HomeMy WebLinkAbout1786
O.R:
BOCK
7
336
3. If tltt' totrJ of t hl' p.\'ments made I,y t he Mort~agor ulldl'r (a) (If plU I'~rll)l" 'J. prt'('t'diIlK Shlllll'."'I'I'.J t hI'
lllllount of paynH'llt.! actually madl' by tl1l1 ~lort~ag('{1. ~(lr ~r()ulld rt'lIt~, Ilnl~ alld n~"I'''-'l!lll'lll~, 1I1ld IIlsurl!.tle.'
Plemiulll.B, &8 the case may 1,1', sud, e)tc(hl.'!~hall be Cl'l'(hlt'd 011 "U!IlWqUt'lIl P!\YIJll'IIt~ III hI' II\lId.. h.,' 1111' ~Illrl-
gagor for 811Ch iums or, at \{ortgagtW'8 optioll, shall tK, rt.fUIUlt,tl to ~{ort~8~Or, . If, IIOwI'Vt'r, "Ill''' 11\'>llt hl.\'
paymel.t8 sball not be llufficil'llt tn pay Bueh it(,[\l8 whtlll till' !Iaml' fihall !Il'I'OIl\~'..dlll: ,I!.IId .1'111\'111.11> t~II'IlII...
~{ortgagor 81uLl! pay to thl' Mortgagl'l' allY amoullt '11'('('AA8ry to lJ\llkt' up till' ~It'f(( (('lit ~. SU(.I pll~ 1111.111 shull
Le !llado ~ithill thirty (:W) dftYs a!ll'r written Ilotiet' from thl' \forl~lIgl'l' statllIK till' nl1l11lllltllf 111:',d..tll'l.':III:-\,
wInch notlCl" may be gln'n by mlul. If at any 1:f1ll" tlH' \lortgagf1r "hllll tt'lllh'r, to !".' \lort~'lgl I III III 101d-
n!lC(\ with the provi8ion8 of the note 81'Curptf Ill'reby, full paynll'lIt of tht, I'lItlrt' 1I1l1t'htt,dlll'SS Tt'PTt's,,"to.d
thcreb\', the ?\lortgag:'C 8hall, in computinR. tht' amoullt of Kuch illlll'btl'~IIII'''-'', ('ft'cht to thl' lIC'l'Ollllt I,f tl...
\fmtgagor any crroit bnlancl" rt'maillill~ undl'r thl' provi!!i?Il!!,of (II) of,"'ucI PUrtlKruph ~', If tlll'T!' ~hllllllt' ~I
dl'fuult undl'r Bny of the proYitlion8 o! this morti{llf'r rl',!UltJll~ In a pubhc !!ILJt. of t~11' prt'mlSI'H CO\ ('rl'd ~II'r..tJ,\ ,
or if thl' Mor~&g',(\ ~quirl'8 the pn?pt.rty othl'rwl~ !\Ct...r (\PfRlllt, tl,,: ~lortgl~1'1' ~hullllpply, lit tlli' ,lillI' of
th,' CO/llIllI'IICt'ml'nt of 8uch procl.'Nll/lKS or nt till' tlllU' till' propl'rt.\' ." othl'rwlSt' 1LC'IIlUrl'c1, l h.. 1I1111l11llt IIII'll
rt'/ol\illinK to rr,'dit of Mortg~or, uI!dl'r (Il) of paTl~llph ~ p~I'I"I't!illg_ liS II 1'f('lht 011 tilt' IlItt'l"I'st 1I('lrlll'.! 1I11t!
unpnid alld the balllllce to tht' prlllclpal thl'/l ft'/llIUIlUlg ullplUlI 011 Situ! 1I0lt',
. 4. He will pay all t&xe8, ~utIJ, water rates, and other governmental or municipal chlt.rp;l"8, fines. cr
impositionll, for which provision haa not been made hereinhdore, and in default thrrf-of the Mortgllg('c may pay the
sa.me; and that he will promptly deliver t.he official ~ipta therefor to the Mor'.gagee.
5, He will permit, commit, or BUffer no W&8te, impairment, or deterioration of Mid profX'rty or any part tl1l'rl'of,
except re.asonable wear and tear; and In the event of the failure of the MortgRgor to hl"p the bllildinj/;ll on ~nid
premi8ee and thoee to be erected on said premill('8, or improvements thl'J'{'{)n, in 1l:<,XX1 r"pair, Hit' ~lart"lIl/;t'l' may
make such repail1l a.tI in its d~relion it may deem neceM&J'y for the proper pJ'('8('rvl\~lOn theJ'('()f, and th~ full lImount
of each and every BUch payment shall he due and payable thirty (30) daY8 after demand, and shr,JI be secured Ly
the lien of this mortgage.
