HomeMy WebLinkAbout1464 teoder~to the Mortgagee in aceordanoe with the provisions of Ure note secured hereby, full pavusent of the
satire indebtedness represented thereby, the Mortgagee, w trustee, shall, in oonrputirrg the amount of such
indebtedness, starlit to the account of the Mortgagor any credit balance rrsnainir?g under the provisions of (s)
of said p~ra~nph Z. l[ there chap bs a default under any o[ the provisions of this rnortga~e r+esulr' in a
pubiie sale of the premises oover+ed hereby, or i[ the Mortgagee acquir+ea the property othetwre? after. de cult,
the Mortgagee, as trgatee, shall apply, at the time of the corntnencement of such proceedings or at the time
the propeKy is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph.?
preoediag v a credit oa the interest arrrued and unpaid and the balance to the principal than remainwg unp4d
oa said note. -
- 4. He wfll p~U? alt taxes, sesesaoaes~ts, water sales, sad othee ~o~ree~me~tat ae mimioipal oharp~s, '8os~ oe
bapositiona, for whlah provision bas not been made hareinbetone, and is default tlrereot ills Moet~es mar PU? the
sass; and that fie will P? deliver the aioiat reoeipRs theeetor to the' Mottsaaetr, - -
b~ Hs will pewit, commit, or swsce no waste, impairment, or dstsejoratton of said property oe thereof
amoept rarsonabie treat sad tear; and in the errant o[ tbs failure at the Maet~gor to keep tbwt bu on sai~
premises and those to bs erected on said premises, or impsvremaents thereon, m good repair the Matgsges maws
maloe swab repair as is its disatetion it may deem necessary far tbs pe~op~ peesarvatioa thereof# sad tLa full amount
of sash and every wch paym~t e?lrtrli bs dos and psyabls thirty (80~j days ai't~ de®aad,-and shat bs soau~ed b~?
the lies d this mortssSe.
tZ.- Ha riR pay sg and sanguiar the oohs, and ea~peases, includini reasooabie hwyee's fees. sad coats
at sbateaats of title, iawrred or paid at any time ~~ortgagee beause of tLs failure ~ the part of the M
~~P~ ahall~beia~
du
sand pgy-aW amend ieeured bey
~n of ti '
7. He will oontinuotta>, maintain hasard irruranos, of each type or t and amounts sslortgagee may
from time to time require, oa the improremenb now or Lereafter on said sad except when payment;
for aU such premiums Las theretofore been made ender (a of paragraph 3 hereof will pay prom ~,~y when
due any premruma therefor. All insurance atsll be is companies approred ~ tbs
rise and renewals thereof shall be held by Mortgagee and tiara sttarhed thereto bas~payabla
cf ose~s
in faros
o~~f
sad in corm aooeptab~e to In event of bsa he will ®ire immediate notice by mail to Mortgagee,
sad Mortgagee may mike 'o ~ oss if not made prompt{y by Mortgagor, and each insurance o~mpaR7
ooneerned s herob authorised and directed to make payment for such ben directly to Mortgagee instead of
to Mortgagor and ~ortgag~es jointly, and tie insurance pmoeeds, or aqy part theresf may be all-+p7ied by Mort'
passe at its option either to action vi the indebtedness hereby secured or to t~e restontson or re
the propsrtj dammed. In event of foreclosure of t6ia mortgage, arc other tranater of title to the mortg
geMd
property rn axtautgurshment of the indebtedness secured L~ee+eby; all rights title, and interest of the Mortgagor
m and to ~ insurance policies then in force shall p~sss to the purchaser or grantees
8. if the rert~ises, or am part thereof, be rondenrned under the power flf eminent• domani, or acquired for
a public use, tie ds:rragea awarded, the proceeds for the taking of, or the consideration for such acquisition, to
the extent of the full amount of the remaining unpaid indebtedness secured"by this mortgage, arc hereb~•
assigned to the Hortgagre, soil ills heirs or assigns, and shall tx~ paHl forthwah to said :Mortgagee or his
ass~nee to be applied on account of the last maturing installments of such indebtedness; provided, however, -
the tiiortgagee or his assignee, may at his discri~tion psi direct to the Mortgagor, lus heua~or assigns any part _
or all of such sward; provided, that if the loan is guaranteed'or insured, the consent of the guarantor or insurer
is obtained in advance of said psi meet. - -
9. TLe Mortgagee may,. at any time pending a suit upon this n~ortgaae, apply to the court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the ;>rceaises covered
