HomeMy WebLinkAbout0802 lender to the tilortgageN in accordance with the prov~ious of the note secured hen•by, full payment of the
entire indebtedness repn~sented thereby, ti?e Mortgagee, as trustee, shall, in con?putinK the amount of sucl?
indebtedness, credit to the account of tl+e Mort egor any credit balance remaining w?der the provisions of (a)
of said paragraph 2. It there shall be a defau~t under any of the provi.9ious of this nwrtga~e resulting in a
public sale of the premises covered I+errby, or if the :Liortgagce acquires the property otherwtse after default,
the Mortgagee, as trustee, shall apply, tt;t the time of the cotnncencement of such proc•eedinga or at the time
the property is otherwise acquired, the amount then remaininKK to credit of 4lortgagor under (e) of paragraph 2
preceding as a credit on the interest accrued and unpaid and file balance to Uce pruictpal then rcuisiatng unpatd
on said note.
4. He wiU pay all taxes, assessments; water rates, and other governmental or municipal charges, fines. or
iaapositiona, for which provision has not been made hereinbefore, and in default thcruof the Mortgagee may pay the
same; and that be will promptly deliver the oflicial receipts therefor to Lbe Mortgagee.
5. He will permit, commit, or sutler 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 ts?ay
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and the lull amount
of sash and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by
We lien of this mortgage.
6. He will pay all and singular the costs, 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 said
coats, 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 satd 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 preauums therefor. All insurance shall be carried in companies approved by Mortgagee 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 vlortgagee.. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of loss rf not made promptly by Mortgagor, and each insurance company
concerned is herebyq authorized and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and ortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mori
gages at its optton either to the reduction of the indebtedness hereby secured or to the restoratton or repair of
the property dammed. 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
rn and to any insurance policies then in force shall pass to the purchaser or grantee.
R. !f the prei?+ise., or a??y part thc•mof, be condeu+nect under the power of en?inent doma+i+, or acquired for
a public use, thc• dan+ug+•s uw~arded, the proc•recls for tl+e [akin{: ot, or the c•misideration for suc•1+ acqu?s?tion. to
the extent of the full amount of the rc•n?ainiug unpaid iudel?tedness secured br this u+ortgagr. are hemb~-
ussigned to the ~tortgager, and his heirs or assi;:m, and ~L;+I! be paid forthwith to said ~fortga~?,•~ or hi.,
assignee to tx• applied oi? aeeount of thc• last u?aturm~ instalh++ents of such indebtednc_s.,; pru~•ided, ho~ye~•er,
the Mortgagee c,r his assiKnee, n+uy at his dis,•r,•tio++ pad- clircct to the ~Iurtgagor, liis heir ur ussi~c+s any part
ur all of such award; provided, that if the loan is guar:uiteed or i?+sun•d, the ronseut of the guarantor or insurer
is obtained in adyanc~ ai said pu~•nu•n1.
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 promises 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 ss if ap~ci6cally set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made bpsueMtrotir~a~'Artadmitted
l equity and a matter of absolute right to said Mortgagee, and without reference to the adequAey or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said :tiortgagor or t!ie defendants. Such
rents, profits, income, issues, and rovenues shall be applied by such receiver according to the lien of this mortgage
j and the practice of such court. In the event of anx default on the part of the Dortgagor hereunder, the Mortgagor
i agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
j equivalent to one-twelfth (Yjy) 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
E not covered by the aforesaid monthly payments.
~ 10. In the event of any b-each 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
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 1~iortgagee, ss 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 viortgagee, 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 costa, expenses, and allowances. In case of partial
a foroclosure 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.
l 1. No waiver of any covenant herein or of the obligation secwed hereby si;all 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 romain in full force and effect d~iring any postponement or extension of
We time of payment of the indebtedness or any part thereof secured hereby.
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, and all expenditures (including reasonable attorney's fees) made by the hlortgaaee
3 in so doing shall draw interest at the rate provided for in the principn{ indebtedness, and shall be repa~•able
thirty (30) days alter demand, and, together with interest and costs accrued thereon, slcall. be secured by
this mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall c_xec;+.t~• and ~lel:=•cr s supplemental note or
notes for the sum or sums advance<I Dy the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against Lhe 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 principa) indebtedness and shall be ayable in approximately equal
monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
r maturity, the whole of the sum or sums so advanced shrill be due and payable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate ciaturity of the note first
g described above.
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