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HomeMy WebLinkAbout1785 J ~ tender to the Mortgagee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee,_as trustee, shaA, in computing the aitiount of such ~ ' indebtedness, credit to the account of the Mortgagor any credit balance remaining under t}te provisions of (a) s of said p ph 2. It there shall be a default under any of the provisions of this tnortga~e resulting in a public sale o[ the premises covered hereby, or if the Mortgagee acqutrea the property otherwise after default, " the Mortgagee, as trustee, shall apply, at the Lime of the coinrnencement of such proceedings or at the time the property m otherwise acquired, the amount then reuisiningg 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 remaining unpaid on said note. 4. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, tines, o: ! - impositions, for which provision has not bees made hereinbefors, and in default thereof the Martgagee may pay the ~ same; and that hs will promptbr deliver the official receipts therefor to the Mortgagee. ; b. He will permit, commit, os suBer no waste, impairment, or deterioration of said property or asy part thereof eoceept reasonable wear and tear; sad in the event of the failure of the Mortgagor to keep the buildings on aai~ premises and those to be erected on said pramisee, or im vements thereon in re ~ make such repairs as is its discretion it-ms deem ~ good 1~ the Mortgagee may ~ of each and a such y ~Oe'seuy for the proper preservation thereon, and the full amount the lien of this mortgage~~at shall be due and payable thirty (30) days sitar demand, and shall be secured by t 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 Mo promptly and fully to perform the agreements and covenants of sa)d promissory note and this mortg~e, an and oasts, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. i 7. He will continuously maintain hazard insurance, of such type or t per and amounts as Mortgagee may ~ from time to time require, on the improvements now or hereafter on_ssi~premises and except when payment for all such premiums has theretofore been made under (s) of paragraph 2 hereof ~te will pay promptly when due any premiums therefor. All insurapce shall be carrieedd in companies approve by 1liortgagee and the poli- cies and renewals thereof shall beheld by Mortgagee and have attached thereto-loss payable cllause~ in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, - sad Mortgagee may make proof o3 roes if not made promptly by Mortgagor, and each insurance company concerned is hereb authorized and directed to make payment -for such loss directly to Mortgages instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mortr • gages at its option either to t~e reduction +of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property to extinguishment of the 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. U the prenrisc~, or and- part thernof, be roudeuined under the power of eminent doniam, c,r acquirrd for ? a public use, ills claiitaKes awarclecl, the proceeds for ills takingg of, or the consicletation for such acquisition, to the extent of the full amount of-the remaining unpaid indebtedness secured br this mortgage, arc hereb~- assigned to the Lortgagee, and his heirs or assigns, and shall bc• paid forthwith to said Mortgagee or his assignee to be applied on account of the last niaturinK installments of such indebtedness; provided, howc~•er, t the MortgaKe~ or his assignee, mad at his discretion pad- dircc•t to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the loan is Kuaranteed or insured, the consent of the guarantor ur insurer is obtained in advance o[ said pa~•nient. - 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 as if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court ss an admitted s ' equity and s matter of absolute tight to said Mortgagee, and without reference to the adequacy or inadequacy of - f the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or tae defendants. Such - r 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, tAe Mortgagor , agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least i equivalent to one-twelfth (yf z) of the aggregate of the twelve monthly installments payable in the theta current i year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year a not covered by the aforesaid monthly payments. 10. In the event of any beach of this mortgage or default on the part of the Mortgagor, or in the event that any of said soma 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 accreted to that time, and all moneys secured hereby, shall 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 in said note or in this mortgage to ~ the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ~ demand, suit at law or in equity, may be, prosecuted as if all moneys secured hereby had matured prior to its inatitu- j tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said _ premises shall be sold to satisfy and pay the same together with costa, 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 case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. 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 this instrument shall remain in full force and egect during any.poatponement or extension ~ { the time of payment of the indebtedness or any part thet~eof secured hereby. 1:3. If the Mortgagor default in any of the ~venants 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 ao doing shall draw interest at the rate provided [or in the principal indebtedness, and shall be repayable i r thirty (30) days alter demand, and, together with interest and costa 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 Dy the Mortgagee for the alteration, modernization, improvement, main- 4 tenancc, 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 ss 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 payable in approximately equal monthly pa meats for such period as may be agreed upon by the creditor-and debtor. Failli~ng 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 maturity of the note first described above. ~