HomeMy WebLinkAbout0714 tender to the Mortgagee in accordance v?cith the proviajot~ of the acts secured hernb~•, full pa~•u?ent of the
entire indebtedness represented ttierebv, the :Mortgagee, ss trustee, shall, in computing the an?ount of such
indebtedness, credit to the account of tie ~4ort aKor any credit balance remaining under the provisions of (a)
of acid paragraph 2. !f there sl?all t?e a detau~t under any of tl?e provisions of this rnortga~e resulting in a
public sale of the premises covered hereby, or it tl?e Mortgagee acgwres the property otherwtse after default,
the Mortgagee, as trustee, stall apply, at the time of the cor??r??encen?ent of sucl? proceedings or at tl?e time
the property is otherwise acquired, the amount then reu?ainin~ to credit of Mortgagor under (a) of paragraph 2
preceding sa a credit on tl?e interest accrued and unpaid and t ?e balance to the principal then remaining unpaid
on said not~?.
4. He will pay all taxes, aaeeae~ments, wares rates, and other govetamenW or municipt?1 charges, fines, or
impositions, for which provision has not been made 6ereinbefon, and in default thereof the Mortgagee may p?y the
same; and that be will promptly deliver the official receipts. therefor to the Mortgagee.
5. He will permit, commit, or softer no waste, impairment, or deterioration of raid property or any part thereof, z
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 Saud premises, os improvements thereon, in good repair, the Mortgagee may ;
make such repairs as in its discretion it may deem necessary for the proper pteacrvation thereof, and the full amount 3
of each and every such payment Shall be due and payable thirty (30) days after demand, sad shall be secured by
the lien oI this mortgage.
6. He will pay all and singular the hosts, 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 to perform the agreements and covenants of Said promissory note sad this mortgage,"and Said
coats, charges, and expenses shall be immediately due and payable and ahaU be secured by the lies 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 sand premises, and e.~cept when payment '
for all such premiums has theretofore been made ?!nder (s; of paragraph 2 hereof ua will pay promptly when
due any premtums therefor. All insurance shall be carried in companies approve by I?lortg ee and the poli-
cies and renewals thereof shall be held by Mortgagee and Gave attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss fie 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 dnrected to make payment for stich loss directly to Mortgagee instead of
to Mortgagor and . ortgagee ointly, and the insurance proceeds, or any part thereof, may be app •ed by_Morw
gages at its option eithec to t~e reduction of the indebtedness hereby secured or to the restorataon or repair of
the property damaged. In event o[ foreclosure of this mortgage or other transfer of title to the mortgaged I
property nn extingunshment of,tbe indebtedness secured hereby, e~l rrght, title, and interest of the Mortgagor
ut and to any insurance policies' then in force shall. pass to the purchaser or grantee. ~
R- if thc• pren?isc•s, or un~- part thereof, 1?c• eundenu?ed under the pow•c•r of en?inent <lou;um, ur acquired for
a public use, the dan?ages awarded, the proceeds for the takinK of, or the consideration for such ucyuisition, to a
the extent of the-full ari?ount of the remaining ?.rr?pn_icl i::ctel?teclru•ss sec•urecl 1?}- this ~nurtgage, are hemb~•
ussi~!ned to the ~fortgaKee, and his hcin or assikns, and shall Ix• paid forthMitt? to said Mortgagee or his ~
assignee to 4?e applied on account of the lint maturiu~ installnu•nts of yuc•h indebtedness: prori~lyd, ho~rerer, -
the JfortguKee or his assignee, u?ay at his discretion pad- din•ct to tl;e Mortgagor, his heirs or assil:ns am part
or all of such aw-anl; prorrded, that if the touu is gu:?r:u?terd or insured, the consent of thc• guarantor or ii?surer
is obtained in advance of ,aid 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 alt and singular the income, profits, issue, 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
j 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 part of the Mortgagor hereunder, the Mortgagor
agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount st least
equivalent to one-twelfth (y12) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
4 sot covered by the aforesaid monthly payments.
~ 10. In the event of aG b-each of this mort
y gage or default on the part of the Mortgagor; or in the event that
4 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
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
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit at raw or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
lion. The :14ortgagee 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 tfiis mortgage
s 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.
j 1 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.
12. The lien of this instrument shall remain in full force and effect Burin an
the time of payment of the indebtedness or any part thereof secured hereby. g y postponement or extension of
t: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, sad 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 alter demand, and, together with interest and costs accrued thereon, shall be secured by
Chia mortgage.
14. L'pon the request of the ~for•tgagee the lortgagor shall execute and deliver a supplemental note or
note for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improrcmrnt, main-
, tenance, or repair of said premises, for taxes or as.~essments 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 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 payable in a proximately equal
monthly pa meats for such period as may be al;reed 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 parable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate caturity of the note first
described above.
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