Loading...
HomeMy WebLinkAbout2951 _ • tender to the Mortgagee in aooordance with the proti~ of t!?e aced hereby. full payment of the entire iadebtedr?esa represented tbenbv, the Mortgagee; v trustee, shall, in oosnputing the uriount of such ' indebtednees, craiit to tl~e account of the Mortgagor any credit balance remaining under the provisions of (a) of said parsgrap~ Z. It there shall be a default under any of the provisions of this rnortga~e resultu~ ua a public sak of tfie premises coursed hereby, or it the Mortgagee acquires the p~ropeKy otherwre attar default, the Mortgages, as trustee, shall apply, at the time of the oaruneacement of such proceedings or at the time the property sti otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragnph•2 preoedmg v s credit on the interest accrued and unpaid and tJ?e balance to the principal then remaining unpad on sad note. 4. He will pay all taxes, assessasenta, wages :ages. and other verameatal oe municipal charges, at ~ impositions, for which provision has act been mods hereinbetore, sad default thereof the Ddatgagee mqr Pyr the sates; serf glut >ts will promptly deliver tbs c~aial receipts therefor to the Mort~gpe. fi. He will pernsit, eocamit, or suffer no waste, impajrmea~tt,, cr deterioration of said property cr g~ooyy part thereof except reasonsbls wear and tear serf in the event of the failuro of the M to keep the buildings on sai~ premises and these to bs erecte~ on said premises, oe improvemsats thereon, 7a-`cod repair the Moit~ee may make such repair as in its disa~etion it may deem neoesrary for thepr presurvatim theeeo~, and the full amount at each serf every such payment shall bs due and payable thin' dqs after demand, and shaD bs secured bp? the lien of tbb mortgage. tf. He will pay all and singu4r tbs costs, ekes, and earpeases, inchrdiaa reasonable Lwyer's fees, and costs of abstracts of titb, incurred or paid at any time try~t6e Mort~ee because of the failure on the part of the M~t~or Pr'~PtlY ~ serf to perform tbs agreements and covenants of said promissory note and this. and si<id costa, ebarges, aaa eacpensea shall be immediately due and payable and shall be secured by the liean~c~tnortas6e. T. He veil! oontinuous~j maintain hasard iasuraaoe, od such type or_t~pes and amounts as Mortgagee may from time to time ~~yr~, raw unprovements now ar hereafter on said nm~es~ sad except when payment for all such premiu~~ Had thefore been made under ~(a) of paragraFh ~hereoi he will pay prompt~t~ when due any premiums therefor. All insurance shall be carried in oompsares appruvea by iii r~s~~ and the poli- cies and renewals thereof shall beheld by Mortgagee and have attached thereto bee p~syabo k clauses in favor of sad is form acceptable to the M ~g~gee. In event of bas he will give immediate notice by mail to Mortgagee, and Mortgagee may mal~e.proof~slf foes if not made promptly by Mortgsgorj and each insurance.oompagy ooneerned is hereb authorised and directed to make payment for such loos du+ectly to Mo instead of to Mortgagor and ~Ortgages 'ointly, and the insurance proceeds, or any part thereof may be ap- Ftied by Mortr gages st its option either to- ~e reduction of the indebtedness hereby secured or to tie restoratan or repair of the property di°°~ed. In event of foreclosure of this mortgage or other ta~aaafer of title .to the mortgaged property rn extangurahmeat of the indebtedness secured hereby, ab right, title, and interest of the Mortgagor rn and to any insurance policies then in force shall peas to the purchaser or grantee. 8. If the ppremises, or att~• part thereof, be condeu~ned underthe power of eminent domain, or acquired for s public use, the da~uages awarded, tf~e prorec~cls for tl~e taking of, or the considerntion for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b~ this mortgage, arr. hereby assigned to the Mortgagee, and his heirs or assq;ns, and shall lx? paid forthwith to said Mortgagee or his assignee to be applied on account of the last maturmR installments of such indebtedness; provided, ho~rcver, the tiiortgaa~~ee or his assignee, nay at his discrntion pay direct to the Mortgagor, his heirs or assigns any part or all of sucli award; provided, that d the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance o[ said psi iuent. 