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HomeMy WebLinkAbout0928 tender lo the ;~lortga~;ee in acc~ .nce w~ith the pro~~isions o[ tlie note ae. rd liereb~•, (ull pa~~u~e~~t, of the entire indebtedness represented therebv, the `lortgagee, as trustee, shali, in computii~g the au?uunt o( sucL indebte~nesa, credit, to tl~e account of il~e ~fort gaKor uny rredit balance remaining under 1he pmvisions ot (a) of asid para~raph 2. lt there shxll be a default unde~ any ot the pmvisions ot this mortga~e resultin~ in a public sale ot the premises covered hereb~•, or i~ the ;~iortgagre acquirea the property otherwise after default, the Mortgsgee, as trustee, shall apply, ac the tu~ie of the coi~iinencement of such proceedings or et tl~e time the property is otherwise acquired, t}~e amount then reinaining ~o credit of Mor~gagor under (n) of paragraph 2 preceding ae a credit on the interest accrued end unpaid and tiie balance to the principal then remaining unpaid on said not,e. 4. Mortgagor will pay all taxes, assessments, water tates, and other governmental or municipal charges, fines, or impoeitiona~ for which proviaion has not been msde hereinbefore. and in defeult thereof Lhe Mortgsgee may psy t6e same; and wiil promptly deliver the official receipt~ therefor to the Mortgagee. 5. Niortgagor will permit, commit, or suffer no waste, impairment, or deterioration of said property or = arz;; r=-+ +tiPreof, except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings on said premises and those to be erected on said premises, or improvements thereon, in good repair, the Mortgagee may makQ 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 secuted by the lien of this mortgage. 6. biortgagor will pay all and singulat the costs, cliarges, and expenses including rnasonable law~~er's fees, and cc~sts of abstracts of tiUe, incutred or paid at any time by the Mortgagee because of the failure on the pa~t of the Mortgagor prompdy and fully to perform the agreements and covenants of said promissory note and this martgage, and said costs, ; chuges, and expenses shall be immediately due and payable and shall be secured b}• the lien of this mortgage. ~ 7. ~lortgagor wil! continuously maintain hazatd insurance, of such type or types and amounts as Morigagee may from time to time requirn, on the improvements now or hereatter on said premises, and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, he~she will pay promptly when due any premiums therefor. All insurance shall be carried in companies approved by Mortgagee and the policies and renewals thereof shall be held by Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the I?'lortgagee. In event o[ loss he/she will give immediate notice by mail to Mortgagee, and Mortgagee may make proof of lass if not made promptly by Mortgagor, and each insurance company concemed is hereby authorized and directed to make payment for such lo6s din~Uy to Mortgagee instead of to Mortgagor and Mortgagee jointiy, and the insurance proceeds, or any part thereof, may be applied by Mortgagee at its option either to the reduction of the indebtedness hereby secuted or to the restocation or repair of the property damaged. In e~ent of foreclc.sure of this mortgage, or other transfer of title to the mortgaged property in exGnguishment of the indebtedness secured hereby, all rigttt, Gtle, and interest of the Mottgagor in and to an~~ insurance pdicies then in force shall pass to the purchaser 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 a~varded, the proceeds for the taking of, or the consideration for such acquisition, to the e~tent of the full amount of the remaining unpaid indebtedness secured by this mortgage, are hereby assigned to the Mortgagee, and his or her heirs or assigns, and shall be paid forthwith to said l~iortgagee or his or her assignee to be applied on account of the last matunng installments of such indebtedness; provided, however, the ~'Iortgagee or his or her assignee, may at his or her discretion pay direct to the :~io?-tgagor, his or her heirs or assigns any part or all of such awazd; provided, that if the loan is guaranteed or insured, the consent of the guarantor or insurer is obtained in advance of said payment. The :~iortgagee may, at any time pending a suit upon this ciortgage, apply to the court having jutisdiction 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, pro6ts, issues, and revenues from whatever sQUrce derived, each and e~•ery of which, it being expressly understood, is hereby mortgaged as if apecifically eet forth and described in the granting and habendum clauses hereof. Such appointment ahall be made by such court as an admitted equity and a matter of absolute right to sa.id Mortgagee, and without reference to the adeyuacy or inadequacy of the ~ alue of the property mortgaged or to the solvency or insolvency of said D'Iortgagor or the defendants. Such rents, pro6ts, income, issues, and revenues shall be applied by such receiver according to the lien of this mortgage ! ' and the practice of such court. In t6e event of any default on the part of the Mortgagor hereunder~ the Mortgagor I agrees to pay to the ;~iortgagee on demand as a reasonable monthly rental for the premises an amount at least R e~~::valent to one-twelfth (~z) of the aggregate of the twelve monthly installments payable in the then current , ye:.r plus the actual amount of the annuai taxes, assessmenta, water rates, and insurance premiums for such yesr ~ aot covered by the aforesaid monthly payments. ~ 10. In the event of any breach of this mortgage or default on the psrt of the Mortgagor; or in the event that ~ any of said sums oi money hetein referred to be not promptly and fully paid according to the tenor hereof, or in the ~ event that each and every the atipulstions, agreements, conditions, and covenants of said note and this mortgage~ are not duly, promptly, 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 moneya secured hereby, shall become due and peyable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the said sums of money were ori~nally 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 equitp, may be prosecuted as if a1t moneys secured hereby had matured prior to its institu- tion. The ~'Iortgagee may foreclose this mortRage, as to the amount so declared due and payable, and the said premises shall be sold to satisfy and pay tt~e same together with costs, expenses, and allowances. In case of partial foreclosure of this mortgagei the mortgaged premises shall be sold subject to the contin~ing 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 hiortgagee. 11. No waiver of any covenant herein or of Lhe obligation secured hereby shall at any ti~e thereaiter be held to be a waiver of the terma hereof or of the note secured hereby. 1'~_ The lien oi thia inatrument shall remain in full force and eFEect during any postponement or extPr.sion of the time of payment of the indebtednese or any part thereo( secwed hereby. I:i. If the vlortgagor default in a~y oi the co~~enants or agreements contained herein, or in said note, then the Mortgagee may periorm the sa.me, and all expenditures (inctuding reasonable attoroey's fees) made by the MortgaRee in so doin~ shall draw interest at the rate pro~•ided tor in the principal indebte~lness, and shall be repa~•able thirty (30) days after demand, and, together with interest and costs accrued thereon, shall be secured by this mortgage. 14. L'pon the request of the M~rt~a~ee the ltortgagor shall eaecute and deliver a supplemental note or notes tor the sum or sums advanced by t6e `tortKagee for the alteration, modernization, improvement, main- tenance, or repai- of said premises, (or tatt~ or es~essments a~;ainst the same and for a.a)• other pur~~ose author- iaed bereunder. Said note or notes shal! be secured hereby on a parity wiih and as fully as if the advance evidenced thereby were included in the note firsl described above. Said snpplemental note or notes shal) bear interest at the rate provided for in the principal indebtedness and shall be payable in approximately equa! monthly pavments for such p$riod ss may be a~reed upon by the creditor and debtor. Failin~ to agree on ~he msturity, tfie whofe of the sum or si~ms so adranced shalt be due and pa~•able thirty (30) days after demand _ by the creditor. In no event shall the maturity excend beyoud the ultimate c~aturity o( the note first described vbove. ' - aooK 504 ~~cE 92$ _ ~ _ - - - - -