6. He will pay all and Ilingular the C08t8, ch&rge8, and expenses, including reasonable lawyer's f('{'S, and costa
of ab8tract8 of title, incurrt'd or paid at any time by the Mortgagee because of the failure on t he part of the ~lort!!:!lKOr
promptly and fully to perform the agreementa and covenanta of said promi!lSOry note and this mort!!:a~l', and Mid
008ts, ch&rgell, and expenaee shall be immediately due and payahle and shall be 8('cun.d by the IlI'n of this mortgage.
7, He will continuously maintain hazard iD1luran~, of sueh type or types a,nd amounts 8..'! ~lortKaKl'e may
from lime to time require, on the improvements now or hereafter 00 said pr(.nll"(,s, Ilnd except w!l('n payml'nt
for all 8uch premiums b&8 theretofore been made under (8) of para.graph 2 hl'rl'of, he will pay promptly whl'u
due any premiuID8 therefor. All insurance shall he carried in compl\nies a~proved by \lort~agt'e an.d the poli-
cies and renewals thereof shall he held hy Morigagl'c and have atlachl'.d therl"to loss payablc e1all~I'S in favor of
a"ld in form acceptable to the \fo~agee, In event of loss he will give immediat(l notice by mflilto \lortgflgee,
and Mortgagee may make proof of 1088 if not. made promptly by ~lort.gagor, and each insurance company
concerned is hereby authorized and directed to make payment for !!uch loss directly to \Iort~flgt'e inslt'ad of
to ~fortgagor and Mortgagee jointly, and the insurance proceeds, or any part thl'reo{, may be a:>plied by ~lort-
gagec at its option eithl"r to the r€duction of thl' indebtedness hereby secured or to the rt'Storatiun or repnir of
the property damaged, In event of foreclosure of this mortgage or other transfer of title to the mortga~l'd
property in extingulShml"nt of the indebtedness securl"d hl"reby, all right, title, and interest of the ~Iortgllgor
1Il and to any insurance policies th('l in for~ shall pass to the purchaser or grantee.
g, HI' will not execute or fill' of rl'cord Rny inf\trument which impOSl'iI a rt'slrietion UpOIl thl' SII.I(' or OC('II-
paney of the property described. herl'in on tho basis of race, color, or cl'e~d, .
9, Thl' ~Iortgagee may, at an\' tinlt> pending R suit upon this mnrt~l\gl', apply to tll(' ('Ollrt llll\'il\~ jlll'isdi,'-
tion thl'reof for the appointnwnt ..? a rt'C('IVl'r, and such court. shall forthwith 1I.)l)loint l\ T!'('l'in'r of thl' pn'lIlist's
covered heft.by all and singultt.r, illdutlin~ all and sill~ulll.r the incom,', profits, issues, II.nd I'l'\'hlllt'" from whut-
eycr source derived,. eReh. and en'ry of wlllchl it Ill'in~ t'xprt'ssly understood, is hcreby mort~llgl'd as if spl'ciiit'lllly
set forth and descnbed III tIll' ~antlllg ana habendum claU!;I'S beTl'of. SUt'h appointllwnt !-\hall IH' mlldt, bv
such court 88 an admitt{'d equity and a mRltl'r of absolute right to sl\id ~lort~II.~t't', II.IHI withollt n'fo'n'nl'l' I;)
the adequacy or inadl'quRcy of the valul" of the property mortgagl't1 or to tl\(' soln.nn' or insol\'l'IH'\' of SlI.id
Mortgagor 0'1' till" defendants, Such rents, profitS'; income, WUt'8, Rnd r~Vl'nues shall bl' applied bv sud; Tl'('t'i\'l'l'
according to tl\(' lien of this mortgl\gl' and the prl\ctice of such coml. In the onnt of Ilnv ddll.lllt on tht' pnrt
o~ thr \Iortgagor bl"rl'undl'r, th(' \Iortgn~or 8i{rl'C8 to pay to the ~Iortga~l'e on demand as a n'l\sonuhll' mOIll It,,-
rental fer the prt'JIii~ an amount at ll'ast equivllll'nl to onr-twelfth (1;2) of the Ill-,'grl'gntl' of thl' twd\"t, lIlollthl,:"
in8tallments payable III thl' tlll'n curn'nt year plus the actuRl a/lloullt of thl' RIlJIIIl\1 tl\:>':t'", l\SSI's.slIll'nts, wutt'r
rates, and insurance prt'miums fer such Yl'Rr not cove roo by the aforesaid monthly pnY/JH'nts.
