HomeMy WebLinkAbout2511 tender to the 'Mortgagee in accordance with the provisions of fire note secured hereby , full payment of the
entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the arriount.of such
indebtedness, credit to fire account of lire Mortgagor any credit balance remaining under t}re provisions of (a)
of said ph 2. It there shall be a default under any of the provisions of this riiortga~e resulting in a
public salhe premises covered hereby, or it flee Mortgagee acquires the property otlerwise after default,
the Mortgagee, as trustee, shag apply, at the time of the corninencement of such proceedings or at lire time
the property m otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued and unpaid and fire balance to the principal then remaining unpaid
on said note.
4. He will pay all taxes, aeseeements, water rages, and other goverameatal or municipal charges, oe
impositions, for which provision has not been made hereiabefore, and is default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the Mort gee.
b. He will permit, commit, or suBer no waste, impairment, or deterioration of etid property or an part thereof
eaioept reasonabb wear and tear and is the event of the failure of the Mortgagor to keep the buildings on said
premises and tboee to be erected on said premises, or improvements thereon, in good repair the Mortgagee may
make such npaiis as in its discretion it rosy deem necessary for the proper pr+escrvation theno>4, and the full amount
~ each and every such payment shall be due sad payable thirty (30) days after= demand, and shall be second by
the lien of this mortgage.
6. lie will pay all and singular the costs, , and expenses, including reasonable Lwyer's fees, and costs
of abstracts o! title, incurred or paid at any time by t e Mortgagee because of the failure on the part of the Mortgagor
promptly and fully to perform the agreements sad .covenants of said promissory note and this mo ,and said
costs, charges, and expenses shall be immediately due and payable and shall be second by the lien of this mortgage.
7. He wiD 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 has theretofore been made under (a of paragraph 2 hereof he will pay promptly when
due any premiums therefor. All insurance shall be carried in compames approve by 1liortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable cllause~ in favor of
and in form acceptable to the Mortgagee. In event of k~sa he will give immedute notice by mail to Mortgagee,
and Mortgagee may make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorised and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or say part thereof maybe applied by Mortr
gages at its option either to the 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. pass to the purchaser or grantee.
8. If the preuriscs, or and' pari thereof, be concenmed under lire power of eminent domain, or acquired for
a public use, tl?e damages awarded, tlic• proc•eecls for lire taking of, or the consicleratiori for suc•Ir acquisition, to
the extent of the full amount of the remaining unpaid indebtedness secured b~• this'uiortgage, are hereb~•
assigned to the vortgagee, and his heirs or assigns, and skull he paid forthwith to said ~torigagee or his
assignee to be applied on acrouut of the last nraturiuK instalhuents of sucL iri~lebtedness; pro~•icled, however,
the Mort~aKee or his assiKnec, may at his disc•n•tion pa~• direct to the Mortgagor, his I?eirs or assigns an~• part.
or all of such award; provided, that if the loan is Kunranteed or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•rrieiit.
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 sa if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted
f 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 Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~z) of the aggregate bf the twelve monthly installments payable in the thee.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 b~eac6 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, 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 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 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 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
to be s 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.
3:3. 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, shall be secured by
this mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
note.4 for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and for say 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 :n 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 caturity of the note first
described above.
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