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HomeMy WebLinkAbout2501 tender to the ;Mortgagee in accordance with lt?e ptkivitious of the note secured l+ereby, full pay+nent of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the an+ount of such indebtedness, credit to the account of tLe '.1lortgagor any credit balance remaining under the provisions of (a) of said paragraph 2. It there shall be a default under any of the provisions of this uiortga~e resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the couunenrement of such proceedings or at the time the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding se a credit on the interest accrued and unpaid and tl?e 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, fines. o= impositions, for which provision has not been made hereinbefore, sad in default thereof the Mortgagee may py the flame; and that he 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 wear and tear; and in the event- of -the failure of the Mortgagor to keep the buildings on eeii~ premises sad those to be erected on said premises, or improvements thereon, in good regale, 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 after demand. and shall be secured by the lien of this mortgage. 6. He will pay all and singular the costa, 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 Mortgagor promptly sad fully to perform the agreements and covenants of said promissory note and this mortgage, and said coats, charges, and expenses shall be immediately due and payable and shag be secured by the IIen of this mortgage. 7. He will continuously pugintsin hazard insurance, of such type or types and amounts ss Mortgagee may from time to time require, on'the improdements now or hereafter on said premises, and except when payment for all such premiums. has theretofore been made under (a) of paragraph 2 hereof, he will pay promptlyy when due any premiums therefor. All insurance shaA be earned in companies approved by 111ortgsgee 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. In event of loss be will give immediate notice by marl to Mortgagee, and Lortgagee may make proof of loss it not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss duectly to Mortgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mores gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoratSon or repair of the property dammed. In event of foreclosure of this mortgage- or other transfer of title to the mortgaged property m 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. R. if the premises, ar an}• part thereof, be condenn+ed under the power of eminent. dou?u?n, or ace{aired for e public use, tl+e dan?agcs awarded, the procce+{s for tl+c takinK of, or the ronsidr•ralion for such acqu~s+t+on, to the extent of the full uu?ount of the remaining unpaid indebtedness serurcd by tl?is n?ortkaKe, am l?ereb~- assigned to the Mortgagee, and his heirs ur as_tiigns, and ~Lall hr paid forti?w•ith to said Mortgagee or 1?is assignee to lx' applied on account of the last n?aturu?g instalhuents of such indebtedness; provided, i?owever, the Jlortgugee or his i?ssignee, +uuy at 1?is di.•+eretioi+ pad' din•ct to the Mortgagor, his heirs ur assigns any part or ell of suel? aH~erd; provided, that if the loan is guaru?u•ed or insun•d, the consent of the guarantor or insurer is obtained in advance of said paynu•nt. !t~ 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 sad habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Aiortgagee, and without reference to the adequacy or inadequacy of the value of the property mortgaged or to the solvency or insolvenc}• of said Mortgagor or t'ie defendants. Such rents, profits, income, issues, and revenues shall tae 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, the Mortgagor agrees Lo 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 insEalTments payable in the then current t year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year ~ not covered by the aforesaid monthly payments. f 10. In the event of any b*eac6 of this mortgage or default nn the part of the Mortgagor; or in the event thai any of said sums of money herein referred to be not promptly sad fully paid according to the tenor hereof, or in the : event that each sad 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 n.oneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely es 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 ;vortgagee, without notice. ar demand, suit at law or in equity, may be prosecuted as if all rnoaeys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due sad payable, and the said premises shall be sold to satisfy and pay the sa+ne together with costa, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged promises 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. 11. No waiver of any covenant herein or of the obligation secured hereby shall at stay time thereafter be held ~ _ to be a waiver of the terms hereof or of the note secured hereby. I'?. The lien of this instnunent shall remain in fall force and effect during any postponement or extension of ~ the time of payment of the indebtedness or any part thereof secured hereby. I:i. 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 E in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable F thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. 14. Cpon the request of the Mortgagee the titortgagor shall execute and deliver s supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modcrmzation, improvement, main- , tenance, or repair of said premises, for taxes or as.~cssments against the same and for An}-ocher purpose author- izFd hereunder. Said note or notes shall be secured hereby on a parity with and as 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 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 o[ the sum or sums so advanced shall be due and payable thirty (30) days after demand s by the creditor. In ao event shall the maturity extend beyond the ultimate eaturity of the note first described above. oo (j~ ?!1~1R~~0 PAGE~~JV