HomeMy WebLinkAbout1395 tender to tl?e 11~iortgagee in accordackq ~vitl? th Wc~ of the Holt secured 1?ereb~•, full pa~•u?ent o[ the
entire indebtedness represented therib~t?r the M~ , as trustee, shall, in con?puting the an?ount of such
indebtedness, credit to the account of tl?e Mortgagor any credit balance remaining under the provisions of (a)
of said ph 2. If there si?all be a default under any of tl?e provisions of this t??ortgs~e resulting in a
public salhe premises covered 1?ereby, or it tl?e Mortgagee acquires tl?e property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time o[ the co??????encement of such proceedings or at tl?e time
the property is otherwise acquired, t1?e amount then renaining to credit o[ Mortgagor under (s) of paragraph 2
preceding as a credit on the interest accrued and unpaid and t ?e balance to the principal tl?en remaining unpaid
on said note.
4. He will pay all taxes, assessments, water rates, and other ~overamentd or municipal charges, fines, tk
imposition., for which provision has not been made hereinbefore, and in default thereof tLe Mortgagee may pay the
tts?ane; and that he will promptly deliver the official receipts therefor to the Mortgagee.
b. He will permit, commit, or auger no waste, impairment, of deterioration of said property os as thereof
except reasonabb wear and tear; and in the event of the failure of the Mortgagor to keep the b ' 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 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 costa, charges, and expenses, including nasonsble lawyer's fees, sad costs
of abstracts of title, incurred or paid at any time by tthhee Mortgagee because of the failure on the part of the Mortgagor
promptly and full to per[orm the agreements and covenants of said promissory Hots and this. mortgage, and said
costa, charges, an expenses shall be immediately due and payable and shall be secured by the lien oft ' mortgage.
7. He will continuously maintain hazard insurance, of such type or types and amounts ss Mortgagee may
from time to time requirq, on the improvements now or hereafter on said premises and e~cepL when payment
for all i1 s has theretofore been made under (a) of paragraph 2 hereof, he will pay promptlyy when
due atn~hcrefor. All insurance shall be carried in oompan?es approved by Mortgagee and the poli-
cies and renewals thereof shall 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 of Iosa if not made promptly by Mortgagor, and each insurance company ,
concerned is hereb authorized and directed to make payment for such loss directly to Mortgagee~'b teed of
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be appLL' y Mort-
gages st its option either to the reduction of the indebtedness 6ergby 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. to 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.
8. If the premises, or and- port thereof, bc• condenu?ed under the power of en?inent. don?am, or acquired for
a public use, t11P (1a111aK('S aR'ar(le(l, tl?e• proc•c•ecls for tl?e takinK o[, or the consicicrution for sucl? acquisition, to
tl?e extent of the full amount of t!?c remaining w?paid indebtedness scrurcd b.• this wortgaKe, am hereb~•
ussigned to the ~lortgaKce, uncl his heirs or assigns, uncl sl?ull 1?c paid forthwith to said Mortgagee or his
assiKnee to lx• applied on accow?t of the lea n?aturinr iustallnie??is of suc•L indebtedness; prn~•idcd, however,
N?e ~ioitKaKec or his assiKncc•, n?u~• at his disc•rc•tion pu~• dirnct to the Mortgagor, his heirs or assigns any part
or ull of such award; prov?ded, that if the loan is guan?nteccl or insured, the consent of the guarantor or insurer
is obtained in ad~•ance of said pa~•n?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 grid 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. 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 a reasonable monthly rental for the premises an amount at least
equivalent 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, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments.
! 0. In the event of any b_-each of this mortgage or default on the part of the Mortgagor; or in the evtat that
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
j 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 as if all of the "
said sums of money wen originally stipulated to be paid on such day, anything in said note or in this mortgage to
the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice ar
demand, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu-
y tion. The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, and the said
I 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 may again be
availed of thereafter from time to time by the Mortgagee.
~ 11. No waiver of any oovenaat herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
!2. 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.
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, sl?all be secured by
this mortgage. "
!4. Upon the request of the Mortgagee the tortgagor shall execute and deliver a supplemental note 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.~essmcnls against the same and [or any other purpose author-
ized hereunder. Said note or notes shall be secured 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 a3able in approximately equal
monthly payments for such period as may be agreed upon by the creditor and debwr. Fa?1?ng 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 no event shall the maturity extend beyond the ultimate maturity of the note first
described above.
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