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HomeMy WebLinkAbout0933 S tender to tiie :4lortga~;ee in accordnn~~e witl? thr pro~•isions of tlie note secured 1?erebv, full pa~•n~ent of tlie entire indebtedness represented thereb~•, the Mortgagee, as trustee, shall, in coniputing the aiuount of such indebtedness, credit to tlie account of tiie 41ortge~;or e?ny credit balance remainin~ under tlie pro~•isions o( (a~ of said paragraph 2. lt there shaU be a cle~ault under any ot the provisiuns of tt~is u?ortga~e resultiu~; in a public sale ot the pre~nises covered hereb~~, or if the Mortgegre acyu~res the propert~• otherw~se after default, the Mortgsgee, as truatee, shall apply, at the t'vue of the commencement ot such proceedings or at the time che propercy is otherwise acquired, the amount then re~~iaining to c•redit of tiiortgagor under (a) of paragraph 2 preceding as a credit un the interesC accrued and unpaid and tlie balance to the pr~ncipal then remain?n~ unpaid on said note. 4. Iie will pay all taxee, aseeeementa, ~vster rates, and other governmenta! or municipal chargea~ finee, o= impoaitione, for which provision hae not been made hereinbefore, and in default ~hereot the Mortgagee may pay the s eame; and thet he will promptly deliver the o~cial receiptn therefor to the Mortgagee. ~ 5. He will permit, commit~ or suSer no waste, impairment, or deterioration of eaid property or any part tDereof~ eaccept reasonable weat and tear; and in tbe event of the failure of the Mortgagor to keep the buildings on eaid ~ premises and thoee to be erected on said premieee, or improvementa thereon, ia good repair~ the Morcgagee may ~ rnake such repaire as in its discretion it may deem nece~eary for the pmper preec.nstion tt,ereof~ and the full amount ~ of eac6 and every such payment shall ne due snd payable thirty (30) daye after demand, and ahall be eecured by the lien of this mortgage. 6. He will pay sll and aingular the coete, chargea, and eapensea, including reasonable lawyer's feee, and coete ~ of abatracts flf title, incurred or paid at any time by the Mortgagee becauee of the failure on the part of the Mortgagor promptly and fully to perform the agreements and covenants of eaid promiseory note and thia mortgage, and said costs, charges~ and expenses ahall be immediately due and payable and ahall be eecured by the lien of this mortgage. 7. He will continuously maintain hazard insurance, of auch Lype or types and amounts as Asortgagee may ' from time to time require, on Lhe improvements now or hereafter on said premises, and ezcept when payment ~ tor all such premiums hes theretofore been made under (a} of paragraph 2 hereof, he will pay promptly when due any precniums thcrefor. All insurance shall be carried in companies approved by 111ortgagee and the poli- caes and renewals thereof shnll be held by ~lortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortga~ee. In event oi loss he w-ill give immediate notice by mail to Mortgagee, and Jiortgagee me?y make proof oi ioss if not made promptly by Mortgagor~ and each insurance company concerned is hereby authorized and d'uected to make payment for such loss directly to Mortgagee instead of to Mortgagor and :~4ortgagee jointly, and the insurance proceeds, or any part thereof, may be epphed by I~4or~ gagee at its option either to tbe reduction of the indebtedness hereby secured or to the restoration or repair of the property dama~ed. In event of foreclosure of this mortgage, or other transfer oi title to the mortga~?ed property in extingu?shment of the indebtedness secured hereby, all right, title, and interest oi the Mortgagor m and to any insurance policies then in force shell p+~ss to the purchaser or grantee. R. If.th~~ pr~~inis~~s, or un~- part th~~m~rf. l>~ ron~l~~tnti~~il wulc~r tlic poH•~r of eniin~nt clon~u~?i, or:icc{uirn~i for a public~ use, the <Ian~aK~~s nH~arde~l, tlu~ pro~•~~~~~Is for tlie tukin~; of, or thi~ ro~isidc~rutio~? for su~~h nry~isition, t~~ tl?e ~~xtcnt uf the fuli u~nount of the E•~~r~iaininK unpai~l iu~lc~btc~~inc~ss si~~•ure~l h~• t)~is iuortKu~;~. nn• 1?rrz~b~• assi~n~~ci to th~~ ~1ortKaKe~, unil hi. h~~in or ussiRns, un~l ~hull b~~ p:ii~l forthw•itl~ to ~ui~l ~tort~;s~;~~~ or l~is ~ xssiKnee to tx~ applie~l on n;•~•ow~t of thi~ last inuturiu~ instullmm~ts of su~•1? indi~l~t~~ln~~ss; pm~-i~l~~cl, lio~~~c~~-er, the \tort~;aKe~~ or !?is assiKrn~e, u~u~• ut liis ciis~•r~~tion pu~- ~lire~•t to th~~ ~forthtikor, l~is 1?