HomeMy WebLinkAbout1760 tender to the Mortgagee in acconlance di~llithe pro~risidhs of the note secured hereby, full payment of the
entire indebtedness represented thereby, the Mortgagee, as trustee, shall, in corilputirlg the alliourlt of sucdl
indebtedness, credit to the account of the Mort~egor any credit balance reu?sining under the provisions of (a)
of said paragraph 2. Jt there shall be a defau t under any of the provisions of this uiortgs~e resulting in a
public sale of the premises covered hereby, or if the Mortgagee acquires the property otherwise after default,
the Mortgagee, as trustee, shall apply, at the time of the conunencement of such proceedings or at the time
the property to otherwise acquired, fife amount then reulaining to credit of Mortgagor under (a) of paragraph 2
preceding as a credit on the interest accrued end unpaid and the balance to the principal then rernainu~g unpaid
on said note.
4. He will pay all taxes, aseeesments, water rates, -and other governmental or municipal charges, tines, o:
impositions, for which provision has not bees made hereinbefore, and in default thereof the Mortgagee may pay the
same; and that be will promptly deliver the ollacial receipts therefor to the Mortgagee.
b. He will permit, commit, or suffer no waste, impairment, or deterioration of said property or an part thereof
except reasonable wear and tear; sad in the event of the failure of the Mortgagor to keep tMi buildings on sai~
premises and those to be erected on said premises, or improvements Wereon, in good repair the Mortgagee may
make auch~repairs as in its discretion it may dcem necessary for the proper preservation Wereo;~, and the full amount
of eacb and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by
the lien of t4is mortgage. .
6. He will pay all and singular the costa, charges, and expenses, including. reasonable lawyer'6 fees, and costs
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 promissory note and thin mortgage, and said
costs, charges, and expenses shall be immediately due and payable and shall be secured by the lien of this mortgage.
7. He will eontmuoualy maintain hazard insurance, of such type or types and amounts as Mortgagee may
from time to time regttire,.on the improvements now or her+eatter on said premises and except when payment
for all such premiums hen t68tetbiore been made under (a) of paeagra~h 2 hereof she will pay promptlyy when
due any premiums therefor. All insurance shall be carried in comparuea approve by Mortgagee sad the poli-
cies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses m favor of
and in loan acceptable to the Mort,~agee. -In event of loss he will give immediate notice by mail to Mortgagee,
and Mortgagee may make proof o3 Iosa if not made promptly by Mortgagor, and each insurance company
ooncemed is hereby authorized and directed to make payment for such loss directly to Mortgagee instead of
to Mortgagor and Mortgagee ointly, and the insurance proceeds, or any part thereof, may be applied by Mort•
gages at its option either to t~e reduction of the indebtedness hereby secured or to the restoration or repair of
the property damaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property rn extinguishment of the indebtedness secured hereby, a~l right, title, and interest of the Mortgagor
m and to any insurance policies Wen in force shall goes to We purchaser or grantee.
R. If the prno~isc•s, or any part ihernof, dx• c•ondennled under the power of eminent donlum, ur acyuirnd for
a public use; the daninke•s awarded, the prY,c•ecds for the tukinK of, or the consideration for sur6 acquisition, to
the extent of the full amount of the remaininK unpaid inclebtecln•ss srrun•d by this nlortgaKe, am hernhy
ussil;ned to the ~tortKaKce, and his heirs or assikns, uncl shall be purl forthwith to said ~tortl;nKee or his
assiKnee to l,e applied on account of the lust u?nturiur installuu•nts of such indehtedness; pro~•ided, however,
the ~1ortKuKee ar hip nc4iKnee, uluy nt Ins dlsrn•tiol, pay din•ct to the Mortgagor, I?is heirs ar nssiKns any part
or all of such award; provided, that if the loon is guuruutec•cl or insured, the consent of the guarantor or insurnr
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 alt and singular the income, profile, 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 t.'ie 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 We event of any default on the rt of the 1Mo or hereunder the Mo or
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' agrees to pay to the Mortgagee on demand sa a reasonable monthly rental for the premises an amount at leant
equivalent to one-twelfth (~s) of the aggregate of the twelve monthly installments payable in •the then current
j yea plus the actual amount of the annual taxes, assessments, water rates, and insurance premiums for such year
E not covered by the aforesaid monthly payments.
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10. In the event of any beach of this mortgage or default on the part of the Mortgagors or in the event that
any of said sums of money herein referred io 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, proaflptly, and fully performed; then in either or any such event, the said aggregate Bum 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 1liortgagee, as fully and completely as if all of the
1 said sums of money were originally atipulatRd to be paid on such day, anything in said note or in this mortgage to
We contrary notwithstanding; sad thereupon or thereafter, at the option of said Mortgagee, without notice or
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 martRage, ss to the amount so declared due and payable, and the said
premises shall be sold to satisfy and pay the same together with costa, expenses, and allowances. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sold subject w the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In auc6 case the provisions o[ this paragraph may again be
availed of thereafter from time to- time by the Mortgagee.
11. No waiver of any covenant herein or of We obligation secured hereby shall at any time thereafter be held `
to be a waiver of the terms hereof or of the note secured hereby. - i
12. The lien of this instrument 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. - +
l:i. II the Mo r default in an of the covenants or
rtgago y 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 repayable
~ thirty (30) days alter demand, and, together with interest and costs accrued thereon, shell be secured by
W is mortgage.
14. Upon the request of the Mortgagee the tiiortgagor shall execute and deliver a supplemental note or
notes for the sum or sums advanced by the titortgagee 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 first described above. Said slipplemcntal note or notes shall bear
interest at the rate provided for in the principal indebtedness and shall be avabde in approximately equal
monthly pa menu (or such period as may be agreed upon by the creditor and debtor. l•
ailing 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 z~aturity of the note first
described above.
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341 PAGE 1755
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