Loading...
HomeMy WebLinkAbout1022 • • tender to the T~iortgagee in aceordouce with the provisions of ills note secured liernb~•, full payn?ent of the entire indebtedness repr.•sented thereby, the Mortgagee, as trustee, shall, in computing th+• amount of such indebtedness, credit to the account of the Mortgagor anK credit balance remaining wuler the provisions of (a) of said paragraph 2. If tl?ere shall br` a>< default undalr any of tl?e provisiors of this il?ortga~e resulting in a public sale of the premises covered hereby, or if the Mortgagee acquires the prolx•rty otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the couunenceinent of such proceedings or at the time the property is otherwise acquired, the amount then reulaininR to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and t ?e balance to the pnncipal then remaining unpaid on said note. i . ~ ~ • _ ~ r 3 He will pay all taxes, saeeeaments, water rates, and other governmental or municipal charges, tines, or impoeitiona, for which provision hsa not been made hereigbefore, and in default thereof the Mortgages may pay the ' same; and that tie will promptly deliver the official receipts therefor w the Mortgagee. 5. He will permit, commit, or au&r. no waste, impairment, or deterioration of said property or any part thereof, except reasonable wear and tear; and is 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 neeeseary for the proper preservation thereof, and the full amount of each and every ouch 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 sU and singular the costs, charges, and expenses, including reasonable lawyer's fees, and costa of abati•acte of title, incwr+ed 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 ' costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 3 ' • 7. He will continuously ma'tatatf~axard insurance, of such type or tyF:ea and amounts as Mortgagee may from time to time require, on the improvements now or hereafter on sand premises, and except when payment !or all such premiums has theretofore been made under (a) of paragraph 2 hereof, tie will pay prom flyy when due any premiuir~s thgreipr, All insurance shall be carved in companies approved by 111ortgagee and the poli- cies and renewals thereoTshaU be held by Mortgagee and have attached thereto loss payable clauses in savor of and in form acceptable to the Mortgagee. In event of loss tie will give immediate notice by mail to Mortgagee, and Mortgagee may ~a~e~probf bf loss if not made promptly by Mortgagor, and each insurance company concerned is herebyy authorised and` d'uected to make payment for such loss d'uectly to Mortgagee instead of . to Mortgagor and Mortgagee ~ointly, and the insurance proceeds, or any part thereof, may be applied by Mortr ; gages at its option•e>ther tot a reedduction of the indebtedness hereby secured or to the restoration or repair ~of the property dammed. ' in event of torecslosure 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 rn and to any insurance policies then in force shall pass to the purchaser or grantee. K. If the premises, ot• un~- purl thereof, lx• roudeu+nec! under the power of eminent donluin, ur u+•yuimd for a publce• us+`, (lIP 11a111a~PS aHarded, the proceeds for the taking of: or the eonsiderution for sash aeyulsitiou, to the extent of the full amount of the remaining unpt?id indebtedness serurnd by this nlortguge, arc, hereby ussit?ued to tlu• Mortgagee, nn+1 1?is 1?eils or assigns, and sh;?il t,c~ puid forthwith to said Mortgagee or his assignee to 1?e applied on acrow?t of th+• lust n?uturiut? ii?stulhueots of sash indebtedness; provided, however, tLc ~tortguKee ur his assignee, nl;?y at 1119 discretion par direct to the Mortgagor, Lis heirs or assigns any part or all of such awanl; provide, that ii the louu is guarantee+l or insured, the eonscnt of the guarantor or insurer is obtained iu aclvxnc•e of sale! payll?e+?t. 9 '.1- The ltlortgagee• 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 revg~ es fro w ate - denied, each and every of which, it being expressly understood, is hereby mortgaged r (till! , described in the grantidg and habendum clauses hereof. finch appointment shall be made ; equity and a matter of absolute right to said Mortgagee, and without reference to t1f~ d!`~1 ` s 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 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 pa?y to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent co~one-twelfth (3/Z) 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. l0. 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 sums of money herein referred to be not promptly and fully paid according to tfie 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 4ortgagee, as fully and completely +?s if :ill of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to t'r~e 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 fierebv 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 premises shall i,e sold to satisfy and pay the same together with costs, expenses, and allowances. In cage 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 }hereafter from time to time by the Mortgagee. _ I ! . No waiver of any covenant herein or of the obligation secwed hereby shall at any time thereafter be field to i,e a waiver of the terms hereof or of the note secured. hereby. 12. The lien of this inbcrument shall remain in full force and effect during any postponement or a*_xcsir,:i of the time of payment of the indebtedness or any piirt thereof secured Lereby. ~ I:i. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the r 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 alter demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage- f~. i'tx:n the request „f the ~fost.gagce the lfortgaRor shall etecute and deliver a supplemental note or notes for the sum or sums advanced uy the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the carne and for eny 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 at the rate provided for in the principal indebtedness and shall be avable in approximately equal monthly pa menu [or 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 payable thirty (3t?) days after demand by the creditor. In no event shell the matwity extend beyond the ultimate riaturity of the note first described above. al~3~'.8 ~~cEit~2 Re-Fecord allOK~~ t?acE 1~