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HomeMy WebLinkAbout0960 , , ~ tender to the 3lortgsgee in accordonce witl? the provisiona ot the note secured liereb~•, full'pa~~meni, ot tlie entire indebtedness represent,ed thereb~•, the Mortgagee, as truslee, shall, in computing. the s~nount of aucl? indebtedneas, credit to the account ot the ~'IortgaKor nny credit balance re~naining under the provisions ot (a) o( asid paragraph 2. It there shall be a default under any of ttie provisions of tt?is ~nortga~e resulting in e public sale of the premises covered hereb~, or if the i~iortgagre acquires the property ot}?erw~se after detault, the Martgegee, as trustee, shaU apply, at the time of the coinmencement of such proceedinga or at the time the ptoperty i~ otherwise acyuired, the amount then re~~iaining to credit of Mortgagor under (a) o! paragrap}~ 2 preceding as a credit on the interest eccrued and unpaid end the balance to the pr?ncipal then rema~n~ng unpa~d • on said note. ` 4. Mort~agor will pay all taxes, assessments, water rates, and other govemmental or municipal charges, fines, or impo~tiona, ior which proviaion hsa not been made hereinbefore, and in default thereoi the Mortgagee msy puy the same; and~will promptly deliver the official leceipts therefor to the hfortgagee, 5, Mortgagor will permit, commit, or suffer no waste, impairmen~, or deterioration of said property or . any part th~reof, except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said preniises and those to be erected on said preniises, or ~mprovements 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 each and every such payment shall be due and payable thirty (30) days after demand, and shall be secured by the lien of this mortgage. 6. ~iortgagor will pay all and singular the costs, charges, and expenses including reasonable lawyer's fees, and costs o[ abstracts of title, incurred or paid at any time by the ~tilortgagee because of the failure on the part of the Mortgagor promptly and fufly to perfotm the agreementa and covenants of said promissory note and this mortgage. and said costs, charges, and expenses shall be immediatety due and payable and shall be secured b~ the lien of this mortgage. 7. ~Iortgagor wilt continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from iime to time require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has theretoforn been made under (a) of paragraph 2 hereof, helshe will pay promptly when due any premiums therefor. All insurance shaU be carried in companies appro~~ed by Mortgagee and the policies and tenewals therPOf shall be held by hiortgagee and have attached thereto Ic~ss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss helshe will give immediate notice by mail to Mortgagee, and Mortgagee may make proof ot lass if not made promptly by Mortgagor. and each insarance company concerned is heret~y authorized and directed to ~nglce payment for such loss dirnctly to Mortgagee instead of Lo Mortgagor and Mortgagee jointly, and the insurance proceeda; ot ~p part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propert~• damaged. In er~ent of foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchater or grantee. 8. If the premises, or any part thereof be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the ettent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned to the Mort~agee, and his or her heirs or assigns, and shall be paid forthwith to said Mortgagee or his or her assignee to be applied on account of the last matunng ins*.,allments of such indebtedness; provided, however, the Mortgagee or his or her assignee, may at his or her discretion pay direct to the Mortgagor, his or her heirs or assigns any part or all of such award; ~ proviaed, that if the loan is guazanteed or insured, the consent of the guarantor or insurer is obtained in advance of said payment. ' 1 The tilortgagee may, at any time pending a suit upun this mortgage, apply to the court having jurisdiction ~ thereof for the agpointment of a receiver, and such court ahall forthwith appoint a teceiver of the premises covered ~ hereby all arid singular, including all and singular the income, profits, issues, and revenues from whatever source ; derived, each and every of which, it being expressly underatood, is hereby mortgaged s8 if specifically eet torth and ~ ! described in the granting and habendum clauses hereof. ~uch appointment shall be made by~aath conct ss an admitted . equity and a matter of absolute right to said Mortgagee, and without reference to t6e adequacy or insaequaey`ot'' the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or the defendanta. Such , rents, profits, income, issues, and revenues shall lSe applied by such receiver according to the lien of thia mortgage ' and the practice of auch court. In the event of any detault on the part of the Mortgagor hereunder, the Mortgagor agrees to pay to the ~iortgagee on demand as a reasonable monthly rental for the pmmises an amount at least , equivalent to one-twelfth (~2) of the a.ggregate of the twelve monthly installmenta payable in the then current year plus the actual amount of the a~ual taxes, assessmenta, water rates, and insurance premiums for euch year not covered by the aforesaid monthly paymenta. l0. In the event of any br.each 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 atipulations, agreements, conditiona, and covenants of said note aad this mortgxge, are not duly, promptly~ and fully performed; then in either or any such event, the said aggregate sum mentioned ~ in eaid 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 Nlortgagee, ss fully and completely ae if all of the p said eums of money were originally stipulated to be paid on such day, anything in said note or in this mortgage to j the contrary notwithstanding; and thereupon or thereafter, at the option ot said Morigagee, without notice ~r ~ demend, suit at law or in equity, may be prosecuted as if all moneys secured hereby had matured prior to its institu- tion. The ~tortgagee may foreclose this mortqage, as to the atnount 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 o! 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 a 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 ti~e thereafter be held ~ to be a waiver of the terms hereof or of the note secured hereby. ~ 12. The lien of thia inscrument shall remain in full force and ef~ect during any postponement or extenaion of ~ Lhe time of psyment of the indebtedneas or any part thereof secured 6ereby. ~ l:i. If the Mortgagor default in any of the covenants or agreementa contained herein, or in said note, then the ; Mortgagee may perform the same, and ail expenditures (including reasonable attorney's fees) made by the Mortgagee in so doin~ shall draw interest at the rate provided (or in the principal indebtedness, snd shall be repayable thirty (30) days after demand, and, together with interest and costs accrued thereon, sl?all be secured by this mortga~;e. ~ 1-~. lipon the request of the Mort~a~ee the ~lortgaf;or shal) ezecute and deiiver a supplemental note or ~ note.S for the sum or sums advance~~ by the ~iortgagee for the alteration, moderniaation, ~mprovement, ma~n- tenance, or repai- of said premises, for taxes or as.~essments against the same and for ea~• other pur4~ose author- ~ ized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance ~ eti•idenced thereby were included in the note first described above. Said supplemental note or notes shall bear inLerest at the rate provided for in the principal indebtedness and shall be peyable in ap prorimately equal monLhly pevments tor such period as may be tsgreed upon by the creditor and debtor. Failing to agree on the maturity, tl~e whole oi she sum or sums so advanced shnll be due and pa~•able thirty (30) days a(ter demand by t6e creditor. In no event shall the maturity extend beyond the ultimate ciaturity of the note first described above. ~ 800i( ~e~ PAGf ~ • - - _ _ _