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HomeMy WebLinkAbout0028 . i . tender to the T~iortgagee in accordance with rite provisions of ~~fe note secured Itereb~•, full payment of rite entire indebtedness represented therebv, the Mortgagee, as trustee, shall, in computing the amount of such indebtedness, credit to rite account of rite :~lortgeRor any credit balance remaining under the provisions of (a) of said paragraph 2. I[ there shall be a default under any of rite provisions of this tttortga~e resulting in e public sale of the premises covered hereby, or if the Mortgagee acgwrea the property otherwtse after default, the Mortgagee, as trustee, shall apply, at .the tune of the cottttnencernent of such proceedings or at rite time the property to otherwise acquired, the amount then remainingg to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and rite balance to rite principal then retraining unpstd on said note. 4. He will pay all to:es, aaeeesmeata, water rat~ea, wad other ~overnmeatal or municipal charges, harts„ of impositions, for which provision has not been made hereinbefore, and m default thereof the Mortgagee may pay the acme; and that he will promptly deliver the official receipts therefor to the Mortgagee. 5. He will permit, commit, or suEer no waste, impairment, or deterioration of said property or an 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 tbereon, in good repair, the Mortgagee may make such repairs as is its discretion it may deem necessary for the proper preservation thereof, wad the full amount of each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. He will pay all and singular the costa, ebargee, and 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 fuAy to per[orm the agreements and covenants of said promissory note and thin mortgage, and said poets, 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 on said premises, and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay promptly when due any premiums therefor.. All insurance shall be carried in compamce approved by 111ortgagee and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and inform acceptable to the I?Sortgagee. • In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of Loss tf not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment !or such loss directly to Mortgagee instead of to Mortgagor and Mortgagee cirri ,and the insurance proceeds, or any part thereof, may be applied bg Morb gages at its option either to tl~e re~uction of the indebtedness hereby secured or to the restoration or repair of the property dsma~ed. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property to extingutshment o! the indebtedness secured hereby, all right, title, and interest of the Mortgagor to and to any rnsurance policies then in force shall pass to the purchaser or grantee. R. If tl~e premises, or an~• port thcn•of, be condemned uneler the power of entiuent don~un~, or acquired for u public use, the dautages awarded. the pm~•eeds for the taking of, or the consideratim? for such ecyuisition, to the extent of the full amount of the remaining unpaid indebtedness serurc•d b~• this mnrtgage, are hereL~• assigned to the Mortgagee, and h4S heirs or assigns, uud shall IK• purl forthwith to said Mortgagee or his assignee to be applied on account of the lust maturing installnu•nts of such indebtedm•ss; pm~•i~led, however, the ~lortguKee or his assiKner, u~u~• at his discn•tion pub- dinti•t to the Mortgagor, his heirs or assigns any part or all of such award; provided, that if the louu is guaranteed or insurnd, the consent of the guarantor or insurer is obtained in advance of said pa~•ment. 9. The Mortgagee may, at any time pending a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of s receiver, and such court shall forthwith appoint a 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 sa if specifically set forth and 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, 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 the defendants. Such rents, profits, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage I 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 Mortgagee on 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 instalimeata payable in the then current year plus the actual amount of the annual taxes, assessments, water rates, sad insurance premiums for such year ~ not covered by the aforesaid monthly payments. 10. In the event of any b-esch of this mortgage or default on the part of the Mortgagors or in the event that any of acid 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, an not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned in said note then rematniag unpaid, with interest accrued to that time, and all moneys secured hereby, shall become due end payable forthwith, or thereafter, at the option of said Mortgagee, sa fully and completely us if all of the said sums of money were originally stipulated to be paid on such day, anything in raid 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 bad matured prior to its institu• lion. The Mortgagee may foreclose this mortgage, sa to the amount so declared due and payable, and the said premises shall be sold 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 to the continuing lien of this mortgage !or 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. 11. No waiver of any covenant herein or of the obligation secured hereby shall 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 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. t:i. If the Mortgagor default in any of the eovenanta 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 Mortgages in so doing shall draw interest at the rate provided for in the 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 Hate ar notes for the sum or sums advanced Dy the Mortgagee 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 tally as if the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear _ interest st the me provided for in the principal indebtedness and shall be ayable in approximately equal monthly pa marts for such period ss 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 suer demand ~ by the creditor. In ao event shall the maturity extend beyond the ultimate sorority of the note first 3 described above. tilt PAGE Y F