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HomeMy WebLinkAbout1034 i tender to the "ILtortgagee in accordance with the provisions of tl,e note secured hereby, full payment of the entire indebtedness represented thesebv, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to tl,e account of tl,e Mort aKor any credit balance re,,,aining under ti,e provisions of (a) of said paragraph 2. If there shall bye a defauf t, and any of the provisio,s of this ,nortga~e resulting in a public sale of the premises rnvered htlraby, or J lhe;N~ortgagee acqu,res the property otl,erwtse after default, the Mortgagee, as trustee, shall apply, at the time of the cotn,nencement of such proceedings or at tl,e time the property m 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 sad tl,e balance to the principal then ren,a,ntng unpud on said note. 4. He will pay ail taxes, asseeameats, water area, and other governmental or municipal charges, 6nea+ ~ impositions, for which provision has not been made hereinbeton, and is default thereof ibe Mottpgee maY paY ~ acme; and that be will promptly deliver the official receipts therefor to the Mortgagee. !i. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof ezoept teasonabb wese and tear; sad in the event of the failure of the Mortgagor to keep the building on sai~ premises sad those to be erected on said premises, os improvements thereon, in good repair, the Mortgagee may make such repairs as in its diactetion it may deem necessary for the proper presrrvation thereof, and the full amount ; of each and every such payment shall be due and payable thirty (30) days after demiand, and shall be-secured by ; the lien of this mortgAge. - i 8. He will pay all and singular the costs, charges, sad expenses, including reasonable Lwyer's fees, and costs of abstracts of title, incurred or paid at any time by the Mortgagee because of the f allure on the part of the Mortgagor promptly and fully to perform the agreements and oovenante of said promissory note sad Chid mortgage, and said costa, charges, and expenses shall be immediately due and payable sad shall be secured by the lien of this mortgage. 7. He will oontinuoualy maintain hazard insurance, of such type or types and amounts as Mortgagee rosy from t,me to time require, on the improvements now or hereafter on sod premises, and except when payment for all such premiums hsa theretofore been made under (a) of paragraph 2 hereof be will pay promptlyy when due any premiums therefor. All insurance shall be carried in oompanres approve by Mortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loos payable-clauses in favor of and inform acceptable to the Mortgagee. •In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee rosy make proof of loss if not made promptly by Mortgagor, and each rnsuranoe.oompany concerned is hereby authorized and directed to make payment for such loss directly to'Mor'tgagea instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or say part thereof, rosy be applied by Mores gages at eta option either to t~e reduction of the indebtedness hereby secured or to the restora}'th~~rep~ir of - the property dame~ed. In event of foreclosure of this mortgage or other transfer of title to mortgaged property rn ext,ngu,shment of the indebtedness secured hereby, ail right, title, and interest of the Mortgagor rn and to any insurance policies then in force shall pass to the purchaser or grantee. s R. If the premiss, or any part thereof, be rondenmed wuler the power of eminrnt. domain, or acyuirnd for 4 a public use, tl?e dawaKes avear,led, the proceeds for the takingg ot, or the ronideration for such acqus,t,on, to the e!ctent of the Lull amount of ll,e remaining unpaid inclebte,h,ess secured by this wortgage, are hereby assigned to flip ~fortlagee, and hi.~ heirs or assigns, and sLull he pui,l forthwith to said Mortgagee or his assiKnee to be applied on account o! the last matur,ng installments of such indebtedness; prnvided, however, the \1ortKugee or 1?is assiKnce, way at his dis,•retion pay du,~•t to the vlorigagor, Lis ioeirs or assigns any part or all of such award; proms ided, that if the loan is KuarantecKl or insured, the consent of the guarantor or 'ensurer is obtained in advance of said payment. 3 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 6 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 E described in the granting and habend,rm clauses hereof. Such appointment shall be made by such court ss an admitted equity and s 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 t5e 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 agrees to pay to the Mortgagee on demand ss a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (}~Zj 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 i not covered by the alot+esaid monthly payments. 10. In the event of any breach of this mortgage or default on the part of the Mortgagor; or is the event that any of said sums of money herein referred to be not promptly sad lolly paid according to the tenor hereof, or in the event that each and every the atipulatio~, agreements, conditions, and oovenanta 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 acid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall become - ' due sad 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 s the contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity, rosy be prosecuted as if all moneys secured hereby had matured prior to its institu- f tion. The Mortgagee rosy 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 costa, expenses, and albwsacea. 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 rosy again be availed of thereafter from time to time by the Mortgagee. ~ 11. No waiver of say oovenaat herein or of the obligation assured hereby shall at any time thereafter be held to be a waiver of the t~ernos hereof or of the note secured hereby. 12. The lien of this instrument shall remain in full force and effect daring any postponement or extension of ' the time of payment of the indebtedness of any part thereof secured hereby. I 1:3. If the Mortgagor default in any of the oovenanta or agreements contained herein, or is acid note, then the ~ t Mortgagee rosy perform the same, sad all expenditures (including reasonable attorney's fees) made by the Mortgages in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be repayable } thirty (30) days after 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 Dy 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- ised hereunder. Said note or notes shall be secured hereby on a parity with and as fully as ,f the advance evidenced thereby wen included in the note first described above. Said supplemental note or notes shall bear ~ interest at the rate provided for in the principal indebtedness and shall be payable in approximately equal monthly pa meats for such period as may be agreed upon by the creditor and debWr. Failing to agree on the maturity, the whole of the-sum dr 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 naturrty of the note first described above. - anox~~ PecE1,~2 -