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HomeMy WebLinkAbout0427 ` ~ leader to'the Mortgagee in accordance with the pr'DVisioi?s oMt~rd note secured hereby, full payment of the entire indebtedness represented therebt:, the Mortgagee, as trustee, shall, in con?puting the an?ount of such indebtedness, credit to the account of tl?e Mort agar any rredit balance remaining under the provisions of (a) of said paragraph 2. It there shall be a default under any of the provisions of this n?orlga~e resulting in a public sale of the prerriises coveted I?ereby, or it the Mortgagee acquirtis tl?e property otherwise after default, the Mortgagee, ss trustee, shall apply, st the time of the coruu?encement of such proceedings or at the time the property is otherwise acquired, the amount then retaining to credit of Mortgagor under (a) of paragraph 2 preceding as a credit on the interest accrued and unpaid and the balance to the principal then remaining unpaid on said note. 4. He will pay all taxes, asseeaments, water rates, and other governmental of municipal charges, lines. of impositions, for which provision has not been made hereinbetore, and in default thereof the Mortgagee may pay tbs same; and that bs will promptly deliver the official receipts therefor to the Mortgagee. 5. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof ezcept reasonable wear and tear; and in the event of the failure of the. Mortgagor to keep the buildings on eai~ premises and those to be erected on acid premises, or improvements thereon, in good repair, the Mortgagee may make such repairs as in its ~iiaeretion it may deem necessary for the proper prescrvatioa thereof, and the full amount of each and every such payment shall be due and payabb thirty (30) days after demand, and shall bs secur+ed by the lien of this mortgage. 6. He will pay all and singular the costa, charges. and expenses. including reasonable Lwyer's tees, and poets of abstracts of title, incurred or paid at any time by the Mortgagee because of the tailors on the part of the Mortgagor promptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said poets, charges, and expenses shag be immediately due and payable and shall be secured by the Uen oft ' mortgage. " T. He will oontinuotrsly 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 thene~tofore been made under (a) of paragraph 2 hereof, fie will pay promptlyy when due any premiums therefor. Ail insdrance shall be tamed in companies approved by Illortgagee and the poli- ties and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in [orm acceptable to the 11ior ee. In event of loss he will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of oss it not made promptly by Mortgagor, and each insurance company concerned is hereb authorrsed and directed to make payment for such loss directly to Mortgaagge~e instead of to tiiortgagor and Mortgagee jointly, and the insurance proceeds, or any part thereof, may be app4ed by Mortr gages at its option either to the 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 oI the indebtedness secured hereby, s~l right, title, and interest of the Mortgagor >tn and to any insurance policies then in force shall pass to the purchaser or grantee. K. If the pre?ni.~•s. or un~- pnrl thernof, 1H• condenuu•?1 under the pov?er of eu?iuent donian,, or aryuin•d for a public use. the dan?ages awarded. th,• pm?•?•?•rls for the takink of, or th?• i•m?sideratiun for such uryui,ition, to the extent of the full u?nount of the r?•niai?iing unpaid in~h•bU•~hu•ss cerurcd by this mortgage, are hereb~• oast!,?ned to tl?~ \tortRaKee•, unrl his heirs ?,r usil;n;, un?I sl?ull tN• pai?1 forthw•i1h to ,ai,l ~lortl;aK,•~ or leis assignee to he apl?lied on acr~wit of Ih~ lax maturing instaUnoe•nts of su~•L indebtedm•ss; provided, hoK'c•aPr, the ~lortgaKee or his astiignec, roue at his discretion puy dire~•t to tl?e `lottgngor, his heirs or a_ssiKns any part or all of sw•h award; pru~•ided, that if the loan Lti guar:?nt?vd or insured, the cona?c•nt of the guarantor or insurer is obtained in advance of said payment. The :tiortgagee 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, proSte, 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 mceiver 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 ;liortgagee on demand sa a reasonable monthly rental for the premises an amount at least equivalent to one-twelfth (ySz) of the aggregate of the twelve monthly installments 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. 1 U. 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 sad fully paid according to the tenor hereof, or in the t 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 Mortgagee, as fully and completely as 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; sad thereupon or thereafter, at the option of said Mortgagee, without notice or demand, suit at law or in equity, rosy be prosecuted as if all moneys secured hereby had matured prior to its institu- lion. The Mortgagee may foreck?ee this mortgage, as to the amount so declared due and payable, and the said ppremises shall be sold to satisfy and pay the same together with costs, expenses, i~aDowances. In case of partial foreclosure of thin 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 lime to tithe by the Mortgagee. t I . 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 inbtrument shall remain in full force and eBect 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 rosy perform the name, and all expenditures (including reasonable attorney's fees) made by the Mortgagee in eo 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 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 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 brat described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be syable 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 advanced shall be due and payable thirty (30) days otter demand by the creditor. In no event shalt the maturity extend beyond the ultimate maturity of the note first I described above. 8t~(c)`tV P~GE r~,.~. - ;