Lenby all acid aingul:r, including aU sad siaiguler the income, profits, ieeises, sad revenues from wLatever -source
derived, each sad every of which, it being expressly understood ie hereby mort;,aaed as if apecificapy set forth sad
described is the granting and hsbendum clauses hereof. Such appointment chap be made by sort court as sa admitted
j equity sad a matter of absolute right to said htortgegee, and wrtbout reference to the -
tLe value of the property mortgaged ~ to the solvency or insolvency of said M ~ ~
rents, profits, income, issues, and revenues shall be a ortgsgor or the defendants. Such
j by such receiver aeoc+rdiag to the lien of this mortgage
and the practice of each court. In the event of-say default on the of the Mort~or Lereuadet, the Mo -
sprees to pay to tLa M on demand as a reasonable moat
l~y
rental for the premises an amount at~
equivalent to one-twelttho~of thea~r~ of -the twelve monthly installments payable in the then eirrrrat
-yeas plus the actual amount of the asaisal taxems; aeeeasoneata, water rates, and insurance premiums for such year
not .covered by the afoaeeaid masrthly Palmeata-
~ 10. In tLe event of say breach of tLia mortgage or default on the part cf the Mortgsg~ir, or is the event that -
~ -any of said soma of money herein refernd.to be not promptly sad fully paid aoooiding to the tenor hereof, or in the
event that eacL sad every the atipuLtsons„ agreements, ooaditiosm, and oovenaata of stud note sad ttis mort~e, -
sse not disbr, promptly. and fully Performed; t>ua in either or any such event, the said aggregate sum mentioned
is acid note then remaining unpaid, with interest aocrised to that time, and all moneys secured hereby, shall become
due and payable forthwith, or thereafter, at the option of acid Mortgagee, as fully and o~mpletely as if sU of the
said sums of money wpte orialnally stipulated to be paid on such
day, anything in said nob-or is this mortgage to
the contrary notwithstanding; sad thereupon or thereafter, at the og+,son of acid Mortgpgee, without notice ar
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby Lad matured prior to ita institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due sad payable, saw the acid
pnm~a shall be cold to satisfy and pay the rime together with costa, raipeaees, sad salowane~. In case of partial -
foreclosiire of this mortgage, the mortgaged premises shall be sold subject to t-he continuing lien of this mortgage
for the amount of the debt not -tLen due and unpaid. In sort case the provisions of this
P~gn?Ph ~Y ~n ~
availed of thereafter firma time to time by the Mortgagee.
! 11. No waiver w any eoresrsnt Lertia or of the obligation secured hereby chap u say time there!riter be hdd
~ to bt3 a waiter of the terms hereof or of tln note sewred hereby.
12. i'Im lies of this iar~imaent shall rceaaia iii fail fares sad eBec6 during any postpoaemeat or extension of -
the time of payment of the indebtedness ct say part tl~eraof secured Lenby.
13. If the Mortgagor default in age of the oovensnts or ag<eeoaenta eontsined Leman, or in said note, then the
Mortgagee may perform the was, sad sp expenditures (including ressonabk attorney's fees) made by tLe Mortgagee
~ in so dom~ shag draw interest at the rate provided for in the principal indebtedness, and shall be repayable
Y niter demand, and, together with interest sad costs accrued. thereon, stall be secured by
14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
~ notes for the sum or sums advanced oy a ~iortgsgee for the sdterstion, modernization, improvement, main- •
tewce, or repair of said premises, for taxes or aseeasizrents against the scare and for any other purpose autlwr-
ised hereunder. Said sole or iwtes stall be secured hereby on a parity with and as fully as if the advance
erideacecl tLenby were included in the sole first described above. $s~ supplemental note or notes shall benr-
iaterest st the me provided for is the principal indebtedness and shall be - sable in a proximate ual
pa p n? «i
monthly payments for such period se may be sgr~eed upon b the creditor and debtor. - Failing to agree. on tLe -
~ maturity, the whole of the sum or sums ao advanced chap ~ due acrd payable thirty (30) days after demand
bar the creditor. In ao event shall the maturity extend beyond tbs uttimats maturity of the crate iiM
bed shore.
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