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HomeMy WebLinkAbout2581 • s • tender to the Mortgagee in accordance with the provisions of the Hole secured+liereby, full' payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the siiiount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a) of acid p ph 2. if there shall be a default under any of the provisions of this iiiortga~e resulting in a public sslehe premises covered hereby, or ii the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, ahaU apply. at the time of the commencement of such proceedings or at the time the property is otherwise 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, assessments, water rates, and other governmental or municipal charges, ~ oft impositions, for which provision has not been mach hereinbefore, and in default thereof the Mortgagee may py the same; and that he will promptly deliver the o>~cial receipts therefor to the Mortgagee. b. He will permit, commit, or auger ao waste, impairment, or deterioration of said property or as thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the b ' on eai~ premises sad those to be erected on said premises, or improvemeate thereon, is good repair the Mortgagee may make such repairs ss in its discretion it may deem neeeesary for the proper preservation thereon, 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 mort~sge. 6. He will pay all and singular the costa, and expenses, including reasonable Lwyer's fees, and costs of abstracts of title, incurred or paid at say time b~Mortgagee because of the failure on the part of the Mortgagor promptly sad fuller fro partorm the agreements gird covei3sats 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 oft ' mortgage. 7. He will continuously maintain hazard insurance, of such type or t~pes and amounts v Mortgagee rosy from time to time require, on the itYtpro~epients now or hereafter on said premises and except when payment for all such premiums bas theretofore been made under (a of paragraph 2 hereof ~e will pay promptlyy when due any premiums therefor. All insurance shall be carrie~ in companies approve by Mortgagee and the poli- cies aad renewals thereof shall be held by Mortgagee and have attached thereto lose 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 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 Mortgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mori gages at its option either to t~ 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 ui extinguishment of the indebtedreaa secured hereby, s~l right,-title, and interest of the Mortgagor in and to any insurance policies then in force shall p+?sa to the purchaser or grantee. 8. If the preniise•s, or any part thereof, be c•ondenmed under the power of eminent. domain, or acquired [or a public use. the damages awarded, the proceeds for Nie taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining wipaid indebtedness secured by this mortgage, am hereby unsigned to the Mortgagee, and his licks or assigns, and sl?all tx• puid forthwith to said Llortgagec or his assignee to be applied on account of the last ninturuiK instalhnents of such indcbtednes.5; pm~•ided, how•e~•er, the Mortgagee or his assignee, niuy at leis di.~cretion puy dirrc•t to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the lunn is guarnntcc•d or insured, the consent of the guarantor or insurer is obtained in advance of said par•nient. 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 sa if specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted ~I 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, 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 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 (ys2) Qf 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 b-each of this mortgage or default on the part of the Mortgagors or in the event that ~ any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereol, 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, afiall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if ell 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; sad thereupon or thereafter, at the option of said Mortgagee, without notice ~r . demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- i 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 then due and unpaid. In such case the provisions of this paragraph may again be 1 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. 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 tbereot secured hereby. 3:3. 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 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. i 14. Upon the request of the 141ortgagee the :1~iortgagor shall execute and deliver a supplemental note or notce for the sum or sums advanced ny the Mortgagee 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 Cully as if the advance evidenced thereby were included in the note first described above. Said siipplementai note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be ayable in spproximatety equal monthly pa menu 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. A A _ - - i