property is otherwise acquired, the amount then renamingg to credit of Mortgagor under (a) of psragraph.2 preceding as a credit on the interesC accrued and unpaid and ills balance to the principal then remaining unpaid on said note. - 4. He will pay all taxes, aeaeesments, water rates, and other ¢overnmental or municipal charges, ~6nes, o= impodtions, for which provision has not bees made hereiubefore, sad m default thereof the Ddottgagee may Pair the same; sad that be will Promptly deliver the o~eial reeeipta tberefor to the Mortgagee. b. He will permit, commit, or au6er no waste, impairment, or deterioration of said property or an part thereof esoept reaaonsbls wear and tear and is the event of the failure of the Mortgagor to keep the buildings on aai~ premises sad those to be erecte~ oa said premises, or improveuiieata thereon, in ;cod repair the Mortgagee may make such repairs as in its discretion it may deem aeoeesary for the proper pr~eecrvation thereo~, and the full amount of each and every ouch payment shall be due and payable thirty (30) days after demand, sad shall be secured by the lien of this mortgage. 6. He will Pay aU and singular the costa, chargce, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by tthhe Mortgagee because of the failure on the part of the Mortgagor P~PUY and fuA~r to Perlorm the agreements and covenants of said promissory note and thia•mortgage, an~3-said costs, charges, and expetses shall be immediately due and payable and shall be secured by the lien oft ' mortgage. 7. He will oontinuous~y maintain hazard insurance, of such type or t~pea and amounts as Mortgagee may from time to time require, on the iYnprovements now or hereafter on said premises and except when payment for all such premiums has Weretofoie bean maadde under (s of paragraph 2 hereof ~e will pay promptly when due any premiums therefor. All insurance shall be carried in oompaiuea spprove~ by Mortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto kiss payable crausee 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 o~i foss 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 the insurance proceeds, or any part thereof, may be applied 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 extuiguishment of .the indebtedness secured hereby, ofI right, title, and interest of the Mortgagor rn and to any insurance policies Wen in force shall pass to the purchaser or grantee. 8. If the prnmiscs, or ati~- part thereof, be rondenined under the power of eminent. don?am, or acquired for a public use, tl?e damages awarclecl, tl?c pioceecls for the taking of or the consiclerntion for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b~• this nortgage, am hernbti• assigned to the Mortgagee, and his heirs or assigns, and stall lie paicl forthwith to said Mortgagee or his assignee to be applied on acrount of the last maturiuK iustalluicnts of such indebtedness; proms icled, !?owcver, the ~'Iortgagee or his assignee, uin~ at his discretion pa~• dirnct to the Mortgagor, his belts or assigns am part or all of such award; provided, that if the loan is Kuaraitteed or insured, the consent of the guarantor or insurer is obtained in silvance of said pa~•ment. 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 acid 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 forth and described in We granting and hat~endum 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 ~i 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 acxording to the lien of this mortgage and the practice of such court. In the event of any default oa We 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 (~z) of the aggregate of the twelve monthly intstallments payable in the Wen current year plus the actual amount of the sanual taxes, aiFScesments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments 10. In the event of any breach of this inortgagg or default on the part of We. Mort®sgor; or.in•.We' event that 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 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, as fully and completely as if all of the said sums of money were originally 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, as to the amount so declared due and piiyable, and the said premises shall be sold to satisfy and pay the same together with casts, expenses, and allowances. 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 ease the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. 1 1. No waiver of any covenant herein 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 tbla 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. 1:3. If We Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee rosy perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgagee in so doing shall draw interest at 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 notes [or the sum or sums advanced t?y the Mortgagee [or the alteration, modernization, improvement, main- tenance, or repair oI said premises, for taxes or as.Cessments against the same and for any other purpose author- ized hereunder. Said note or notes shalt be secured hereby on a parity with and as fully as it the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest st We rate provided for in the principal indebtedness and shall be ayable in approximately equal monthly pa meets for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, the whole of t-he 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 maturity of the note first described above. B~GK31? pM~F1508