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HomeMy WebLinkAbout1266 tender Lo the Mortgagee in accordance wit!? cl?e provisions of tt?e note secured 1?ereb~•, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such indebteclneas, credit to tl?e account of tl?e Mortggagor urn credit balance remaining under tl?e provisions of (a) of said paragraph 2. ]t there shall be ~ default utlde~ my of ti?e provisions of this mortgage resulting in a public sale of the premises covered hereby, or if tl?e Mortgagee acqutree the property otherwise after default, the Mortgagee, u trustee, shall apply, at the time of the commencement of such proceedings or at tl?e time the property ?s otherwise acquired, the amount then re??tsiningg to credit of Mortgagor under (s) of paragrapl? 2 preceding as a credit on the interest accrued and unpaid and tl?e balance to the principal then remaining unpaid on said note. 4. life will pay ill taxes, aseeseanenta, water rates, and other governmental or municipal charges, fines, otr Impositions, for which p~rovisioa has not been made hereinbefore, sad in default thereof the Mort;pgee may pay the same; sad that he will promptly deliver the official receipts therefor to the Mortgagee. b. He will permit, commit, or suffer no waste, impairment, os deterioration of said property or anY part thereof except reasonable wear sad tear and in the event of the failure of the Mortgagor to keep the buildings on sai~ premises and those to be erecte~ on said premises, or improvements thereon, is good repair the Mo make such repairs as is its discretion It may deem necessary for the proper preservation thereon, and the t ounC of each and every such payment shall be due and payable thirty (30) days attei demand, and shall be secured by the lien of this mortgage. 8. He will pay all and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costa of abstracts of title, incurred or paid st 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 thiamo ,and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of~mortgage. 7. He will continuously maintain I~asard insurance, of such type or types and amounts as Mortgagee may from tune to time require, on t)ie~iWprovementa now or hereafter en sa?d premises and except when payment !or all such premiums has theretofore been made under (a of paragraph 2 hereof, ~e will pay promptly when due any premiums therefor. All insurance shall be carried in ewmpan~ee approved by lliortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in savor of , and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, , and Mortgagee may make proof-oi loss if not made promptly by Mortgagor, and each insurance company concerned is heteb 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 ?ts option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property u? extingu?shment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor w and to any insurance policies then in force shall pass to the purchaser or grantee. 8. If the pre?nisc•s, or nn~- purl thernof, Ix• condemned under thr powrr of eminent do?ua?u, or acquired for a public use, the dan?ages awarded, the proceeds for the taking of, or the consideration for such ac•yuisition, to the extrnt of the full au?ount of the remaining u??paid inciebteclness secured b~• this ?nortgage, are hernb~- assigned to the tortgagee, unct his heirs or assigns, and shall be purl forthwith to said \tongagee or his assignee to be applied on account of thc~ last n?aturiug installnicnts of such indebtedness; pro~•icled, t?oH•erer, the Mortgagee or his assignee, ?na~• at his disc•reNon pad- direct to the Mortgagor, his heirs or assigns an~• part or all of such aK•ard; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•rnent. 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 alt and singular the income, profits, issues, and revenues from whatever source derived, each sad every of which, it being expressly understood, is hereby mortgaged ss if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted 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 Lhe 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, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10.1n 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 Bum 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, 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 notw?thstanding; sad thereupon or thereafter, at Lhe 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, 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 subje~et 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 Lime by the Mortgagee. 11. 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. t2. 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 say part thereof secured hereby. 1:3. If the Mortgagor default is 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 do?ng 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, sl?all 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 oy 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 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 !or in the principal indebtedness and shall be syable in approximately equal monthly pa meets for such period as may be agreed upon by Lhe creditor and debtor. Failling to agree on the maturity, the whole of the sum or sums so advanced shat) 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. 3~;7K~~ tlt~~~ i