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HomeMy WebLinkAbout2260 ? o•- . ~ t tender to the 'Mortgagee in accordance with the prnvisiora of tl+e note secured l?erebv, full payment of the entire irdabtedaert npr+eeented tberebv, the Mortgagee, as trustee, ahrtl?, in computing the u+tount of such iadebtednaa, credit to the account of the Mort gar any credit balance remaining under the provisions of (a) of raid p~~raph Z. It there si+aq be a default under say of the proviaiorts of this iuortgago resulting in a public sale of the premieea covered hereby, or it the Mortgagee acquires the property otherwua after default, the Mortgagee. as trustee, shall apply, at the time of the coiiitnencement of such proceedings or at llte time - ths propeKy a otherwise acquired, the amount then remaining to credit of Mortgagor tinder (a) of paragraph 2 preceding as a credit on the iater+eet accrued and unpaid and tl+e balance to the principal then remaining unpaid oa sad Hate. 4. He will pay afl tares, assessoasats, water rata, and orbs governmental oe municipal charges, `Sne~, os i®poeitioos, far which provieioa ba's not bees grade bereinbetore, and is default that Hof the Mort~~ee may py? the rie;and that hs wilt liromptyr deliver the atheist receipts thereto: to the Mortgagee. - 5, 8e will permit, eomrait, a sutra m waste, impairment, or deterioration of Bald property ac anY part tbaeot eaocpt reasonabb war and tear; and in the event of the failure of the Mortgagor Lo keep the buildings on saie~ preamisa and tbaee to be erected on said pe~eraises„ air improveateats thereon, is good repair the Mortgagee may meloe sueib repsire as is its disaetioa it may deem neoeesary for tits pe~ope: pree~:rvatioa theteo~, and the full amount of arch noel every catch payment shall be due and ps~yabM tb?iifty (30) days after demand, sad shall bs secured by the Irea of this mortgage. a He will pay alt end singular the oasts; ~~~r~, sad e:peasee, iaduding rasonabk lawyer's fees, and costs ai abdraeL of tick, incurred or paid at say time by tTie Mort~ee beeauee of the failure on the part of the M~rt6aaor . promptly sad fulbr to pedorno+ the a~eements sad oovanaats of said promissory note and this ?rt~+~e d said - eoets, charges, and txpeasas shall be immed'+atdy sue sad p?yabk sad shell be secwcd by the liea~tc~ +tbis mort~,age. Z. fte wiD contiaootm~ maintain 6asard insurance, of such type or types and amounts as Mortgagee may trap time to lima rognin, on the improvemanta now or hereafter on said P sad except when payment for all such premiums has theretofore bees made under (a of paragraFh g her will pay Pmmpd when due any premiums therefor. _ Ap iasuraaoe shall be in companta approve by M end the poll- rtes and renewvs thereat sirt)l be iteid 6y Mortgages sad have attached thereto lose payabo le clauses in favor of - . sad in corm aooeptsble to the M In event of loss be will give immediate notice by mail to Mortgagee, and Mortgagee may make.prooto~ if not made promptly by Mortgagor, and each insurance company eoncerned is authorrzed and directed to make paymutt for such loss directly to Mortgagee instead of to Mortgagor sad ortgages "dint1y , snQ the insurance proceeds, or any part thereo ,maybe a_pp~l'ed by Mortir at its option tither to ~ reduction of the indebtedness hereby. secured or to-the restoration or repair of PreP~y In event of forecbstrr+e of this mortgage, or other transfer of title to the mortgaged - property to e:taagutshmant of tbs indebtedness secured hereby, all right, title, and inta_ rest of tLe Mortgagor - m sad to -any iasuraooe policies than in force shall pass to the puerhaeer or grantee. - 8. If the premises, or any part thereof, be condeumed under the power of ensinent. doma+n, or acquired for a public use, tl+e du»sges awareled, tl+e praeeecls (or tl+e taking of. or the consiclemtian for sucl+ acqu+sition, to the extent of the full amount of the-renaining unpaid indebtedness src•urcd by this mortgage, err hereb~• - assigt+ed to the Mortgagee, and his heus or assi~i+s, and -shall Ix~ paid forthwith to said Mortgagee or his assignee to be applied on account oI the. Iasi u+atun++g i++stall+++ec+ts of sucl+ indebtedness; proviclecl, I+owever, - the Mortgagee or h~ zssignee, rosy at his :li~cretion pay direct- to the Mortgagor, his heirs or assigns any part or ell of such awanl; provided, that if the loan is guaranteed or insured, tl+e consent of tl+e guarantor err insurer is obtained in advance o[ said payn+ent. 9. The Mortgagee may, at say time pending a suit upon Chia mortgage, apply to the court having jurisdiction -thereof