HomeMy WebLinkAbout2294 tender to the Mortgagee in accordance with the provisions of tl?e note secured 1?ereby, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the pntount of suci?
indebtedness, credit to tl~e account of t}~e Mortgagor any credit balance remaining under the provisions of (a)
of said paragraph 2. there g4:s!! be a default under any of the provisions of this mortgage resulting in s
public sale of the premises covered itiereby, or it the Mortgagee acquires the property otherwise after default,
the Mortgagee, as trustee, shsU apply, at the time of the ca~i~nencement of such proceedings or at the time
the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2
preceding ae a credit on the interest accrued and unpaid and the balance to the prmc~pal then remaining unpaid
oa said note.
4. He will pay all taxes, aaeeeements, water rates, and other governmental or municipal charges, finer, ox
impoedtions, for which provision has not been made hereiabefore, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the Mortgagee.
b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof
except reasonsbb wear and tear; and in the event of the failure of the Mortgagor to keep the buildingA on sai~
premises sad those to be erected oa said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs as in its discretion it rosy deem necessary for the proper preservation thereo#, and the full amount
of each and every such payment shall be due and payabb thirty (30) days after demand, and shall be secured by
the lien of this mortgage.
6. He will pay all and singular the costa, and expenses, including reasonable Lwyer's Ease, sad costs
of sbstrscta of title, incurred or paid at any time bd
y~ortgagee because of the failure on the part of the Mortgagor
promptly surf fully to perform the agreements and covenants of said promissory note surf this mortgage, and said
costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of tLis mortgage.
T. He will continuously maintain hasard insurance, of such type or types and amounts as Mortgagee may
from time to time require, on Lhe improvements recce or hereafter on said premises and except when payment
for all such premiums has theretofore been made under (a of paragraFh 2 hereof ~e will pay promptlyy when
due any premiums therefor. All inswence shall be carried in companies approve by lliortgages 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 Mortgagee rosy make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereb authorized and duetted to make payment for such loss duectly to Mortgagee instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof. may be a_pp7ied by Mortir
gage-e at lta option either to t~e reduction of the indebtedness hereby secured or to the r~estorntaon or repair of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in 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 ~ the purchaser or grantee.
R. If the prnuiises, or any- part themof, be• conderonc<I under the power of eminent dou~au~, ur acquired for
a public use, the damages awanled, the proceeds for the Laking of, or the consideration for such acquisition, to
the extent of the full awount of the remaining unpaid indebtedness securnd br this mortgage, arc l~ercb~•
assikned to the ~lortgaKce, and his heirs or aasil;ns, and Shull he• paid forthwith to said Mortgagee or his
assignee to be• applied on account of the last maturu?K instalhuents of sucL indebtedness; provided, ho~c~er,
the ~lortKugee or his assiKnce, niay at his d~scn•tion pa~• din•ct to the Mortgagor, his licirs or assigns an~• part
or all of such award; provided, that if the Ioun is guaruntccd or insured, the consent of the guaraniar or insurer
is obtained in advance of said pa~•mcnt.
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 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
..:....,..a .......e...o .i,~..t..•...;oht f.~ w?..i Mnrtasaet!. and without reference to the adeouacv or inadeauacv of
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 at least
equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the annual taxes, asseffiments, water rates, and inaun~nce premiums for Ruch year
sot covered by the aforesaid monthly payments.
1 U. In the event of any breach 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 Mortgagee, as fully and completely as if all of the
said sums of money were originally stipulated to be paid ~n such day, anything in said note or in this mortgage to
the contrary notwithstanding; end thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit at law or in equity, may be prosecuted as it 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.
11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
F to be a waiver of the terms hereof or of the note secured hereby.
~ 12. The lien of this inbtrument shall remain in full force and effect Burin an t nement or extension of
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the tune of payment of the indebtedness or any part thereof secured hereby.
1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
Mortgagee may perform the esone, and all expenditures (including reasonable attorney's fees) made by the Mortgagee
in so doing shall draw interest at the rate provided (or 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 by the titortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and ss fully as i[ the advance
evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the rate prop ided for in the principal indebtedness and 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 payable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate raturity of the note first
described above.
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