HomeMy WebLinkAbout0804 fines, or impositious, for w~hich pru~~ision has not been madt~ hereinbt~fore, and in default th~~rf•uf the murt-
~agee may pay the same; and that he w•ill pron~ptly deli~•er the official rt~ceipts therefor to the n:or•tgag~~c~.
5. That he will permit, commit, or suffer no w•aste, impairment, or deterioration of said prupert~~ ur
any part thereof; and in the e~•ent of the failure of the mortgagor to k~ep the buildings on saici pi•emis~s
and those to be erected on said premises, or impro~•ements thereon, in g~~d repair, the mortga~t~e ma~•
make such repairs as in its discretion it may deem necessary for the pruper prest~r~•ation th~.~i•eof, an~l tiie
full amount of each and e~•ery such payment shall be immediatel~• due and pa~~able, and shall tre sr~cured
by the lien of this mortgage.
6. That he ~i•itl pay all and singular the costs, charges, and expenses, including reasonal~le la«•~•er's
fees, and costs of abstracts uf title, i~icurred or paid at any time b~• the mortgagee because of the failui•e
on the part of the mortgagor promptly and fully to perform the agreements and ca~~enant; of said prc~m-
issory note and this mortgage, and said costs, charges, and expenses s?iali be immediatel~• due and pa}•-
able and shatl be secured by the lien of this morfgage.
7. That he will keep the improvements no~• existing or hereafter erected on the mortgaged propert~•,
insured as may be required from time to time by the rriortgagee against loss b~• tire and other harards,
casualties, and contingencies in such amounts and for such periuds as ma~• be required b3• mortgagee,
and w•ill pay promptly, H~hen due, any premiums on such insurance for ~)S}'IIiE'ilt of ~~•hich pro~•isiun hsis
not been made hereinbefare. All insurance shall be carried in companies appro~•ed b~• mortgag~~e ~~n~~
the policies and renek•als thereof shall be held b~• mortgagee and ha~•e attached ttiereto loss pa~•able
ciauses in fa~~or of and in form acceptable to the mortgagee. In e~•ent of luss he ~~•ill gi~•e immediate
notice by mail to mortgagee, aud mortgagee may make proof of loss if not made x~romptl~~ b~• n~ortKaRar,
and each insurance company concerned is hereby authorized and directed to make pa~•ment fur such
loss directly to mortgagee instead of to mortgagor and mortgagee jointl~•, an~i the insijt•ance proceicis, or•
any part ther~f, may be applied b~• mortgagee at its option either tu the reduction of the irrdebtedness
hereby ~ecured or to the restoration or repair of the property damaged. In e~•ent of foreclosure of this
mortgage or other transfer of title to the mortgaged property in extinguishrnf~nt of the ind~~btedness
secured hereby, all right, title, and interest of the mortgagor in and to any insurance policies then in force
shall pass to the purchaser or grantee.
8. That tne mortgagee may, at an}~ time pending a suit upon this mortgage, appt~• to the court ha~~-
ing jurisdiction thereof for the appointment of a recei~•er, and such court shall forth«~ith appoitit a
recei~~er of the premises co~~ered hereby all and singular, including all and sir~gular the income, protits,
issues, and revenues from whate~•er source derived, each and e~•er~• of w•hich, it beinK erpressl~• under-
stood, is hereby mortgaged as if specificall5• set forth and described in the grantin~ and habendum clauses
hereof, and such receiver shall have all the broad and effecti~•e functions an~ po„~ers in an~•«•ise
entrusted by a court to a receiver, and such appointment shall be made b~~ such cot~i•t as an admitted
equity and a rnatter of absolute r~ght to said mortgagee, and µ•ithout reference tu the adequac}• ut• ir;aci-
equacy of the value of the property mortgaged or to the sol~~ency or insc,l~•enc~• of said mortgagor or the
defendants, and that such rents, profits, income, issues, and re~~enues shall be applied by suck~ recei~•er
according to the lien of this mortgage and the practice of such court. In the e~•ent of an~• default on the
' part of the mortgagor hereunder, the mortgagor agrees to pay to the mortgagee demanci as a reason-
able monthly rental for the premises an amount at least equivalent to one-t«~elfth of the aggregate
of the tweh~e monthi~• installments pa~~able in the then current year plus the aetuai amount of the annual
taxes assessments, w~ater rates, and insurance premiums for such year not cu~•ered b~~ the aforesaid
monthly payments.
