Loading...
HomeMy WebLinkAbout2373 i ~ l j tender to the Iortgagee in accordance witl? the provisions jot tl?e note secured I?ereby, 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 tl?e Mortgagor any credit balance re?naining under tl?e provisions of (a) ( of said paragraph 2. It there sl?all be a default under any of tl?e provisions of this t??ortga~e resulting in a public sale o the premises covered 1?ereby, or if tl?e Mortgagee acqu?res the property otherwise after default, the Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings or at tl?e time the property to otherwise acquired, the amount then ren?ainingg to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and ti?e balance to the principal then remain?ng unpud on said note. 4. He will pay all taxes, assessments, water rates. and other governmental or municipal charges, ~fiaes, oft impositions, for which provision has not been made hereinbefore, sad is default thereof the Mottgaagee ma<y pay tabs same; sad that he will promptly deliver the oSicial receipts therefor to the Mortgagee. b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof except reasonabb wear and tear; sad in the event of the Failure of the Mortgagor to keep the buildings on sai~ 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 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. 8. He will pay all and singular the costa, charges, sad expenses, including reasonable lawyer's tees, and coats of abstracts of 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 this mortgage, and said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. He will oontmuoualy maintain hazaid insurance, of such type or ~Lypee and amounts as Mortgagee may fmm time to time require, on the improvements now or hereafter on said premises and except when payment for all such premiums has theretofOni been made under (a) of paragraph 2 hereof ~e will pay promptly when due any premiums thcrefor.~ 'All itlswance shall be carried in companies appmve~ by 111ortgagee and the h- 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 o3 loss if not made promptly by Mortgagor, and each insurance company concerned is hereb authorized and duetted to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee oinLly, and the insurance proceeds, or any part thereof, may be a_ppL'ed byMort- gagee at its option either to t~e 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 to extingu?shment o! 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. R. If the prcu~ises, or nny part thereuf, be ~•onde?uned under the power of eminent domain, or acquirnd for a public use, the damaKc•s awarded, thc• pro?eeds for the taking of, or the consideration for suc•6 acquisition, to the extent of the full an?ount of the remaining unpaid indebtedness serurnd b.• thin mortgage, are hereb~• assigned to the Mortgagee, and his heirs or assil?ns, and shall be paid forthwith to saicl \fortgagec or his assignee to be applied on acc•ow?t of the lost n?nturing installnu•nts of su~•h indebtedness; provided, however, the JfortguKee ur 1?is assignee, n?ay at his dis~•retion pay direst to the htortgaRor, his heirs ~or assigns any part or all of such award; prov?ded, that if the loan is guaranteed ur insurnd, the consent of the guarantor or insurer is obtained in advance 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 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 sa if specifically net forth and described in the granting and habendum clauses hereof. Such appointment shall be made by such court ~fi° ~piitted l equity and a matter of absolute right to said Mortgagee, and without reference to the: a or t the value of the property mortgaged or to the solvency or insolvency of said Mortga~sl~~~detead~an't~s~ ch 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 Morf~agor 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. 10. In the event of any breach of this mortgage or default on the part of the Mortgagors or in the event that j any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the ~ I event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, t are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned is said note then remaining unpaid, witb 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, eaything 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- tics. The Mortgagee may foreclose this mortgage, sa to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with oost8, expenses, and allowances. In case of partial foreclosure of thin 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 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 any part thereof secured hereby. 1:3. It the Mortgagor default in nay of the covenants or agreements ooatained herein, or in said note, then the p Mortgagee may perform the same, and all expenditures (including reasonable attorney'±+ fees) made by the Mortgages in so domg shall draw interest at the rate provided for in the principal indebtednr~, and shall be repay able thirty (30) days after demand, and, together with interest and costa accrued thereon, shall be secured by this mortgage. ' 14. U n the r uest of the Mo ~ po eq rtgagee the Mortgagor 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 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 sa 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 provided for in the principal indebtedness and shall be payable in approximately equal monthly pa menu for such period as may be agreed upon by the creditor and debtor. Failing to agree on the r 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 matwity extend beyond the ultimate cutwity of the note first described above. ec~~ BGOK JJ1 P1GE ~J~