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HomeMy WebLinkAbout2349 leader to the 'Mortgagee in accordance with the prods' as o[ tl?e note secured 1?ereby, full pay??ient of the entire indebtedness represented thereby. t±_1~e Mortg~e~gs trustee, shall, in computing tl?e amount of sucl? indebteclneas, credit to tl?e account of 1 ?e Mortgagor nny credit balance remaining under tl?e provisions of (s) o[ said p raph 2. It there sl?all be a default under any of tl?e provisions of this a?ortga~e resulting in a public aal~ the premises covered I?ereby, or if tl?e Mortgagee acquues the property otherwise after de[ault, the Mortgagee, as trustee, shall apply, al the time of the coi?iinencement of such proceedings or at tl?e time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragrapl? 2 preceding as a credit on the interest accrued and unpaid and t ?e balance to the principal then remaining unpaid on said note. 4. He will pwJr all taxes, saeesannente, water rates, and other governmental or municipal charges, Sneta. or impomtions, for which provision has not been made hereinbetore, and in default thereof the Mortgagee may pay the same; and that hs wilt promptly deliver the official receipts therefor to the Mortgagee. b. He will permit, commit, or auHer no waste, impairment, or deterioration of said property or myy part thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings oa aai~ 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 prescrvatioa thereo~, 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 costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of tho Mortgagor promptly and fully to perform the agreements sad covenants of said promissory note and Chia mor~age, and said costa, 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 may from time to time require, on the improvements now or hereafter on said premises and except ivLen payment for all such premiums has theretofore been made under (s of paragraph 2 hereof 'ha will pay promptly when due any premiums therefor. All insurance shall be carved in companies approve~.by i<lortgsgee 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 loss he will give immediate 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 authorized and directed to make payment for such loss directly to Mortgages instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof may be applied by Mortr gages at its option either to the reduction of the indebtedness hereby secured or to t~e restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment o! the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in and to any insurance policies lubu in force shall pass t0 the purchaser or grantee. 8. I(the prcmisc•s, or and- part thereof, be c•ondenu?e<I under the power of eu?inenL domain, or acyuirnd for a public use, the damages awarded, thr proceeds for the taking of, or the consideration for suet ac•yuisition, to the extent of Uie full amount of tl?e remaining unpaid indebtedness secured b~• this mortgage, am hernb~- assit?ned to the Mortgagee, and his heirs or assigns, and shall he paid forthwith to said Lortgagee or Lis ~ assigner to be applied on account u( the last n?aturiuk installments of such indebtedness; proeided, hoNever,- the \lortgaKee or his assignee, uca~- at 1?is d~SCretiou pad- din•c•t to the Vortgagor, his heirs or asciKns and part ~ or all of such award; provided, that if the loan is guanuUeed or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. 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 sad every of which, it being expressly understood, is hereby mortgaged as if specificall set fo described in the granting and hahendum clauses hereof. Such appointment shall be taek~by dtlcti"amain g equity and a matter of absolute right to said Mortgagee, and without reference tsi.the'~sidegi~? the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t'.i~ difefi o" I' 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 (~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, 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 Lime, and all moneys secured hereby, shall become ` ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ae 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 9 the contrary notwithstanding; Bad thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity, may be prosecuted ss if all moneys secured hereby had matured prior to its institu- ~ lion. The Mortgagee may foreclose this mortgage, as to the amount eo declared due and payable, and the said premises shall be sold to satisfy and pay the same together with scats, expenses, and allowances. In case of partial ~ foreclosure of thin 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 sucb case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. 11. No waiver of any eovensnt 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. 12. The lien of this inbtrument shall remain in full force and effect during any postponement or extension of z the time of payment of the indebtedness or any part thereof secured hereby. 1:3. If .the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the 14iortgagee may perform the game, and all expenditures (including reasonable attorney's fees) made by the Mortgagee 1 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 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 ss.4essments 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 for in the principal indebtedness and shall be ayable in approximately equal monthly paymenu 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 t:~alurity of the note first described above. 6~nK 321 PacE 2346