HomeMy WebLinkAbout1285 j ~ .
~ A
tender to the 'Mortgagee in accordance with the provisions o~ t~?e note secured hereby, full payment of the
entire indebtedness represented thereby. the Mortgagee, as trustee, shag, in computing the amount of _sucle
indebtedness, credit to fife account of tie Mortgagor any credit balance reiliaining under file provisions of (a)
of said raph 2. !f there snail be a default under any of the provisions of this leiortga~e resulting in a
public sal the premises covered hereby, or it the Mortgagee acquires the property ottierwrse aftec default,
the Mortgagee, as trustee, shag apply, at the time of the collilliencement of such proceedings or at file time
the property w atherwese acquired, the amc~nt then reulainingg to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued and unpaid and file balance to the principal then remaining uupald
on said note.
4. He wiU pay aU taxes, aseeesrneai~t, water rates„ and other ~overameatai ate municipal charges„ ~ otr
impositions, for whi,:h provision has not been made hereinbefore, and m default thereof the Mortgmee may ptU? t6s
same; and that bs will Promptly deliver the a~cial receipts therefor to tbd Mort;,agea _
b. He will permit, commit, or auger no waste, impairment, c?tr deterioration of~eaid property a asy part thereof
eoceept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep jhe buildingtt on sate
premises and those to be erected on said premises, or irnprovemeats thereon, in good npaft the Mortgagee may
mains ouch repai» as in its disantion it may deem neoeesary for the proper pr+estrvation tbereo~, sad the full amount
of each and every such payment shelf be due and psysbb thirty (30) days after demand, and shall be secured by
. the lien of this mortgtlae.
6. He will pay all and singular the costs, charges, and exp~ees, including reasonable lawyer's feria, and txlatr
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor
P~PtIY sad fully to perform the agreements and covenants of said promissory note sad thin mort~ge, and said
costs, charges, and expenses shall be immediately dire and payable and shall be encored by the lien of this mortgpge~.
T. He will continuouslvy main haaard ia$uranoe, of such type or types sad amounts as Mortgagee may
from time to time requite; Q>Z ib~ provements now or hereafter on said-premises and eaeept when payment
for all such premiums has theretofore been made under (a of paragraph 2 hereof ha will pay promptly when
due any premiums therefor. All insuran.~e shall be carried is companies approve by 111 es and the poli-
cies and renewal9 thereof shall beheld by Mortgagee and have attached thereto loss paysb~uses in favor of
and in form acceptable to the Mo In event of lo~sa he will give immediate notice by mail to Mortgagee,
and Mortgagee may make prooi~ if not made promptly by Mortgagor, and each insurance otwnpany
. concerned is beech authorised and directed to make payment for such lose directly to Mortgagee instead of
to Mortgagor and Mortgagee jointly, end the insurance proceeds, or any part thereof, may be a_ppL'ed by Mort*
gages at its option either to the reduction of the indebtedness hereby secured o q~,re~kthl~~~ -
the property dammed. In event of foreclosure of this mortgage or .other
property In extinguishment of the indebtedness secured hereby, a~i right, title,
m and to any insurance policies then in force shall p~rsa to the purchaser or gran ~ ~ ~ . 4 Q~i r~ ` _
8. If the prnmiscs, or nn~- part thereof, be condeuuied under the power of eminent donlam, or acquirnd for
a public use, fife clslliages awarclecl, file proc•eecls for fife taking of, or the conslclPmtlon for such acquisition; to
the extent of the [all suiount of the remaining unpaid inde~itedness secured h~• this mortgage, err hernb~•
assigned to the Vfortgagee,• anti his heirs or assigns, and shall Ix' paid forthwith to said Mortgagee or his
assignee to be applied on accowit of the last maturinK installments of snch indcbteclness; provided, however,
the iiort~ee or his assignee, ms?y at life disrn•tion par dirrc•t to the Mortgagor, his heirs or assigns and part
oral! of such award; provided, that if the loan is Kuarantc~ed or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•ment. -
9. The Mortgagee may, at any time pending a suit upon this mortgage, aPPIY ~ ~ cowl having jurisdiction
thereof for the -appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
hereoy all sad 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 apecifieaUy set forth and
described in the granting and habendum.clauseabereof. Such appointment shall be made by such court as as admitted
equity and a matter of absolute right to acid Mortgagees and without reference to the adequacy or inadequacy of
li the valux of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, profits, inrnme, 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-tweUth (~s} of the aggregate of the twelve month-ly installments payable in the then current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for sorb year
not covered by the aforesaid monthly payments.
` 10. In the event of any breach of this mortgage or default on the part of the Mortgagors or in the event that
I! any of said earns of money herein referred to be not promptly and fully paid according to the tEnor hereof, or in the
event that each sad every the stipulations, agreements, conditions, and covenants of said note and tiffs 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 Mortgages, as fully and completely as if all of the -
eaid auras 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 Iaw 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, sa to the amount so declared due and payable, and the said
ppremises shall be sold to satisfy and pay the same together with costs, expenses, and sllowsnoes. In case of partial
fareckisure of thin 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 paragzxph rosy again be
a-:ailed of thereafter from time to time by the Mortgagee.
1 t . Na waiver of any covenant herein or of the obligation secured hereby shall st any time thereafter be held -
to bt: a waiver of the terms hereof or of the note secured hereby.
12. T~ lien of this instrument shall remain in full force and egect during any postponement or extension of
the time of payment of the indebtedness or say part thereof aecwed hereby.
1:3. If the Mortgagor default in any of the covenants or agreements t+ontained herein, or in said Hots, then the
Mortgagee may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgagee
in so doing shall drew interest at the rate provided for in the principal indebtedness, and shall be repo} able
* thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage. - -
t4. iTpon the request of the Mortge~gP~ 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 a~essmentf, against the same and fcr any other purpose author-
ized hereunder. Said nuts or notes shall be sec•.lred hereby on a parity with and as fully as if the advance - -
evidenced thereby were included in the note first described above. Said supplemental Hots or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be aSable in ap proximately equal
monthly paymeats for such period as may be agreed upon by the creditor and debtor.. Failiri~ to agree on the
nuturity, the whole of the-sum or sums so advanced shalt be-due and payable thirty (30) days aaer demand
by the creditor. In . no event shall the maturity extend beyond the ultimate r~atwity of the note first
des<ribed above. }
81jiA tX~~ PitGGE~~
'r