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HomeMy WebLinkAbout0528 tender to tt?e :tlortgager in accordant•P with tl,e prov,s,ous of the note secured 1?ereb}•, full pa}•ment of the entire indebtedness represented therebv, the Mortgagee,, as trustee, shall, in con?puting the amount of such indebtedness, credit to the account of tlx~ \'iort ~agor ar,y credit balance remaining under the provisions o[ (a) of sail paragraph 2. 1[ there shall be a de[au~t under any of the provisions of this ???ortga~e resulting in a public sale of the preurises covered hereb~•, or if the tviortgagee acquires the property otherw,se after default, the Mortgagee, as trustee, shall apply, at the time of the couunencement of such proceedings or at the tine the property is oti?erwise acquired, the a,nount then remaining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the ,nterest accrued and unpaid and the balance to the principal then rernain?ng unpatd on said note. 4. He will pay all taxes, aseesamente, water rat~ea, and other governmental or municipal charges, tines. otr impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that be will promptly deliver the official receipts therefor to the Mortgagee. 5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof, except reasonable west and tear; and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the full amount of each and every such payment shall be due and payable thirty (30) days alter demand, and shall be secured by the lien of this mortgage. 6. He will pay all and singular the coats, charges, and expenses, including reasonable lawyer's fees, and coats of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this. mortgage, and eatd costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. IIe will continuously maintain hazard instuance, of such type or types and amounts as Mortgagee may from time to time require, on the improvements now or hereafter on said premtses and except when payment for all such premiums has the.>fetofore been made under (a) of paragraph 2 hereof, ~e will pay promptlyy when due any premiums therefor. All insurance shall be carried in companies approved by Ilfortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. Ia event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of :oss if not made promptly by Mortgagor, and each insurance company concerned is herebyy authorized and directed to make payment for such loss directly Lo Mortgagee instead of to 4lortgagor and 1~fortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortr gages at ,ta option either to the reduction of the indebtedness hereby secured or to the restoratton or repair of the property damaged. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property to extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor m and to any iosurnrice policies then in force shall pass to the purchaser or grantee. K. If the pre?uia•s• or u,?~• port tl?ereuf, bc• conde,nuec{ wider the` power of eminent doiuuur, or acquired for 6 iiiiiiiii' iiSC•, tlrt' tlr7irri1l'Pti riM'arllt•ll. IIIP prOPee(1j for t,lP tnklllg Of, OC file POASi(leratlOR fOC cU(•il ,tC(11i451tlo,l. LO the t•rtent of the full amount of the reniuining unpaid indt`btednt~s sw•urnd h~• this mortgage. ore IrerPl»- ussi~ned to the ~iorigukee, and hi. heirs t?r a:.igns, and Jr.,ll be pair) forthwith to suit) Mort}.?a{:PC• or hi_5 assignee to be ap{?licd 011 aCt•Q1N{t of the lust ,naturu+~ instullmr•nts of sorb indebtednPSS: provided, howe~•er, the Mortgagee t?r his assignee, nu,}- ut Ills disr•rntion pub- divert to the Mortgagor, 1?is hei,s or assigns nnv part or all of sut•h u~~•ard; provitlPtl, tl?at if the lr,:u+ is guarantrt•d or insured, the consent of the guarantor or insurer is obtained in advance of said pu~'uu•nt. The :Viortgagee 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 as an admitted 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 insohency of said Mortgagor or the defendants. Such rents, profitn, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of aucfi court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agreEw to pay to the Dortgagee on demand~as a reasonable monthly rental for the premises an amount at least f equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments pa}•able in the then current year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year i not covered by the aforesaid monthly payments. 10. In the event of any breach of this mortgage or default on the part of the N[ortgagor; 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 1 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 l the contrary notwithstanding; and thereupon or thereafter, at the option of said 1~iortgagee, 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 :tiortgagee 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 cafe the provisions of this par :graph may again be availed of thereafter from time to time by the Mortgagee. 11. 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 inet•rument shall remain in full force and efiecL during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. Ia. If Lhe Mortgagor 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 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 .z this mortgage. , i4. Upon the request of the Mortgagee the :1ortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improycment, main- tenants, or repair of said premises, for taxes or as.~e•ssments against the same and for say other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as ii the advance evidenced thereby were included in the note first described above. Said supplemental note or Holes shall 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 pa}•able thirty (30) days after demand by Lhe creditor. In no event shall the maturity extend beyond the ultimate ciat.urity of the note first described above.