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HomeMy WebLinkAbout0310 . ~ ••,t tender to be 'Mortgagee in accordance Mille tl+e±proviaions of the `note secured leerebr, fuA payinent of the } entire indebtedness represented thereby; the Mortgagee, as trustee, shall, in coneputing the suiount of such indebtedness, cn;dit to t:.e account of the Mortgagor any credit balance remaining under the provisions of (a) } of said ph Z. It there stall l,e a default under any o[ the provisic?ra of this +nortga~e resulting in a public sale o the premises covered hereby, or if the Mortgagk-e scquerq tl:e f?mperty otleerwesr after default, ± the Mortgagee, as trustee, shall apply. at the Buie of the oo+n+nencenecnt of such proceedings or at flee time - the property es otherwise acquired, the amo;ent then reu+sining to credit of Mortgagor under (a) o[ psragraph• 2 preceding as a credit on the interest accrued and unpaid sad flee balaac~e to the Principal tleea rernaineng unpaid on said note. 4. He wW pay ail wen. •eaeasaaereta, Malec rata, and ochre ~overamental rer muaidpal ohsrgee~ •6nee, otr iaepoaitioees, for which provision has not been made hereinbefore, and In default li+ereot the Mort saes may ply the same; sled that bs will p~[omptly delivoe the o~cial receipts therefor to the blx~ee. b. He will pa?Tait, commit, or suffer no Haste, impairment, or deterioration of said property os an pact theretd except teasonsb~ wes• and tear and in the event of the failure of the Mortgagor to leap the buiidicga oa sai~ premises and thoas to :,e erecte~ on said prernisee, oc improveeaente thereon, in good repair the M mate each repairs as in Its discretion it may deem aeueesary for the ~+r~per preservation thereon and the fa uit~imount of each and every such payment shall be des and payabls thirty (d0} days after dezlland, aril shaft bs secured bp? ~ the lien of this mortgage. 6. 8e will pay all and singular the c+oats, and expenses, including reasonable lawyer's fees, and oost~ of sbatracts of -title, incurred or paid at aqr time~Martgagee because of the failure ~ the part at the Mortgagor promptly and fully to perform the agreements and covenants of sRid promissory note and this-mortgage, d~ ssaaiidd costs, charge, aandd expenses shall be immediately due sad payable and shall be secured by the Lien of this mortgage. 7.- He will oontinuouel, msintsin haaard insurance, of sash typo or t and amounts sa Mortgagee may from terra to time require, on the improvements now or hereafter on said prem~~ and except when payment for all such pre-miums has theretofore been made under ~(a) of paragraph 2 hereof he will pay prompts whoa due any premiums thcr~or. AD irishrance shall be carried in compsnrea approve by M and ~e P'rli- cies and renewals lhera~f shall be held by Martgagele i?nd have attached thereto loss payabo~usee in favor of ~ and inform acceptable tri-the Mor In event ai loss he will give immediate notice by mail to Mortgagee, and Mortgagee may matte proof ~ it not made promptly by Mo t~;ag~or, and each ensursnoe company concerned is heceby~suthoriad and directed to malts payment for such+fi~liMBM dew of to Mortgagor and Mortgages~jointly, and the insurance proceeds, or any pit ~ ~11~r6. ~ gages at ice option either to tthhee rreedduction of the i~ebtednesa hereby eeoare~s:lo~t~eptpr+tlisloeise{~ppsRrpf the property damaged In event of foreclosure of this moor other transfer of title to the mortgaged - property m extinguishment of the indebtedness secured herby, right, title, and interest of the Mortgagor m end to say i~ursace policies then in foece shall pass to the purchaser or grantee. r 8. If tl:e premises, or an. part thereof, be condemned under the power of eminent domaue, or acquired for a public use, the da+nages awarclecl, flee proceeds [or flee taking of, or the consideration for earls acqucsition, to the extent of tl+e full amount of the remaining unpaid. indebtedness secured b~ this mortgage, arc hereb~• assigned to the Mortgagee, and his heirs or ass+g+es, and shall hr paid forthwith to said Mortgagee or leis assignee t!i be applied on account of the fast maturiuK instalLuen!s of such indebtedness; pmvicied, however, - - the Mort~ee or his assi~eeee, Illa~ R~ l+ee /113rrP11011 pa\ dirt~c•t to flee Mortgagor. leis heirs or ass+gns any part. ~ or alt o[ such award; prov+ded, that +f the loan is guaranteed or insured, th_e consent of flee guara+.tor or insurer _ is obtained in advance of said payment. ~ - 9.'TLe Mortgagee rosy, at any time pendin6 s suit upon this moctgp~ge, apply to the court having jurisdiction tben+nf for the appointment of a resiver, and such court shall forthwith appoint a n+neiver of the premises oov~er+ed bexeby all slid singular, including all and singular the income, profits, ias:eaa, and revenues from wleateve~r aoeu+ce , derived, each and every of which, it being expressly understood, is hereby mortgaged ae if specifically set forth end . described in the. granting and hsbendum clauses hereof. Such appointment shall be made by a+e~ court sa an admitted equity and s matter of absolute right to said Mortgagee, sad 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 def~adaats. Such , rents, profits, 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 avert of say 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 st least - ~ equivalent to one-twelfth of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, aseeffianenta, water rates, and insurance premiums for ouch year not covered by the aforesaid monthly payments. ~ _ 10. In the event of say beach of this mortgage or defauk on the part of the Mortgagors or in the event that ~ any of raid sums of money herein referred to be not promptly and fully paid sceordiag to tlx tenor hereof, or is tbs event that each and every the atipulationa, agreements, conditions, and covenants of said note and this mortgage, are ~t duly, promptly, and fully performed, then in either or any such event, the acid aggregate sum mentioned in snit note then remaining unpaid, with interest accreted to that time, and all moneys aerated 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 s;:nes of money were originally stipulated to be paid on such day, anything in said note or is this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand,.suit at isw or in equity, may be pro®ecuted as J all moneys secured hereby had matured prior to its inatitu- ~ tion: The. Mortgagee may fotcclaee thin morigage,~a to the amount so declared due sad 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 thin mortgage, fhe mortgaged premises shall be Bold 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 rosy again be availed of thereafter from time to time by tae Mortgagee. - ~ t I3. No waiver ~ any eovenemt herein or of the obligeteon secured hereby shall at say time thereafter be held to be a waiver of tl•.e terms hereof or of the note secured hereby. l2. The lien of this inbtrunoent shall remain is full fora and effect during any postponement or exteaaion of. the #iae of payment of the indebtedness or any part tbzreof aecur+ed hereby. 1:3. If the Mortgagor default in any of the covenants or agreements oouaanned herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including reaaonable attorney's fees) made by the Mortgagee a is so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable ~ thirty (30) days after demand, sad, together with interest and costs accrued thereon, shalt be secured by this mortgage. - - fi 14. Upon the request of the Mor~agee the Mortgagor shalt execute and deliver a supplemental note or notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, n:sin- tenants, or repair o[ said premises, for taxes or e?sceasments against the same and :or any other purpose author- - ized henutider. Said note or notes shall be secured hereby oa s parity with and as fully as +f the advance - evidenced thereby were :acluded in the note first described above. Said supplemental note or notes shall bear interest at the refs provided for is the pritccppa! indebtedness and shall be payable in proximately equal monthly payments for such period as rosy be agreed upon by the creditor and debtor. Failing to agree on the ~ maturity, the whole o! tDe sum sr sums so advanced shall be due and payable thirty (30) days after demand by the creditor. Ili no event shall this maturity eatead beyond the ultimate maturity of the note brat described above. ~ - rgc~r~ BQOKc~4 P!~ - ~