9. The Mortgagee may, st say time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, sad such court shall forthwith appoint a r+eoeiver of the premises covered hereby all add singular, including all sad singular the inooaae, Profits, issues, and revenues !coin whatsvet source derived, each and every of which, it being espreasly uadetatood, is herby mortgaged as J specifically set forth and described in the greeting and habendum clauses hereof. Such sppointaieat shall be y, ~Q~{t.aq,~n equity and a matter of sbeolute right to said Mortgagee, and wntbout reference to the value of the Property mortgaged or to the solvency or insolvency of said Ms ~ rents, profits. income, issues, and revenues shall be appl~i by such receiver s hey ~ ~d .dlt~~ i end the practice of such court. Ia the event of any default on the pert of the. Mort~gor hereunder, the agrees to pay to the Mo on demand as a reasonable moat lh y rental for the premises an amountb~ equivalent to one-iweUtbof the a~egate of the twelve monthly iaedallaseats payable in the rhea current ~ year phss the actual amount of the annual ta~cea, aeemementa, water rates, and insruaaoe premiums for euc6 year f not covered b7? the atoreaaid monthly payments. 10. In the event of any bxach of this mortgage or default on the part of the Mortgagor, or is the event that any of said soma of money benia referred to be not promptly sad fully paid aecord'wg to the tenor hereof, or in the event that each and every the stipulstions, agreements, conditions, end eovenanta of said note and this mortgage, are not duly, Promptly. and frilly performed; -then in either or say such event, the said aggregate sum mentioned is said Hots then reauining unpaid, with interest accrued to ths?t time, and all moneys scarred hereby, shall become doe and payable forthwith, or thereafter, st the option of said Mortgagee, ss fully and oompletdy as ii all of the said sums of money were origtaally stipuLted to bs paid on ouch day, anything in said rote or in this mortgage to the contrary aotwitbstaading; and thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at lsw or in equity, rosy be prosecuted as if all moneys secured hereby bad matured prior to its institu- tion. The Mo may foreclose this mortgage, as to the amount so declared due sad payable, sad the said p~s~ shall ~to aatidy and pry the same together with costs, expenses, and albwanoea. 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 rosy again be availed o[ thereafter from time to'time by the Mortgagee. i l . No waiver at any covenant herein or of the obligation accrued hereby shelf at any time thereafter be bdd to be a waives of the ;terrine hereof or of the note secured hereby. 12. The lien of this iar~sument shall reaaain in full tome and effect during any Postponement or extension of the time of payment of the indebtedness a any part thereof secured hereby. _ ! 13. If the Mortgagor default in say of the covenants or agreements contained herein, or in said note, then the Mortgagee rosy perform the same, and all eacpeaditrrea (including reasonable attorney's tees) made by the Mortgages . in so do ah draw interest at the rata provided for in the principal indebtedness, and shall be repayable thirty days titer demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. 14. Upon the request o! the Mortgagee the Mortgagor shall execute sad deliver a supplemental note or notes for the sum or sums advanced by a Mortgagee or the alteration, moderairation, improvement, main- tenance, or repair of and premises, for taucea or assessments against the same and for any other purpose author- ised hereunder. Said note or rates shall be secured hereby on a parity with and as tally as r( the advance evidenced thereby veers included in the note first described shove. Said supplemental rate or notes shall bear interest aC the rate provided for in the principal indebtedness end shall be payable is pproximately equal monthly payments for such period as may be agreed upon by the creditor and debtor. Fiuuling b agree on the maturity, the whole of the sum or sums so advanced shall be due sad payable thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultiaaate maturity of the Hate brat described above. BOOK PACES