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HomeMy WebLinkAbout2938 '.r . ~ tender to tl?e •Mortgagee in accordance witl? tl?e provisions of tl?e note secured i?erebv, full payment of tl?e entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in con?putirig tl?e amount of aucl? indebtedness; credit to tl?e account of tl?e Mortggagor any credit balance remaining under t!?e provisions of (t) of said paragraph 2. IP there sl?all be a default under any of tl?e provisiots of tl?is t??ortga~e resulting in a public sale of tl?e premises covered 1?ereby, or it the Mortgagee acquires tl?e property otl?erwtse after default, the Mortgagee, as trustee, shall apply, at the tune of the commencement of such proceedings or at tl?e time the property is otherwise acquired, the amount then renaining to credit of Mortgagor under (a) of paragrapl? 2 p~e~ddingo~ a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid 4. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines„ os impositions, for which provision has not been made bereinbefore, and in detault thereof the Mortgagee may pay the same; sad that he will promptly deliver the official receipts therefor to the Mortgages ~ b. He will permit, commit, or suBer no waste, impairment, or deterioration of said property or an part thereo! except reasonable wear tad tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~ premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee rosy make such repairs as is its discretion it may deem neeeesary for the proper preer:rvation thereo#, and the full amount of each and every such payment shall be due tnd payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costs 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 ooveaante of said promissory note and thin. mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the_lien of this mortgage. 7. He wil~o4pti:iuoilsly 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 promptly when due any premiums therefor. All insurance shall be carried in companies approve by I?iortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable cllause~ in favor of , and in lorm 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 jointly, and the insurance proceeds, or any part thereof, may be applied by Mortr gages at its option either to the 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 m and to any insurance policies then in force shall pASS to the purchaser or grantee. R. If the prcmise•s, or ru?~- part thereof, be condenu?ed under the power of en?inent domain, or acquired for a public use, the damages awarder). the pror•ecds for the taking of, or the consideration for such acquisition, to the extent of tlrc full amount of the remaining unpaid indebtedness sccurnd i,r this mortgage, arc hereb~- assigned to the Llortgagec, and hoc hcits or assigns, and shall he paid forti?witlr to said Jtortgagef or his assignee to be applied on account of the last maturing instalhuents of such indebtedness; prnvirled, however, the Mortgagee or his assignee, uruy a1 his discn•tion pad- direr•t to the Vlortgngor,l?is heirs nr assigns any part or all of such aK~ard; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said payn?ent. 9. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the cwurt 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 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 j 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. $uch rents, profits, income, issues, and revenues shall tfe applied by such receiver according to the lien of this mortgage and the practice of ouch court. In the event of any default on the part of the Mortgagor hereunder, the Mortgage agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (j~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. i. 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 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, as 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 the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ar 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 coats, 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. - 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. 32. 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 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. 14. Upon the request of the Mortgagee the :lortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced Dy 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 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 and shall be ayable in approximately equal monthly pa ments 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 c~aturity of the note first t described above. ~R!~!~t~ ~:~c~ a ~r~Q(] ilr:llr.Y.] errtt/:~/~ ._.:"1,,10 rAGF~,~.~7