HomeMy WebLinkAbout0031 tender to the tilortgiq;ee in accordance with the provisions of the note secured hereby, full payu?ent of the
entire indebtedness represented thereb~•, the Mortgagee, as trustee, shall, in con?putii?g the an?ount of sucl?
indebtedness, credit to tl?e account of tl?e :t4ortgagor any credit balance remaining under the provisions of (a)
of said paragraph 2. It there sl?all be a default under any of U?e provisions of this n?ortga~e resulting in a
public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time of the cottiiiiencetnent of such proceedings or at tl?e time
the property is otherwise acquired, the amount Uien reu?siningg to credit of Mortgagor under (a) of paragraph 2
preceding ss a credit on the interest accrued and unpaid and tl?e balance to ti?e principal tl?en remaining unpaid
on said note.
4. He will pay all taxes, ameasnnents, water rates, and other governmental or municipal charges, fines, os
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the Mortgagee.
5. He will permit, commit, or suEer no waste, impairment, or deterioration of said property or an part thereof,
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said
premises and thoea to be erected on said premises, or improvements thereon, in good repair, the Mortgagee rosy
melee such repairs as in its discretion it rosy deem necessary for the proper presctvation thereof, and the full amount
of each and every such payment shall be due and payable thirty (30) days otter demand, and shall be secured by
the Gen of this mortgage.
6. He will pay all and singular the poets, charges, and expenses, including reasonable lawyer's fees, and coats
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, charged, and expenses shall be immediately due and payable and shsU be secured by the Gen of this mortgage.
7. He will oontinuoiialy maintain hazard insurance, of such type or types and amounts as Mortgagee rosy
from time to time require, on Lhe improvements now or hereafter on said premises, and except when payment
for all such premiums han theretofiot~+ been made under (s) of paragraph 2 hereof, he will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by Illortgagee and the poG-
ciea and renewals thereof shall 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 loss if not made promptly by Mortgagor, and each insurance company
concerned is hereb authorised 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~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, ail right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall piss to the purchaser or grantee.
R. If the pren,isc•s, or un~- part thereof, be condewnecl under t)~c power of eminent don?am, or acquirnd for
n public• usr, the daiauKcs awarded, the proceeds for the takinK uf, or the consideration for sorb t~cyuisition; to
the extent of the full amount of the irmaiuinK unpaid indebtedness serurncl h~• this n?ortKuge, art' hernL}-
assit;ned to the ~fortgaKec•, and hie I~eirs or assikns, anal shall t,c• puicl forthwitl? to said \lortguKec or his
assiKnee to lx• applied on account of Uu• lust niaturiuk inshillnu•nts of such indebtedness: pro~•iclecl, how•e~er,
the \lortKaKee ur his acsiKnee, tiiuy at his cliscn•tion pub- direct to the ~fortKakor, his heirs ur ucsigns an~• part
or all of such aaard; provided, that if the loan ~s guaranteed or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•n?ent.
!t- 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 Mortgagor or the defendants. Such
rents, profits, income, issues, and revenues shall be applied by such receiver according to the Gen of this mortgage
and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
F agrees to pay to the Mortgagce on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~f y) 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.
~ 30. 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 hereof, or is 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
due and payable forthwith, or thereafter, at the option of said Mortgagee, ss fully and completely as 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
't 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 Mortgagee may foreclose this-mortgage, as to the amount so declared due and payable, and the said
premises shall be sold to satisfy sad pay the same together with costa, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shalt be sold subject to the continuing Gen 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.
3 3. No waiver of any covenant 6ereia or of the obligation secured hereby shall at say time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby. -
32. The Gen of this instrument shall remain in full force and effect during any postponement or extension of
the time of payment of the indebtedness or_aay part thereof secured hereby.
3:3. It the Mortgagor default in any of the covenants or agreements contained herein, or in acid note, then the
i Mortgagee rosy perform the acme, and all expenditures (including reasonable attorney's fees) made by the Mortgagee
s in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable
thirty (30) days otter 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 ey 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 suthor-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as it 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 dyable in approximately 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 slims 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 maturity of the note first
described above.
goo~it3~ PacE 31