HomeMy WebLinkAbout2984 tender to the Mortgagee in accordance with the provpsions of tl?d note secured ~~ereby, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in crmputing the amount of such
indebtedness, credit to tl~e account o[ tl~e Mortgagor any credit balance remaining under the provisions of (a)
of said ph Z. 1f there shall be a default under any of the provisions of this inortga~e resulting in a
public sale o the premises covered hereby, or if the Mortgagee acquubs the property otherwtse after default, }
the Mortgagee, as trustee, shall apply, at the time of the canmencement of such proceedings or at the time.
the property m otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2
preceding av a credit on the interest accrued and unpaid and the balance to the principal then remaimng unpud
on said note.
4. He will pay ap tries, aeeesemeats, water rates, sad other ~overnmeatal or municipal eharga, ~6aes, aft
impositions, ioz which provision has not bees made hereinb~ore, sad in default thereo~t the Mottp;ee may ps~y tbs
same; sad that he will promptly deliver the o~8icial receipts therefor to the Mortgasee.
b. Hs will permit, commit, or suffer no waste, impairmeak or deterioration of said property or any part thereof
e:Dept reaeoaable wear and tear and in the event of the fu'lure of the Mortgagor to kcep the bwldings on sai~
premises sad those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may
of each a~ epaus as in its discretion it may deem neoeesary for the proper presccvation thereof, and the full amount
very such payment shall be due sad payable thirty (30) days after demand, and shall be secured by
the lien of this mortgage. g
6. He will pay all and singu4r the costs, clhargea, and expenses, including reasonable Lwyer's fees, and costs ~
of abstracts of title, incurred or paid at any time by thhee Mortgagee because of the failure on the part of the Mortgagor
promptly sad fully to perform the agrcementa and covenants of acid promissory note and thin most~ge, and said
coats, charges, and expenses shall be immediately due and payable sad shall be secured by the lien of this mortgage.
T. He will oontinuoua(y maintain hazard insurance, of such type or types and amounts ss Mortgagee may
ir+om time to time require, on the improvements now or hereafter on said premises and except when payment
for all such pr+emiupnt has thier+etofore been made under ~(a of patsgraFh 2 hereof ~e will pay promptly when
due any premroms therefor. All insurance shall be carried in oompanres approve by 1liortgag~e and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached .thereto loss payable-criusee in favor of
and in form acceptable to the Mortgagce. In event of loss he will give immedute notrce by mail to Mortgagee,
and Mortgagee may make proof, o~ foss if not made promptly by Mortgagor, and each insurance company
concerned zs hereby suthorued 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 a_pp7i'ed by Mortr
gages at its option either to the reduction at the indebtedness hereby secured or to the restoration or repair of
the property dama~td. In' event of foreclosure of this mortgage - or other transfer of title to the mortgaged
property w extingu}9hment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
rn and to any insurance policies then in force shall pass to the purchaser or grantee.
8. If the pren~iscs, or unr part thereof, be condemned under the power of eminent. danam, or acquired for
a public use, tl~e claucages awarded, the proe•eecls for tl?e takingg of, or the consideration for such acquisition, to
the extent of the full amount of the remaining unpaid indebtedness secured b~• this mortgage, arc hereb~•
assigned to the Mortgagee, and hi4 heirs or assigns, and shall be paid forthwith to said Mortgagee or his
assignee to be applied on acrow~t of the last maturing installments of such indebtedness; provided, however,
the Mortgagee or his assignee, may at his discretion pad- direct to the Mortgagor, his heirs or assigns and part
or all o[ such award; provided, that if the Iona is guaranteed or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•nient.
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 and singular, including sU and singular the income, proSta, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if speciScally 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
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 Ise 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
I agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount st least
i equivalent to one-twelfth (}~z) of the aggregate of the twelve monthly installments payable in the then current
E year plus the actual amount of the annual taxes, sasessmente, water rates, and insurance premiums for such year
f not covered by the aforesaid monthly payments
10. In the event of any b_~each of this mortgage or default on Lhe part of the Mortgagor; or in the event that
any of said soma of money herein referred to be not promptly and fully paid accordingto the tenor hereof, or in the
event that each and every the stipulations, agreements, conditions, and covenants of 8sid note and this mortgage,
are not duly, promptly, and tally performed; then in either or any such event, the acid 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, ss fully and completely se if all of the
acid sums of money wen 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
r demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its inatitu-
flora. The Mortgagee may foreclose this mortgage, ss to the amount sD declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with costa, 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.
i 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 eBeet during any postponement or extension of
{ the time of payment of the indebtedness or any part thereof secured hereby.
f
t:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
~ Mortgagee rosy perform the acme, 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
`s this mortgage.
~ 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
~ Hotta (or the sum or sums advanced Dy the ~iurtgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or ssaessments against the same and for any other purpose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with 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 st the rate provided for in the principal indebtedness and shall be ayable in approximately equal
monthly pa meats 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 payab{e thirty (30) days after demand
i by the creditor. In no event shall the maturity extend beyond the ultimate -caturity of the note first
described above.
! ~ nU~K 326 PecE 2~~82