9. 'I'h~tt (u) in tl~t~ ~~~~E~nt ~~i <u~~~ l~rt~ach uf this muriga~~• ui• ~1~•t'<iult nn ll~~~ part uf t}~t~ murt~ag~,r, ui•
l l,) it~ th~~ ~~~f~nt ih.tt ~~n~~ uf' s~iirl ~ums ~,t n~un~~~- ht~r~•it~ rci'errc~~1 tu f~~~ n~~t ~~i•"m~~tl~- anci tullti~ paici ~~~ith-
~~ut ~t~•rn~~n~i ur n~,tic~~, ut~ Ir) in th~~ E~~~c~nt that c~arlt <tnd f~~~~~i~~• tl~~~ ~ti~~~il,itinns, ,~~:•e~E~me~IltS. C~ul][~11101~~.
<~ii~l c~,~~~_~nants ~~t' :ai~l nutE~ anrl this tn~~rtg~tgc~. ~u•e n~~t ~lul~', ~,~~~~t»~~tl}~, ~in~i full~ 1~~~~•f~~i~me~l: tl~~~n i>>
t'iL~ll'!' U}' ,~1]\' ~IIC~I t'\'t~Ilt, l~lt' ti~U(~ Fl}.r~?!'t'}.{~ttE' ~LIT71 Illt'lltl~~tlf'(1 111 ~~tl~~ IlUtl' ~flt'll 1't'lll~llillil~? 1711})tllll, \\"lt}1
Illit_~1'l'5t dll'C1'llt'(~ [I) t~l~;( ?Illlt', 2lll<~ ~ll~ ?l1UliE'V'S Sf'CUl't'(~ }ll'Yt'1)V', ti~1R~~ ~)t"iU1111' t1Ut' t1111~ ~)21~'iif)~t' ttll't~llt'Itfl.
th~~r~~<il~t~~~~. ~tt th~~ u~~tiuu uf ,ai~l Ill(~2•L~,r;~~,TE~~°. as f~ull~~ ~~~;~I c•~rm~~l~.~t~~l)~ ~ts i1' .i!i ~~f t1~~• sasii surn, ~>t m<in~~~-
ti~ ~~y't~ ur~,~inall~~ ;ti~~ulat~~ri t~i i.n~ ~~~ti~l ~~n surh ~ia~~, ai~}•thin~; it~ stti~l i~+~tf< <~r i~i th~~ m~~l•t~,*agr tc~ the r~;izU~~ii•,~-
nut~~•~t1~st2111(Illl~; : at~~l th~~r~~u{~~~i~ ~~r thf_~reafter, at th~~ upticrn ~~t~ ~~iici ttu,rt~,r~i~,r~~f~, itliutzt notice c~r ~lcm~u~d,
suit ait la~~~ ui• i~i E~<~iiit~~. tna~- uE> ~~rust~cutc~~i a~ if all m~~n~~~~s sectu~r~i h~~r~~b~- I~ad ~naCurt~~i ~~ri~,i• to its i~~sti-
ttition. Th~~ n~o~•t~;~t~,~e~~~ n~x~- fnrcclu:~~ this ntot•t~,Yagti~, .~s tu tl~e amutint su ~l~~clar~~<1 duc at~~i ~~a~'abiE~, ancl
ti~~~ s~:iil pr~~misr; shali {u~ s~~i~l t~, :ati,f~~ ancl pa~~ thc~ sunu~ to~,r~~thf~r ~~~ith cnst,, t~z~~~~ns~~:, and all~~«~ance;.
