HomeMy WebLinkAbout2272 tender to the Mortgagee in accordance with the provisions of the note secured iiereb~ , full pay ~i~ent of the
entire indebtedness represented therebv, the Mortgagee, ss trustee, shall, in computing the amount of aucl~
indebtedness, credit tD the account of the Mortgagor any credit balance remaining under the provisions of (a)
of said paragraph 2. 1f tl,eie shall be s default udder uriy ut tl.r pfvvi3iv:~ of ibis ~::ortga~e resultir:g in a
public sale of t?~e premises covered hereby, or if the Mortgagee acquires the property otherwise after default,''
the Mortgagee, as trustee, shall apply, at the time of the canmencement of such proceedings or at ti,e time .
the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2
preceding sa a credit on the interest accrued end unpaid and the balance to the principal then remaining unpaid
on said note.
4. He will pay all taxes, seeesements, water rates, and other governmental or municipal charges, fines. of
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that hs will promptly deliver the official receipts therefor to the Mortgagee.
b. He will permit, commit, or suSer 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 on se3~
premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may
r,~alce bush re~il-a as in iys discret+on it may deem necessary for the groper pteacrvatica !hereof, sad the full amostat
of each and every such payment shall be due and psyabb thirty (30) days after demand, and shall be secured by
the lien of this mortgage.
6. He will pay all and singular the poets, charges, and expenses, including reasonable lawyer's fees, and poets
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
poste, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft ' 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 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 premiums therefor. All insurance shall be carried in companies approved by 111ortgagee 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 he will give immediate notice by mail to Mortgagee,
and J'Iortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned 4s hereby 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 app 'ed by Mort.- -
g.gea at its option either to t e reduction of the indeb*~dness hereby secured or to the reat~ratlc~n or repair of
the property dammed. 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.
R. If the premises, or an~• part then•of, }xa condemned under the power of eminent. donwu,, or acquired for -
a public use, the dan,aKes awarded, the proceeds for the taking of, or the consideration for acct ac•yusition, to
the extent of the full au,ount of the ren,sining unpaid indebtedness secured b~- this n,ortgake, are hemb~•
assigned to the Mortgagee, and 1?is heirs or assigns, and skull be paid forthwith to acid Mortgagee or his
assignee to be applied on account of the lust n,uturu,r iustallnu•nts of such indebtedness; provided, however,
the \iortgugee or his acsiKnee, n,u~• ut his discretion pad- direct to the VlortgaRor, l?is heirs or assi{;ns any part
or all of such awanl; provided, that if the louu is 1?uunurieed or insured, the consent of the guarantor or insurer
is obtained in advance of said pu~•n,cnt.
9. 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 ae if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
e({WLy anU S Wa~lCf Vl xwV?U6c ll~u4 W oo,u a~aVl l~oacc, aua~ aa.aavuv acacacuw w vans; oucyuvv) va auawa.y uaw~ v
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 lle 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
i agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
~ equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the theL 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 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
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 acerued 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 ~r
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 eD 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 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 during any postponement or extension of
the tune of payment of the indebtedness or any part thereof secured hereby.
I:i. If the Mortgagor default in any of the oovenanta 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 Mortgages
in so doing shall draw interest at the rate provi~lecl (or in the principal indebtedness, and shall be repayable
thirty (30) days after demand, and, together with interest and casts 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 by the Mortgagee for the alteration, modernization, improvement, main-
_ tenance, or repai- of said premises, for taxes or assessments against the same and for and other purpose 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 ayable in a proximately 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 of the sum or sums so advanced shall be due and pa~•at,le 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.
Re-Rec~>i a;K319 PacE~fiO ~~3~~
au:t~~ i?~Z