HomeMy WebLinkAbout1394 tender to the 1NortgugeN in accordance with the prottiaip,Os of the note secured hereb~•, full pa~•nient of the
entire indebtedness represented thereby, the hiortgsgee, as trustee, shall, in computing the amount of such
indebtedness, credit to the account of fire Mortgagor any credit balance remaining under the provisions of (8)
of said paragraph 2. It there shall be a default under any of the provisiaLS of this mortgage resulting in a
public sale of the prernisea covered hereby, or if the Mortgagee acgwres the property otherwise after default,
the Mortgagee, sa trustee, shall apply, at the tune of the commencement of such proceedings or at the time
the property is otherwise acquired, the amount then remainingg to ccedit of Mortgagor under (a) of paragraph 2
preceding as a ccedit on the interest accrued and unpaid and tl?e balance to the principal then remaining unpaid
on said note.
4. He will pay all taxes, aseeaements, water rates, and other governmental or municipal charges, fines, or
Impoaitians, for which provision has not been made bereinbefore, and in default thereof the Mortgagee may pay the
same; and that be will promptly deliver the official receipts therefor to the Mortgagee.
5. He will permit, commit, or suSer no waste, impairment, or deterioration of said property or as part tber+eof
except reasoaabb wear and tear; and In -the event of the failure of the Mortgagor to keep the buildings as 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 aeeeaeaty for the proper preservation thereof, and the full amount
of each and every ouch payment shall be due and payable thirty (30) days. after demand, sad tihsll be secured by
the lien of this mortgage.
6. He will pay all and singular the coats, charges, and expenses, including reasonable lawyer's fees, and costs
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 covenant8 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 Mortgagee ma
from time to time require, oz, Lhe,,~~mmpmvements now or hereafter on said premises, and except when payment
for all such premiums bas the~etiofore 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 Mortgagee 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 marl to Mortgagee,
and Mortgagee may make proof of Loss if not made promptly by Mortgagor, and each insurance company
concerned is herebyy authorized and duetted to make payment for such loss directly to Mortgagee instead of
to Mortgagor and ltiortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mori
gages at its option either to t~e 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 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 p~?ss to the purchaser or grantee. -
R. If the premises, or and- part thereof, be rondt•mneil under Uie power of en?inent. dornum, or acquired for
a public use, the damages awarded, the pro~•ee~ls for the taking of, or the consideration for such acyuisit~on, to
the extent of the full amount of the remaining unpaid indebte~lnc•ss secured h~• this mortgage, am hereb~-
assigned to the Mortgagee, and leis I:cirs or assigns, unit shall be p:yid forthwith to said ~lortgag~•e or his
assignee to be appliitil on account of the last maturing installuu•nts of such indebtedness: proviile~l, 1+owc•ver,
the ~tortuuger or his assignee, afar at his ~liscrntion pu~• direct to the Vfortga};or, his licirs or ussiKns am part
or all of such awanl; provided, that if the lOall LS i?uurunl~•.vl or ir?surcd, the consent o[ the guarantor or insurer
is obtained in advance of said pu~•uu•nt.
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 admittied
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 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 biortgsgce on demand as a reasonable monthly rental for the premises an amount at least
j 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. 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 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 it 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; sad thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, suit aL law or in equity, may be prosecuted as it all moneys secured hereby bad 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 shalt be sold to satisfy and pay the same together with caste, 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.
t t. No waiver of any covenant herein or of the obligation secured hereby shall st 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 eBect during any postponement or extension of
the time of payment of the indebtedness or say part thereof secured hereby.
1:3. It the Mortgagor default in any of the covenants or agreements contained herein, or in acid note, then the
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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 [or in the principal indebtedness, and shall be repay able
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by -
3 this mortgage. j
l4. Upon the request ot_the Mortgagee the Mortgagor shsil execute and deliver a supplemental note or
notes for the sum or sums advanced oy the tiiortgagee tar the alteration, modernization, improvement, main- '
t tenants, 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 sa d the advance
evidenced thereby were included in the note first"described above. Said supplemental note or notes shall bear
interest at the me provided for in the principal indebtedness and shall be syable in approximately equal t
monthly payments 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 t
by the creditor. In no event shall the maturity extend beyond the ultimate taturity of the note first
described above.
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