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HomeMy WebLinkAbout2744 tender to the Mortgagee in accordance with the provisions of flee note secured lrerebv, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing flee arrrount of such indebtedness, credit to the account of t)re Mortgagor any credit balance remaining under the provisiors of (a) o! said paragraph 2, if there al?all be a default under any of the provisions of this mortgs~e resulting in g public sale of the preurisea covered hereby, or if the Mortgagee acgwres the property otherwise after default, the Mortgagee, as trustee, shall apply, at the tune of the couunencernent of such proceedings or at the time the property to otherwise acquired, the amount Uien reraining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and tyre balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, aaseamnenta, water rates, and other governmental or municipal charges, Saes, otr impositions, for which provision has not been made herainbeton, and in default thereof the Mortgagee maY 1?aY ~ acme; and that fie will promptly deliver the o~cial rooeipts therefor to the Mortgagee. b~ He will permit, commit, or au6er no waste, impairment, or deterioration of said property or any part thereof e:cept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings oa sai~ premises and those to be erected on said premises, or improvements thereon, in good repair, the Mo make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the f oust of each and every such payment shall be due and payable thirty (30) days after demand, wad shall be secured by the lien of this mortgage. 6. lie 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 Mortgagor promptly and fully b perform the agreements and covenants of said promissory note and thin. mortgage, and said costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. T. He will oontinuoualy maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on Lhe improvements now or hereafter on awed 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 shall be carrie~ in companies approved by Mortgagee and the h- 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 he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such lass directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mores gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dame&ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property rn extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor is and to any insurance policies then in force shall pass to the purchaser or grantee. R. If the prenrisc•s, or un~- port thereof, )x• condenu?ed under the power of eminent datuunr, or ace{uimd for a public use. the damages awarded. the pmreeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of t),e n•maining unpaid indebtedness serurnd h~• this nrortguge, are irerrb~- ussigned to ihr Mortgagee, and hip heirs or assigns, and shall be paid forthwith to sail Mortgagee pr his assignee to be• applie<I on account of the lust maturing iustullnients of such indebtedness; provided, however, the ~lortguKee or his assignee, nru~• at his discretion pu~• direct to the ~lortgaRor, his heirs or assigns an~• part or all of such award; provuled, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•nrent. 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 apeci6cally 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 Mortgages, and without reference to the adequacy or inadequacy of i the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such 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 Dart of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (yj y) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount. of the annual taxes, assessnnenta, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. i lU. 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 sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the i 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 I 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; sad 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 Y 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. i t { . 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'l. The lien of this instrument shall remain in full force and effect during any postponement or extension of - the time of payment of the indebtedness or any part thereof secured hereby. t 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 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 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- tenance, or repair of said premises, for taxes or as_~essments against the same and for s.ay other purpose author- ized 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 wrest shall be ayable in approximately equal monthly pa menu 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 the creditor. In no event shall Lhe maturity extend beyond tl,e ultimate c~aturity of the note first described above. afl~r 313 P~~E 27~$