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HomeMy WebLinkAbout2039„.,R~ J~ i ~,; ~~~lJ r T , . ~ [' t ` .. .l and shall duly prriumr, comply with :oat abide try esi h and ere~y thi• s~ih~datiuus, conditions, and eovenvrts of slid promissory note :urd of this nurrtga};c, throe thin nnnttia};e anJ the rsl:+te hereby crrat.d shall cease and ~ null alai vuld. It is underst.HKl that the H.rnl "nwrtgagory," whr!her in the singular or plural anywhere in thi3 mortgage, shall be eingtil:tr if one uuly •u+d shalt he plur.+l jointly and severally i[ mom than unc, seal that the wont "their" as used anrywhere in this nnrrtgage shall be taken to mean his, her ur it-:, whemver thc• context so implies or admits. And the Mortgagor, hereby jointly and severally covenant and agree to anc! with the Mortgagee: 1. 1'o pay all and singular the principal and inten~st and the various and sundry sums of money payable by virtue of said promissory ItJ1P :uu1 this nurrtgage, each and every, promptly un the days respectively the same sever.+lly become due. The Mortgagee may colle•cl :+ "I~+te charge" nut to exceeYi un amount cutout to two per centum ('LS'o) of any installment of the note h_•reb)• se+•ur+'.i which is no: p:+id within fifteen (15) days aRer the due date thereof to cover the extr:+ expense involved in handling delinquent payments. 2. 'L`o pay wir6;, a. _ ="a LL'itF ~:a nr~uiring any notice from hlurtgagec all and singular the taxes, nsaessments, levies, obligations and incumbrances of every nature and kind now on Baia u~scra;_°°•~ 1..-nn.~rty, and/ur that hereafter may be im- posed, suffered, placed, levied or :wessed thereu}run, seal/ur that hen•ufter may be levi+•d nr •~carsscd upon this mortgage and/or the indebtedness sec•und hereby, each n every, and insufeu• as any thcmof is of rc~conl the Brune shall be promptly satisfied and discharged of r•econi and the origuml official document (such :~s, [or instance, the 4+x receipt or the satistactiun p;tper officially endorsed or certified) shall be plac+d in the hands of said htortgagec within ten days next after payment. 3. To keep the impruvcnunts now existing nr hereafter errctcd un the mortguge~El property, and the cvluipment urxl personally covered by this Mortgage, insur•Ert :L; may be required from time to time by the htortgugec against loss by [ire, ex- te•nded cucer:+ge and such other hazanls, casualties :uui rontingencu•s :u may be requird by Mortgagee and will pay promptly, when due, any premiums en such insurance. All insur+nce shall be in form and amounts satisfur•tory to, and in insurance com- p+nic•s approved by the Mortgagee, and the policies :aid renewals therco[ shat be held by Mortgagee and hove uttae•hed thereto loss payable clause, in favor of and in farm accepC+ble to tho Mortgagee. In event o[ lass the Murtgagurs will give iuunediate notice Dy mxil to >tlortgagec, and Mortgagee may make proof of loss if not made promptly by Mortgagors, and each insurance company corcernecl is hereby :wthorize.l and directetil to uu+ke payment fur such loss directly to Mortgagee instead of to Mortg:+gon and Mortgagee jointly, ar;ci the.inaururce proceeds, ur :ury part thereof, may be applied by hfortgagee at its option either to the nvluN,ion of the indebtedru~ss hereby securExl or to the restor.+tiou or repair of the property damaged. In event of for.•.brsure of this mortgage or other transfer o[ title to the nurrtt;agcel property in extinguishment of the indebtednesq second heraby, all right, title, and interest of the Mortgagors in to any insurance policies then in force shall pass to the pur- chaser er grantee. . A. To remove or demolish no building on said promises without the written consent of the Mortgagee; to permit, com- mit ur suffer no waste, impairment or deterioration of said property or any part thereof and to keep the same and irnprove- ments thereon in good co.~dition and repair. 5. To pay all and singular the costs, charges and expenses, including reasonable lawyer's tees, lawyer's disbursements and Eros! o[ abstr<+cts of title, incurred or p:+id at any time by the Mortgagee because of the failure on the part of the Mortga- £on to duly perform, comply with and :+bide by aach acrd every the stipulations, conditions and covenants of said promiaory note :old this mortgage, any or either. 6. That in the event the Mortgagors fail to pay or discharge said taxes, assessments, liens and incumbrances, or said costa, charges and ^xpenses, or fail to keep said premises insured ur to deliver the policies, premiums paid, or fail to repair Lhe said premises, ay herein agreed, the Mortgar;ee rs hereby authorized at its election to pay and/or discharge said taxes, assess- mentF, liana and incumbrances or any part !hereof, to pay said cosLK, charges and expenses, to procure and pay for such in- surance or to make and pay for such repairs, without any ubllgation on its part to determine the validity ur necessity of any thereof and without the Mortgagee waiving or affecting any option, lien, cduity or right under or by virtue of this mortgage; and the full amount of each and every such payment shall be immediately Sue and payable and shall Gear interest from the date thereof until paid at the rate of eight per centum per annum. •rnd, together with such intemst, shall be secured by the lien o[ this mortgage; but nothing herein contained shall be cunstrved~ as requiring the hiurtgagee to advance or spend moneys for any of the purposes in this paragraph mentionwd. 