HomeMy WebLinkAbout0358 lender to tt?e Mortgagee in accordance wit1+ tl+e provisions of tl+e note secured hereby; full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such
indebtedness, credit to tl?e account of t~+e :MortgaKor any credit balance remaining water the provisions of (a)
of said paragraph 2. It there sl+all be a default under any of the provisions of this luortga~e resulting in a
public sale of the premises covered hereby, or if the Mortgagee acgwrea the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the toile of the coiliinencenient of sucl+ proceedings or at tl+e time
the property is otherwise acquired, the amount then reniainin to credit of Mortgagor under (a) of paragraph 2
preceding sa a credit on the interest accrued and unpaid and t~e balance to it?e principal tl?en remaining unpaid
on said note.
4. He will pay all to:ee, aaeeeamenfe, water rst~es. and other governmental oe municipal charges, tines. of
impositions, for which provision hsa not been made heninbefore, and in default thereof tbs Mortgagee may py the
same; sad that be will promptly deliver the ol5cial 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 reasonable wear and tear; sad in the event of the failure 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 necessary for the proper preservation thereof, and the toll amount
of each sad every such payment shall be due and payab~ thirty (30) days titer demand, anti shall be secured by
the lien of this mortgage..
6. He will pay all and singular the costa, 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 sgreementa and oovenanta of said pmmiseory note and this mortgage, and said
tiosta, 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 ss Mortgagee map
from tune 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, ~e will pay prom flyy when
due any premiums therefor. All insurance shall be carried In compaiues appmved 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 lose he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof of loss d not made promptly by Mortgagor, and each insurance company
:n.:.! 1..... ! ~:::a;:....tia'1 o;.d dLu.:ca w wsso I'i6,~u,cu$ ivi 6iic1'i ices u1?i~i:ii"" Lu ivturi,g ee InSLea(1 OL
~ivt:.°.::a uYY i°o sacs sat
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be app ~ed by Mortr
gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed. Ia 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
is and to any Insurance policies then in force shall pass to the purchaser or grantee.
R. If the pren~i:c•s, or any- port thereof, IM !•Al+llelllllecl u!?ller file power of e!!!lilent c!os::u:n, or uc•cluircd far
a public use, the dan?agc•s aHarded, the proceeds for the taking o[, or the consideration for such ac•yu?sit?on, to
thc• extent c?f the full amount o[ the ren+aininK unpaid indebtedness se~•ured b~• this nu?rtgaKe, arc• 1?ereb~•
us_sil:ned to the `lortgagee, an?1 his I?eirs ur assigns, anti shall I?c• paid forthwith to said ~lortgul?ee or his
assignee to Ix~ applied on ac•couut of the lust nlatunng installnu•nts of sash indebtedness; proci~ied, however,
the ~tortguKce ur his assiKnee, n+u~- at his d45c•n•tion pu~• direst to Use ~lortgaKor, his heirs or ussi~nc an~• part
or all of such award; provided, that if the luau is guurunterd or insured, tl?c c•onscnt of the guarantor or insurer
is obtained in advance of said pa~•n?cut.
9. The Mortgagee may, at any time pending a gait 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 sU anti 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 mortgaged as if apecificslly 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 the solvency or insolvency of said Mortgagor or t'+e 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 (yf z) of the aggregate of the twelve monthly installments payable in the then current
~ year plus the actual amount of the aiinual 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 say such event, the said aggregate sum mentioned
in said note rhea remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
due and payable forthwith, or thereafter, at tt?e option of said Aortgagee, 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 ~r
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had maturnd nri4r to its i*+stitu-
tion. The :~'Iortgagee 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 suc6 case the provisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
l 1. No waiver of any covenant herein or of the obligation secured hereby shall at any tune thereafter be held
ss to be a waiver of the terms hereof or of the note secured hereby.
~ l2. The lien of this instrument shall remain in full force and effect during any postponement or extension of
fi the time of payment of the indebtedness or any part thereof secured hereby.
r
I a. 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 repa~•able
thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage.
i 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 en~• other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the ad~•ance
evidenced tbereby 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 avabee in approximately equal
monthly pa ments 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 s+?ms so advanced shall~bc due and pa~•able thirt~• (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate caturity of the note first
described above.
BDUK 321 F~~f 3~%~ ~