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HomeMy WebLinkAbout0230 tender to the 1~lortgal;ee in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented therebv, the Mortgagee, as trustee, sl?all, in con?putinq the e???ount of suci? _ indebtedness, credit to the account of tl?e :Mortgagor any credit balance remaining under the provisions of (a) of said paragraph 2. if there sl?sll be a default under any of the provisions of this mortgage resulting in a public sale of the premiers covered hereby, or it the Mortgagee acyu?res tl?e property otl?erwtse after default, the Mortgagee, as trustee, shall apply, at the lilt` of the commencement of such proceedings or at the time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (s) of paragraph 2 preceding as a credit on the interest accrued and unpaid and the balance to the principal then remaintnq unpaid on said note. - 4. He will pay all taxes, aseeffianents, water rates, and other governmental or municipal charges,fiaee, or impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee may pay the same; and that he will promptly deliver the o~cii?1 receipts therefor to the Mortgagee. b. He will permit, commit, or softer no waste, impairment, or deterioration of said property or any part thereof, except reasonable wear and tear; and in the event of the feature of the Mortgagor to keep the buildingp 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 necessary for the proper prescrvatioa thereof, and the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and shaft be secured by the lien of this mortgage. 8. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costs 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 costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft mortgage. 7. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on Lhe improvements now or hereafter on said premises, and e.~cept when payment for all such premiums has theretofore been made under (s) of paragraph 2 hereof, he will pay promptly when due any premiums therefor. All insurance shall be carved to companies approved by I1lortgagee and the poli- ties and renewals thereof shall be held by Mortgagee and Gave attached thereto loss payable cllauses 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 o foss it not made promptly by Mortgagor, and each insurance company concerned is hereby suthonzed and directed to make payment for such loss directly to Mortgagee instead of to~11'Iortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by Mortr gages 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[i~,debtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pass to the purchaser or grantee. _ R. If the premises, or un~- part thenv?f, bc• c•onde•nmed under the power of eminent domain, or acquired for a public use, the damaKes aHarded, the proceeds for tLe taking of, or the consideration for such acquisition, to the extent of the full amount of the remaininK unpaid indebtedness src•urnd b~• this moriRage, ere hereby- ussigned to the Mortgagee, and his heirs or ucsigns. suet shall be pu?d forthwuh to said Jortgagee or his assignee to be applied on account of the last maturing installn?euts of such indebtedness: provided, ho~cever, the Mortgagee or his assignee, niuy at Isis discretion pad- dirnc•t to the Mortgagor, his heirs or assigns an~• part or all of such aK~ard; provided, that if the loan is guaranteed or ir?sured, the consent of the guarantor or insurer is obtained in advance of sail pa~•nrent. 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, proSts, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged 88 if 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 li 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 and the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor sgrEes to pay to the hiortgsgce on demand sa a reasonable monthly rental for the premises an amount at le8at ~ 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 Mortgagor; or in the event that 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 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 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 Iaw 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 ao declared due and payable, and the said 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 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. 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. l:i_ If the Mortgagor de[sult 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 so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable thirty (3a) days after demand, and, together with interest and costs accrued thereon, shall be secured by tLis mortgage. 14. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a supplemental note or notce for the sum or sums advanced by the titortgagee 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 tlrtd as 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 me provided for in the principal indebtedness and shall be ayable in approximately equal monthly pa menu 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 by the creditor. In no event shall the maturity extend beyond the ultimate maturity of the note first described above. 3roK JJ 4 PAGE ~ _ - Y_,,, _ r.J . d _