HomeMy WebLinkAbout0830 tt~e ~leti~~i~~nr~~. ~u~~l? F~a~•iuent shNll b~ ~ua~ie witt?in ti~irty (:311) ~iK~'~ nitt~r H~ritten uotir~~ froiu tiu~ ~[ort~n;;re
i statin~; tlie xiuount of t1?t~ ~Nficie~icy, whieti iiotice ii~~~r be ~icen by inNil. If xt nn~• tiuie ttte ~tortga~oi•
` she~!1 teu~ler to ~IIN `IortrHF~~e in accorde+n~+~ w•ith the proviaiona of the note st~~urt~d he~reby, full pc~yment
of the eutire indebtedness rPpreseut~d t{i~~r~~b~•, the ~1ori~a~;ee as truatee ahall, in c~oniputin~ ttie Kuiount uf
such indebte~iue~.s, c•reiiit to the e?rcouut of tlie ~Iort~*a~;or nny rredit bale~nce rNUiainiu~ under the provisions
' af (a) of said para rapli 2. If there shc?11 be a defY~~~t uncier any of the pmi•isians of thi:~ ~uori~a~;e re~ultin~;
i in a pubiic sale o~the premises ro~•ereci t~erPb~~, or if tlie ~1orLg~~eP ac'(]UlCP3 the pmpert~• otherwise after
delsult, the :~lortgagee H9 trustee 311R~I ~pply, c~t the time of the c`Oll1111fI1Ct?U1PT1L Of 9llC~1 proceedii~~s or at
~ the time the pmpertY is otteerK~ise acquired, tl~e amount then retnainin~; to credit of \1ort~a~or under (a) of
para~raph 2 precedin~ ~s a credit on tt~e intere$t accured aud unpaid and the balauce to tLe principc~l ttYen
j reuia~ning unpaid on sai~i note.
4. Iie witl p~y a1t tues~ aeeeeemente, wster r~tes, sad ather govaramental or municipal churgee, finea, or
impositione, for whieh provieian he?a not bcen msde het~einbetore, and in defsult thereof the Mortgagee msy psy t~e
~e; aad that he will promptly deliver the o8'ici~1 reoeipta t6erefor to the Mortg~gee.
~ b. He rvill permit, oommit, or eu~er no waste~ impairmeiL, or deteriotation of eaid property or an~ p~rt thereof
+~oept reasonsble we~t and tear; and in the evant nf the fWure ot the Mortgsge~r to keep the bui dinge an aaic~
premisee oad thoee to be er~cGed oa aa:~ prem.isea, ur improvements thereon, in good repair the Mortgsg~ee may
taalce such repairs ws in ita disaretion it msy deem neoeeeary for the proper preeervation thereo~, and the full amount
ot ach and every euah paymeat rhall be dua arici p?y,~ble thirty (30) days aft,~r deansud~ r?ud ehall be eecured by
t~he lien of this mortgage.
6. Ha wlil pay all and aingula~r the oa~te,aharg~, and expemes, including reaeonable lawyer'e tees, and c~osts
of ~b~tracta of title inc+urred or d a~t aa time b the Ma becausa of the failure on the
, pa~t y y rtgagde part of the Iviortgagor .
promptly and fully to pedorm the a6reementa and oovenanta of eaid promiseory note and this mortgage, and eaid
ooete, chargea, and expenaes shall be imm~ediately due and psysble end shall be eecured by~ the lien of this mortgag~e.
7. He will oontinuoue~y maintain hszsrd insurance, of auch type or typee snd au~ounts as b4ortgagee may
from Lime to time require, on the impmvemente now or ~ereafter on gaid premises end except when payment
tor sll euch premiumg hae thc~retoiore b~ee,p made nnder fs) of paragraph 2 hereof,'he will pay pmmptly when
due sny premiume therefor. All inaurance shsll be carried in comparues approved by hlortgagee snd f.he poli-
~ ~iea and renewals thereof ahall be held by Mortgagee and hav~e attached thereto lQSe payable clausee in fevor of
and in form acceptsble Lo the Mortgagee. In eeent of lose he will give immediate notice by mail to Mortgageu,
nad Mortgagee may muke proof of la~e if not mad9 pronaptly by Mortgagor, ~nd each inaursnce campany
ooncerned is hereb~r~authariued and ciirected to make psyment for auch loas d'uectly Lo Mort~agee i~stead of
' ta Mortgegor snd Mortgagee jointly, and tbe insurancx+ prac~eds, or any part t~Lereof, msy be applied by 11ior~-
~ngee at its opLion either to tbe reduction uf the indebtedneea hereby aecured or ta the restorataon or repair of
the pmperty dama~ed. In event of forecloeure of this mortgage or other transfer of title to tha mortgaged
~roperty in e~ct~inguishment of the indebtedneen secured hereby, afl right, title, snd interest o# Lhe Mortgagor
in ~nd Lo any innurance policies then in force ahall pa9a to the purchaeer or granLee.
8. ~ie will not execute or file of record any iu~irument whirh imposes a restriction upoa tl~e sale or occu-
paxxcp of the property deseribed herein on the basis of race, calor, or creed.
