HomeMy WebLinkAbout1143 tender to the 'Mortgagee in accordance with the proviaiot?a of tl?e note secured hereby, full payment of the
entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such
indebtedness, credit to tl+e account of t~+e Mort~agor any credit balance remaining under tl+e provisions of (a)
of said paragraph 2. if there al?all be a defau t under any of tl?e provisions of this a+ortga~e resulting ins
public sale of the pren+isea covered hereby, or if the Mortgagee acyutres the properly otl+erwtse after default, ~
the Mortgagee, ss trustee, shall apply, at the time of the cot+ttnencement of such proceedings or st tl+e time
the property is otherwise acquired, the amount tl+en renainingg 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 prtncipal then remamtng unpud
on said note.
4. lie will pay all taxes, aaeeae~menta, water rates, and other ¢overnmeatal o: municipal charges„ fines, of
impositions, for which pmvieioa has not been made hereinbefore, and to default thereof the Mortgagee may pay tLs
same; and that he will promptly deliver the official receipts therefor to the Mortgages
b. Iie will permit, commit, or suffer no waste, impairment, or deterioration of said property or an pact thereof
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~ t
premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may ~
make ouch repairs as in its discretion it may deem necessary for the proper prescrvstioa 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 Uen of this mortgage.
6. Iie will pay all and singular the costa, charges, and expenses, including reasonable 4wyer's Ease, and costs
oI abstracts o! title, incurred 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 thi~mor~gage, and said
costs, charges, and expenses shall be immediately due and payable and shall be secured by We lien of this mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgages may t
from time to time require, on the improvements now or hereafter on said premises and except when payment
fos all such premiums has theretofore been made under (a of paragraph 2 hereof ~e will pay promptl when
due any premiums therefor. All insuu~~aa~~C b9 in companies approved by Mortgagee and ~e poli-
cies ant tawMMd>Ii< thtereot ahall"be lied b'y Mar ajie~ aa~~ • g~ ed thereto loss payable clauses in favor of
and ' !table to the Mortgagee. • In ev ' bI'losa hg'"_ a immediate notice by mail to Mortgagee, -
and . may make proof of loss if not made pfomp ~by ortgagor, and each insurance company
cones ed'ta 6 yy~ authorized and directed to make payment for such loss directly to Mortgagee instead of
tq ~g~r;,Mortgegee jointly, and the insurance proceeds, or any part thereof, may be applied by Mort-
s t 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 tLe mortgaged
property to exttngu~shment of the indebtedness secured hereby, a~l right, title, and interest bf the Mortgagor
in and to any insurance policies then in force shall pnsa to the purchaser or grantee.
8. It the premises, or and- part there~uf, be rondenmed under the power of eminent doma+n, or acquirnd for
a public use, tl+e dan+ages awarded, the procrrds for the taking of, or the consideration for surL acqu+sition, to
the extent of the full au+ount of tl+e rnn+aining unpaid indebtedness secured by this n+ortgage, am heret~~• !
assigned to tl+e Mortgagee, and his heirs or assigns, and shall l+e paid forthwith to said ~fortRagec or his
assignee to be applied on acrounf of the last n+atur+nK instalhuents of such indebtedness: pro~•i+ied, however, `
the \lortguger or his assignee, may at his iliscrntio+i pay dire~•t to the Mortgagor, his heirs or assigns any part
or all of sucL aaard; provided, tLat if the loan is Ku:uantred or insured, tl?e consent of tl+e guarantor ur insurer
is obtained in advance of said payn+ent.
9. 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 surf singular, including all and singular the income, profts, issues, and revenues from whatever source
derived, each and every of which, it being expressly. understood, is hereby mortgaged sa 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 #
rents, profits. income, issues, and revenues shall lSe 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 s reasonable monthly rental for the premises an amount at least ,
~ equivalent to one-twel[th (~z) of the aggregate of the twelve monthly instaWnents payable in the then current
f year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for Ruch year t
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 3
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
F 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 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, st the option of said Mortgagee. without notice ~r
~ demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to ire inatitu-
i tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due sad payable, and the saidt
E remises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial 1
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 thereafter [rom time to time by the Mortgagee. i
~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at say 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 say part thereof secured hereby.
1:3. If the Mortgagor default in any of the eovenante 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 otter demand, and, together with interest and costs accrued thereon, altisll 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 ny the ~tortgsgee for the alteration, modernization, improvement, main-
~ 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 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 prov""+ded for in the principal indebtedness and shall be ayable in approximately equal
E 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 payable thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate futurity of the note first
described above.
sQ~ 331 P~E1143