10. In the l"Vl"nt of any hreach of this morl~age or default on thr pllrt of the .\Iortgagor, or in thr ('wnt
that any of 8aid sum8 of monl"Y herl"in refer!ed to, he not promptly and fully paid accordill~ to tIll' t('nor hI'Tl")f.
or in the e"'ent that each and every the 8tlpulatlons, agreemcnts, ('onllitions, l\nd co\"t'nRnls of suit! I1ott' ulld
this mortgage, ~'e not dui)', promptly, !lnd fl!lly perfor'.lled or if t,he ~!ortgagor be Rdjudicatl'cl hUIIkrllpt dr
made defendan~ 10 !l ~ank~uptey or recelver8~up proce~mgs; lh~n In eIther or any such evellt, tIll' suid Iiggn'-
gate !.'Um mentIOned III 8ald note thl'!l remalllm~unp~l~I.\nthlllterestaccruedto.thnttim~.flllIl 1111 lIloIley
secured hereby, 8hall h<;co~e due ~nd psyable forth....'tn, o~ thl'rl'after, l\t the optIOn of slud ~Iortgtlgl'e. as
fu~ly l!'Ild <:<>mpletely: &8 I~ ail the 8ald sums of monl"Y we~ O!'lgin~II'y 8tipulau>d tQ be puid Oil such tip-,\', 1I11,\'-
thmg 10 SAld note or m, this mor~age to the contrary not....'tlutandmg; and thereupon or tlll'reafter, at till' option
of said Mortgagee" WIthout not,lce or ,de~an~, s~it at law or in equity, mav hI' prosl'('utt'd as if all lIlont'vs
secuM hereby h&a matur('d prIor to Its .lll8tltu~lOn, The MortgRgl'e may {oI'l'c!os(' this mortgll.p', liS to t ht'
~ount 80 declared due lCld payahle, and the saId pr~mises shall he sold to satisfy and pay tIll' slim!' to~Plhl'r
",nth costa expe~, and allowl!'llc~. ,In case !>f partial foreclosure of this mortgagl', thl" mortgRgl't1 prl'mist's
shall he &oid subjbct. to,~ cont.m~ hen of Ill/s mortg~e for the amount of the debt not thcn dllt' p-ndllnplli.!,
In 8uch case the proVlSlOns of this paragraph may agam be availed of thereafter from time to till\l' by tllp
Mortgagee, '
11. No waiver of any covenant herein or of l1e obligation seemed hereby shl\ll at an\" time thrrl'lIfter be
held to be a waiver of the tenns hereof or of the note secured hereby. .
12., The lien 'of this inslru!llent shall remain in full force and eff~ct during any postpOIH'll1l'nt or I'xtt'llsion
of the time of payment of the mdebtedn8S8 or any part thereof secured hereby,
.18. This mortgage,is given to l!eCure t~e purch~ money, or 8 part thereof, of the lands herl'in d(,~'Tibed
and 11 executed ana de:livered contempoa-anooualv,nth the (teed therefor.
1.. If t.M !"orlgago: default in MY of the ~vena.nts or r.greementa contained herein, or in !laid notl', then
the Mortg~ maY,Jl'3rform the aa,me, od all expenditure<l (including reasonable attorney's fel'8) made by thl'
M~ 1':' 80 dOIng 1ba1l draw mteree~ at the rate providNl for in the principal indebtedness, and shall ot'
rep~l~hle thirty (30) day. after demand, and, together with illtereet and costa accrue.u thereon, shall be 8('CUi'ed
by mortgage. .
, 15. Upon the request of the Mortgagee the Mortgagor shall execute and deliver a sllpplementai note or
DOtal for the .~ or ~ adv~ced by the Mortgagee for the alteration, modernization, improv('ml'nt, main-
~,CR repair of,u.id. pre:lYi18e8, for taxes or &B8e88ments against. the same and for any othl"r pl1rpose author-
~ hencnder, 8aid ~te or ~tea shall be secured hereby on & p'lrity with and &8 {ully &8 if the advance
evidenced thereby were mcluded m the note first deecribed above. SAid 8upplemental note or notes shall bear