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HomeMy WebLinkAbout1401 _r _ . ~ tender to the Mortgagee in accordance with the provisions o[ file note secured hereby, fuU payment of the entire indebtedness represented therebv, the Mortgagee, as ttustes, shall, in computing the uiiount of such indebtedness, credit to the account of the Mortgagor any credit balance remaining under tl~e provisions of (a) of said ph Z. !t there shall be a dehult under any of the provisions of this mortgage resulting in a public sale o tthhe premises covered hereby, or it the Mortgagee acgaues the property otherwise after default, the Mortgagee, 'u trustee, shall apply, at the time of the cacunencerrtent of such proceedings or at tl~e time • ,the property r otherwise acquirsci, the amount.then ~nainmg to credit of Mortgagor. under (a) of parggraplc 2 - preceding as a,credit'on the Interest accrued and unpiud and the balance to the principal then remaimng unpaid • on said note. ~ - - ' 4. • Hs wW PuY all taxes, assessments, wasce rates, sad other ~overamenW ae muaieipal ehargei„ fines, oe ~ - impodtions, for which provision has not been made hereio~betore, and in default thereof the Mortgagee ayy Ppr t,Le same; and that 6s will promptl]r deliver the of8eial receipts therefor to the Mortgagee. } . b. He will perasi~t commit, or suffer no waste, impairment, or deterioration of said property or any t~er+eof except reasonable wear and tear and in the event of the failure of the M to keep the buildu~gge on sai~ ~ premises and those to be erecte~ on said premises, or improvements .!hereon, in-good repair the Mortgagee may make such repairs as in its discretion it may deem necessary for the Proper pns~rvation thereof, and the full amount of each sad every such payment shall be due and payable thirty (30) days after demand, and shall bs secured by ~ = the lien o[ this mortgage. Q He will pay ill and singular tbs costa, and expenses, including reasonable lawyer's fees, and costs ~ of abstracts of title, incurred or paid at any time t~~ortgagee because of the failutb on the part of the Mort~o~ promptly and fully to perform the agrcemeats and covenants of said promissory note and this mo ,and said poets, charges, and expenses shall be immediately due and payable and shall be secured by the lien of t-hie mortgage T. He will-oontinuouslry maintain hasard insurance, of such type or t and amounts as Mortgagee may fi+om time to time- require, on the imprdvements now or hereafter on said promisee and except when payment for all such premiums has theretofore been made under (a of paragraph 2 hereof ~e •wiU pay. promptly when , due any premiums therefor. All insurance shall be carried in companies approve by Iliort$agee and the pofi- - cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable ruses in favor of and inform acceptable to the Mortgagee. In event of loss he will give immediate notice by mail.to Mortgagee, ' and Mortgagee may make proof of Toes if not made promptly by Mortgagor, and each inauraaQe company concerned is hereb authorised snd,directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof may be a_pp1ied by Mortr ' gages at its option either to the reduction of the indebtedness hereby secured or to. tie restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer -of title to the mortgaged property in extangwshmeat~! the indebtedness secured hereby, ail right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pc?ss to the purchaser or grantee: 8. If the premises, or am part thereof, be condemned under the power of eminent domain, cr acquired for a public use, the damages awarded, the proceeds for the taking ot, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b~• this u~orlgage, arc hereb~- assigned to the Mortgagee, and 1?is heirs or assigns, and shall Ix• paid forthwith to said Mortgagee or his _ assignee to be applied on account of the last uiaturinK installments of such indebtedness; provided, however, the Mortgagee or hk assignee, may al his discretion pa~• dirrc•t to the Mortgagor, his hrirs or assigns any part or all of such aware!; provided, that if the loan is Kuarantecel or insured, the consent of tl~e 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 jurisdictiob thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered hereby all acid singular, including aU 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 ss an admitted ~ ' ' equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of ` II the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants. Such. 'i 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 as a reasonable monthly rental for the premises sa amount at least ~ equivalebt 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 ouch year ' not covered by the aforesaid monthly payments. 10. In the event of any bzeach of this mortgage or default on the part of the Mortgagors 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 atipulationa, agreements, conditions, and eovenanta 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 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 ouch day, anything in said note or in this mortgage to the eontrsry notwithstanding; and thereupon or thereafter, at the option of 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. 1'he Mortgagee may foreclose this mortgage, ae to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay the same together with poste, 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. 11. No waiver of any covenant herein or of the obUgation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby.. i r 12. The lien of this instrument shall remain is full force and effect duri the time of payment of the indebtedness or any part thereof secured hereby. ~ say postponement or extension of 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 i 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, slisll 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 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 syable in approximately equal monthly pa menu [or such period ss 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 rsatwity of the note first described above. g~K335 h~i • . . ~ r y_: