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HomeMy WebLinkAbout0620 :j tender to the 'Mortgage+e in accordance with the provisions of the note secure ~e~ lw: full pa}•utent of the entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to the account of tl~e Mortgagor any credit balance retraining under the provisiotui of (a) of acid paragraph 2. If there shall be a default under any of the provisions of this uiortgs~e resulting in s public sale of the preniisea covered hereby, or if the Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the conunencement of such proceedings or at the time the property is otherwise acquired, Ute amount then rentsinin~ to credit of Mortgagor under (a) of paragraph 2 preceding as a credit oil the interest accrued and unpaid and tl?e balance to fire principal then remaining unpaid on said note. 4. He will pay all taxes, aseeeaments, water rates, and other goveromenW or municipal charges, fine/. or imptieitions, for which provision has not been made hereinbatore, and is default thereof the Mortgagee may pay the same; and that he will promptly deliver the official receipts therefor to the Mortgagee. b. He will permit, commit, or suffer 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 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 necessary for the proper preservation thereo~, and the full amount ' of each 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 casts, charges, and expenses, including reasonable lawyer's fees, and costs of abatniets of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor promptly sad 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 lien of this mortgage. 7. He will continuously maintain hazard insurance, of such type or types and amounts ss Mortgagee may from time to time require, on the improvements now or hereafter on said premises and except when payment for all such premiums has ~e'~een made under (a) of paragraph 2 hereof, ~e will pay promptly when due any premiums therefoc~ All insurance shall be carried in companies approved by 1lfortgsgee and the poli- cies and renewals thereof shag be held by Mortgagee and have attached thereto loss payable cCausea in favor of and in form acceptable to the Mortgaaggee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may mtiT{b'~roof 'of 'loss if not made promptly by Mortgagor, and each insurance company concerned is hereb authDrired 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 Mori gages at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property dammed. Ia 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 force shall pass to the purchaser or grantee. 5 R. If the premises, or un}- part thereof, be condemned water the power of eminent domain, or accluirnd for a public use, the dauiaKes awarded, the proceeds for the taking of, or the consideration far such t,cyuisition, to the extent of the full amount of the ren?aininK unpaid iudebte~lness serurc~l b.• this mortgage, air hi•mbt• assigned to the ~fortgaKer, and his heirs or uasit;ns, Haul skull tN• pui:l forthwith to said \fort{;agee or leis i assiKnee to be applied on account of the last maturty{? installments of such indcbte~lness; pm~•i~led, IIONe~'E•r, f the \fort{~ugec• ur his assignee, tray at his discretion pu}- direct to the Mortgagor, his heirs or assi;~rs env part. or all of such u~~ard; pro~i~led, tl~ut if the loan is {:uar:u?tee~l or insured, the consent of the guarantor or insurer is obtained in ad~•ance of .aid pavnu•nt. . 'J. 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. each 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 i the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t!ie defendants. Such rents, profits, income, issues, and revenues shall 17e applied by such receiver according to the lien of this mortgage i 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 at least ! pnpivalent to one-twelfth (~Z) of the aggregate of the twelve monthly installments payable in the then current ( year plus the actual amount of the annual taxes, asgessment8, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. 10. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the event that any of said soma 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, 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 forthwith, or thereafter, at the option of said Mortgagee, as fully and completely ae 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 demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The :tiortgagee 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 same together with costs, expenses, and sUowances. In case of partial r foreclosure of this mortgage, the mortgaged premises shall be sold subject w 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 pbligation 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 effect during any postponement or extension of _ { the time of payment of the indebtedness or any part thereof secured hereby. I:;. 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 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. p 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental n~~te or • notes for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.~es.5ments against ills same and for as}• other purpose author- ized hereunder. Said note or notes shall be :,cured hereby on a parity with and as fully as i[ the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be ayable 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 pa}able thirty (30) days after demand by the creditor. In ao event shall the maturity extend beyond the ultimate caturity of the note first described above. ~~Q h 8O(ll(v4V PAGE V~?V