HomeMy WebLinkAbout1067 tender to tl?e :1~iortgagee in ac;cordonce witl? he provisions of the note secured hereby, tull• pa~•ment of the
entire indebtedness represented thereby, the ~ortgagee, es trustee, shall, in con?putii?g the amount of such
indebtedness, credit to the account of the :MortgaKor nny credit balance reucaiu?ng under the provisions of (a)
of said paragraph 2. 1f there shall be a default under any of the provisions of this u?ortga~e resulting in a
public sale of the pret??i~es covered i?ereby, or it tl?e Mortgagee acyutres tl?e property otl?erwtse after default,
the Mortgagee, as trustee, shall apply, at the tiu?e of the commencement of sucl? proceedings or at the time
the property is otherwise acquired, the autount tl?en remaining to credit of Mortgagor under (a) of paragrapL 2
preceding as a credit on the ?merest accrued and unpaid and the balance to the principal t1?en remainu?g unpatd
on said note.
4. He will pay all taxes, assessments, water rat~ea, and other governmental or municipal charges, fines, otr
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipttc therefor to the Mortgagee.
5. He will permit, commit, or suffer no waste, impairment, or deterioration od 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 preacrvation 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 wiU pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costa
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. lIe will t~utinuously maintain hazard insurnnca, of such type or types and amounts as ylortgagee may
from time to time require, on the improvements now or hereafter on said premises, and except when payment
for all such premiums bas theretofore been made under (a) of paragraph 2 hereof, he will pay promptlyy when
due any premtums therefor. All insurance shall be carried in compantea approved by Mortgagee and the poli-
cies and renewals thereof shrill be held by tortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the 1?iortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of Ions it not made promptly by Mortgagor, and each insurance company
concerned is herebyy authorized and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and ?Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mort*
gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property to 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?iscs, ur:u?~- part thernof• be eondeunu•d under the power of cn?inent do?uu?u, ur acquired for
a public• use, the do?augew awarded, the proceeds for tl?c tuking c?f, or tl?e considerution for such argots:t ion, to
the rxtc~nt of th~• full a?uount of the ren?aininK unpaid indebtedness assured hr this ?uortgage, arc hereb~-
ussigned to thc• ~tortgagcc, uud hi. hefts ur ussignc, and shall hc• puid forthwith to raid ~tortgagec or his
assignee to tx• applied on ac•~•ount of the last n?uturu?g iustallnu•nts of suel? indebtedness; pre»-ided, hu~~•c~•er,
tl?e ~lortgut;ee or his :issignec, n?u~- at his discn•tion pub- direst to the Mortgagor. his hefts ur assigns un~• port
or ull of such u~~~urd; provided, thut if the luau i_s kuarantec•d or insured, the consent of tlu• guarsiitor or insurer
is obtained in ad~-ance of said pa~•nu•ut.
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 Labendum clauses hereof. Such appointment shall be made by such court as an admitted
t 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!?e defendants. Such
rents, profits, income, issues, and revenues shall 15e applied by such receiver according to the lien of this mestgaga
j and the practice of such court. In the event of any default on the part of the i~iortgagor 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 (3/Z) 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
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 ;4lortgagor; 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
f 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 11lortgagee, 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, stiff 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
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.
1 I~. No waiver of any covenant herein or of the obligation secured herel,y 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 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 pro~•idcd for in the principn) indebtedness, and shall be repayable
thirty (30) days after demand, and, together witl? interest and costs accrued tliereon, si?all be secured by
this mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall exec~?t~- and ~1~•I:•-,•t a supplemental note or
cotes for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and fur e.ny other purl?ose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as it 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 a~•able in approximately equal
monthly pa merits for such period as may be agreed upon by the creditor anti debtor. Failing t.o agree on the
maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate r.~aturity of the note first
described above.
319 PaGF 1W5
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