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HomeMy WebLinkAbout1115 • Y tender to the Mortgagee in accordance wit~~ the pep ' iprta of tl?e note secured hereby, full payment of the entire indebtedness represented thereby; the' Morteet ~ trustee, shall, in computing the amount of such indebtedness, credit to the account of tl~e Mortgagor any credit balance remaining under tl~e provisions of (a) of said paragraph Z. It there shall be a default under any of tl~e provisions of this uiortga~e resulting in • public sale of the premises covered hereby, or if Lhe Mortgagee acquires the property otherwrse after default, the Mortgagee, as trustee, shall apply, at the time of the cornrnencement of such proceedings or at the time the property m otherwise acquired, the amount then rerrraining to credit of Mortgagor under (s) of paragraph 2 preceding as a credit on the interest accrued and unpaid and tl~e balance to the principal then remaining unpud on said note. 4. He will pay all taxes, aaeoesmeats, water rates, and other governmental or municipal eharges, fines, ~ 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 receipts therefor to the Mortgagee. Q He will permit, commit, or suffer no waste, impairment, or deterioration of said property otr an part thereof except reasonable wear and tear; and in the event of the isilun of the Mortgagor to keep the buildings on sai~ 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 neoesssry for the proper preservation thereo~, sad the full amount of each and every such payment shall be due and payable thirty (30) days suer demand, and shall be secured by the Ikn of this mortgage. 8. He will pay all and singular the costs, ebargea, and eorpensea, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by tthhee 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. He will continuously maintain hazard insurance, of such type or types and amounts as Mo may from time to time require, on the improvements now or hereafter on said premises and except Mb~ment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, ~re will pay promptly when due any premiums 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 is favor of and in form acceptable to the Mort~sgee. Ia event of loss he will give immediate notice by mW to Mortgagee, and Mortgagee may make proof o toss if not made promptly by Mortgagor, and each insurance company concerned is 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 applied by Mortr gages at its option either to-the reduction of the indebtedness hereby secured or to the restoratwn or repair of the property dsma~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property w extrngurshment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor rn and to any insurance policies then in force shall press to the purchaser or grantee. 8. If the prcmiscs, or and- part thernof, be condemned under the power of eminent dar~~aui, c,r acquired for a public use, the clamaKes awarelecl, tlii• pra•eecls for tl~e taking of, or the consicieration for such ac•yuisition, to the extent of the full amount of the ren?sining unpaid indebtedness secured b.• this n?ortgage, are hereb~- assiKned to the Mortgagee, and hi.S heirs or assi~?ns, and shall be paid forthwith to said Mortgagee or his assiKnee to be applied on account of the last maturing installments of such indebtedness; provided, hoKC~er, the LtortKuKee or 1?is assiKnee, mad- at his c1i.Seretion pad- direct to the Mortgagor, his heirs or assiKns any part or all of such award; provided, that if the loan is Kuaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. 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, profile, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mort~gecl ,sa if apltciffoally~set described in the granting and habendum clauses hereof. Such appointment shall be made by such ~aa sa adm[t#s~ equity and a matter of absolute right to said Mortgagee, and without referenowto the adequaeyt or? inadetrra~? the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t:re defendants. Sueh~ 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 cuezent yeas plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year f sot covered by the aforesaid monthly payments. 10. 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 ae 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 therea~iter, at the option of said- Mortgagee, 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, ss to the amount sD 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 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 sad 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 pecured 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 time of payment of the indebtedness or any part thereof secured hereby. 13. 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 provided for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, s}rall 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 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 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 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 t-he 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 maturity of the note first described above. n~`~3~(l pl~i~.~