HomeMy WebLinkAbout2282
O. R,
'BG~f.
8
87
- '...........
, '. )T. lUC:E cnU.HTT, n A '
and ,nail duly,pt'rlorm, compl)' ~'lth and abide by Ul'h and eVeTY the stipUlalioaa. c~1iOn.a. and rovenaftta of aJd prorr:iMory
nolt: and ol th;s mortgage, then this mortgage and th~ est&~ ~I"eby created shall ceue and be null and void.
, It is undetrstood that the word :'~o~r'I," wheth~r in the singular Of plural anywben in thilI mo~. ahall be
smgular Il one oOly and ~all be plural .Jointly and lIeverally Il mol"e than one, and that the 'Wont utbeir" u .,~,. anY1;rhere in
thIS mortgage shall be taken to mean his, her or ib, wherever th~ rontext 80 implie5 or admits,
And the Mortgagors hereby jointly and severally covenant anQ agree to and with the Mortgagee:
1., To pay all and singular the p:-incipal and inwrest and the variow &rid s.mdry sums ol m.::ney p~yable by vi~ ot
s3.id promL8.Sory note and thiS mortga~e, each and every, promptly or. the days re3pedively the same severally become due. The
Mortgagee may collect, a "late c;har~e '. not, to exC'~ an amount equal to two pl!r centum (20/0) ol any installment of the note
hE>rt.b)' SecUIe(! which IS not paid Within filteen (15) days after the due date thereol to cover the extra expenle involved in
handling dt'linquent payments.
2. To ~y wh~n due and without requiring any noliC'e lrom Mortgagee all and singular the taxes, aMessments, leviea,
obligations and Incumbranc,e-s ol every nature and kind now on said described property, and/or that hereafter may be im-
posed. suffered, placed, levl~ or aaacssed thereupon, and/or that hereafter may be levied or aaae&ed UPOil tr.a mortgage
and/or the ind~btedne&a lIeC'ured he~by, each, ":'1d every! and inaafar u any thereo.f ia of record the same llball be promptly
satisfied and Jl.!IChar~ed ol record and tht' ong\nal offICial document (auch 88, for UlstanC'e, the tax receipt or the satisfaction
paper olficially endo~ or certified) shall be . placed in the ~nda of aaid ~ortgagee within ten days next after paymi!nt.
:1. To) keep the, improvenH'n~ now e~isting or hen:after erected on the mort.gagE"d property, and the equipment and
personalty C'overed by thiS Mortgage, Insured 8.!1, ma.y be reqUired ~rom time to time by the Mortgagee against 1058 by fire, e.:I{-
tt'nd~...J co)ver.ll{e and, su.:h other hazards, casuall1!"s and contmgencH;8 88 may be required by Mortgagee and will pay promptly,
wh.'n due, any prl'nllUmll on such msurance. A!! ~m:urance shall be In form and amounts satisfactory to, and in insurL'lce C'om-
pani.>s approvE'd by ~e ;'t{ortgagee, ~nd the po.IC'les and renewals thereof shall be held by Mortgagee and have attached thereto
Ie,,,-,, payable clauses III favor of and In lonn aC'ceptable to the Mortgagee. In event of loy the Mortgagors will give immediate
noticl' by mail to M~rtl!:agee, and Mo~g~gee m~y make proof of lo~ if not made promptly by Mortg.lgors, and each insUla.llce
company conC'erned IS hereb~ .authonuo a!l~ dIrected to make payment for such 1058 directly to Mortgagee instead ot to
MortgRRors and MO,rtgal'ee JOl,ntly, and the Insurance proceeds, or any part thereof, may be aPl'lied by Mortgagee at its option
t'ither to the rMuct!on of the Indebtedness hereby ~1;1red or to the restoration or repair of the property damaged. In event
ol loreclosure ol thiS mortgage or other transfer ol title to the mortgaged property in extinguishment of the indebtednesa
S<"Cured hereby, all right, title, and interest ol the Mortgagors in to any iMurance P<'licies then in force &hall p&llS to the pur-
chaser or JrT8l1tee.
4, To rt'move or demo!~sh no building on said prem;lle8 without the written C'onsent ol tile Mortg<', e; to pennit, com-
mit or !'uffer no waste, impairm"nt or deterioration of said proJK'rty or any part thereof and to keep the ~e and improve-
nwnts thereon in good C'ondition and repair.
5. To pay an and singular the costs, C'harges and expenses, including reasonable lawyer's fees, lawyer's diaburs~ments
and cost ol abstrncts of title. inC'urred or paid at any time by the Mortgagee because of the lailure on the part ot the Mortga-
I('ors to duly pt'r fonn , C'omply with and abide by each and every the stipulations, conditions and C'ovenants ~! said promiSllOry
notl' and this mortgage, any or either.
