HomeMy WebLinkAbout0400 lender to tl?e 111ortgaiee in accordsnc•e with theiptwisiona ~Lplt~+ Holt secured hereby, full payutent of U?e
entire indebtedness represented thereby, the I1~ortgagee, as trustee, shall, in computing the autount of such
indebtedness, credit to the account of the Mort~aKor ony credo balance remaining under the provisions of (a)
of said paragraph 2. If there shall be a defau t under any of the provisions of this mortgage resulting in a
public sale of the prentisea covered hereby, or it the Mortgagee acyutres the property otherwtse after default,
the Mortgagee, as trustee, shall apply, at the tune of the cottirt?encernent of such proceedings or at file time
the property is otherwise acquired, the amount then remaining to creclit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued and unpaid and t to balance to the principal then reniaintng unpud
on said note.
4. He will pay all taxes, assessments, water rates, and other governmental or municipal charges, fines. otr
impositions, for which provision has not been made hereinbefore, and in default thereof the Mortgagee rosy pay tbs
same; and that be will promptly deliver the official receipts therefor to the Mortgagee.
5. He will permit, commit, or softer 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 thane to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may
make such repairs as in its discretion it may deem necessary for the proper preservation thereof, and 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 costs, charges. 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 fully to perform the agreements and 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 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 sand premises, and except when payment
for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he will pay prompWy when
due any premrums therefor. All insurance shall be carried in companies approved by Mortgagee and the poli-
cies and renewals thereo! shall be Geld by Mortgagee and have attached thereto 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 Loss if not made promptly by Mortgagor, and each insurance company
concerned ig hereb authorized and directed to make payment for such loss directly to Mortgagee instead of
to Dortgagor and Mortgagee ointly, and the insurance proceeds; or any part thereof, may be applied by Mortr
gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoratron or repair of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property rn extingurshment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pASa to the purchaser or grantee.
K. If the preu~isc•s, ur uuc part thernof, 1?e c•ondeu?ned w?der the power of en?inent domuu?, or acquired for
a public• usc•. the danu?ges awarded, the pm~•eeds fur the takinl? of, or the• consideration for suel~ aeyws?Uon, to
the extent of the full au?ount of the renaining unpaid indebtedness secured b.• this ?i:ortKaKe, are hereb~-
assil?ned to the \lortgagec, and hie heirs or asiRns. and .hall he paid forthwith to said Mortgagee or his
assignee to Ix~ applied on account of the last nraturiur installments of such indebtedness; pmcided, IIONeCPr,
the ~IortKaKee or his :?ssiKnee, ?uar ut his discre•tiou pay din•ct to the `iortgagor, his heirs or nssiKns any part
or all of uc•h award; pro~•ided, thlt if the loan is I;uar:uuerd or ir?sun•d, the c•onseut of the guarantor or insurer
is obtained in advanrP o[ ,aid pnynu•nt.
J. 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 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 act 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
'i rants. profits. income, issues, and revenues shall 1Se applied by such receiver according to the lien of this mortgage
E 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 sa a reasonable monthly rental for the premises an amount at least .
equivalent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current
year plus the actual amount of the ruznual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid monthly payments.
l0. In the event of any beach of this mortgage or default on the part of the Mortgagor; 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 this mortgage.
an not duly, promptly, and fully per[ormed; 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 ,?s 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, as 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
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.
1 1. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be heW
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.
1:3. 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 attorney's fees) made by the Mortgagee
in so doing shall draw interest st 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 note or
notes for the sum or sums advanced ny 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 fully as if the advance
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 ments 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 advance) shall be due and payable thirty (30) days after demand .
by the creditor. In no event shall the maturity extend beyond the ultimate maturity of the note first
described above. .
8340 P~~E .400