HomeMy WebLinkAbout0895 tender to the 3lortgabee in accardancew~it4 tl?e p ovi~i~?yf tl?e note secured hernb~•, full payu?ent of the
entire indebtedness rept~?ented therebv, the Mortgagee, as trustee, shall, in computing the au?ount of such
indebtedness, credit to the account a( the Mortgagor any credit balance retaining under t!?c provisions of {a)
of said paragraph 2. It tl?ere shall be a default under any of the provisions of this tiiortga~e resulting in s
public sale of the prem~ea covered hereby, or it the Mortgagee acywrea the property otherwise alter default,
the Mortgagee, as trustee, shall apply, st the time of the commencement of such proceedings or st the time
the property to otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph,2
preceding as a credit on tl?e interest accrued and unpaid and the balance to the principal then rei?iaiti?ng unpaid
on said note.
4. He will pay all taxes, aeeeesmeats, water rates, sad other governmental or municipal charges„ or
imposittona, [or which provision has not bees made heceinbefore, and in default thereof the Mortpgeo may pay the
acme; and that be will promptly deliver the official receipts tberefor to the Mortgagee.
b. He will permit, commit, or suRer ao waste, impairment, or deterioration of said property or an part thereof
except reasonable wear and tear; and in the event of the failura of the Mortgagor to keep the buildings on eai~
premises sad those to be erected on said premises, or improvements thereon, in good repair the Mortgagee tray
make such repairs as in its discretion it ttaa?y deem necessary for the proper preecrvation thereo#, sad the full amount
of each and every such payment shall be due and payable tbitty (30) days after demand, and shall be secured by
the lies of this mortgage.
6. He will pay all and singular the costa, charges, and expenses, including reasonable lawyer's fees, and costs
of abstracts of title, incurred ar 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
poste, 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 amounts as Mortgagee may
from time to time require, on the improvements now or hereafter_ onsaid_Premises,-and excapt_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 carried in companies approve by Mortgagee and the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses itr favor of
and in form acceptable to the vlortgagee.. In event of loss be will give immediate notice by mail to Mortgagee,
and tiiortgagee may make proof of loss tf not made promptly by Mortgagor, and each insurance company
concerned is 6ereb authorized and directed to make payment for such loss duectly to Mortgagee instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by Morb
gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dsm~ed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property to extinguishment of the indebtedness secured hereby, e~l right, title, and inttinst of the Mortgagor
to and to any insurance policies then in force shall pnsa to the purchaser or grantee.
R. If ihr prnn,isi•s, or an~• part then•of, be eondennied under the power of eminent doiuam, or acquirnd for
a public- use, the ctamages a~~•arded, the pror•eecls for the takinK oi, or the ~ansideration for such ircyu?sition, to
the extent of the full amount of the remaining unpaid ind?•1?tt'?Infws se~•urnd h~• this mortgage, am hernb~-
assiKned to the ~lortgaKec, and hig Ircirs or assigns. amt shall be Nuirl forthwith to said Mortgagee or Iris
assiKnee to be applied on account of the last uratunn~ instalhuents of such indebtedness; proei~le•d, hoK•e~er,
the ~1ortKuKec• ur his assiKnee, uru~• at his discretion pub- direst to tl?e `lortgaKor, l?is heirs or as_ciKns am part
or all of such aK•ard; provided, that if the- loan iaKuaranteed or insurnd, the consent of the guarantor or insurer
is obtained in advance of said pa~•nrent, -
9. The yortgagee may, at any time pending a suit upon this mortgage, apply to tbe court having jurisdiction
thereof for the appointment of a receiver, and such court shall forthwith appoint a receiver of the premises covered
bereby all and singular, including all and singular the income, profile, issues, and revenues from whatever source
derived, each and every' of which. it being expressly understood, is hereby mortgaged as if speciscalty set forth and
described in the granting sad habendum clauses hereof. Such appointment shall be made by such court ss an admitted
equity and a matter of absolute right to said Mortgagee, sad without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t3ie deiendahts. Such
rents, profits, income, issues, and revenues shall tfe applied by such receiver according to the Gen 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 4ortgagee on demand sa a reasonable monthly rental for the premises an amount at least
equivalent to one-twel[th (yf1z) 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 yeas
not covered by the aforesaid monthly payments.
~ t0. 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 mocey herein referred to be not promptly and fully paid according to the tenor hereot, or in the
l event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage,
f are not duly, promptly, and fully performed; rhea 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 o[ said Mortgagee, as fully and completely as if all of the
said soma 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 so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together witb costa, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject to the continuing Gen of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisiooa of this paragraph may again be
availed of tbereafter from time to~ time by the Mortgagee.
11. No waiver of say covenant herein or of the. obligation secured hereby shall at any time theresitet be held
to be s waiver of the terms hereof or of the note secured hereby.
12. The lien of this instrument shall remain is full force and effect during any paatponemeat or extension of
the time of payment of the indebtedaesa or any part thereof secured hereby.
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 '
in so doing shall draw interest at the rate provided for if?.A,he 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 oy the `tortgapree 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 Holt 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 sipplemenaa{ note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be ayable in approximately equal
monthly pa menu for such period as rosy be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole o[ 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 Hate first
described above.
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