HomeMy WebLinkAbout0063 tender to the 1Nortgsgee in accordance, wltl? the provisions of the Holt secured hernby, full payurent of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing lire amount of such
indebtedness, credit to the account of the Mortgagor any credrt balance remaining under the provisions of (a)
oI said p rsph 2. It there steal) be a default under any of the provisions of this urortga~e resulting in s
public aal~ the premises covered hereby, or if the Mortgagee acywrea the property otl?erwrse after default,
the Mortgagee, as trustee, shall apply, at the time of the corntriencement of such proceedingx or at flee time
the property is 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 tFre balance to fire principal then remaining unpard
on said note.
4. He wiU pay all to:es, assessments, water rates, and other governmental or municipal charges, fines, of
impositions, for which provision has not bees made 6ereinbefore, sad to default thereof the Mort;agoe may pay the
same; and that he will promptly deliver the official receipts therefor to the Mortgpgee.
b. He will permit, commit, or suffer no waste, impairanent, 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 thereon, in good repair, the Mortgagee may
make tsuch ropairs as in its discretion it may deem necessary for the proper preer:rvation thereof, and the full amount
of eacb and every such payment ehaU 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, , and expenses, including reasonable lawyer's fees, and costs
of abstracts of title, incurred or paid at any time by t e Mortgagee because of the failure on the part of the Mortgagor
promptly sad fully to perform the agreements sad covenants of said promissory note and this mortgage, and said
costa, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
7. He will oontinuous~y 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 eccepL when payment
for all such premiums has theretofore been made under (s) of paragraph 2 hereof she will pay promptly when
due any preuuums therefor. All insurance shall be carried is companies approve by Mortgagee and the poli•
rise and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss be will give immediate notice by mail to Mortgagee,
and Mortgagee raay make proof of loss if not made promptly by Mortgagor, and each insurance company
concerned is hereby authorized and directed. to make payment for such loss direct)y to Mortgagee instead of
to Mortgagor and Mortgagee ointly, anA the insurance proceeds, or any part thereof, may be applied by Mori
gagee at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, s~l right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee.
R. If the prenrisc•s, or and- part the•rrof, be• c•ondenured under the power of eminent clonruui, ur acyuirc•d for
a public use, the elamaKes awarded, the proceeds fur the takinK of, or the consideration for such acquisition, to
flee extent of the full amount of the re•nraininK unpaid indel?teclne:cs secured b~• this mort~*aKe, are hernb~•
ussil;ned to the ~IortgaKee, and Iris heirs or assigns, suet shall be paid forthwith to safe) ~1ortKngce or his
assignee to Ix• applied on account of the lust nraturiu~ installnu•nts of such indebtedness; pm~-ieled, howc•~•er,
the ~1ortKuKee or his a_ssiknee, mu~• at his discretion pu~• direct to the ~•1ort~?aRor, I?is heirs or u~signs an~• part
or all of such award; provided, that if the luau is Kuarunh•e~l or insured, the consent of the guarantor or insurer
is obtained in advance of said pa~•nreut.
`.1• 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 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 as 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, 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 be applied by such receiver according to the lien 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 Mortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~Z) of the aggregate of the twelve monthly instal?menta payable in the then current
year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments.
. 10. In the event of any beach of this mortgage or default on the part of the Mortgagor; or is the event that
any 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 covenants of said note and this mortgage,
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 1~iortgagee, as fully and completely ,is if all of the
said sums 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, sa to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together witb costs, expenses, and allowances. In ca.~e 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. 1n such case the provisions of this paragraph may again be
availed of thereafter from time to time by the Mortgagee.
I 1 • 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 Gen 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.
I:i. 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 attoroey's fees) made by the Morigagee
in so doing shall draw interest at the rate prop ided for in the principal indebtedness, and shall be repa}•able j
thirty (30) days after demand, and, together with interest and .costs accrued thereon, shall be secured by
this mortgage.
14. LTpon the request of the vlortgaRee 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-
tenance, or repair of said premises, for taxes or assessments against the same and for en1 other prrrl,ose author-
ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance
evidenced thereby were included in the note first described above. Said srpplemental note oi• notes shall bear
interest at the rate provided for in the principal indebtedness and shall be ayable in approximately equal
monthly pa meats 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 sums so advanced shall be due and paral,le thirty (30) days after demand
by the creditor. In no event shall the maturity extend beyond the ultimate c~aturity of the note first
described above. cc~~
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