for the appointment of a receiver, sad such court shall forthwith appoint s receiver of the premises covered i hereby a8 aid ain6ular, incl+xling all sad singular the incode, pro5te, issues, and revenues from whatever source derived, each and everj? of which, it beir+g expressly understood, is hereby mortgaged sa if specifically set forth and - daser+'bcd in the granting and habendui7s clause hereof.. Such appointment shall be made by such court as an admitted equity sad a mdter of absolute right to acid Mortgagee, and without reference to the adequsay or inadequacy of the value of the property mortgaged or to the so]vency or insolvency of -said Mortgagor or the defendants, Such - - teats, pro6ts~ inooane, motes, and revenues shaft be applied bl atich receiver according to the lien of this mortgage and the practice of each count. In the event of say default on tba part of the Mortgagor hereunder, the Mortgagor ~ agrees to pay to the Mortgagee oa demand as a reiesnnabk monthly rental for the premises an amount at least eiinivakat to afro-tweUth of the aggr+egste of the twelve monthly installments payable in the then current 4 year plus tbt actual amount of the annual to:es, assessments, water rates, and insurance premiums for ouch year ` not covered b7 the atorraaid monthly PaY~~- 10. Ia the event of any b'a?e>s of this mortgage or default oa the part of the Mortgsgor~ or in the avast that sajr of said sums of money herein rrlencd to be not promptly and fully paid accaidu~g to the tenor hereof, or in tht ee+eat that each and every the stipuhtions, agreemeat$, conditions, end oovenante of said note and this mortgage, are not duly, promptly, sad full3?.Performed; rhea in either or any such event, the said aggregate suaQ mentioned ins acid note rhea remaining unpaid, with interest atxrued to that time, and all moneys secured hereby, shall become ~ dne and payable farihwith, or thereafter, at the option o[ said Mortgagee, as tally and completely as if all of the acid sums of money ~ originally atipulat9d to be paid on such daY, ~Y~ag is said note or in this mortgage to - -the contrary notwithstanding; sad thereupon or thereafter, at the option of sa+d Mortgagee, without notice or demand, suit at bw or in equiq, may be prosecuted as if all moneys secumcl hereby had matured prior to its institu- tion. The Mort~aee may foreclose this mortgage, as to the amount so declared due and payable, and the said shall be sold to satisfy and pay the same together with costa, expenses, sad allowances. In case of partial ~~ue of this mort~e, the mortgaged premises shall be aald subject to the crntinuing lien of this mortgage _ tar the amount of the debt not then due and unpaid. in such case the provisions of this paragraph may again bt availed of tbtreafte< from time to time by the Mar ~sgee. 11. No waiver of any covenant herein or a[ the ~bligstion secured hereby shall :t aLy time thereafter be brad to be a waives at the terms hereof or of the note aeEUred hereby. - - 12. Tht lien of this inau~maent shall remain in lull force sad eQect during any postponement or extension of the first at payment of the ~ or any part thereof secured herby. - - 13. If the Mortgagor defauk in ag* of the covenants or manta contained herein, or in said note, then the - b[ert~+gee way pertacm the name, and all expenditures (including reasonable attoraey'a fees) made by the Mortgagee _ is so doing shall draw interest at'the me provided for in the principal :ndebtedneas, and shall be repayable thirty (30) days alter demand, sod, together with interest and costs accrued thereon, shell be secured by this mortgage. - - - t4. Upon the request of the Mot1~ the Mortgagor shall excrete and deliver s supplemental note or notes fort sum or sums advanced by 1~tor•igagee for the alteration, modernization, improvement, main- teisanca, or repair of said premises, !or taxes or ase=esaments agaimtt the same and for guy tether purpose au thor- iud laenunder. Sad note or Hates shall be secured hereby on a panty with end as fully as it the advance tvidaaced thereby were i~luded in the note first described above. Said supplemental note or notes shall bear interest at tht rata provided for in the principal indebtedness sad shall be payable in approximately equal nwnthly pa is for seal, period as rosy be agreed upon bar the creditor and_debWr. Failing to agree on the maturity; the wbola of the sam or sums so advar~~d shall be dua-and payable thirty (30) days after demand by the eredit~. In nor, avant sbaU ihs maturity a:toad beyond rho ultimate aratunty of the Hate first ~esarbtd abode.