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HomeMy WebLinkAbout0032 1 t • ? ~ • • tebder• to the Mortgagee in accordance witlrithe provisions o[ flee note secured Hereby, full payment of the entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under flee provisions of (a) of said paragraph 2. 1f there slrsll be a default under any of the provisions of this mortgage resulting in a public sale of the premises covered herebv, or if the Mortgagee acquires the property otlrerwrse after default, the Mortgagee, as trustee, shall apply, at the time of the corrirriencement of such proceedings or at flee time the property is otherwise acquired, the amount then rerusining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and t ~e balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, aeseesmeats, water rates, and other governmental or municipal charges, ~6nes. otr impositions, for which provision has not been made heteinbefore, sad in default thereof the Mortgagee may pay the same; and that he will promptly deliver the oHici:l receipts therefor to the Mortgagee. b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property o+r say part thereof except reasonable wear and tear; sad in the event of the tailun of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may make such repairs as in its discretion it may deem neeeesary for the proper preservation thereo~, and the full amount } of each and every sash payment shall be due and payable thirty (30) days after demand, sad shall be secured by the lien of this mortgage. 6. He will pay all and singular the and expenses, including reasonable lawyer's fees, and eos;~s ~ of abstracts of title, incurred or paid at any ime y 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 coats, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. T. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee ma from time to time require, on the improvements now or hereafter on said premises and except when payment for all such premiums has theretofore bean made under (a of paragraph 2 hereof, ~e will pay promptly when due any premiums therefor. All insurance shall be carried is companies approved by 111ort$agee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable c ausee in favor of sad 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 loss if not made promptly by Mortgagor, and each insurance company concerned is harsh authorized and duetted to make payment for such loss directly to Mort~s~ee instead of to Mortgagor and ~ortgagee ointly, and the insurance proceeds, or any part thereof, may be a_pplr'ed by Mortis gages at its option either to t~e 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~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. I[ the premiers, or un~• part thereof, be conclewned under the power o[ eminent domaui, or acquired for a public use, the damaKcs awarded, the proceeds for the taking o[, or the consicleralion for such acquisition, to the extent of the full amount of tl?e remaining unpaid indebtedness sec•umd b~• this nrortgage, are Hernb~• assigned to the Mortgagee, surf hie heirs or assigns, and shall he paid fortHwith to said ~tcirtgagee or his assignee to be applied on account o[ the last maturing installments of such indebtedness; pro~•icled, hoKever, the Mortgagee or His assignee, mad- at his discretion pa.- dircc•t to the Mortgagor, his Heirs or assigns any part or all of suet awanl; provided, tHat i[ the loan is Kuarariteed or insured, the consent o[ the guarantor or insurer is obtained in advance o[ said pa~•urent. 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 oover~ed 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 in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted I 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 E 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 sa a reaso~ble monthly rental for the premises an amount at least equivalent to one-twelfth (3-f 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 beach of this mortgage or default on the part of the Mortgagors or in the event that j 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, and fully performed; then in either or any such event, the said aggregate Bum 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 oI 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 thin mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option o[ 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, sa to the amount so declared due and payable, and the said ppremises shall be sold to satisfy and pay the same together with caste, 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 t availed of thereafter from time to time~by the Mortgagee. l l . 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 any of the covenants or agreements contained herein, or in said note, then the Mortgagee may perform the acme, and all expenditures (including reasonable attorney's foes) made by the Mortgagee in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repay able _ thirty (30) days sitar 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 ' 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 ss fully as iI the advance r evidenced thereby were included in the note first described shove. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be syable in approximately equal 3 monthly pa ants for such period sa 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 otter demand 1 by the creditor. In no event shall the maturity extend beyond the ultimate sorority of the note first described above. 6Cmc~4 PEE ± ,