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HomeMy WebLinkAbout0688 ' ~ - leader to the Mortgagee -in accordance with the provisions of tl~e note secured 1?ereby, full payment of the entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the an?ount of such i indebtedness, credit to the account of t)~e Mort~agor any crrd~t balance remaining under tl~e provisions of (a) of said paragraph 2. there shall be a defau t under any of ales provisions of this niort{fa~e resulting in a public sale of the premises covered hereby, or if tt?e Mortgagee acquues the property otl~erwtse after default, the Mortgagee, as trustee, shall apply. at the time of the commencement of such proceedings or at ales time the property is otherwise acquired, the amount then remainingg to credit o! Mortgagor under (a) of paragraph 2 ~ preceding ss a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, assessments, •water rates, sad other governmental or municipal charges, fines, os impoeitiona, for which provision has not been made hereinbefore, and la default thereof the Mortgagee may pay the same; sad that he will promptly deliver the official receipts therefor to the Mortgagee.- b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the bu~dinge on sai~ premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may make sorb repairs ae in its discretion it may deem necessary for the proper pres~rvatioa thereo~, sad the full amount ~ of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. He will pay all sad singular the costs, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid at say 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, sn said costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of tWW'as mortgage. 7. He will eontinuoua~y maint4ia hazard insurance, of such type or types and amounts as Mortgagee may from time to time require,:on• the improvements now. or hereafter on said premises and except when payment for all such premiums has theretofore been made under (a of paragraph 2 hereof 'he will pay promptly when . due any premiums therefor. All inswance shall be carved is companies approve by 111ortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable c auses 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 Loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directl to Mortgagee instead of - to Mortgagor and Mortgagee jointlyy, and the insurance proceeds, or any part tlltllii~ Y~j lte~d by?~ilo~L,.~r ~T gages at its option either to the reductiop of the indebtedness hereby secured or1K lti~r~ttwtp~ sEa s . the property damaged. In event of foreclosure of this mortgage or other tra~ot~iNti~ta.~ mtott~a~,r; property us extingu4shment o! the indebtedness secured hereby, a~l right; title, and interest of the Mortgagor rn and to any insurance policies then in force shall pass to the purchaser or grantee. 8. if the premises, or and' part thereof, be c•ondenmed under the power of eminent domanc, or acquirnd for a public use, the clamagc~s awarded, the proceeds for the takingg of, or the consideration for surL acquisition, to the extent of the full amount of the remaining unpaid indebtedness sec•urcd by this mortgage, arc hernby assigned to the tilortgagec, and 1145 heirs or assil;ns, uncl skull be paid forthwith to said Lortgagee or his assignee to be applied on acrount of the last maturing. installments of such indebtedness; pro~•icled, however, the ~iortgut;ce or his assignee, may at his di~crrtion pay direct to the Mortgagor, his heirs or assigns any part or ull of such aa-ard; pro~-eded, that if the loan is Kucuanteed or insurnd, the consent of the guarantor or insurer is obtained in advance of said payment. 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 azid 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 sa 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 the value of the property mortgaged or to the solvency of insolvency of said Mortgagor or the defendants. Such rents, profits. income, issues, and revenues shall Ifs 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 as a reasonable monthly rental for. the premises an amount at least equivalent to one-twelfth (~2) 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 ouch 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 Mortgagor, or in the event that ( 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,. sad covenants of said note and this mortgage, are not duly, promptly, and fuliy performed; then in either or any such event, the said aggregate sum mentioned ; in said note then remaining unpaid, with interest accrued b that time, and all moneys secured hereby, shall become i 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; sad thereupon or thereafter, at the option of said Mortgagee, without notice ar ' 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, as to the amount sD declared due and payable, and the said premises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. ~In case of partial 1 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. ~ 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held ~ to be s waiver of the terms hereof or of the note secured hereby. ; 12. The lien of this instrument shall remain in full force and effect duri the time of ent of the indebtedness or an ng ~Y postponement or extension of paym y part thereof secured hereby. ~ 13. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the Mortgagee rosy perform the same, and all expenditures (including reasonable attoroey's fees) made by the Mortgagee in so doing shall draw interest at the rate provided for in the principal indebtedness, and shall be rnpayable thirty (30) days alter demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. . t4. Upon the request of the Mortgs~gee the Mortgagor shall execute and deliver a supplemental note or ~ notes for the sum or.sums advanced by tthhe 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 as fully as i[ the advance evidenced thereby were 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 ayable in approximately equal monthly pa ents for such period ss may be screed upon by the creditor and debtor. Failing to agree on the ~ maturely, 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 r~atwity of .the note first described above. - X35 ~1:~E 687