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HomeMy WebLinkAbout0750 • ~ tender to thr~2rlorlgage~~ 1r~cordunce with• the provisions of the note xeruced hereby, full pa~•nretrt~ of the entire indebtedness represented thereby, the Mortgagee; as trustee, shall, in conrputitiK the anruunt of such indebtedness, credit to the account of tyre Mort eKor an~• credit balance nuraining under lire prywisions of (a) of said paragraph 2. If there shall be tl defan~t under any of the provisions of this nrortga~e resulting in a public sale of the prnwises covereJ 1?ereby, or if the Mortgagee acquires the property otherwtse after default, ' the Mortgagee, as trustee, shall apply, at the tune of the canurencenient of such proceedings or at the time - the property rs otherwise acquired, the amount then renaining to credit of Mortgagor under (a) of paragraph 'l preceding as a credit on the Interest accrued and unpaid and tyre balance to the principal then rnmaining unpaid on said note. 4. He will pay all taxes, assessments, water rates, ,and other governmental or municipal charges, fines, otr impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the ea?me; and that he wit' i;~romptly deliver the official receiptts therefor to the Mortgagee. S. He aiU permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof, except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said premised and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its discretion it may deem necessary for the proper prc~crvation thereof, and the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and coats of abstracts of title, incwred or paid at any time by the Mortgagee because of the failure oa the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this. mortgage, and said costa, charges, and expenses shall be immediately due and payable and shall be erewed• by the lien of this mortgage. 7. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptlyy when due any pretruums therefor. AU insurance shall be carried in compamea approved by-riortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. • In.event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of loss tf not made promptly by Mortgagor, and each insurance company concerned is hereb authorized and directed to make payment for such loss directly to Mortgagee instead of to ;Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mort* - gagee at Its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pn3s to the purchaser or grantee. R. !f the prenrisc•s, or un~- part thereof, .be condeuured under the power of eminent dunraur, ur ur•yuired for a public use, the damages aw•anled, the proceeds fur the fakir:g of, or the consideration for suet acyui`ition, to the extent of the full amount of the reuraiuing unpaid indebtedness secunvi b~• this mortgage, are beret>~- asigned to the ~iortgakee, uud iris heirs ur a~cigns• anal shall be paid iorthw•itir to said Mortgagee or his assignee to be applied on acrowrt of -the last maturing iustallnu•nts of such indebtednr:c,; provided, hoK•ever, the Mortgagee ur his assignee, niu~• ut his discrrtiuu puv din•ct to the Mortgagor, his heirs ur assigns an~• part or all of such a~~•ard; provuled, that if the loan i~ guaranteed ur insured, the consent of the guarantor ur insurer is obtained in advance of sairi pa~•nu•nt. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all and 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 specifically set forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of 'i the value of the property mortgaged .or to the solvency or insolvency of said Mortgagor or the defendants. 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 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 promises an amount at least equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installments payable in the then cwrent year plus the actual amount of the annual taxes, assessnnenta, water rates, and insurance premiums for such year i not covered by the aforesaid monthly paymenis. I 10. In the event of any b. each of this mortgage or default on the part of the Mortgagor; or in the event that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum memtioned 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 Mortgagee, as fully and completely as if all of the said sums of ms;ney 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 law or in equity, may be prosecuted as it all moneys secured hereby had matured prior to its institu- tion. The Mortgagee may foreclose this mortgage, as to the amount tlo declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. 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 may again be availed of thereafter from time to time by the 1liortgagee. 11. No waiver of any covenant herein or of the obligation secured hereby shall at any bane thereafter be held ~ to be s waiver of the terms hereof or of the note secured hereby. 12. The Gen of this instrument shall remain in full force and eBect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditwea (including reasonable attorney's fees) made by the Moriga~x in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable r thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced by the tiiortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity ~tvith and as fully as if the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate provided- for in the principal indebtedness and shall be ayable in approximately equal monthly pa menu for such period as may be agreed upon by the creditor and debtor: Failing to agree on the maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand by the creditor. In no event shall the maturity extend beyond the ultimate c~aturity of the note first ; described above. a~ ~ ?48 G~,'~ 324 Pa~2,8~3 ,~.;i^~Y 319 ~a~~ 795