HomeMy WebLinkAbout2295 tender to the tilortgiq;ee in accordance witl? the provisions of the Holt secured hereby, full pa~•n?ent of the
entire indebtedness represented thereby, the tiiortgagee, as trustee, shall, in cou?putii?g the amount of such
indebtedness; credit to the account of ti?e :1lortgeKor any credit balance n•n?aining under the provisions of (a)
of said paragraph 2. !f there sl?all be a default under any of the provisions of this nortgage resulting in a
public sale of the premises covered 1?ereby, or if tl?e 1~iortgagre acquires the property otherwise abet default,
the Mortgagee, as trustee, shall apply, at the time of the ronunencen?ent of such proreeclings or at tl?e time
the property rs otherwise aryuired, the amount tl?en reruaining to reedit of ~1ortKagor under (a) of paragraph 2
preceding as a reedit on the interest accrued and unpaid and the balance to the principal then reruaining unpaid
on said note.
4. He will pay all taxes, aseeeaments, water rates, and other governmental or municipal charges, Snee, os
impositions, for +vhich provisioa has not been made hereinbefore, and in default thereof the Mortgagee may pay the
Mama; and that be will promptly deliver the o8icial 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 wear 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 shag ba due and payable thirty (30) days after 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 twsts
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 said
costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage,
7. He will continuously maintain hazard insurance, of such type or types~and amounts as Mortgagee may
from time to time require, on the improvements now or hereafter on said premises, and e.~cept when payment
for all such premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by Mortgagee and the poli-
cies and renewals thereof shall be held by hfortgagee and have attached thereto loss payable clauses in favor of
and in focm acceptable to the Mortgagee. In event of logs he will give immediate notice by mail to Mortgagee,
and iortgagee rnny make _proot of loss it not made promptly by ;\iortgagor, and each insurance company
cx?ricerned is hereby authorized and detected to make payment for such loss directly to Mortgagee 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 in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee. .
K. If the pren~ises• or un~- part thrrc•uf• br rondenu?ed under the power of e•niinrnt dornuur, or aryuired for
a public use, tlu• <lunu?ges u~carded, ihc• pro?•i•?•rl+ fur the taking of, or the ronsidc•ratiun for such uryuisition, tt?
the• extent of thc• full uuu,unt of the rc•nrainurg ur?paid indc•1>tc•~Inr•ss ~~•+•un•d hr this u~ortgage, err herrb~-
ussignrrl to the ~lurlKak?•r• and his hr•ir~ or usigu;• an?1 sh:?II h?• paid forthH•itl_ to said ~Tortgugrr or his
assignee to bc• apl,lird un amount of the lust uu?turiug instullnu•nts of surli indrhtedn?•ss: provided, however,
the \lortgugee or Iris assigner, nr.?~- ut his,iisr•rrtion pa.- dirr~•t to the ~lortgagor• leis heirs or assigns an~• part
or all of such a~~•ard; provulecl, that if th?• loan is gu~rante•i•d or insured, tl?e ronseut of the guarantor or insurer
is obtained in advance of said pu~-nu•nt.
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 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 insolvency of said Mortgagor or t!ie defendants. Such
rents, profits, income, issues, and revenues shall be applied by such receiver according to Lhe lien of this mortgage
and the practice of such court. In the event of any default on the part of the :Mortgagor hereunder, the biartgagrr
agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount a*, 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 a~ual taxes, assessments, water rags, and insurance premiums for such year
s not covered by the aforesaid monthly payments.
Ill. In the event of any breach of this mortgage or default on the part of the Mortgagor; 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 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
s 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, ss fully and completely cis if all of the
8sid 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 ~r
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 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 tiiortgagee.
t 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.
t 2. The lien of this instrument shall remain in full force and e$eet during any postponement or extension of
the time of payment of the indebtedness or any part thereof secured hereby.
t a. If the 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 pro~•idcd for in the principal indebtedness, and shall be rcpa~•able
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
Ibis mortgage.
14. Upon the request of the :Mortgagee the Mortgagor shall execute and deliver a supplcmentai note or
~ notes for Lhe sum or sums advanced by the ~iortgagec for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and for sny other purpose author-
= ized hereunder. Said note or notes shall he secured hereby on a parity with and as fully as if the ad~•ance
evidenced thereby were included in the note first described above. Said snpplemrnta{ note or notes shall bear
~ interest at the rate rovided for in the
p principal indebtedness and shall be payable in approximately equal
monthly payments [or such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole o(the sum or sums so advanced shall be due and pa~•ablc thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate raturity of the note first
described above.
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