~~irs ur ussi~ns Fin~• pnrt or ull of su~~h u~~•anl; pro~•i~lc~cl, that if the lou~? is ~;u:ir:int~~~~~1 or insurt~~l, th~ c•onseiit of tlie guarnnt~~r or insur~r = is obtainc~~l in a~l~•ance of sai~l pu~•nic•nt. ~ The Mortgagee may, at any Lime pending a suit npon this mortgage, apply to the court having jurisdiction thereof for the appaintment of a receiver, and such court shall forth~vith appoint a receiver of the premisea covered hereby all and singular, including sll and singular the income, pro6ts, issues, and revenues from whatever source derived, each and every of which, it being expressly understood, is hereby mortgaged as if apecifically set forth and described in the granting and habendum clauses hereof. Suct~ appointment shall be made by such court as an admitted _ equity and a matter of absolute right to said biortgagee, 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 the lien of thia 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 l~tortgagee on demand as a reasonable monthly rental for the premises an amount at least ! equivalent to one-twelfth (~2) of the aggregate of the twelve monthly installmenis payable in the then current ~ year plus the actual amount of the a~ual taxes, assessments, water rates, and ins~urance premiums far such year not covered by the aforesaid monthly payments. ~ 10. In t6e event of any b-each of this mortgage or default on the part of the Mortgagor; or in the event that j sny of said aums of money herein referred to be not promptly and fully paid accarding to the tenor hereof, or in the ~ event that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgage, ~ ' sre not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned ~ ~ in said note then mmaining unpaid, with interest acerued to that time, and all moneys secured heteby, shall become ; ~ due and payable forthwith, or thereafter, at the option of said Mortgagee, as fu11y and completely as if all of the ~ ; said aums of money were originally stipulated to be paid on such day, anylhing in sa~d note or in this mortgage to ~ ; the contrary notwithstanding; and thereupon or thereafter, at the option of said Mortgagee, without notice or ; demand, sut at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The :4'Iortgagee may foreclose this mortqage, as to the amount so declared due and payable, and the said premiaes 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 time by the Riorigagee. S 11. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held F to be a waivEr of the terms hereof or of the note secured hereby. 12. The lien of this inbtrument ahall remain in full force and efiect during any postponement or extension of the time af payment of the indebtednesa or any part thereof secured hereby. I:i. If the Mortgagor default in any of the covenanta or agreements contained herein, or in said note, then the ~ Mortgagee may perform the same, and all ezpenditures (including ieasonable attomey's fees) made by the Mortga~ee i in so doin~ shail draw interest at the rate provided for in the principal indebte~iness, and shall be repayable ; thirty (30) days after demand, and, together with interest and costs acerued thereon, shall be secu;ed by this murtgage. 14. Upon the request of the Mort~agee the :~'Iortga€;or shall ezecute and cleliver a supplemental note or notes for the sum or sums advanced by the ttortgagee tor the alteration, modernization, improvement, main- tenance, or repair of said premises, for taxes or as.~essments against the same and (or a.a~~ othcr purpose suthor- 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 snpplemental note or notes shall bear ' interest at the rate pm~ ided for in the principal indebtedness and shall he payable in approximately equal monthly pavments for such period as may be a~reed upon by the creditor and debtor. Failin~ to agrec on the maturity, t~e whole of the sum or sums so advanced shnll be due and pa}•able thirt,y (30) days after demand by the creditor. In no event shall the mQtwity extend beyond the ultimate ~~aturity o[ t6e note first deacribed above. ac,~~468 Pac~ , t ;~~X ~ ~ -~a L.