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HomeMy WebLinkAbout0317 tender to the ;Mortgagee in accordance.wllh the provisions of the note secured hereby, full payn?ent of the entire indebtedness represented therebv, the Mortgagee, ds trustee, shall, in computing the an+ount of such indebtedness, credit to he account of t)?e Mort agor any credit balance reu+atning under the provisions of (a) of asid paragraph 2. ~t there shall be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the Mortgagee ac•quirea the property otherw?se ahec default, the Mortgagee, as trustee, shall apply, at the tune of the e•onunencement of such proceedings or at the limp the property is ott?erwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and tl?e balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, aeeeasmenta, water rates, and other governmental or municipal charges, fines. o: impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee rosy pay the same; and that he will promptly deliver the official receipts tberefor 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 asid premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee rosy make such repairs as in its discretion it may deem nece~+ccary for the proper preservation thereof, sad the full amount of each and every such payment shall be due and payable thirty (30) days sitar demand, and shall be secured by the lien of this mortgage. 8. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costa 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 costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgages. 7. lie will bontimuously 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 prom tl when urn ar, ,e.,.ie;r,~s tl~~,°efoi-. dll insurance shah lie earned in companies approved by mortgagee an t e pol~- cies and renewals thereof shnll 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 he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of Ions if not made promptly by Mortgagor, and each insurance company concerned is herebyy authorized and directed to make payment for such loss duectl to Mortg ee instead of to Mortgagor and :1lortgagee )ointly, and the insurance proceeds; or any part thereo~ rosy be ap~ied by Mort- gages at its option either to the reduction of the indebtedness hereby scoured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage ~ or- other transfer of titlrtA~p mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in end to any insurance policies then in force shall pass to the purchaser or grantee. K. tf the premise,, or uny port thereof, Ix• conde•mued under the power of eminent do+uum, ur acquired for a public use, the dan?ages awarded. the proc•eecls fur the taking of, or U+c• consideration for such aequis?tion, to the extent of the full amount of the ren?sining unpaicl iudebte•dness secun•d b~• this uu?rtgaKe, are heret?y unsigned to the ~lortgaKee, and his heirs or uacigns, and skull be 1+uid forthwith to slid Mortgage?• or his assiKnee to be applied on account of the last niatunng installnu•nts of soak indebtedness; pmei~lc•cl, huKV•rer, the ~fortgagc•c• or 1?is assignee, n+uy ut I?ia durn•tion pay dire+•t to tlu• `lortgagor, 1?is heirs or assigns any part or all of such aNx+rd; pru~•uled, that if th?• luau is f;uarantecd or insured, the c•onsrut of the Kuarantur or insurer 4ti obtained in advance of said 1>ucuuv?t. 'J. 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 slid singular, including alt and singular the income, profits, 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 ss 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 the defendants. Such rents, profits, income, issues, and revenues shall lye 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 biorigagor 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 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. j :0. 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 time, and all moneys secured hereby, shall become 1 due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely :is 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- ) lion. The ~fortgsgee may foreclose this mortgage, as to the amount so declared dne't;nd: payable, and the said ppremises 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 W 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. l 1. 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. 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 asid note, then the Mortgagee rosy 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 principst indebtedness, and shall be repayable thirty (30) days after demand, and, together with interest and casts accrued thereon, shall be secured by this mortgage. 14. Upon the request of the 1~iortgagee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced oy the `tortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or asQessments against the same and for any other purpose suthor- lied hereunder. Said note or notes shall be secured hereby on a parity with and ss 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 ana shall be ayable in approximately equal monthly pa ments for such period ss may be afireed upon by the creditor and debtor. Failing to agree on the t3 maturity, the whole of fhe sum or sums so advanced shall be due and payable thirty (30) days after demand _s by the creditor. In no event shall the maturity extend beyond the ultimate L~etutity of the note first described above.