9, If the pr~mises, or anF part thereof, be condemned under the pawer of eminent domain, or acquired
for r? public use, the damage~ aw-t~rded, the proceeds for the t.xking of, or the consideration for sueh acquisi-
tio.i, to tLe extent of the full amouut of tiie remainin~ unpaid indebtedness secured b~ this mortgage, are
t?ereb~' ussignecl to tt~e tlortgagee, and t~is t~eiis or assigns, a?id sl?all be paid fortliv~-ith to said I~lortgt~ee
or his assignee to be applied on account of the last maturing installments of such indebtnesa; provided, how-
r~•er, the >iortgagee or his assignee, ma~~ at his diacretion pay d'uect to the ~lortgagor, his heirs or assigns
ar,~- part or sIl of such aw•ard; provi~led, that if the taan is guarsnteed or insured, the consent of the gu~tran-
tor or insurer is obtain~ed in advance of said p~vment.
10. The ~Iortgagee may, at any time pend'ing a suit up~on this m~rtgage, apply to the court hR~~in~ juri~lic-
tion there~?f for the annointment of n receiver, and auch court ehail forthwith ap~oint a receiver of the premises
covered hereb}- all and singule~r, inciudin~ all and singular the income, profita, issues, and revenues f:'OIIl ~~•hat-
ecer source deri~ed, each and every of which, it being expresaly underatood, is hereby mortgage~i as if specifically
set foreh and described in the grenting and habendum clauses hereof. Such app4intment shati be made b~~
such coiirt es an admitted equity and a tnattsr of absolutQ right to saia ~lortgagee, and xithout reference to
the adequa~y or inadequacy of the value of the property mortgaged or to the solvency or insol~ency of said
Aiortgagor ar the defendsnts. Sueh rents, prufits, income, issues, and revenuea ahall be applied b~ such recei~~er '
~ according to the lien of this mortgage and the practice af such court. In the event af an}> defsult oai ihe part
~ of the ~iortgagor hereunder, the ~lortgagor agrees to pay Lo the ~iori.~agee on dernand ss a reasonable munthlv
~ rental for ~he premises an aznuunt at least equivalent to one-twelfth of the aggregate of tYie tw•elve monthlr
installments payable in the then current ye~r plus the actual emoun~ of Lk~e annual taxes, assessmenLs, w~ter
; rat.es, and insurance premiums for auch year not covered by the aforesaid monthly payments. -
~ 11. In the event of any breach of this mortgage or default on the part. of the :~Sortgagor, or in the event
that any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof,
~ or in the event that each end every the atipulationa, agr~ements, conditiuna, and covenants of said note and
this mortgage, are not duly, prompt;ly, end tuliy performed or if the tiiortg~gor be adjudicsted bankrupt or
made defendant in a bankruptcy or rececvershi~ proceedinga; then in either or any such event, the said sggre-
~ gate sum mentioned in said note then remaining unpaid, with interest eccrued to th~t time, and all moneti
, secured hereby, ahall hecome due and psyable forthwith, or thereafLer, nt the option of said ;lfortgagee, as
fully and complstely sa if all the seid aums of money were originally stipuiated t,o be paid on auch da~~, an~~-
thing in said note or in this mort~age to the cantrary notwithstanding; and thereupon or thereafter, at the optior_
of sa?d '.t7ortga~ee, w7thout not~ce or demand, suit at law or in eqwty, mav be prosecuted as if aIl mone~•s
aecured hereby had matured prior to ita inetitution. The ~iorigagee may {oreclose this mortgage, as to t~e
$rnou.nt so declared due F?nd payable, and the said premises shall be sold tc~ satisfy and pay the same together
with costs eapenses, and a13oK•~incea. In case of parti~l foreclosure of this mortg$ge, the mortgaged prcvnises
ehall be sof d aubject to the continuing lien of thie mortga~e tor the amount of the debt. not then due ~nd ~~np9id.
In such c,ase thQ provisione o: th.is paragraph ma~ agaui be availed of thereaiter from time to time by the
?~iortgggee.
12. No waiver of any cavensnt herei~ or of the obligaCion secured hPreby shall at Rny time theresfter be
held to be a wairer of the terms hereof or of the note secured hereby.
13. The lien of this instrument shall remain in full force and effect during Rny postponement or extensian G~
of the time ot payment of the indebtsdnese or any part thereof secured hereby. C~
1~. This mortgage ia gi~en to aecure the purchase maney, or s part thereof, of the lands herein desc~ibed C~2
and is exec~sted and deli~ered conternporaneousl~?~ with the deed therefor.
15. If the ~Iortgagor defaulk; in any of the co~enants or agreements contsine~ herein, or in said note, then
the Mortga~ee may.perform the same, and al: expenditures (including reasonable attorney's feea} made by ihe
~iortgeges Ln so dain shall draw interest at the rate provided for ir. the principel indebtedness, ar.d shall be ~
repayable thirty (30) ~ays after deinand, and, together with interest and costs accrued thereon, ahall be secured „~...5
bp this mortgage. •
lE. L'p~a the rc~ue~t of the tiiortgagee the Mortge?gor shall execute and deIiver a supplemental not~ or
notea for the sum or aums edvanced by the i4lortgagee for the elteration, mt?dernization, improvement, main- o~~
tenance, or repsir of 8aid premiaes, for taze~ or sseesemente againet the $ame nnd for any other purpose autl~or-
iaed her~eunder. Said not8 or notes ahall be sec~ired hereby on a parity w°ith and as fully as if tl~e advance
evidenced thereby were inc.luded in the note firet deecribed a~ove. S~id supptementai note ar notea ahell hear