HomeMy WebLinkAbout1221 tender to the Mortgagee in acoordanoe with the pwvisbns of tl?s note secured her+ebjr, Ituq payment of the ~ ,
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the amount of such
indebtedness, credit to the account of the Mortgagor any credit balance remaining under the provisions of (a)
of said ph Z. It there shall be • default under any o[ the provisions of this inortga~e resulting in •
public aalthe premises covered hereby, or it the Mortgagee acquires the property otherwise after default,
the Morigagc~e, as trustee, shall apply, at the time of the coiiuneacement of such proceedings or at the time
the property w otherwise acquired, the amount then reiiiaining to credit of Mortgagor under (a) of puagnph•2
preceding u s credit on the interest accrued and unpaid sad the balance to the principal then remaining unpud
on said note. •
4. Be will pay all taxes, aseeeements, wale: rates, sad other ~overameatal oe munidpal charges, ~ of
impodtions, for which provision bas sot bees made heniabeton, and in default thereof the Moetgases may py the
rms; and that he will promptlyy deliver the o~dal receipts therefor to Nis Mortgagee.
b. Hs will permit, commit, or suffer no waste, impairment, or detartoratioa of said property oe anY ~aart thee~eot
eseept reasonable wee: and tear and is tbs event of the failure of the Mortgagor to keep the buildings on sai~ ~
premises and those to be erecte~ on said premises, or improvements thereon, is good repair the Mortgagee may ~
make such repairs as is its discntFoa it may deem neoeesary for the preservation there ~ t~s~
t
of each sad every such payment shall be due sad ps+yabk thirty days aitei demand, by
the lies d this mortgage.
8. Se will pay all and singular the costs, and eacpenees, including naeonabls lawyer's fees, sad costs
of abstracts of titb, incurred or paid at any time~Mottgagee because of the failure on the part of the Mortgagor
promptly and try to perform the agreements and ooveaants of said promissory note a~ this. morttysge, and acid
oasts, charges, and eupemes shall be Immediately due and pe?yable and shell be eeaured by the lies of ttbhiiss mort6,sgs.
7. He will oontinuouslj maintain 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 Z hereot ~e will pay promp~,~y when
due any pr+emiuma therefor. All insurance shall be carried in companies approve by Mortgagee and the poli:
ties and renewals thereof shall beheld by Mortgagee and have attached Lheseto loss payable cLuses in favor of
and iia form acceptable to the Mo ;ages. In event of loss he wilt give immediate notice by mail to Mortgagee,
sad Mortgagee may make proof~o~1[ Ions if not made promptly by Mortgagor] and each insurance company
concerned is hereby~suthorised and directed to make payment for such loss directly to Mortgag matesd of
to Mortgagor and Mortgagee ll'ointly, and the insurance proceeds, or any part thereof array be ap- lp
'iced by Mortr
Magee at its option either to the reduction vt the indebtedness hereby secured or to fie reatonttoa or repair of
the property dsma~ed. In event of foreclosure of this mortgage or other tnoster of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of Nis Mortgagor
ra and to any waunnce policies then in force shell pees to the purchaser or grantee.
8. If the preu~iscs, or any part thereof, be condemned under the power of eminent domain, or acquired for
s public use, tl~e ciaiiiages awarclecl, the proc•eecis for tlae takingg of, or the eonsicleration [or such acquisition, to
the extent of the full amount of the remaining unpaid indebtedness secured M this mortgage, arc hereb~•
assigned to the tilortgagee, and his heirs or assigns, and shun Tx~ paid forthwith to said Mortgagee or his
assignee to be applied on account o! the last niaturu?g installments of sucl? indebtedness; providedl, however,
the Mortgagee br his assignee, may at his discretion pay diner to the Mortgagor, his heirs or assigns any part
or all of such awanl; provided, that if the loan is guaranteed or insured, 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 stl grid singular, including aq and singular the income, profits, issues, and revenues from whatever source
derived, each and every of which, it being expressly undenitood, is hereby mortgaged as if apecificauy set forth and
described in the granting and habendum louses 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, sad revenues shall t1e apppplied by aud? receiver according to the lien of this mortgage
past
and the practise of such court. In the event of any default on the of the Mortgagor. hereunder, the M r
~ agrees to pay to the Mo on demand as a reasonable montlily rental for the premisos an amount
equivalent to one-twelfNaof the aggregate of the twelve monthly installments payable in the then cuneat
i year plus the actual amount of the annual taxes, assessments, water rates, and insiinaoe premiums for such year
not covered by the aforesaid montlily payments.
~ 10. In the event of any beach of thin mortgage or default on the part of the Mortgagor, or in the event that
say 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, and oovensats of said note and this mortgage,
are not duly, promptly, a~ fully performed; then in either or say 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, st the option of said Mortgagee, as fully and completely as if all of the
said soma of nnoney wen 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 Mortg¢gec, without notice or
~ demand, suit at law or in equity, may be prosecuted as if aU moneys secured hereby had matured prior to its inetitn-
~ lion. The Mortgagee may foreclose thin mortgage, as to the amount so declared due and payable, sad the said
ppremises shall be sold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial
toreckisure of thin 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.
s t l . No waiver of any covenant herein or of the obligation second hereby shall at any time thereafter be hdd
to be a 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 postponement or extension of
the time of payment of the indebtedness or any part thereof secured hereby. -
1 1:3. If the Mortgagor default is any of the covenants or agreements contained herein, or in said note, then the
Mortgagee may perform the name, and all expenditures (including r+aisonabk attorney's fees) mock by the Mortgagee
in so doing shall drew interest at the me provided for in the principal indebtedness, and shall be repayable
~ thirty (30) days after demand, and, together with interest and costs accrued thereon, a1isU be secured by
! this mortgage.
14. Upon the request of the Mortgagee the Mortgagor shall execute end deliver a supplemental note or
notes for the sum or sums advanced ray the Mortgagee.for Nis alteration, modernization, improvement, main-
tenance, or repair o! 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 ii the advance
t evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear
interest at the refs provided for in the principal indebtedness and shall be syable in approximately equal
monthly payments for such period as may be agreed upon by the creditor and debtor. Failing to agree on the
maturity, the whole of the sum of sums.so advanced shall be due and payable thirty (30) days after demand
P by the creditor. In no event shall the maturity extend beyond the ultimate z:iatwity ~ot the note Brat
described shove.
• ~~381~,~ 1219
.eK~' -