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HomeMy WebLinkAbout2073 . _ ' s tender to the Mortgagee in accordance witt? the pm~isions of tl?e note secured hereby, toll payment of the entire indebtedness represented tberebv, tl~e Mortgagee, as trustee, shall, in computing the amount o! such • indebtedness, credit to tl~e account of the Mortgagor any credit balance remmaining under the provisions of (a) of said ph 2. It there shall be s default under any of the provisions of this ~nortga~o resulting in a public sale o the premises covered hereby, or it the Mortgagee acquires the property otherwise after default, ~ the Mortgagee, ce trustee, shall apply, at the time of the canmencement of such proceedings or at tl?e Lime s the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid sad the balance to the principal then remaining unpaid ~ , ~ on said note. : ' 1 4. He will pay all taxes, aseeaements, wales rates, and other ~overnmeatal or municipal charges, flags. oe r • imposltionl, for which provision has not been made hereinbetore, sad m default thereof the Mortgagee may pqr the same; and that he will promptly deliver the oil'iaal reoeipb therefor to tbs Mortgagee. b. He will permit, commit, or suffer ro waste, imp?itment, or deterioration of said properly or any part thereof emept reasonabb wear and tear and in the event of the failure of the Mortgagor to keep the building on sai~ premises and those to be ereetec~ on said premises, or improvements thereon, is good repair the Mortgagee may mate such npai» as in its discnt~on it may deem necessary for the Proper presctvation thereo~, and the full amount ~ of each and every such payment shall be due and payable thirty (30) days site: demand, and shall bs eeew+ed by ; the lien of this mortgage. Q He will pay all and singular the mow, and e~cpenses, including reasonable 4wyer's fees, and costs of abstracts of title, incurred or paid at any time bye ~ortgagee because of the sailors on the part of the Mortgagor promptly and fully to perform the a®reements and covenants of said promissory note and thiamo ,and said coats, charges, and expenses ehaU be immediately due and payable and shall be secured by the lies of this mortgage. 7. Re will oontinuous~y maintain haaard 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 (a of paragraph 2 hereof ~e will pay promptly when due any premiums therefor. All insurance shall be carried is eomparues approve by M~ and the poli- cies and renewals thereo! shall be held by Mortgagee and have attached thereto loss payable noses in savor of and in Corm acceptable to the Mor In event of loss he will give immedute nonce by mail to Mortgagee, and Mortgagee may make .proof ~ if not made promptly by Mortgagor, and each insurance company concerned is hereby authorised and directed to make payment for such loss duectly to Mor~tgagee instead of to Mortgagor and Mortgagee1'oiatly, and the insurance proceeds, or any part thereof may be applied by Morin gages st its option either to the reduction Hof the indebtedness hereby secured or to the reatoratton or repair of the property dame&ed. In event of foreciQBUre of this mortgage or other transfer of title to-the mortgaged property us extuiguishment of-the indebtedness secured hereby, ail right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. S. 1f the preu~ises, or and- part Uiereof, be rondeumed under the power of eminent dou~am, ur acquired for a public use, the damages awarded, the pnx•eeds for the Laking of, or the consideration fen sucls acquisition, to # the extent of the full su~ount of the remaining unpaid indebtedness secured b~• this mortgage, arc hereb~• assigned to the :1'Iortgagee, and his heirs or assigns, and shall Ix~ paid forthwith to said Mortgagee or his assignee to be applied on acrount o[ the last matunug installments of such indebtedness; provided, however, the L'[ortgagee or his assignee, nay at his cliscrntion pa~• direst to U?e Mortgagor, his Lens or assigns any part j or all of such award; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer • ~ is obtained in advance o[ said pad went. ( 9. 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 s receiver of the premises covered ~ hereby all and singular, including all and singular the income, profits, issues, and revenues from whatever source i derived, each and every of which, it being expressly understood, is hereby mortgaged as if specifically set forth and i described in the granting and habendum clauses hereof. $uch appointment shi+lt be made by such court as an admitted equity and s matter of absolute right to said Mortgagee, sad without reference to-the adequacy or inadequacy of the value of the property mortgnged or to the solvency or insolvency of said Mortgagor or the defendants. Such rents, profits. income, issues, sad 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 park 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-tweUt6 (~s) of the ag~ste of the twelve monthly installments payable in the then current year plus the actual amount of the annual taxes, assessments, water rat~ea, and insurance premiums for such year not covered by the sforeaaid monthly payments. 4 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 accordsng to the tenor hereof, or in the f event that each and every the stipulations, agreements, conditions, and covenants of Said note and this mortgage, are not duty, promptly, and fully performed; then in either or say 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 Mortgagee, as fully and completely $s if all of the said sums 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 law or in equity, may be prosecuted ea if all moneys secured hereby had matured prior to ire institu- tion. The Mortgagee -may foreclose this mortgage, as to the amount aQ declared due and payable, sad the said } premises shall be sold to satisfy and pay the same together with costs, a:penses, and allowances. In sense 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 ouch case the provisions of this paragraph may again be availed of thereafter from time to time by the Mortgagee. l 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be s waiver of the terms hereof or of the note secured hereby. l2. The lien of this instrument shall remain in full force and eSect 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 rosy perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgagee in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. t 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 the :Mortgagee 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- i ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as ~f 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 indebtRdness and shall be ayable in approximately equal monthly pay menu for such period as rosy be agreed upon by the creditor and debtor. Failing to agree on the f maturity, t}~e 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 maturity of the note fist described above.