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HomeMy WebLinkAbout2935 1 teatler to the 'Mortgagee in accordance with the provisions o[ the note secured hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shag, in computing the amount of-such indebtedness, credit to the account of the Mortggagor any credit balance remaining under the provisions of (a) of said pph-4. It there shall be a deiruit under any of the provisions of this tnortga~e resulting in a public salthe premises covered_hereby, or it the Mortgagee acquires the property otherwise after default, ~ the Mortgagee, as trustee, shall apply, at the time of the cotntnencement of such proceedings or at the time the property to otherwise acquired, the amount then retraining to credit of Mortgagor under (a) of paragraph 2 preoedtrig, as a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid on ss~id note. • 4. 8e will pyr all taxes, aseeeements, water rates,- and other governmental or muaieipal charges, tines, oe - impoaitions, for which provision has not been made Itereinbetore, sad in default thereof the Mortgagee may pay the same; and that hs will Promptly deliver the oBcial receipts tberefor to the Mortgagee. b. Be will permit, eonnanit, or suffer no waste, impairment, or deterioration of,eaid property or thereof except reasonable wear and tear and is the event of the i ' ore of the Mortgagor to keep the on aait~ premises and these to be ereete~ on acid premiaea,' or improvements tbereoa, inn goal repair the Mortgagee may malts such repairs as in its discretion it may dge~ for the pm~er preservation thereo~, a~ the full amount of each and every such paytitent shall be due. i~ thirty (30) days after demand, and shall be secured by the lien of this' mortgage. 6. He will pay all and einguLr the costa, sad expanses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time~Mortgagee because of the failure on the part of the Mortgagor proanptly and fully to perform the agreements and covenants of acid promissory note sad this. mortgage, and area costa, charges, and expenses shall be immediately due and payable and aliaU be secured by the lien of t_hie mortgage. .T. He vRill oontinuouslvy maintain hsasrd insurance, of such type or. types end amounts as Mortgagee mad from time to time require, on the improvements now or hereafter on said premises and except when payment for all such premiums has theretofore bean made under (a of paragraph 2 hereof ~e will pay promptly when due any premiums therefor. All insurance shall be carried to companies approve by Mortgagee and the poll- cies and renewals thereof shall be-held by Mortgagee and have attached thereto loss payable auses in favor of and in form acceptable to the Mo In event of loss he will give immediate ngttce by mail to Mortgagee, and Mortgagee may make .proof if not made promptly by Mortgagor, and each tnsuranos company concerned is hereby authorized and directed to make ptiyment for such loss directly to Mottgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof rosy be app 'ed by Mortr gages at its option either to ~e reduction of the indebtedness hereby secured or to t~e restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property to exttnguiahment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force shall press to the purchaser or grantee. , 8. If the premises, or any part thereof, be condemned under the power of eminent domain, ur acquirnd for a public use, the damages awarded. the proceeds far the taking of, or the consideration for sucL acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b.• this mortgage, arc hereby assigned to the Mortgagee, and his Heirs or assigns, and shall be paid forthwith to said Mortgagee or his assignee to be applied on account of tt?e last uiatunnK iustallnients of such indebtedness; provided, however, the Mortgagee or leis assignee, may at leis clisc•retioti pa. clinc•t to the Mortgagor, leis Heirs or assigns any part or all of such award; provided, that if the loon is Kuarantecd or insured, the 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 aria 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. $uch appointment shall be mtlde by such court as an adl>Egitbll~ - ' ~ 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 defendaatsr :8trai rents, profits. income, issues, and revenues shall be applied by spch receiver acoordmg to the lien of this mortgage end 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 sa a reasonable wont y rental fur the premises an amount at least equivalent to one-twelfth (~z) of the aggregate of the twelve monthly instaWnenta payable in the then currant year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year not covered by the afore8aid monthly payments. 10. In the event of any breach of this mortgage or default on the part of the Mortgagors or in the 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 oovenanta 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 acerued to that time, and all moneys secured hereby, ahail become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ,is 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 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 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. _ t T. No waiver of aqy ooyepant herein or of the obligation -secured hereby shall st any time thereafter be held y to be a waiver of the terms hereof or of the note secured hereby. 's 12. The lien of thin instrument shall remain in full force and eBect 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 any v`_ the covenants or agrec::ments 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 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, shaft 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 by the ~lottgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or ss.Qessments 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 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 arable in approximately equal monthly psym~nts for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, the wbole 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 rsstwity of the note first described above. ~ ~ aa~ L~~7 Pt?GE~:~JI!