6, That in the event the Mortgagors fail to payor discharge said taxes, assessments, iiens and incumbrancea, or said
cosL'l, charl('es and expenses, or fail to keep said premises insured or to deliver the policies, premiums paid, or lail to repair the
said pl<'mist's, as he"-,in agreed, the Mortgagee IS hereby authorized at its election to pay and/or di3Charge said :.axes. &S.!Ie8ll-
m..nts, liens and incumbrances or any part thereof, to pay said costs, charges and expenses. to procure and pay for such !n-
surancE' or to make and pay lor such repairs, 'I'oithout any obligation on its part to deU>nnine the validity or necessity ol any
th.'n'Ol and without the Mortl!:agee w:iiving or affecting NlY option, lien, equity or right under or by virtue of this mortgage;
and the full amoun~ of each and every such payment shall be imml'diately due and payable and shall bear interest from the
date th"Tt",f until paid at thE' rate of eight per centu:n per annum, and, together with Such interest, shall b~ secured by the
liE'n of this mortgal'''; but nothin,R' ht'rein contained shall be construed as requiring the Mortl{agee to IIdvance or sJK'nd mone}'s
for any of the purposes in this paragraph mentioned,
7. That (a) in the event ol any breach ol this mortgage or default on the part ol the Mortl'agors, or ib) in the event
any ol said sums of money hl'rl'in referred to be n01 promptly and fully paid within fifteen days next after the llame severall~ he-
come due and payable, without demand or notiC't', or (c) in the event each and every the stipulations. condit'ona and covenants
ol said promissory note and this mortgage, dny or "ither. are not duly performed, complied with and abided by; then. in either
or any such event. the said ~!1:regate sum mentioned in said promisSQry note then remaining unpaid, with interest acC'rued,
and all mont'ys S<'CUrM hen>by, shall become due ar.d payable lorthwith, or thereafter, at the option ol said Mortgagee, as lu!ly
and completely a..'l il a.1I of the said sums of money were originally stipulated to be paid on such day, anything in said promis-
sory note or in this mort~al{e to the contrary notwithstanding; and !.hereupon or thel<'aftH, at the option of the Mortgagee,
without noti<,!' or demand, suit at law or in "9uity, theretolore or thereafter begun, may be prosecuted as if all moneys
secUTl"'(! hereby had matured prior to its institutIOn,
8. That if any suit shall be instituted to foreclose or relorm this mortgage and/or to enlorce payment of any claims
hereundt'r, thE' Mortgagee shall be entitled to aoply at any time pending such 8uit, to the Court having- jurisdiction thereof,
for the appointment of a Receiver ol the mortgaged property and ol all and sinltUlar the rents, income, p'rolits, wues and
revenues thereol from whatever !lOur<,e derived, each and every of which are expressly mortgaged !-y this instrument; and
it is hereby expressly ,:o\'enanted and agreed that thert'upon such Court shall lorthwith appoint a Receiver of said mortlfllged
property. and of all and sinF;Ular the rents, income. profits, iseues and revenues t..'lereol lrom whatever sourct! d~riv~, wiLlI the
usual powers and duties of r~eivel"8 in like cases; and such appointment shall be made as a matter of 8tnct nght to the
Mortgagee, and withouL relerence to the adequacy or inadequacy ol the value ol the property :,e~y mortgaged. or to the
sol\'en<,y or il'L'lolvency of the Mortgagors. '
9, That Mort...~ors hereby assiKTI, trang/er and set over to Mortgaltee. up to the amount of the total indebtedness
Sl'curl'd herl'bv all awards of damages in connection with thE' C'ondemnation ol an)' of said property ior public U!le or for injury
to any p:lrt th~reol, and the proceeds ol all such awards, alter payment ol all reasonable t'xperues i~C'urred; including fees
lor attorneys representinlr MortR"3Kee in any proceedinK in which ary such award is made. shaii Ot' pald to MortKagee to be
applied upor. the indebtedneS8 hereunder in such manner as !dortgaKee may elee-t.
10, That time is ol tile essence ol this C'or,tract and no waiver ol any obligation M-reunder or of the o)>ligation secured
hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the no~ secured hereby.
11. Without affee-ting the liability of any person (oUler than ar.y person rel~ pUllluant hereto) lor payment o(
any indeh~"<lnF'R~ secured herehy, and without affect inK the priority or e~nt ol ,the lie." her::ol 1:'pon any propel'ty not ,speci-
lically n.leased pursuant hl'l'('to, McrtR"31'l'{, may at any time and from time to time, Without notice and Without hmltatlOn 88
to an}' 1,,){al right or privilege of Mortgagee:
(a) Iklease any person liable (or payment ol any indebtedness secured hereby; (b) Extend the time or agree to
alter tht' terms of payment of all}' of the indebtednE'ss; (c) AC'<,ept additional security ol an~ kind; {d) Release any pro,JK'.rty
securing the indebtedness; (e) Consent to the creation ol any easemN:t on or o\er the preml!leS or any covenants l"estnctlrur:
use or occupancy thereol,
12, To duly perlonn, comply with and abide by ea:h and every the stipulaticna, conditioM and covenants in said prom-
iSJlOry note and in this mortgage set forth.
1:1, As additional see-urity the Mortgagors do hereby transfer, assign ~ !let over. to the said Morta'agee, its succ~-
sors or assi~. any and all rt'nta no\" dut', or to l:Secome due, on tlj,! above descn!>ed premise!! or any lIepar8t ~ Nntal pr:=ml8e
appurtenant thereto, whiC'h are situated on the land above described; such .rents to ~ collected b'{ or at ti,e direction of the
MortR"3~ee, iL'l SUcC'esMrs or assi~, and the net proceedt thereof to be appl1;d to the I~debl<<i,n~ hercnbefore secured, as and
when the same shall become due and payable; a.'1d lor the purVOlle of ca;rymg out thi~ prOViSIOn the MO':lgago1'li do b~ these
presel,-" constitute ~ndapp:Jint said Mortgagee, or the succe~ors or aMIgrul, oC the lI8,ld Mortgagee, as ~IS, h,er or their true
and lawful attorney-m-fact, to C'ollect any and all rents lor S81d aoo\'e dl'scnbeJ premises, expressly alithonZmg the Mortj!'a-
gt'e or its successors or assi\(T.s to receipt tenants therefor, and do hy these presents ratify and con!inn any and all acts of
s.~id attomcy-:n-fac. in relation to the forel'oing poor.-er.
.
..
'0.... HO. 7.__.1
I