HomeMy WebLinkAbout0751 tender to the Mortgagee in accordance witl? t~?e provisions ~ot. tl?e note secured i?ereby, full payment of the
entire indebtedness represented therebv, the 1Mortgagee, as trustee, shall, in con?puting tl?e a???ount of sucl?
indebtedness, credit to tl?e account of tl?e Mortgagor any credit balance remaining under the provisions of (a)
of said pauagraph 2. !t there al?all be a default under any of tt?e provisions of this n?ortgs~e resulting in s
public sale o the pre???ises covered t?ereby, or if the Mortgagee acquires the property otl?erwtse after default,
the Mortgagee, as trustee, shall apply, at the time of the cotntnencetnent of such proceedings or at tl?e time
the property to otherwise acquired, the amount then retusiningg to credit of Mortgagor under (a) of paragrapi? 2
preceding as a credit on the interest accrued and unpaid and tl?e balance to the principal then remaining unpaid
on said note.
4. Hs will pay all taxes, aseeaeaneats, water rates, and other governmental or municipal charges, fines„ os
satae1;
and
that he will promptly dehvoer the Bicial raoeipts othetretor to the Mortgages. ~ Mortpgee may pay tbs
b. He will permit, commit, or suffer 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 bttilding~s on sd~
premises sad there to be erecte~ on said premises, or i»uprovemeats thereon, in good repair the Mortgagee may
make such repairs as is its discretion it rosy deem seeeeaary for the proper Preservation thereo~, and the full amount
of each and every such payment shall be due and payabb thirty (30) days after demand, sad shall be secured by
the lien of this mortgage. '
8. He will pay all and singular the costs, and expenses, including reasonable Lwyer'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 and fully to perform the agreements and covenants of said promissory note and this. mortgage, and acid
costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien oft ' mortgage.
7. He will continuously maintain 6asard insurance, of such type or types and amounts as Mortgagee may
from time to time require, on the improvements now or her~eatter on said premises, and except when payment
for all such premiums has tbentofore been made under (a of paragraph ~ hereof, he will pay promptly when
due say premiums therefor. 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 thereto loss payable clauses in favor of
and in form acceptable to the Mortgagee. In event of loss ha will give immeduts notice by mail to Mortgagee,
and Mortgagee may 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 lass dtrectl to Mortgagee instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mort-
gagee at its option either to t~e reduction of the indebtedness hereby secured or to the restorataon or repair of
the property dammed. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property to ext?ngutshment of the indebtedness secured hereby, aft right, title, and interest of the Mortgagor
to and to any insurance policies then in force shall press to the purchaser or grantee.
R. If the pren~isc5, ur an~• purl thereof, lx• c•ondc•nm~•d under the power of en?inrnt don~uu?, or ac•quimd for
a public use, the dan?agc•s awarded. the prorecds for the taking of, or thc• consideration for such acyu?s?ttou, to
the extent of the full an?ount of the n•n?aining unpaid indebtc•dncss sec•urnd b~• this niorlgaKe, err hernb~-
assil;ned to the Mortgagee, and hip lu•i?s or assigns, and shall 1?c• paid forthwith to said ~fortgagrc or his
assignee to bc• applied on amount of the last u?aturiuK instalhnents of such indebtedness; provided, hoWC•rer,
the ~1ortKugee ur his assignee, :nay at 1?is discn•tion par din•rt to the Vtortgngor, his heirs or a.~siKus am part
or all of such award; provided, that if the faun is kuaranteed or insured, the consent of the guarantor or ii?surnr
is obtained in advance of said parn?ent.
9- 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 hiortgsgee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said rortgagor 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 1ortgagee 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 installments payable in the then current
I year plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
not covered by the aforesaid montWy payments.
10. 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,
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 a9 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 ~r
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 with coats, expenses, and allowances. In case of partial
foreclosure• of this mortgage, the mortgaged promises 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 titortgagee.
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.ehall 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 at the rate provided for in the principal indebtedness, and shall be repa~•able
thirty (30) days after demand, and, together witl? interest and costs accrued thereon, sl?sll 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 oy the Mortgagee for the alteration, modernization, improvement, main-
tenance, or repair of said premises, for taxes or ag.~rssments against the same and for say other purpose autt?or-
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 avabee in approximately equal
monthly pa menu 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 after demand
by the creditor. In no event shall the maturity extend beyond the ultimate caturity of the note first
described above.
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