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HomeMy WebLinkAbout0034 . tender W the 'Mortgagee in accordance with the provisions of the note secured hereb~•, full payment of the $ entire indebtedness represented thereby, the Mortgageq, +s trustee, shall, in computing the amount of suci? indebtedness, credit to tl?e account of the.Mortgagor any Credit balance remaining under the provisions of (s) ~ of said ph 2. It there s1iaU be a default under any of tl?e provisions of this tnortga~e resulting in a ~ public sale o the premises covered hereby, or if the Mortgagee acqutrea the property otlterwtae after default, ` the Mortgagee, as trustee, shaA apply, at the time of the commencement of such proceedings or at flee time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of parsgraplt 2 preceding as a credit on the interest accrued and unpaid and the balance to the principal then remaining unpatd on said note. 4. He will pay all Lazes, assessments, water rates, and other governmental or municipal ehsrges, Gnera, os ~ impositions, for which provision has not been made hereinbetore, and in default thereof tLe Mortgagee may pay tbs 3 same; sad that he will promptly deliver the o~cial receipts therefor to the Mortgagee. b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof e:Dept reasonable wear and tear; sad is the event of the failure of the Mortgagor to keep the buildingp oa eai~ _ premises sad those to be erected on said preaniaea, or improvements thereon, in good repair the Mortgagee may 1 make such repairs as in its discretion it may deem necessary for the proper preservation thereoo#, and the full amount ~ of each sad every such payment shall be due and P4Yabb thirty (30) days after demand, and shall be secured by i the lien of this mortgage. 6. He wilt pay sU and singular the poets,~ ,and expenses, including reasonable bwyet's foes, and costs ~ of abstracts of title, incurred or paid st 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, an expenses ahsA be immediately due and payable and shall be secured by the lien of thin 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 when payment for all such premiums has theretofore .been made under (a of paragraph 2 hereof ~e will pay promptlyy when due any premiums therefor. ~ A11 insurance shall be carried to compamea spprove~ by I?iortgages and the poli- ties and renewals thereof shall be held by Mortgagee and have attached thereto loss. payable cCauses in favor of sad in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, s~nd Mortgagee may make proof o~ loss if not made promptly by Mortgagor, and each insurance company concerned is hereby~authortzed and duetted to make payment for such loss dtrectly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mort- 4 gages st tts option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property m extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor rn and to any insurance policies then in force shall pass to the purchaser or grantee. 8. If the prcmisc•s, or and- part thereof, be condemned under the power of eminent. doucum, or ac•yuimd far a public use, the dawages awarded, the proceeds for the takingg of, or the considerution for such acquisition, to the extent of the full amount of the remaining unpaid indclitcdnc•ss secured b~• this niortKaKe, am hernb~• ussil;ned to flee Mortgagee, and his heirs or assigns, and skull he paid forthwith to saicl ~lortgagce ar his assignee to be applied on account of thr last n~aturinK installments of such indebtedness; provided, however, tl?c ~lortgugee or his assignee, mu~• at his discretion pad- din•c•t to the ~IortgaRor, his heirs or assigns an~• part ur al! of such award; provuled, that if tl?e loan is guarunlecd 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, proSts, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as 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 the value of the property mortgaged or to the solvency or insolvency of said Dortgagor or the defendants. Such rants, proSts. 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 hiorigagor agrees to pay to the Mortgagee on demand as s reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (~Z) of the aggregate oI 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 breach of this mortgage br default on the part of the Mortgagor; or in the event that any of said soma 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, ~agreemeats, 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 is 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 hfortgagee, as fully and completely as if all of the said gums 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 :4ortgagee 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. 1 1. 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 teinns 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. 1:3. 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 [or 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. 14. Upon-the request of the Mortgagee the Mortgagor shat{ execute and deliver a supplemental note or notes for the sum or sums advanced by the ~IortRagee for the alteration, modernization, improvement, main- tenance, 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 as i( the ad~•ance evidenced thereby were included in the note fiist described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable in a proximately equal i monthly pa manta 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 sl?all be due and payable thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultimate ciaturity of the note first described above.