HomeMy WebLinkAbout1201 be auffident to pay to:es and assessmeats aad 3aaurance premiums, as the case may be. when the
same become due and payable. then the Mortgagor shall pay to the Mortgagee any amount necessary
to make up the defidency, on or before the date when the payment of such to:es, assesunenb, oc in-
surance premiums shall be due. If at any time the Mortgagor shaIl tender to the Mortgagee iu aooor~
dance with the provisions of the note secured hereby, full payment of the entire indebtedness repra-
aented thereby, the Mortgagee shall, in computing the amount of such indebtedness, credit to the
account of the Mortgagor aD payments made under the provisions of (a) above. If there shall be a
default under any of the provisions of this mortgage resulting in a public sale of the premises covered
hereby or if the Mortgagee acquires the property otherwise after default, the Mortgagee shaIl apply,
at the time of the commencement of such proceedings or at tha time the property is otherwise acquired,
the balance then remaining in the funds accumulated under (a) above as a credit against the amount
then remaining unpaid under said note or notes.
6. To permit, commit or suffer no waste, impairment or deterioration of said property or any part
thereof.
7. To perform, comply with and abide by each and every the stipulations, agreements, conditions
and rnvenants in said promissory note and in this deed set forth.
8. If any of said sums of money herein referred to be not promptly and fully paid within thirty
day nett after the same severally become due and payable, or if each and every the stipulations, agree-
ments, conditions and covenants of said promissory note and this deed or either, are not duly performed,
complied with and abided by, the said aggregate sum mentioned in said promissory note shall become .
due and payable forthwith or thereafter at the option of the Mortgagee as fully and completely as if
the aggregate sum mentioned in said promissory note was originally stipulated to be paid on such day,
anything in said promissory note or herein to the contrary notwithstanding.
9. To the extent of the indebtedness of the Mortgagor to the Mortgagee described herein, or se-
cured hereby, the Mortgagee is hereby subrogated to the lien, or liens, and to the rights of the owners
and holders thereof of each and every mortgage lien •or other encumbrance on the land described here-
. in which is paid andfor satisfied, in whole or in part, out of the proceeds of the loan described herein
or secured hereby, and the respective liens or said mortgages, liens or other encumbrances, shaIl be
and the same and each of them hereby is preserved and shall pass to and be held by the Mortgagee
herein as security for the indebtedness to the Mortgagee herein described, or hereby secured, to the
same extent that it would have been preserved and would have passed to and been held by the Mortgagee
had it been duly and regularly assigned, transferred, set over and delivered unto the Mortgagee by
separate deed of assignment, notwithstanding the fact that the same may be satisfied and cancelled of
record, it being the intention of the parties hereto that the same will be satisfied and cancelled of i
record by the holders thereof at or about the time of the recording.
10. It is further covenanted and agreed by said parties that in the event of a suit being instituted ~
to foreclose this mortgage, the Mortgagee shall be entitled to apply at any lime pending such foreclosure
suit to the court having jurisdiction thereof for the appointment of a receiver for aIl and singular the
mortgaged property and all of the rents, incomes, profits, issues and revenues thereof from whatsoever
source derived; and thereupon it is hereby expressly covenanted and agreed that the court shall forth-
with appoint a receiver of said mortgaged property, aIl and singular, and of such rents, incomes, profits, ~
issues and revenue thereof, from whatsoever source derived; with the usual powers and duties of recei-
vers in like uses; and such appointment shall be made by such court as a matter of strict right to the
~ Mortgagee and without reference to the adequacy or inadequacy of the value of the property hereby
mortgaged, or to the solvency or insolvency of the Mortgagor and that such rents, profits, income, issues r
and revenues shaIl be applied by such receiver to the payment of the mortgage indebtedness, cost, and
charges, according to the order of such court.
11. If a conveyance should be made by the Mortgagor of the premises herein described, or any
part thereof, without the written consent of the Mortgagee and without assumption in regular form of
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~ law by the grantee of the obligation to the Mortgagee created by said promissory note and this
mortgage, then, and in that event, and at the option of the Mortgagee and without notice, all sums
of money secured hereby shall immediately and concurrently with such conveyance become due and
payable and in default.
1~. That in the event the premises hereby mortgaged, or any part thereof, shall be condemned
and taken for public use under the power of eminent domain, the Mortgagee shall have the right to
demand that all damages awarded for the taking of or damages to said premises shall be paid to the
~ Mortgagee up to the amount then unpaid on this mortgage and at the option of the Mortgagee, may be
applied upon the payment or payments last payable hereon.
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