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HomeMy WebLinkAbout1333 • f . . i • tenlle~~to the 'l~iott~a~ee in acc~ .once with the provisions of the note ae.. _ ~d hereby, full payment of the enure indebtedness represented thelrebv, the Mortgagee, ea trustee. shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a) of said paragraph 2. It there shaA be a default under any of the provisions of this niortga~? resulting in a public sale of the premises covered hereby, or it the Mortgagee acquires the property otherwise after'detault, the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings or at the time the property >e otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of psragraph.2 preceding as a credit on the interest scerued and unpaid and t)?e balance to the principal then remaining unpud on said note. He will pay all tares, assessments, water rates, and other governmental or municipal charges. Snes„ of impositions, for which proviaioa has not been made heteinbefore, and in default thereof the Mortgagee tryy pay the name; and that hs will promptly deliver the o8icial receipts therefQe to the Mortg~ee. b. He will permit, commit, or auHer no waste, impairment, or deterioration of said property or an thereof except i+easonabb wear and tear; and in the event of the failure of the Mortgagor to keep the b ' on eaic~ premises and those to be erected on said oir impmvemeats thereon, in good repair the Mortgagee may make such repairs as in its discretion it mayp~osssary for the proper preservation thereo~, and the full amount of each and every such payment shall be due and pstiyabb thirty (30) days attetr demand, and shall be secured by . the lien of this mortgage. , 6. He will pay all and singular fhb' otietii, and expenses, includiag reasonable lawyer's fees, and cosh of abstracts of title, incurred or paid at any time by~Mortgagee because of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said ptomieeory note and this. mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft ' mortgage. 7. He will o4ntinuoualy maintain hazard insurance, of auch~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 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 approve by Mortgagee and the poli- ciea and renewals thereof shall be held by Mortgagee and have attached thereto loss payable c auses in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail b Mortgagee, and Mortgagee may make .proof of Loss if not made promptly by Mortgagor, and eacL insurance company concerned is hereb authorized and directed to make payment for such lose duectly to Mory~agee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be a_pplfed by Mort- gagee at ire 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, ail right, title, and interest of the Mortgagor in and to any insurance policies then in force shall page to the purchaser or grantee. 8. if the premises, or un~- part themof, be c•ondennicd under the power o[ eminent don?ani, or acquired for a public usc•, the dauiagc•s awarded, the proceeds for the taking of, or the consideratiun fur such acquisition, to -the extent of the full amount of the remaining unpaid uulebtednc•ss sec•urcd b~• this mortgage, am Lereb~• assi{tned to /lie viortgaRee, and his heirs or assigns, and shrill lay paid forthwith to said Mortgagee or his assignee to be applied on account of the last matunn~ installnu•nts of suc•Ic indebtedness; provided, however, the Mortgagee or his assignee, iuay at his discretion pa~• clircct to the Mortgagor, his heirs or assigns am part or all of such award; provided, that if the loan is Kuaruntecd or insured, the consent of the guarantor or insurer is obtained in. advance of said pad nietit. '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 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 habenduin 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 rents, pro51a, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage sad the practice of such court. In the event of any default on the pact 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 (3~z) of the ag~e~te 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 coveted by the aforesaid monthly payments. ~ 10. In the event of any b*eac6 of this mortgage or default on the part of the Mortgagors 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, 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 accnied to that time, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option of said Mortgagee, as [ally and completely as it all of the said sums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage b 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. Mortgagee rosy foreclose this mortgage, sa to the amount so declared due and payable, and the said E premises shall be sold to satisfy and pay the same together with costa, 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 the debt not then due and unpaid. In such case the provisions of this paragraph msysgain be availed of thereafter from time to time by the Mortgagee. - 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be heW to be a waiver of the terms hereof or of the note secured hereby. 12. The lien of this instrument shall remain in full fonx and effect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. `i 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee rosy 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. 34. Upon the request of the Mortge~gee the Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced Dy the Mortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or assessments against the seine and for any other puri?ose author- ised hereunder. Said note or notes shall be secured hereby on s parity with and as fully as if the advance evidenced thereby were included in the note drat described above. Said supplemental note or notes shall bear ~ interest at the rate provided for in the principal indebtedness and steal! be ayable in a proximately equal f monthly paymenu torsuch period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, tfie whole of 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 maturity of the note first described above. ,,x ~ 8325 P,~2448 ,3~'~324 Pt~E14`70 ~G~~328 P~GE~.3~3 ~ _.,~.~c ~ Re-Read