HomeMy WebLinkAbout1623 tender to the 'Mortgagee in accordanoet lyi~{'the prd~ ~t the note secured hereb~•, full payn?ent of the
entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in con?putit?g the an?ount of suci?
indebtedness, credit to fire account of tl?e :VlortgaKor any credit balance remaining under the provisions of (a)
of said paragraph 2. If there si?all be a default under any of the provisions of this mortgage resulting in a ,
public sale of the premises covered hereby, or it the Mortgagee acquires the property otherwise after default, i
the Mortgagee, as trustee, shall apply, at the time of the coi??rnencement of such proceedings or at tl?e time
the property is otherwise acquired, the amount then ren?ainin~ to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued and unpaid and tl?e balance to the pnnc?pal then rer??ain?ng unpaid
on said note.
4. He will pay all taxes, aeseesments, water rates, sad otter governmental or municipal charges„ fines„ or
impositions, for which provision bas not bees made hereinbefore, and m default thereof the Mortgages may pay the
aaaue; and that hs will promptly deliver the official receipts therefor to the Mortgagee.
fi. He will permit, commit, or sager no waste, impairment, or deterioration of said property or any pant thereof 1
except reasonabb wear and tear; and in the event of the failure of the Mortgagor to keep the bu?id?n®e on sai~
premises sad those to be erected oa 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 tiecured by
the lien of this mortgage.
6. He will pay all and singular the coats, charged, and expemes, including reasonable Lwyer's fees, and poets
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the pztist 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 shad 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 ants now or hereafter on said premises and except when payment
!or all such premiums has the~~iK.~d~sde under (a) of paragraph 2 here~of,'he will pay promptly when
due•any premiums therefor.. All u?surance shaA be carried in companies dpproved by I?lortgagee and the poli-
cies and renewals thereof s,~all 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 notice by mail to Mortgagee,
and Mortgagee may make ,proof 'o .loss if `not made promptly by Mortgagor, and each insurance company
concerned is hereb authorised 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 Mort-
gagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the inilebtednesa secured hereby, ail right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee.
R. If the prcr~?ises, or un~- part thereof, tx• condenn?ed under the power of eminent doruuin, or acquired for
a public use, the damages awarded, the proceeds for the takiu • of, or the consideration for such acyu?srtron, to
the extent of the full amount of tl?e ren?aininK w?pairl inde~rtedness secured b~• this u?ortgage, are herrb~-
ussikned to the Mortgagee, and his heirs or ?r.~sil;ns, and shall he paid forthwith to said ~tortgal;ee or his
assignee to !x• applied on acrow?t of the lust rnuturmg installments of such indebtedness; pro~•ided, hovre~•er,
the \iortKaKee or i?is assignee, n?u~• at his diecrrtim? pad- direct to the V1ortKal;or, his lairs or assif?ns an~• part
or all of such axard; provided, that if the faun is I;u:?r;u?teed or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•nrent.
The Mortgagee may, at any time pending a suit upon this mortgage, apply to We 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. finch 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
~'i ~ rents, profits, income, issues, and revenues shall be applied by such receiver sceording 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
f agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises :n amount at least
.equivalent to one-twelfth (y{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. _
10. In the event of any beach of this mortgage or default on the part of the Mortgagor; or in the evelit that
any of said sums of money herein referred to be nut 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 cption of said Mortgagee, 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
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 same together with costa, expenses, and allowances. In case of partial
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.
1 I . No waiver of any covenant herein or of the obligation secured. hereby shall-at. city 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 paynpent of the indebtedness or any part ihereot secured hereby.
1: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 x
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 rusts accrued thereon, shall be secured by f
this mortgage.
14. Upon the request of the l~fortga~ee the Mortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced D_y t e `tortgagee for the alteration; modernization, improvement, main-
tenance, or repair of said premises, for taxes or as.~essments against the same and for any 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 race provided for in the principal indebtedness and shall be dyable in a proximately equal
monthly pavments for such period as may be agreed upon by the creditor and debtor. Failing to egret on the,
maturity, tfre whole of the sum or sums so advanced shall be due and pa~•able thirty (30) days after demand
by the creditor. In no evenC shall the maturity extend beyond the ultimate maturity of the note first
described above.
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