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HomeMy WebLinkAbout0409 - a tender to the 'Mortgagee in accordance witl? the provisiotla of the note? secured het+eb~•; full payment of the entire indebtedness represented therebv, the Mortgagee. as trustee, shall, in computing the atllount of such indebtedness, credit to the account of t}le Mortgagor any credo balance retraining under the provisions of (s) of said paragraph 2. if there shall be a default under any of the provisions of this nlortga~e resulting in a public sale of the prenliaes covered hereby, or if the Mortgagee scgwt•es the property otl?erwtse after default. } the Mortgagee, as trustee, shall apply, at the time of the couunencement o[ such proceedings or at the time the property to otherwise acquired, the amount then rewainingg to credit of Mortgagor under (a) of parsgraph.2 preceding as a credit on the interest accrued and unpaid and the balance to the principal then re»Iaintng unpstd on said note. 4. He will py all tares. assessments, water rates, sad o and~ion default thereof the M~ charges. fines, ~ impositions, for which provision has not been made beninbefon, r~8ce >~Y PaY ~ tame; and that 6s will promptly deliver the oiI'ieial receipts therefor to the Mortgagee. b. He will permit, commit, or suBer ao waste, impairment, or deterioration of said property or any part thereof ~ except t~easetsable wear and tear; and in the event of the failure of the Mortgagor to keep the buddia®s on sai~ premises sad thaw to be erected on said premises or improvements thereon, in good repair the Mortgagee may malts such repairs as in its discretion it me?y deem necessary for the proper preservation tbereo~, and the full amount of each sad every [such payment shall be due and payable thirty (30) days after demand, and shall be second by the lien of this mortgage. 6. He will pay all and singular the costs, charges, and expenses, including seasonable lawyer's fees and costs of abstracts of tide, incurred or paid at any time by the Mortgagee. because of the failure on the part of the Mortgagor promptly sad fully to perform the agreements and covenants of said protniseory note and this mortgage, and said costs, charges, sad expenses shall be immediately due and payable and shall be secured by the lien oft ' mortgage. 7. He will continuously maintain haaard insurance, of such type or types and amounts as Mortgagee may from tune to time require, ogthe improvements now or bereatter on said premises and except when payment for all such premiums bas thertiioforo )Zse~p'made under (a) of paragraph 2 hereof, ~te will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by I?lortgagee and the pots- 1 ties and renewals thereof shall be held by Mortgagee and have attached thereto lose payable clauses in savor of ~ and in form "acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee, i and Mortgagee may make proof of Ions if not made promptly by Mortgagor, and each insurance company # concerned is hereb authorized and directed to make payment for such loss duectly to Mortgagee instead of to Mortgagor and Mortgagee joitttty, and the insurance proceeds. or an9 Putt thereof. may be applied by Mortir 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 m extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor m and to say insurance policies they in force shall pass to the purchaser or grantee. R. if the pprenlist•s, or and- purl thi•rcuf, be condeulurd under the power of eminent doluau?, or acquired for a public use, the danlaKi•s awarded, the procerJs for the [akin of, or the 2•onsitleration for such Itcqutsltlon, to the extent of tllr full amount of the remaininK unpaid iude~,U•dness sl~•umd t?~• this ulortgaKe, am hernb~- assigtled to the Mortgagee, and his heirs or assigns. and slu1N hr puid forthwith to said Mortgagee or his assignee to i,e applied on acl•ount of the last IIIatUrlllg IIIStalltlll'I?tS of sw•h indebtedness; pm~•ided, IloH:wer, ~ the ~lortguKee or his assiKni~e, nlu~• at his Iliscretion pu~• clina•t to the tilortgagar, his heirs or asigns an~• part I or all of such award; provided, that if the loan Is guar21l1teP/l Or IIISUfeli, the consent of the guarantor or insurer is obtained in advance of said pa~•nlent. z 9. The Mortgagee may, at any time pendlag a suit upon this mortgage, apply to the court having jurisdiction thereof for the appointment of a receiver, and such court shall forthwith appoint s 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 forW and described is the granting and habeadum clauses hereof. Such appointment shall be made by such court sa anadmitted - equity and s matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of a the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendants Sucb rents, profits, income, issues, and revenues shall tae applied by such receiver according to the lien of this mortgage sad the practice of such court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor ageees to pay to the Mortgagee on demand as s reasonable monthly rental for the premises an amount-at least i equivalent to one-twelfth (~.z) of the aggregate of the twelve monthly installments payable is the then current 1 year plus the actual amount of the annual taxes, assessments; water rat~ea, and insurance premiums for such year not covered by the aforesaid monthly payments. ~i 10. In the event of any b_•each of this mortgage or default an the part of the Mortgagor, ar in the event that 'I any of said soma of money herein referred to be sot promptly and fully paid according to the tenor hereof, or in the { event that each and every the atipulationa, agreements, conditions, and covenants of said note sad this mortgage, are not duly, promptly, sad 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 oa such day, anything in said note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of sand 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 inatitw Lion. ' The Mortgagee may foreclose this mortgage, as to the amount so declared due and payable, sad the said premises shall be sold W satisfy and pay the same together with costa, expenses, and allowances. Ia case of pactiai foreeclosure of thin mortgage, the mortgaged preemisea shall be sold subject W the continuing lien of this mortgage j ~ , . -fur Lile amount of the debt not then due and unpaid. In such case the provisions of this paragraph may again be I availed of thereafter from time to time 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 lien of this inbtrument shall remain in full tot•oe and effect during say postponement or extension of the time of payment of the indebtedness or say part thereof secured hereby. ~ 1:3. If the Mortgagor default in say of the oovenanta or agreements contained herein, or in said note, then the Mortgagee may perform the same, and all expenditures (including naaonable attorney's tees) made by the Mortgagee in so doing shall draw interest at the sate .provided for in the principal indebtedness, and shall be repayable thirty .(30) days after demand, and, together with interest and costs accrued thereon, slisll 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 Dy a Mortgagee for the alteration, modernization, improvement, main- tenants, 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 d the advance evidenced thereby wero included in the note first described above. Said supplemental note or notes shall bear interest at the rata provided for in the principal indebtedness and shall be ayable in a proximately 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 raatwity of the note first described above. X341 40~ _ - v