HomeMy WebLinkAbout1276 tender to the Tlongugee in accordance with the prpvisioty of the note secured 1?ereb}•, full payutent of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in computing the atuount of such
indebtedne a, credit to the account of the Mortgagor any credo balance rrtnaining wtter the provisions of (a)
of said paragraph 2. It there sl?all be a default under any of the provisions of this martga~e resulting in s
public sale of the premises covered hereby, or if the Mortgagee acywrea the. property otherwtse after default,
the Mortgagee, as trustee, shall apply, at the tune of the canntenceutent of such proceedings or at the time
the property is otherwise ac•yuired, the amount tI?en reutainingg to credit of Mortgagor under (a) of paragraph 2
preceding ae a credit on the interNSt accrued end unpaid and tl'e balance to the principal U?en reu?snung unpatd
on said note.
4. He wiU pay all taxes, assessments, water r+?tes, and other ~overnmenteJ or municipal charges, 6aa, or
impositions, for which proviaioa has not been made hereinbefore, and w default thereof the Mortgagee maY PaY ~
assns; and that he will promptly deliver the official reoeiptr therefor to the Mortgages.
5. He wiU 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 buildtnga on eait~
premises and those to be erected oa 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 esc6 and every such payment ahaU 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, charges, sad expenses, including reasonable lawyer's fees, and costa
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 promweory note and this mortgage, and said
scats, charges, and expenses shall be immediately due and payable and shall be secured .by the lien of this mortgage.
7. He will oantinuously maintain hazard inswance, of such type or types and amounts as Mortgagee may
tram time to time require, on the unprovements now or hereafter on said premises, and eccept when payment
for all such premiums has theretofore.beea made under (s) of paragraph 2 hereof, he will pay promptlyy when
duo any premiums therefor. AU insurance shall be carried to companies approved by rortgaaggee and the poli-
cies and renewals thereot shall be held by Mortgagee and have attached thereto loss payable clauses in favor of
and in form acceptable to the Morttggaggee. In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make •proof of Ioss if not made promptly by Mortgagor, and each insurance company
concerned is hereb authorized and directed to make payment for such loss du•ectly to Mortgagee instead of
to Mortgagor and ~ortgagee ointly, and the insurance proceeds, or any part thereof, may be app 'ed by Mores
gages 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 transter of title to the mortgaged
property in extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
m and to any insurance policies then in force shall pass to the purchaser or grantee.
• If the premisew, or uu~' purl thereof, ix• condemned under tl~e power of ewinent domum, or ucyuitrd [or
a public• use, the dauiagc•s warded. the prnceecls fur the taking of, or the cnnsidc•ration for such aequisiUon, to
the extent of the full amount of the remaining w,puid indc•btecine•ss serumci t,~• this mortgage, am hetrb~'
assigned to tLe Mortgagee, and his heir or u~sigus, :incl mall t,c• paid [orthNiti, to said Mortgagee or fii+
assignee to l,e applied on acc•owit c,f the lust niatunn~ inaallnients of such indebtedness; pro~•idrd, however,
the ~lortguKee ur Lis assignee, mud' at his discretion par din•ct to the ~Iortgal;or, hip heirs ur assigns and- part
or all of such award; provided, that if the loan is guar:uiterJ c,r insured, the consc•i?t of the guarantor or usurer
is obtainwl in advance of paid pa~•nu•nt.
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, pro5ts, 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 as 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 t',e defendants. Such
rents, profits, income, issues, and revenues shall be applied by such receiver according to tfie lien of this mortgage
and the practice of such court. In the event of any default on the of the Mortgagor hereunder, the Mortgagor
agrees to pay to the 2?iorigagee on demand as a reasonable moot ly rental for the premises an amount at least
equivalent to one-twet[th (~z) of the aggregate of the twelve monthly instaibnents 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 b-eac6 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 rerosining 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 ae if all of the •
said sums of money were originally stipulated to be paid on such day, anylfiing in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice ar
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 lime 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 Gen of this inbtrument 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.
13. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the
Mortgagee may perform the acme, 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 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 os 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 Cully 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 syable 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 iiatwity of the note first
' described above.
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