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HomeMy WebLinkAbout1653 tender to the ;Mortgagee in accordance with the provisions of the note secured hereb~•, full' pa~•ment of the entire indebtedness represented thereb~•, the :1lortgagee, as trusts?•, shall, in computing the an?ount of such indebtedness, credit to the account of the \lurt aKor any credit balance reu?ainin{t under the provisions of (a) of said paragraph 2. If there sl?al! be a defau~t under any of the provisions of this u?ortga~e resulting in a public sale of the pretn?ses covered hereby, or if ti?e Mortgagee aryuires the property otl?erwtse after default, the Mortgagee, as trustee, shall apply, at the tune of the commencement of such proceedings ur at tl:e time the roperty is otherwise acquired, the amount tl?en remaining to credit of Mortgagor under (a) of paragrapl? 2 preceding as a credit on tl?e ?nterest accrued and unpaid and.the balance to the prtncipal then ren?ain?ng unpaid - on said note. 4. He will pay ell taxes, aaeeffiments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the name; and that he will promptly deliver the o~t:ial receipts therefor to the Mortgagee. 5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof, except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on 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 neoeeer?ry for the proper preservation thereof, and the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and 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 coats 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 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 inswance, of such type or types and amounts as ;Mortgagee may from time to time require, on the improvements now or hereatter on said premises, and except when payment for all such premiums 6ss theretofore been made under (s) of paragraph 2 hereof, he will pay promptly when due any premiums therefor, All insurance shall be carved in companies approved by Illortgagee and the poli- ties and renewals thereof shad 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 be will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of loss it not made promptly by Mortgagor, and eacL insurance company concerned is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to ;Lortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mort- gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of the property ~dama~ed. 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 p9sa to the purchaser or grantee. K- If the pren?i:c•+, or uu~- part themuf, lx• eondeuined under tl?c power of eminent donuun, or :u•yuirnd for a public• use, the clumages aw~xrded, the pro~•eeds for the tukin~? of, or the r•onsidc•r:?tion for wch acyuuition, to the extent of the full uniount of the remainin{; unpuid iudehtednc•ss sec•uird i,}- this niortKaKe, arc Lc•reb~- ussi~ne~1 to the Mortgagee, and his heirs or ?~~.,iRns, uud slr:?II be paid forthwith to suid \IortgaKee or his assiKnee to bc• applied on account c?f the lust nu?tunn~ iustallnu•uts of ,uch indrl?tedness; provided, ho~~-c•~•er, the Mortgagee or his aseiKnec•, roue at leis di~creUa?~ {ra}- direct to the ~lurtgaKor, l?is Lefts or us.:igns am part or ull of sucl? aH~ard; provided, that if the loan is gu:?ru?teecl or insured, the consent of the guarantor or ii?surrr i. obtained in advance of .aid pu~•nu•t?t. 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 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 t 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 tfe 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 s reasonable monthly rental for the premises an amount at least equivalent to one-twel[th (yf 2) 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, pmtnptly, 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 ail 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 1lortgaRee may foreclose this mortgage, as to ,L6e amount so declamd due and payable, and the said premises shall be sold to satisfy and pa}• the carne 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 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 a waiver of the terms hereof or of the note secured hereby. 13. 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. l:i. If the Mortgagor default in any of the covenants or agreements contained heroin, 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 mpa}•able 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 notes for the sum or sums advanced ~y the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments 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 [ully 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 ments for such period as may be agreed upon by the creditor and debtor. Failing t.o agree on the maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after clemand by the creditor. In no event shall the maturity extend beyond the ultimate e~aturity of the note first described above. rikZ7'!