Loading...
HomeMy WebLinkAbout0643 i i` tender to the Mortgagee in accordance rritJi the provisions`o( tl?e note secured hereby, full pa~•inent of the entire indebtedness represented thereby, the :~iortgsgee, as trustee, shall, in computing tl?e amount of suci? ; indebtedness, credit to the account of t)?e Mortgagor any credit balance remaining ui?der the provisions of (a) ~ of said paragraph 2. If tl?ere sl?all be a default under any of tl?e provisions of tl?is ii?ortga~e resulting in s public sale of the premises covered hereby, or it the Mortgagee acquires the property otherwise after de[ault, the Mortgagee, as trustee, shall apply, at the time of the conuuencement of such proceedings or at the time the property is otherwise acq~•ired, the amount then remainingg to credit of Mortgagor under (e) of paragraph 2 preceding as a credit on the interest accrued -and unpaid and tl?e balance to file principal then remaining unpaid on said note. ' He wiU pay all taxes, assessments, water ratRS, sad other governmental or municipal charges, ~ impositions, for which provision has not been made hereiabefore, and in default thereof the Mortgages may pay the wane; sad that be will promptly deliver the official 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; and in the event of the failure of the Mortgagor to keep the buildia~ 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 necessary for the proper preservation thereof, and the full amount of each and every such payment shall be due and payable thirty (30) days otter demand, sad tihsll be secured by the lien of this mortgage. 6. He will pay aU and singular the costa, charges, sad expenses, including reasonable lawyer's fees, and coats of abetracta 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 perforce the agreements sad 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 mortgage. 7. He will continuously maintain hazard insurance, of such type or types aad amounts s9 Mortgages may from time to time require, on the improvements now or hereafter on scud premises, and eacep6 when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he wiU pay prom fly when I due any premiums therefor. All insurance shall be carried in companies approved by I?iortgagee and the poli- ~ ties and renewals thereof shnll be held by Moi~tg ee and have attached thereto loss payable clauses in favor of and in Iorm acceptable to the Diort~agee~ Li silt of loss be will give immediate notice by mail to Mortgagee, and :Mortgagee may make proof o[ Ioss if not made promptly by Mortgagor, and each insurance oompaay concerned is herebyy authorised and directed to make payment for such loss duectly to Mortgagee instead of ' to Mortgagor and 1~iortgagee jointly, and the insurance proceeds, or any part thereof, maybe applied by Mores gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dame&ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property is 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 pnsa to the purchaser or grantee. K. If the prcn+isE•s, or uu~- port thereof, l,e c•ondi•mued under the power o[ eu?incnt dmnuu+, or acyuircd for a public• use•, tIIP dalllt?gl5 SNar(Icll, the pmrrcets for the taking of, or the considrrution for such ace{u?s?Uou, to tl?c extent of the full n?nount of tl?c remaining unpaid indr•btE•rlnES.ti secured he this n,ortKaKc, arc Lercb~- ussil;ned to the Mortgagee, unc! his 1?eirs or assigns, unEl shall bE• paid forthwith to said ~tortgaKrc or his assiKnee to be applied on account of thi• last n?atur?ni? installuu•nts of such indebtedness; praa•iEled, howc•~er, tl?e \IortKuKee ur his ussigntr, u+u~• at his discn•tiou pub- din•ct to the Vlortgal;or, his heirs or assiKns an~• part or all of such avrard; provided, thut if the loan is l;uarante•cd or insured, the consent of the guarantor or insurer is obtained in advance of said pa~•n+cat. 0- 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 sin obis the income rofita issues and revenues from whatever source al and la iacludia 1 hereb all and sin r, g B , P Y tau derived, each and every of which, it being expressly understood, is hereby mortgaged a8 if specifically set forth and described is 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 the defendants. Such rents, profits. income, issues, and revenues shall 15e 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 amouut at least egwvalent to one-twelfth (i/iz) 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, sad 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 oI said note and this mortgage, are not duly, promptly, sad fully performed; then in either or any such event, the said aggregate Bum 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 Mortgagee, as fully and completely as if alt 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 bad matured prior to its iastitu- lion. The Mortgagee 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 tben,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 say covenant herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of tQe terms hereof or of the note secured hereby. 12. The lien d'tbis 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. Ii the Mortgagor default is 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 Morigagee is 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, sl?sll be secured by this mortgage. 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes fort a sum or sums advanced ny the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.~easments 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 lolly 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 payable in approximately equal monthly payments 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 caturity of the note first described above.