HomeMy WebLinkAbout2920 tender to the Mortgagee in accordance with the pwrisions o[ tl?e note secured i~ereby, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, ahaU, in computing the au~ount of such
indebtedness, credit to tl~e account of the Mortgagor any credo balance remaining under t}ce provisions of (a) '
of said ph 2. It there shall be a default under any o[ the provisions of this inortgi~e resulting in • ,
public sale o the premises covered hereby, or if the Mortgagee acquues the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time of the coininencement o! such proceedings or at tl?e time
the property m otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued uK! unpaid a~ad the balance to the principal then rrrnaining unpud
on said note. s'
4. He will pay all taxes, areerarpenta, water rater, and other governmental oe munidpal eharges, Snes. oe ~ •
impoeitioas, for which pa+ovisioa has not bees Coy?da heraiabefore, and in default thereof t~6e Mortg~ee may ply the
rams; and that he will promptly detl~ter the ~a3a1 receipts therefor to the Mortgagee.
b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or asyy ~ thereof
e:eept reasonabls wear and tear and in the event of the failure of the Mortgagor to keep the buildings on sai~
premises and those to be erecte~ on aid premises, ee improvements thereon, in good repair the Mortgagee may
make such repairs sa in its discretion it may deem neoeesa>iy for the proper preservation thereo~ sad the full amount
of each sad every such payment shall be due and pt<yabk thirty (30). days after deonand, sa~ shall be recund by
the lien of this mortgage.
6. 8e will pay all and singu4r the costa, arses and espeaees, including reasonable lawyer's fees, and cosh
of abstracts of title, incurred or paid at any time
tryk the ~biortgagee ba:suse of the failure on the part of the Mort~a~or
Pi'~PWY and fully to per[orm the agreements and covenants of said promissory note and thin mortgage, and said
costs, charges, and expemes shall be immediately due and psyabb and shall be secured by the lien of tLie mortgage.
7. Ha will oontinuouslvy 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 hsa therstofore bean made under ~(a of paragn~h 2 hereof ~e will pay promp~,~y when
due any premiums therefor. All insurance shall be carried in companies approve by I?iortgagea and tfia poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable ausee in favor of
sad in form acceptable to the Mor In event of loss he will give immediate notice by mail to Mortgagee,
and -Mortgagee may make proof o~ if not made promptly by Mortgagor, and each insurance company
concerned is hereby sythoruied and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgages 'ointly, and the insurance proceeds, or any part thereof may be app •ed by Mores -
gagee at its option either to t~e reduction of the indebtedness hereby secured or to tie reatontion or repair of
the property dammed. In event of foreclclsure of this mortgage or other transfer of title to the mortgaged
pproperty m extinguishment of'the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
la and to any insurance policies then in force shall pRSS to the purchaser or grantee.
8. If the ppremises, or nny part thereof, be condeiimeil under the power of eminent doniau~, or acquired for
a public use, the damages awarclecl, tl~e pra•eecls for tl?e takingg oi, or the consicleration for such acquisition, to
the extent of the full amount of the ren?sining unpaid indebtedness secured h~ this mortgage, arc hereb~-
assigned to the tifortgagee, and his heirs or assigns, and shall lx~ paid forthwith to said titortgagee or his
assignee to be applied on account of the last ninturuiK installments of suc•L indebtedness; provided, liowcver,
the Mortgagee or his assignee, mad at his discn•tion pad- direct to the Mortgagor, his hems or assigns any part
oc all of such award; provided, that if the loan is guaranteccl or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•ment.
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 a receiver of the premises covered
hereby all aDd 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 a8 if apeciScally set forth and
described in the granting and habendum clauses hereof. $uch appointment shall be made by such court ae an admitted
l equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
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 Mo on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth ( s) of the aggregate of the twelve monthly installmenUi pa~iable in the then cun~ent
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for ouch year
not covered by the aforesaid monthly peymenta.
10. In the event of any b*+each of this mortgage or default on the part of the Mortgagors 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, sgreementa, 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 mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become
due and payable torthwitb, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the
said soma of money were origfinally stipulated to be paid on such day, anything in ~+aid 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 if all moneys secured hereby had'matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the acid
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 Mortgagee.
11. No waiver of any covenant herein or of the' obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
12. The lien 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 acme, and all expenditures (including reasonable attorney's feea7 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.
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 titortgagee 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 not shall be secured hereby on a parity with and as fully sa if the advance
evidenced thereby were included inie note first described above. Said supplemental note or notes shall bear
interest at the rate provided for in' the principal indebtedness and shall be syable 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 maturity of the note first
described above. ss~~~Q e~ e~~ z
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