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HomeMy WebLinkAbout2550 . ~r , , tender to the 1lortgut;ee in accurdant•e witl? the provisions of tl?e note secured lrerc•b~•, full pa}•u?ent of the entire indebtedness represented thereby, the :4lortgagee, as trustee, shall, in con?puting the amount of such indebtedness, credit to the account of tl?e Mortgagor nny credit t,alance remaining under the provisions of (s) o! said paragraph 2. If there sl?all be a default under any of the provisious of this tnortga~e resulting in a public sale of the premises covered hereby, or it U?e Mortgagee acquires the property otherwtse after default, the Mortgagee, as trustee, shall apply, at the tune of the cmnmencement of such proceedings or at the time the property is otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding as a credit ou the interest accrued and unpaid and tl1e balance to the principal U?eu ren?aitung unpaid on said note. 4. He wiU pay all taxes, aasesamenta, water raters, and other governmental or municipal charges, fines, or ' ' impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that be will promptly deliver the official receipts therefor to the Mortgagee. 5. He will permit, commit, or eu8er no waste, impairment, or deterioration of said property or any 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 full amount of each and every such payment shall be due and payable thirty (30) days after demand, and shall be eecur+ed by the lien of this mortgage. 6. He will pay all and singular the costs, charges, and a:penses, including reasonable lawyer's fees, and coats of abstracts of title, incurred or paid at any time by the 11:ortgagee 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 costs, charges, and expenses si?all be immediately due and payable and shall be secured by the lien of this mortgage. 7. lie 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 premises, and except when payment for all such premiums bas theretofore been made under (a) of paragraph 2 hereof, be will pay promptlyy when due any premiums therefor. All insurance shall be carried in companies approved by I1lortgagee 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 ~~lortgagee. In event of loss he Kill give immediate notice by mail to Mortgagee, and `iortgagee rosy make proof of loss i[ not made promptly by Mortgagor, and each insurance company concerned is hereby authonaed 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 Mortr gages at ?ts option either to the reduction of the indebtedness hereby secured or to the restorattQn or repair of the property damaged. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property nn extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pRSS to the purchaser or grantee. If the pre•n:i:?•s, ur un+• port thcn•uf, bc• roudenu?ed under the power of eminent don:au~, or acctuirnd for a pubiit• use. the dunru~es a++~arded, the pror•c•~•ds fur the taking uf, or th~• ~•unsidt•rutinn for su~•h ucyuisition, to the extent of tl?e full un?ount of the remaining unpaid inrhl?tedn?•ss se~•ured b+- this uu?rtgake, arc• hereby assigned to the \lortgagee, and his hens or usigns, :uul mull ht• purl fnrth++•ith to .aid Mortgagee or his assignee to lx' applied un at•r•ount of the lust nruturin~ inaulluu•nt of sw•h indebtedness; provide?1, hu+rnver; th?• Mortgagee or his assignee, nru~- ut his disr•rntion pub- din•~•t to the ~Iortgugur, his heirs ur ussigrss any port or all o[.ur•h u++-anl: provuh•d, that if the h?an is guar:urteed ur insured, the consent of the guarantor or insurnr is obtained in advance of quid pu~•nu•ut. • :t- 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 avid 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 the defendants. Such :ants, profits, income, issue, and revenues shall tfe 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 f equivalent to ane-twelfth (!~j 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. tit: In the event of any b-eac6 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 according to the tenor hereof, or in the event that each and every the stipulations, agreements, conditions, anti covenants of said note and this mortgage, g are not duly, promptly, and fully performed; then in either or any such event, the said aggregate Rum 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 DMortgagee, as fully and completely us if all of the a 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 Qaid 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 said premises shall be sold to satisfy and pay the carne together with costs, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortRagecl premigea 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 lliortgagee. t I . 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. - 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 attorney's fees) made by the Mortgages 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, si?ell 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 Mortgagee for the alteration, modernization, improvement, main- s tenance, or repair of said premises, for taxes or assessments against the same and for any other purpose author- ized hereunder. Said note or notes shat) be secured hereby on a parity with and as (ally 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 payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, tjie whole of the sum or sums so advanced shall be due and pa~•able thirty (30) days after demand • by the creditor. In no event shall the maturity extend beyond the ultimate c~aturity of the note first described above. g Bli(K323 PdGE 31 e~ 327 P~2549 ~e•~ecord M - .