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HomeMy WebLinkAbout0631 tender to the 'MortgageR in accord~~gqca~~ llr the p ~ -r~ofrs of alas note secured Irereby~, full pa~•rrrent of alas entire indebtedness represented therew'; fire Mortg~igire, as trustee, shall, in computing the amount of ouch indebtedness, credit to alas account of tl?e Mortgagor any credit balance rerrraining under tiro provisions of (a) of said raph 2. Jt tlrers alrall be a default under any of alas provisions of this rrrortgs~e resulting in a public sale o the premises covered hereby. or if alas Mortgagee acquires alas property otirerwrse after default. ~ the Mortgagee, as trustee, shall apply; at the liras of the comurencemeot of such proceedings or at the time the property w otherwise acquired, the amount then remaining to credit of Mortgagor under (a) of parsgraplr 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. 8e wlb pay all taxes, aeeeearnents, water rates, and other governmental or municipal charges, Snea, o: impositions„ for which provision bas not been made hereinbeiore, and in default thereof the Mortaagee may pay the ' same; and that he will promptly deliver the o~cial teoeipts therefor to the Mortgagee. - b. 8e will permit, commit, or suffer no waste, impairment, or deterioratio>3 of said property or any part thereof except reasonabb wear and tear and in the event of the Earl' are of the Mortgagor to keep the buildings oa eai~ premises and those to be erecte~ on said premises, or improvements thereon, in good repair the Mortgagee may make such repairs as in its discretion it may deem neoeeeary for the proper prescrvstion thereo~, and the full amount of each and every such payment shall be due and paysbb thirty (30) days after demand, and shall be secured by the lien of this mortgage. _ 6. 8e will pay all and singular the costs, charges, and expenses, including naeonable lawyer's fees, and costs of abstracts of title, incurred or paid at any time by a 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 thin mo ,and said poste, charges, and expenses shall be immediately due and payable and sbsU be secured by the lien of tLis mortgage. 4 7. lie will continuously maintain hazard inaursnc~, of such type oar t pea and amounts ss Mortgagee ma from time to time require, ¢>idi~p~ments now or henatter on sai~premises and except when paymen0 for all such premiums has thereto ore been made under (a of paragraph 2 hereof 'he will pay promptly when due any premiums therefor. AU insurance shall be carried in companies approve by Mortgsgea and the poli- cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses rn favor of and in form acceptable to the Mo tgagee. In event of lose he will give immediate notice by mail to Mortgagee, and Mortgagee may make prooiro~ Loss if not made promptly by Mortgagor, and each insurance company .concerned is hereb authorized and directed to make payment for such loss directly to Mortgagee instead of to Mortgagor sad Mortgagee jointly, and the insurance proceeds, or any part thereof may be app 'ed by Mor•tr gages at its option either to a reduction of the indebtedness hereby secured or to t~e restoration or repair of the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged property rn extrngurshment of the indebtedness secured hereby, ail right, title, and interest of the Mortgagor in and to any insurance policies then in force shall. pass to the purchaser or grantee. K. If the prnwisrs, or any purl thcrnof, be c•ond~nrned under !hr power of eminent. domain, or acquired for a public use, the damages awarded, thc• proceeds for the Lakin{,? of, or the consideration for such acquisition, to the extent of tLe full amount of Ucc remaining unpaid indehteclness secured I?~• this mortgage, arc hernby assigned to the ~'IortgaKee, and hie heirs or assigns, and shall IM paid forthwith to said Mortgagee or his assiKnee to be applied on acrouut of the last maturing installm~•nts of such indebtedness; provided, however, the `iort{raKee or his assiXnce, may at his discretion pay dimct to the Mortgagor, Lis heirs or assigns any part or all of such award; provrded, that if the loan is Kuaranleed or insured, tLe consent of the guarantor or insurer is obtained in advance of said payment. 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 ae 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 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 Mortgagee on demand as a reasonable monthly rental for the premises an amount at least , equivalent to one-twelfth (~y) of the aggregate of the twelve monthly installments payable in the then current ~ f year plus the actual amount. of the annual taxes, assessments, water rates, and insurance premiums fps such year ! not covered by the aforesaid monthly payments. 10. In the. event of any b_*each of this mortgage or default on the part of the Mortgagorf 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 thin mortgage, are not duly, promptly, and fully performed; then in either .or any such event, the said aggregate Bum mentioned is said note then remaining unpaid, with interest accrued to that time, and aU moneys Secured hereby, shall become ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, sa 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; 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 sll moneys secured hereby had matured prior to its institu- - tion. The Mortgagee may foreclaee this mortgage, as to the _amount so declared due and payable, and the said premises shall be sold W satisfy and pay the same together with poste, 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. - 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held t to be a waiver of the terms hereof or of the note secured hereby. ~ 12. The lien of this instrument shall amain in full force and effect during any postponement or extension of ~ the time of payment of the indebtedness or any part thereof secured hereby. ~ t:i. If the Mortgagor default in any of the covenants or agreements contained herein, or in said note, then the ~ Mort$agee may perform the esme, and all expenditures (including reasonable attorney's fees) made by the Mortgagee in so durng 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 t notes for the sum or sums advanced by- a `tortgagee for the alteration, modernization, improvement, mnin- tenance, or repair of said premises, (or 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 it the advance evidenced thereby were included in the note first described above. Said snpplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be ayable in a proximately equal monthly pa eats for such period as may be agreed upon by the creditor and debtor. -Fang 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 maturity of the note first described above. - - E $341 631 i ~ ~T