HomeMy WebLinkAbout1577 tender w the tiiortl;a~;ee in accord,~a a-with tlie'{tro.'isjlJns of tl?e Holt secured hereb~•, full payment of tl?e
entire indebtedness represented there~~•, the ;lortgagee, as trustee, shall, in con?putinR the amount of such
indebtedness, credit to the account of tl?e ~lort~aKor any credit balance reu?aininl; under the provisions of (a)
of sail paragraph 2. if there shall be a defau t under any of tl?e provisions of this n?ortga~e resulting in u
public sale of the premises covered hereby, or if the blortgagre acywres the property otl?erw?se after default,
the Mortgagee, a,, trustee, shall apply, at the time of the conunencement of such proceedings or $t tl?e time
the property is otherwise ac•yuired, the amount then retuainin~~ to credit of Mortgagor under (a) of haragraph 2
preceding as a credit on the interest accrued and unpaid and tl1e balance to the principal tl?en remaining unpaui
on said note.
4. He will pay all taxes, asseasnnenta, water rates, and other governmental or municipal charges, tines, or
impositions, for which provision has not been made bereinbefon, and is default thereof the Mortgagee may pay the
same; and that he will promptly deliver the ol~cial receipts therefor to the Mortgagee.
5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof,
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said
premises-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 preservation thereof, and the lull amount
of each and every such payment shall be due and payable thirty (.30) days after demand, and shall be secured by
the Gen of this mortgage.
6. He will pay all and singular the casts, charges, and expenses, including reasonable lawyer's teen, and eoeta
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on 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 secured by the Gen of this mortgage.
T. Ile will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may
from time to time regirir+~; on.;ijte • provements now or hereafter on sand premises, and except when payment
for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when
due any premiums therefor. All insurance shall be carried in companies approved by Mortgagee and the pol~-
ciea 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 foss if not made promptly by Mortgagor, and each insurance company
concerned is hereb~ authorized and directed to make payment for such loss duectly to Mortgagee instead of
to Mortgagor and . iortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mores
-gages at its option either to the reduction of the indebtedness hereby secured or to the restoratton 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 forge shall pass to the purchaser or grantee.
If the preniisrs, or un~ purl thereof, Ix• ,•ondeniued under the power of en?inent ?loulu?u, „r ucyuirc•r1 for
a public• use, the clau?aKes awarded, thc• proc•ec•cls for the taking of, or thc~ c•onsiderution for sur!? acquisition, to
the extent,uf the full un:ount of the mn?aininK unpaid indebteclncss secured by this u?ortKaKe, an• 1?c•rnb~•
ussii;ned to the ~1ortKaKee, and hie heiiti ur assil;ns, and shall bc• paid forthwith to said ~iortgagca• or his
assiKnee to i,e applied on amount of the lust tnuturinq installments of suc1, indebtedness: pro~•ided, howc•~-er,
the ~lortgas•,er or 1?is assignee; muv at I?is dis~•n•tic~n ptiy din•et to the Mortgagor his heirs c,r :?ssi~ns any port
ur all of su?•1~ award; provided, ti?ut if the loan ?s Ku:?runtcc•cl or insured, the eonseut of tlic• guarantor ?~r insurer
is obtained in advance of said paynu•ut.
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
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!?e defendants. Such
tents, 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 premises an amount at least
equivalent ro one-twelfth of the aggregate of the twelve monthly installments pa}•able in the then current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments. -
1Q. In the event of any breach of this mortgage or default on the part of the Mortgagor; or in the event that
any of said sums of money herein referr~:d to be not promptly and fully paid according to the tenor hereof, or in the
~ event that each and every Lhe stipulations, agreements, conditions, and covenants of said note and this mortgage,
t 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 alt moneys secured hereby, shall become
I due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the
said sums of money were orignally stipuiaLed Lc, ue pa?d on suet, d;,y, 3nytt,ing in said note nr in this mortgage to
the contrary notwithstanding; and thereupc;n or thereafter, at the option t?f said Mortgagee, without notice or
demand, suit at law or m equity, may 1,e prosecuted a_a if all moneys secured hereby had matured prior to it"4 institu-
tics. The ~Tortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
premises shall i?e sold to satisfy and pa}• the same together with costs, expenses, and allowances. In case of partial
foreclaQure of this mortgage, the mortgaged premises shall he sold subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpsiei. In such case the provisions of this paragraph may again be
~ availed of thereafter from time to time by the tiiortgagee.
1 l . 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.
The lien of this instrument shall remain in full force and effect during any postponement or extension of
the time of payment of the indebtedness or any part thereof secured hereby. • •
t 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 aU expenditures (including reasonable attorney's fees) made by the Mortgagee
° in so doing shall draw interest at the rate pmvided for in the principal indebtedness, and shall be repayable
thirty (301 da~•s after demand, and, together with interest and costs accrued thereon, shall be secured by
this mortgage. - -
4. l; pc.n the request of the Mortgagee the Mortgagor shall execute and deliv: r a supplemental note or
r note for the sum or sums advanced by the ~1ortRagee for the alteration. modernization, improvement, main-
tenance, or repair of said premises, for taxes or ss~essments against the same and tar any other purpose author-
; ,zed hereunder. Said note or notes sliall 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
R interest at 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 c_,f 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 raturity of the note first
described above.
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