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HomeMy WebLinkAbout0580 tender to the 1Nort ?ee in accurdaAee •vit!? the rwiiidris of the nolp secured hereby, all gab p f payluent of the , entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such ~ indebtedness, credit to the account of the Mort~aRor any credit bslar?ce remaining under the provisions of (a) ' of said paragraph 2. It there allall be • detau t under any of the provisions of this rllortga~e resulting in a public sale of the premises covered hereby, or if the Mortgagee acyutrtia the property otllerwrse after default, the Mortgagee, as trustee, shall apply, at the time of the cotlitlteneetnent of such proceedings or at tl?e time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and l le balanre to the principal then remeiintng unpatd on said note. 4. He will pay all takes, aseeasaneata, water rates, sad other governmental or municipal charges, fines, of impoeidons, for which provision has sot been made hereinbefore, sad in default thereof the Mortpgee may pay the l same; sad that hs will promptly deliver the official receipts therefor to the Mortgagee. t b. He will permit, commit, or suQer no waste, impairment, or deterioration of said property or any part thereof except reasonable wear sad tear; and in the event of the failure of the Mortgagor to keep the buildings on said i premises end 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 aeoeasary for the proper preservation thereoi4, sad the full amount of each and every such payment shall be due sad 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, sad expenses, including reasonable lawyer's fees, and costs of abstracts of title, incwred 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 Chia mortgage, and said costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage. 7. He will continuously maintain hazard insurance, of such type or types and amountq a:~ortgagee may from time to time require, on the improvements now or hereafter on said premises, and e>Zcept w`Len payment for all such premiums has theretofore been made under (s of paragraph 2 hereof, He will pay promptlyy when due any premrums therefor. All insurance shall be carried in companies approved by Illortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss he will give immediate notloe by mail to Mortgagee, and 1~iortgagee may make proof o3 loss it sot made pmmptly by Mortgagor, and each insurance company concerned u, hereby authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor and , ortgagee ointly, and the insurance proceeds, or any part thereof, may be spy •ed by Mort- gagee at its option either to t~e reduction of the indebtedness hereby secured or to the reatoratroa or repair of the property dammed. In event of foreclosure o! this mortgage or other transfer of title to the mortgaged property rn extinguishment of the indebtedness secured hereby, a~l right, tilde, and interest of the Mortgagor in and to any insurance policies then in force shall p>L4a to the pur+cheser or grantee. R. If the prenlisE's, or any port thereof, bE' couElemnell wuler the power of eminent domain, or acyuirnd for a public use, the ElanlsgE•s aHarded, the pmceeds for the takingg of, or the- consiElerution for sorb acquisition, to the extent of the full anulunt of the remaining w?puid inElelitedness secured b.• this mortgage, urn 1?ernb~• assigned to the Mortgagee, and 1144 heirs or :LiSignS, and Shull be paid forthwith to said ~lortgaKee or lIL4 assignee to t?e applied on arrowlt 11f the last IIIatUrlllg OlStall111E'llts Of tiUl'h indebtedness; pro~•ided, hoNCVer, the ~lortguKee ur his ussiKuee, relay at leis EIi4E•retiou pay Elirnct to the Mortgagor, his heirs or as.4igns any part or all of such a~anl; prodded, that if the' loan is guar:ulteed or insured, the consent of the guarantor or insurer is obtained in advance of said payment. E•~• 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 s receiver of the premises covered 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 ii specifically set forth and i 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 or insolvency of said Mortgagor or the defendants. Such rents, profits, income, issues, and revenues shall tfe 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 f agrees to pay to the Mortgagee oa demand as a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (yf 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 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 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 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 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 ro declared due and payable, and the said premises shall be sold to satisfy and pay the same together with coats, expenses, and allowances. In case of partial foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing lien of this mortgages 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. 1 I. No waiver of any covenant herein or of the obligation secured hereby shall st any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 12. The Lien of this inbtrument •nhall remain in full force and effect during any postponement nor 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 name, and all expenditures (including reasonable attorcey'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 t 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 by the ivtortgagee 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 if 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 appproximately equal f monthly pa ments for such period u 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 matwity extend beyond the ultimate raatwity of the note first described above. ~ PEE 579 _