HomeMy WebLinkAbout2396 lender to the ti~lortKugee in art 'ante with the provisiuns of the note s• ed 1?ereby, full payment of the
entire indebtedness represents ..~erebv, the Mortgagee, as trustee, sl?all, computing U?e amount o! such
ittdebteduess, credit to the account of t}re `•fortgagor spy credit balance ren?ainin{; under the provisions of (a)
of said paragraph 2. !t there shall be default under;eny of the provisions of this mortgage resultin{; in a
public sale o[ the pren?isea covered hereby, or if the Mortgagee acyutres the property otherwtse after default,
the Mortgagee, as trustee, shall apply, at the tune of the comu?encetnent of such proceedings or at the time
the property is otherwise ac•yuired, Ure amount then renrainin~ to credit of Mortgagor under (s) of paragraph 2
preceding as a credit on the interest accrued and unpaid and file balance to the principal then rrnrainiug unpaid
on said note.
4. He will pay alt taxes, ascesaments, water rates, and other governmental or municipal charges, tines. oft
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that he will promptly deliver the official receipts therefor to the Mortgagee. •
5. He will permit, commit, or attffer no waste, impairment. or deterioration of said property or any part thereof
except reasonable wear sad tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~
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 neeeseary for the proper preservation thereof, and the full amount
of eacb 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 costs, charges, and expenses, including reasonable lawyer's fees, and cats
of abstracts o[ 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 oovenanta of said promissory note and this mortgage, and said
oasts, charges, and expenses shall be immediately due and payable and shall be secured 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 premtses, and except when payment
for all such premiums has theretofore been made under (s) of paragraph 2 hereot, he will pay promptlyy when
due any premiums therefor. All insurance shall be carried in compatues approved by Illortgagee 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 nonce by mail to Mortgagee,
and Mortgagee may make proof of Loss if not made promptly by Mortgagor, and each insurance company
concerned is herebyy 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 Mores
gages 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 policie9 then in force shall pnsa to the purchaser or grantee.
R- 1f the prenrisc•s, ur un~- purl thcn•of, be rondenuied under the power of-eminent donrun?, or uc•quirc•d for
a public use, ti?e damages awarded, the proceeds for the taking of, or the c•onsiderution for such aryuisition, to
the extent of the full un?ount of the rc•nraininK unpaid indebtedness sec•urecl b~- this urortgaKe• are he•rc•bt-
ussigned to the ~iortgugee, uncl his heirs or assigns, :u?d strut! be pail! forthwith to said ~lcirt}:agee or his
assiKnee to Ix• applied on acrowrA of the last nuiturin~ instalhments of such indehtechu•ss: pro~-ideci, hoti~-e~-rr,
tl?e \lortgugee ur his•;issiKne~•, pray ut hig discretion pn~• direr•t to the Jlortgngor, his heirs or ussi~ns an~• part
or all of such a~~-anl; provided, tl?ut if the loan is guarantec•~l or insured, the consent of the guarantor or in:.urnr
is obtained in advance of said pu~•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 eouri as an admitted
equity aad 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
j 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 premises an amount at least
equivalent to one-twelfth (~y) of the aggregate of the twelve monthly installments payable 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.
10. 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 referred to be not promptly and fully paid accordeng 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 slid aggregate sum mentioned
f 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 biortgagce, as fully and completely as 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
e demand, suit at law or in equity, may be prosecuted as if all moneys secured herebv had matured prior to its institu-
lion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
1 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 tie debt not thin 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 1. 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.
t 2. 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 all expenditures (including reasonable atiomey's fees) made by the blorigaRee
in so doinK shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable
- thirty (30) days alter demand, and, together with interest and costs accrued thereon, shall be secured by
i this mortgage.
14- Upon the request of a tiiortgagee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced Dy the ~IortgaKee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and for say 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 s}iall bear
interest ut the rate provided (or in the principal indebtedness and shall be at•able in approximately equal
monthly pavments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, t(?e whole oI the sum or sums so advanced shall be due and payable thirty (30) days after demand
) by Lhe creditor. In no event shall the maturity extend beyond the ultimate caturity of the note first
described above.
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