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HomeMy WebLinkAbout2469 ~ ` ± ? j 1 tender to the 'Mortgagee in accordance with the provisions of the rtoCe'secured hereby, full payment of the entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit Lo the account of the Mortgagor any credit balance remaining under tl~e provisions of (e) of said paragraph Z. if there shall be a default under any of tl?e provisions of this inortga~e resulting•in e public sale of the premises covered hereby, or if tl~e Mortgagee acquires tl~e property otherwtse 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 remainingg 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 princtpal then reniaintng unpaid on said note. _ 4. He wI11 pay all taxes, aeeeasments, water rates, and other governmental or muaieipal charges, fines„ oft impositions, for which provision has not bean made hereinbeton, and is default thereof the Mortgagee may pay the same; and that he will promptly deliver the official reoeiptu therefor to the Mortgages. a. He will permit, commit, or su6er no waste, impairment, or deterioration of said property or an ~ thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~ premises and those to ba erected on said premises, or improvements thereon, in good repair the Mortgagee may make such repairs as is its discretion it may deem necessary for the proper Preservation thereo~, and the full amount of each and every web payment shall be due and payable thirty (30) days after demand, sad shall be secured by the L'ea of this mortgage. 6. He will pay all and singular the costs, , and expenses. including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by t e 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.mo ,and said costa, charges, and expenses shall be immediately due and payable and shall 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 reQ ' , oq the improvements now or hereafter on said premises and except when payment for all such premiu ~ie~itpfore been made under (a of paragraFh 2 hereof ~e will pay promptly when due any premiums t ere or. All insurance shall be carried in eompames appmve~ by hortgagee and the poli- ties and renewals thereof shall be held by Mortgagee and have attached thereto loss payable c auaee in favor of and in form acceptable to the Mort,~a~ee. , In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make .proof o~ foss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorzaed and directed to make payment for such lose directl to Mo _ instead of . to Mortgagor and Mortgagee oiritly, and the insurance proceeds, or any part t~ , bB; A tr. gages at its option either to t~e reduction ~f the indebtedness hereby secured o - ~p¢is,~o S the roperty dam ed. In event of foreclosure of this mo or other tra tle'to . ~ o agtsd propperty in extinguishment of the indebtedness secured herebye,~s~l right, title,''kri~n~+est ~oi the Mo~~agol• is and to any insurance policies then in force shall pass to the purchaser or grantee. 8. If the premises, or and- part thernof, be condemned under the power of eminent domuu~, or acquired for a public use, the damages awarded, thr proceeds for the takingg of, or the consideration for sucL aryu?sition, to the extent of the full amount of tltc remaining unpaid indebtedness sec•urcd b~ 'this mortgage, am hernbl- assigned to the Mortgagee, and his heirs or assigns, and shall M• paid forthwith to said ~'Iortgagee or leis assignee to be applied on account of~the last maturing installments of such indebtedness; provided, however, the Mortgagee or his assignee, may at his disrrc•tion pa~• direct to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obisined in advance of said payment. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jutiadiction 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 is the granting sad 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 1Se 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 Ii agrees to pay to the Mortgagee on demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth 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 event that any of said soma 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, sad 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 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 acid 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 wbject to the continuing lien of this mortgage for the amount of the debt not then due apd unpaid. In auch caee the provisioas of this paragraph may again be availed of thereattefr from time to time bq 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 inbtrument shall remain in full foroe and effect during soy postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. 1:3. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee rosy perform the same,. and all expenditures (including reasonable attorney's fees) made by the Mortgages in so doing shalt draw interest at the rate provided for in the principal indebtedness, and shall be repay able thirty (30) days .after demand, and, together with interest and costs accrued thereon, al?all be secured by this mortgage. 14. Upon the request of the Mortgagee the 1'iortgagor shall execute and deliver a supplemental note or notes for the sum or sums advancedi oy 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 ss fully as if the advance evidenced thereby were included in the note first described above. Said snpplementa) note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be ayable in appro!cimately equal monthly pa meats 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 1 by the creditor. In no event shall the maturity extend beyond the ultimate clatturity of the note first described above. I~~A ~CtlK 1 6 _ _ _ _ .