Loading...
HomeMy WebLinkAbout1643 a` S, tender to the 'Mortge~gee in accordance witl+ the provisions of tl+e note secured l+ereby, full payment of tl+e entire indebtedness repressented thereby, the Mortgagee, as trustee, shall, in computing the amount of sucl+. 1 indebtedness, credit to tl+e account of tl+e yortgagor any cred+t ialanee remaining under tl+e provisions o! (a) of said raph 2. lI there shall be a default under any of tt+e provisions of this +++ortgs~c resulting in a ~ public sal the premises covered hereby, or if the Mortgagee acqu+rea the property otherwise attar default, 1 the Mortgagee, as trustee, shall apply, at the time of the ca+++nence+nent of such proceedings or at tl+e time the property is otherwise acquired, the amount then ran+ainingg to credit of Mortgagor under (a) of psragraph_2 preceding sa a credit on the interest accrued and unpaid and tl+e balance to the principal then ren+a+n+ng unpa+d on said note. 4. He will pay all taxes, aseeasments, water rates. and other ~overamental or municipal charges, 6nea„ otr impositions, for which provision has sot been made beninbefore, sad in default thereof the Ddortgeg~ee may pay the flame; and that 6e will promptly deliver the official receipts therefor to the Mortgagee. 5. He will permit, commit, or su8er ao waste, impairment, or deterioration of said property or p~ thereof except reasonabb wear and tear; and in the event of the failure of the Mortgpgor to keep the build~nga on said premises and those to be erected on said premises, or improvements thereon, in good repair the Mortgagee may make such tepairs as in its discretion it may deem neoeesssy for the proper presorvatioa thereo~, and the full amount of each and every such payment shall be due and payabb thirty (30) days after demand, and shall be secured by the lien of this mortgage. _ 8. He will pay all sad singular the costa, charges, sad expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or 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 costs, charges, and expenrea shall be immediately due and payable and sball be secured by the lien of tW'a mortgage. 7. He will oontinuous)ry maintain hazard insurance, et such type or types and amounts ss Mortgagee may from tame 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 psragre~ph 2 hereo! ~e will pay promptly when due any premiums thgreiq<•,' ! ,~sursnce shall be carried +n compawes approved' by I?iortgagee and the poli- cies and renewals thereof shall be Held by Mortgagee and have attached thereto lass payable clauses in favor of and in form acceptable to the Mort,~agee. In event of loss he will give immedute notice by mail to Mortgagee, and Mortgagee may make.prooi o~ foss if not made promptly by Mortgagor, and each insurance company concerned is 6ereb suthor+zed and duetted to make payment for such loss directly to Mortgagee instead of 1 to Mortgagor and ~ortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mor>r gages at its option either to ~a reduction of the indebtedness hereby secured or to the restorat+on or repair of the property dsma~ed. Ia event of foreclosure of. this mortgage or other transfer of tide to the mortgaged property +n ext+ngu+shment of the indebtedness eec+tred hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pass to the purchaser or grantee. 8. It the prewis+5, or nny part then•of, be condenu+ed under the power of eminent. do+nam, or acquirnd for a public use, the damaK+•s awarded, the procec•~ls [or the taking ot, or the consideration [or surh acyu+sition, to the extent of the full su+ount of the renaining unpai+l i++dehtedness secure+l by this mortgage, am hereby assiKned to the ~Iortgagec, and his heirs or assigns, and shall he paid forthwith to said Mortgagee or leis assignee to be applied on account of the last n+aturu+K installuu•nts of such indebtedness; provided, l+ow~rer, the tilortkaKee or his assignee, may at his discretion par direct to the Mortgagor, his heirs or assigns any part or all of such award; provided, that it the loan is t;uarantec~l or insured, the consent of the guarantor or insurer is obtained in advance o[ said payn+ent. 9- The Mortgagee may, at any time pending s 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 eover~ ~ hereby ail and singular, including all and singular the income, profits, issues, and revenues from whatever so derived, each and every of which, it being expressly understood, is hereby mortgaged as J specifically set forth sad ` described in the granting and habendum clauses hereof. Such appointment shall be made by such court as an admitted equity and s 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 lie applied by such receiver according to the lien of this mortgage ~'i and the practice of such court. In the event of say default on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the Mo on demand as s resaonable montl+ly rental for the premises an amount at least ~ equivalent to one-twelfth ( z) of the aggregate of the twelve monthly installments payable in the rhea current k year plus the actual amount of the annual taxes, asaessw~enta, water rates, and insurance premiums for such year sot 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 ~ said sums of money herein referred to be not promptly and fully paid according.to the tenor hereof, or is the ~ event that each and every the stipulations, agreements, conditions, and covenants of said note and this mortgage, t 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, ss fuAy and completely as if all of the said soma of money were originally stipulated to. be paid on such day, anything is said note or in this mortgage to ' the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ar demand, suit at law or in equity, may be prosecuted ss if all moneys assured hereby had matured prior to ire institu- tier. The Mortgagee may toteclose this mortgage, as to the amour(, so declared due and payable, sad the said premises shall be sold to aatiafy, and pay the same together with costs, expenses, ahd 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. l 1. No waiver of any covenant herein or of the obligation secured hereby shalt at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. ~ 12. The lien of this instrument shall r+etgain in full force sad eBect during any postponement or extension o[ - F the time of payment of the indebtedness or any part thereof secured hereby. t I:i. If the Mortgagor default is any of the covenants or agreements contained herein, or in said note, then the ` Mortgagee may perform the same, sad all expenditures (including reasonable attorney's fees) made by the Mortgagee in so doin shall draw interest st the rate provided for in the principal indebtedness, and shall be repayable thirty (30~ days suer demand, and, together with interest and coats accrued thereon, shall be secured by this mortgage. ' 14. Upon the request of the Mortgagee the Mortgagor sball execute and deliver a supplemental note or notes for the sum or sums advanced by the ~rtortgagee for the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or asgesaments against the same and for any other purpose author- ized hereunder. Said note or notes shall be secured hereby on a parity with and ss fully as +I the advance ~ evidenced thereby were included in the note Srst described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be syable in appproximately equal monthly pa ants for such period as may be agreed upon by the creditor and debtor. Failing to agree on the ~ maturity, the whole of the sum or soma ao 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 Srat described above. tjx~ P~i641 BQ•Jl( t 3 ~ _ . ,.4~-~ ,