!n ~~ase ~~t }~<u•tial C~,r~~rl~~_~m•~~ ~,f this nu~rt~<?~,r~~, the n~~~f~t~;a~,~f~~l {n•c~miwE~s s}~all h~~ s~il~l ~ubject tu th~~ c~,n-
tii:uink ~it~i~ ~>f this nu~rtk<<i~,~t• Ct~r kh~~ <<m~,unt ~~1' lh~~ ~It~bt ?~~,t th~~n ~It~t~ <in~l uu}~ai~i. I~i such rttse thc pru-
~ i;iu~i~ uf lhis E~a?~<t~i~a{~ii ill~i)' <1}.,rSlll ~t' at~aiie~~i c,t thc~r~~aftri• fr~nn tii~~t~ t~~ timc~ h}~ thE~ mu?•t~;agcc~.
1~. ~r~121t f~ii` ]llt~!'~k;.t~t~l' ~~'l~~ ~.!1\'t' 1111111!'(il<ltl' Ii~~tiCt' f~~' Ill.il~ t~i I}ll` Ill~il'f~rii~„~E'i~ uf ,111\' ('(iil\'t~1't1IlCt'.
tt~ansf~~~~, oi• rhaii~,rr uf ~~;~~n~~rship ~~f thE~ pr~~t~~is~~s.
11. Th<?t nu ~s~<<i~~e~• ~~f ~in~• c~,~~t~n~ir~t ht~rt~in ~~r ui the ~~hli~,rati~~n ;c~c~u~cyl h,~i~ef,~~ sh<ill <~t ari~~ ti?tie
tlic~~~er?fter be }lelcl ;u I,e a~~~ai~~er uf tlte tertr~;: he~•cr~~f or of the n~~±e sei~t~recl t~erel~t~.
12. T6i~t if ihe mortg~~or default in any of the covenants or a~reements cont~ined herein, or in
said n~~te, then the mortgagee ma~• ~~erfv?•n~ the same, and all e~~~enditures (including reasonal~le attor-
neti•'s fees) made by the mortgagee in so doir~~ sh<iil ~lra~~• in±ere~t at the rate ~et forth in the note secured
heref~~~, and shall be repa~•able inimediate;~~ and «~ithc~ut demar:d by the mortgiigor to the mor~gagee, and,
together «•ith interest and costs accruing there~,n, shall I,e secured this mortgage.
13. Tt~at the mailin~ c;f a~t ritten notice c~t• demand ~iddressed to the o~ti•n~yr of recurd oi the rnortgaged
prerni~es, ur directed t~, the s~icl o~ti~ner <<t the last a~i~lres. ~ictuall~~ f~arnished to the mortgagee, or directed
to said o~ti~nFr at said m~~rt~aged I~ren~ises, .ind m<iilecl }~ti• the United State~ maif~, shA~I })t? SL:ffiiC1E'Tit notice
anc3 demand in an~~ ease aris;ng under this instt~un~ent and reyuireci b,y the pro~~isions hereof or by ]a~~.
The mc~rtgagor co~•enants and a~-rees that so ic~n~ as this murtga~e ancl the said note seeured
hQreby ~re insured under the ~~ro~•isi~~ns ~~f the '~~itional Iiuusin~ act, he ~~~ill n~,t e~ecute or file fr~r reror~l
an~~ instrument ~•hich imposes a restrictiun u~~on the ~ale or ~ccupancr ~~f tne mort~a~ed p~-r>pertti• on ihe
i~asis ~f race, c~~lc+r, or creed. L'pun any violation of this undertakin~, the mort~agee ,nay, at its ~~ption,
deciar•e the un~~aici h~,lance of the del~t ~ec~jred 3~erehy~ imn~ediaiel~• duE~ anri ~~a}~~il~le.
BORK ~~e7 l~~~