HomeMy WebLinkAbout1666 tender to the Mortgagee in accordance with tl~e provisions o[ t~te note secured 1?ere~y, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such
indebtedness, credit to tl?e account of tl~e Mortgagor any credo l,alance remaining under tl?e provisions of (s)
of said paragraph 2. It there shall be a default under any of the provisions of this ntortga~e ultitig in a
public sale of the pretnisea covered hereby, or if the Mortgagee acqutrea the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time of the conunencement of such proceedings or at the time
the property is otherwise acquired, the amount then remaining to credit of Mortgagor under of paragraph 2
preceding as a credit on the interest accrued and unpaid and tl~e balance to the principal then remaintng unpaid
on said note. t
4. Se w1U pay aq taxes, aaeeesments, water Hates, sad other governmental or municipal charges, fines, or
impoeitiona, for which provision has not been made hereiabefore, and in default thereof the Mortgagee may pay the
acme; and that he will. promptly deliver the official troeipts therefor to the Mortgagee.
fi. He will permit, commit, or suffer no waste, impairment, or deterioration of said property oar thereof !
esoept reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the b ' on eai~
premtses and those to be erected oa said premises, or improvements thereon, in good repair the Mortgagee may
make such repairs ss in its discretion it may deem necessary for the proper prestrvatton thereo#, and the full amount
of each and every such payment shall be due and payabb thirty (30) days after demand, and shall bs secured by
the lien of this mortgage.
6. He will pay all and singular the costs, sad ezpeases, including reasonable Lwyer's fees, and costs
of abstracts of title, incurred or paid at any time bye Mortgagee because of the failure oa the part of the Mortgagor
promptly and fully to perform the agreements and covenants of said promissory note and thiamortgage, and said
costs, charges, sad expenses ahaA be immediately due and payable and shall be secured by the lien of thhit'aa mortgage. ~
7. He will con ' fain hasard insurance, of such type or tepee and amounts as Mortgagee may
from time to time re~iit~i bh-~Idimprovemente now or hereafter on said premises and evicept when payment
for all such premiums has theretofore been made under (a of paragraph 2 hereof he will pay pmmpWy when
due any premiums therefor. All insurance shall be carried in companies sppmve~ by lliortgagee 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 Mort,~agee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgages may make.proof o~ loss if not made prompWy by Mortgagor, and each insurance company
concerned is hereby authorised and directed to make payment for such loss direcWy to Mortgagee instead of ~
to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any par6 thereof, may be applied by Mori
gages at its option either tot e, action 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 excingutshment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
to and to any insurance policies then in force shall pass to the purchaser or grantee.
8. If the prciuist•s, or um• part themof, be eondenrned wafer the power of eminent. donium, or acquired for
a public use; the'damagcs awarded, the proceeds for the takinK of, or the consideration for such acquisition, to
the extent of the full amount of the remaining wipaid indebtedness secured b.• this mortgaKe, am hereby- ;
assigned to the ~lortgaKee, and his. heirs or assigns, and sl~ull tx~ paid forU?with to said tlortgagec or his
assignee to be applied on account of the last maturing installnu•nts of such indebtedness; provided, however,
the 4fortgaKee or his assignee, mud at his discretion pa~• direct to the Mortgagor, his heirs or assigns any 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 pa~•ment.
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 and singular, including all and singular the income, proSts, issues, and revenues from whatever source
derived, each and every of which, it being expressly understood, is hereby mortgaged as if apeciScally 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 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 pay to the Mortgagee on demand as s 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 Ruch year
not covered by the aforesaid monthly payments.
i
10. 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 the tenor hereof, or in the 1
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
E 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, 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-
lion. 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 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 covenant herein or of the obligation secured hereby shall at any. time thereafter be held
to be s 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 any part thereof secured hereby. .
t:i. If the Mortgagor default in say 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 [or 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.
14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or
not. for the sum or sums advanced by the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or ag.~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 it 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 ayable in approximately equal
monthly psymenu 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 pa~ablc thirty (30) days after demand
by the creditor. In ao event shall the maturity extend beyond the ultimate eaturity of the note first
described above. ~
~ 6331 P~i665