7. That (a) in the event of any breach of this rnortgage or default on the part of the Mortgagors, or (b) in the event any of said sums of money herein referred to be not promptly an+? fully paid within fifteen days next afk~r the same severally be- come due and p^yable, without demand or notice, or (c) in the event each and every the stipulations, conditions and covenants of said promissory note and this mortgage, any or either, are not duly perfunned, complied with and abided by; then, in either or an ouch event, the said aggn••gate sum mentioned in said promissory note then remaining unpaid, with interest accrued, and all moneys secured hereby, shall become due and payable forthwith, or thereafter, at the option o[ said Mortgagee, as fully and completely as it all of the said sums of money were originally stipulated to be paid on such day, anything in said promis- sorv note or in this mortgage to the contrary notwithstanding; and thereupon or thereafter, at the option of the Mortgagee, without notice or demand, suit at )sw or in equity, theretofore or thereafter begun, may be prosecuted :+s if all moneys secured hereby had matured prior to its institution. K. That if any suit shall be instituted to fon•c}use ur reform this mortgage and/or to enforce payment of any claims hereunder, the Mortgagee shall be entitled to apply at any time pending such suit, to the Court having jurisdiction thereof, fur the ap{wintment of a Receiver of the mortgaged property and of all and singular the rents, income, profits, issues and revenues thereof from whatever source derived, each and every of which are expressly mortgagri by this instrument; and it is hereby expressly covenanted and agreed that thereupon such Court shall forthwith appoint a Receiver of said mortgaged property, and of all and singular the rents, income, profits, rssue•s and revenues thereof from whatever source derived. with the usual powers and duties of receivers in irke cases; and such appointment shall be made as a matter of strict right to the Mortgagee, and without reference to the adequacy or inaeicquacy of the value of the property hereby mortgaged, or to the solvency or insoh•ency of the Mortgagors. 9. That Mortgagors hereby :+ssign, transfer and set over to htortgagee, up to the amount of the total indebtedness secured hereby, all awards of damages in connection with the condemnation of any o[ said property for public use or for injury to any part thereof, and the proceEds of all such awardv, after payment o[ all reasonable expenses incurred, including fees for attorneys representing Mortq-agee in any proceeding in which any such aw:ud is made, shall be paid to hiortgagre to be applied upon the indebtedness hereunder in such mznner a_; Mortgagee may elect. 1G. That time is of the essence of this contract and no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof ur of the note secured hembY. 11. Without affecting the liability of any person (other than any person released pursuant hereto) fur payment of any indebtedness secured hereby, and without affecting the priority or extent of the lien hereof upon any property not speci- fically released pursu:urt hereto, Mortgagee may at any time and from time to time, without notice and without limitation as to any -egal right or privilege of Mortgagee: (a) Release an; pennn liable for Dayrnent of any indebtedness secured hereby; (b) F:xG•nd the time ur agree to alter the reruns of paymE•nt of any of the indebtedness; Ic) Accept additional security of any kind; (d) Rrle:+_;e any property securing the indebtedness; (e) Consent to the creation of any easen~e•nt on or over the pr•Lmises ur any coven:urts n°stricting use or occupancy thereof. 12. To duly perform, comply with and abide by each and every the stipulations, conditiun_g and covenants in said prom- issory note and in this mortgage set forth. 13. As additional security the hiortgagurs do bomb}' transfer, assign and set over to tl+r said Mortgagee, its succes- sors or assign3, any and all rents now due, or to become du••, on the above Jrscribr•d premises or any separate rental premise appurtenant thereto, which are situa+ed on the bald atwvc described: such rents to he collected by or at the directwn of the Mortgagee, its successors or assign,, :rnd the net proceed.; thereof to be• applied to the indebtedness hereinb<•fore secured, as and when the same shall become due and payable; and fur the purpose of carrying out this provision the Mortga{;ot z do by these prevents, constitute and appoint sail Mortgagee, or the successors or assigns of the said Mortgagee, as his, her ur their true and lawful attorney-in-fact, to collect .env and all renter fur ~::id above described premises, expressly authorizing the '`iortga- qee or its successors or assigns to receipt tenant"; thrrrefor, and do by !hear presents ratify and confirm any and all acts of said attorney-in-fact in relation to the foregoing power. - r JnM NO-7t{-!