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HomeMy WebLinkAbout1168 • =,t tender to the Mortgagee in accordance wi11? the proviaiot?s of the note secured 1?erebr, full payment of the entire indebtedness represented therebv, the Mortgagee, sa trustee, shall, in computing the au?ount oI such it?debteduesa, credit to the account of tl?e h'fortgagor any credit balance remaining under the provisions of (a) of said paragraph 2. !t tl?ece sl?all be a default under any of the provisions of this mortgage resultins in a _ public sale of the prentisea covered hereby, or if the Mortgagee acqu?res the property otherwise after default, the Mortgagee, as trustee, shall apply, at the tut?e of the couuuencement of such proceedings or at the time z the property is otherwise acquired, the amount tl?en retttainingg to credit of Mortgagor under (s) of paragraph 2 preceding se a credit on the interest accrued and unpaid and tl?e balance to the principal then remaining unpaid on sod note. t 4. He wit! pay all taxes, aseeaements, water sates, and other governmental or municipal charges, floes, os impositions, for which pro~~sion has not been made hereinbefore, and in default thereof the Mortgages may pay tbs same; sad that he will promptly deliver the ofi'itar?I receipts therefor to the Mortgages. 5. He will permit, commit, or auger no waste, impairment, or deterioration of said property or any part thereof except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on sai~ premises and those to be erected on said premises, or improvements thereon, in good repair Wie Moirtgagee may make such repairs as in its discretion it may deem aeeeasary for the proper preservation tbeteoi~, and the full amount of each sad every such payment shall be due and payable thirty (30) days suer demand, and shall be secured by the lien of this mortgage. 6. He will pry aU and singular the coats, charges, and expenses, including reasonable lawyer's fees, and costs of abstracts of title, incurred or paid st 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 promieaory note and this mortgage, and said poets, charges, and expenses shall be immediately due and payable and abaU 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 on said gremisea, and except when payment _ for all such premiums has tb~rstofore been made under (a) of paragraph 2 hereof, be will pay promptlyy when due any premiums tlio>fefor. All insurance shall be carried in companies approved by Mortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thert<to loss payable clauses in favor of and in form acceptable to the Mortgagee. • In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of Ions rt not made promptly by I?iortgagor, and each insurance company concerned is hereb authorized and directed to make payment for such loss directl to Mortgagee instead of to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mort- gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to any insurance policies then in force shall pgsa to the purchaser or grantee. K. It the pren~isc•s, or unr port thrrcN,f, hc• rondenrned under the power of eurinent ctonruur, or acquired for a public use, the danraKc•s nv?=arded, the proc•cecls fur the takinK of. or the ronsidcration for such r.c•yuisri?on, to the estcnt of the full amount of the rcn?aining unpaid iudebteclnc•ss securecl by this mortgaKe, arc hemb~- ussil;ned tc? the ~fortKaKee, unrl his hrin c,r ussil:us. and shall br purl forthvith to suicl ~lorlKaKee or his assiKnee to be applied on account of the last n,aturin~ installn,c•nts of such indebtedness; pmcidcd, I?nw•erer, the ~1ortKuKee or his as.4iKne•e, n,ay ut his cl4srn•tiun par clirert to the Mortgagor, his heirs ur assigns am part ur all of such uKard; prucided, tl?ut if tl?e loan is kuaranter~) or insured, the ronseut of the guarantor or insurer is obtained in advance of said pa~-nrent. J. The :4lorigagee 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 sod 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 if specifically set forth end described in the granting and habendum clauses hereof. : uch 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 Dortgagor or the defendants. Such rents, profits, income, issues. sad revenues shall be applied by such receives according to the lien of this mortgage the ractice of such court. In tb±e~event o7 sn default on the rt of the Mo r hereunder, the Mo or and p Y ~ riB~ rigaB agrees to pay to the 1ltorigagee on demand ae a reasonable mont ly rental for the premises an amount at least equivalent to one-twel[th ('Sx) of the aggregate of the twelve monthly installments payable in the then current year plus the actual amount of the amual taxes, assessments, water rates, and insurance premiums for such year not covered by the aforesaid monthly payments. j 10. In the event of any b_~each of this mortgage or default on the part of the Mottgsgori 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 thin mortgage, are not~duly, promptly, sad 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 I' said atinns of money were originally atigulated 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 it 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 ,I remises shall be Bold to satisfy and pay the same together with costs, expenses, and allowances. In case of partial ~ foreclosure of this mortgage, the mortgaged premises shall be sold subject w 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. I l . No waiver of any covenant herein or of the obligation secured hereby shall st any time thereafter be held j to be a waiver of the terms hereof or of the note secured hereby. l2. The lien of this inbcrument shall remain in full force and effect during any postponement or extension of the time of payment of the indebtedness or any part thereof secured hereby. ?:3. It the Mortgagor default in any of the covenants or~agreements contained herein, or in said note, then the j Mortgagee may perform the acme, and all expenditures (including reasonable attorney'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 ~ thirty (30) days after demsad, 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 Mortgagee for the alteration, modernization, improvement, main- ~ tenants, or repair of said premises, for tuxes 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 i 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 approximately equal ~ monthly pa menu torsuch period as may be agreed upon by the creditor and debtor. F:fling 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 ~ event shall the maturity extend beyond the ultirDate rsturity of the note first described abova. s~e~ 800 ~ Pei;E~~ i''