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HomeMy WebLinkAbout1348 tender to the Mortgagee in accordance witl+ tl+e provisions of tl+e note secured I+ereby, full payment of tl+e entire indebtedness represented t~er~by, the ltd r ajee, ae lruatee, shall, in computing the entount of such indebtedness, credit to tl+e account o1 .tJ~e~Mort~s~rd+ri~ credit Lalance remaining under tl+e provisions of (a) of said paragraph 2. If there al+all be a defau t un er any of the provisions of this n?ortga~e resulting in a public sale of the premises covered l+ereby, or if the Mortgagee acquires the property otlcerwtae after default, tfie Mortgagee, as trustee, shall apply, at the time of the commencement of such proceedings or at tl+e time the property is otl+erwise acquired, the amount then ren?siningg 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 principal then remaintng unpaid on said note. 4. He will pay all taxes, assessments, water rates. and other governmental or municipal charges, fines, to impositions, for which provtsioa has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that hs will promptly deliver the of>rcial receipts therefor to the Mortgagee. S. He will permit, commit, or auger no waste, impairment, or deterioration of aald property or an part thereof 3 except reasonr?bk wear and tear; and in the event of the failure of the Mortgagar to keep the b yldingA on aai~ premises and those to be erected on acid premises, or improvements thereon, is good repair the Mortgagee tray make such repairs as in its discretion it may deem aeeeaeary for the proper preservation theteo~, and the full amount of each and every such payment shall be due and paysb1e 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, sad expenses, including t+eaeonsble lawyer's fees, sad costs of abstracts oI title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mortgagor f promptly sad full to perform the agreements and covenants of said promissory note and Chia mortgage, and said costs, charges, an~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 ss Mortgagee may tram time to time require,. on 4he improvements now or hereafter on said premises and except when payment for all such premiums has theretofore been made under (s) of paragraph 2 hereof,'he will pay promptlyy when due any premiums therefor. All insurance shall bti carried in companies approved by Itiortgages 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 Ions if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such lose directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurancb proceeds, or any part thereof, may be app •ed by Mortr ggree at its option either to the reduction 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 extinguishment of the indebtedness secured hereby, a~ sight, title, and interest of the Mortgagor is and to any insurance policies then in force shall pass to the purchaser or grantee. R. If the preiaisc5, or any part ll+crnuf, be eondenu+ed wider the power of eminent don+ain, or acquired for a public use, tl+e claniaKes awarded. the- proc•eccls for the taking of, or thc• ronsicieration for such acquisition, to the extent of ti+e full amount of the remaining unpaicl inclcbtcclnrss secured by this mortgaKe, are l+emb~- ussit?ned to the Vfortgagee, and hit heirs or assii;ns, arc! shall bc• paid forthwith to said L1ortKagct' or I+is assignee to be applied on an•ount of the last mnturiuk installnu•nts of such indrbteclness; providccl, I+oaever, the ~lortKuKee or his assignee, u+ay at his disc•rc•tion pay dirrc•t to tL~ Mortgagor, his l+cirs or assigns any part or all of such award; provided, that if ih~ loan is Kunruntecd or insured, the consent of the guarantor or insurer i is obtained in advance of said payn+eut. 9- The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of s receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all acid singular, including all and singular the income, profits, issues, and revenues from whatever source denied, each and every of which, it being expressly understood, is hereby mortgaged as J 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 i the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants Such tents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage and the practice of aucb court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mortgagee on demand sa s reasonable monthly rental for the premises an amount at least iE equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current f year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year j not covered by the afore8sid monthly payments. } 10. In the event of any b_-each of this mortgage or default on the part of the Mortgagors or in the event that t any of said sums 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, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in said note then remaining unpaid, with interest acerued to that Lime, and ell 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 ~ 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 costs, expenses, and sllowanoes. In case of partial foreclosure of this mortgage, the mortgaged premises shaA 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 st any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. a 12. The lien of this instrument shall remain in full force and effect during any postponement or extension of the titres 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 may perform the same, and all expenditures (including reasonable attorney's fees) made by the Mortgagee ~ in ao doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable ~ thirty (30) days alter demand, and, together with interest and costs accrued thereon, shall be secured by ~ this mortgage. f 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver s supplemental note or :F notes for the sum or sums advanced by the tifortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes ar 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 as fully as if the advance evidenced tbereby were included in the note first described above. Said supplemental note or notes shall bear interest at the me provided for in the principal indebtedness and shall be ayable in approximately equal ~ monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the maturity, the wbole 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 maturity extend beyond the ultimate c~aturity of the note first described above. B~~ p~1346 _ ~ _r__ . f.~.,..