HomeMy WebLinkAbout0770 tender to Wie Morigagee in scoord~taoe ~vith Lhe provisions of thr note secared here~by, tull p+~yment af the
eatire iadebtedness re~reseated tl~et+eb ,~he Mor~g~gee, ~s trustee, ahail, in ~on~put~C thc? ay~iount ot euch
e
indebtedneea, c:+edit ta the accwunt o~, ~r ~n,~ 't b~lanoe n+maining under 6he provisions o! (N)
of swd 2. lt there ehal[ ~~e a t under ~ the provisiot~s o~ this i~iartg~ r~sultin~ in a
po
pahtia wle preuii~es covered heraby; or it the Mortga,g~+e ~cquu+eg the property otherw~se aft~r detsuit,
the Mortgagee, as trust~+, ah~l ~pply, ~t thd time oI the comniepce~nent of euch pr~c~eding~a or at the tune
~he praperty i~ otherwi~+ e?cquired, the au~twn~ Lben t+~mainiug to credit~ of Martg~gor under of }~arngr~?pt~ S~
preeeding ss ~ credit on the iaterest ~ccnued st~d unprid and t!?e b~?l~ty~ to the principal then remainmg uapa~d
aa ~id no~e.
4. He will pU? ~Il t~~aea~ a~e~me~'I~. wstee e~. ~uad a~fbe~ ~tat or cnunieip~l a~uu'~w. 8ae~. ~pe
im~aritioaos, tar whi~ pt~oviaan ~ not baen nad~ bereiabafare, and~ de[ault thereof the Mort~ee m~Y W?Y tbe
d~me; and t6at 6n rri11 promptly deii~ar ths a~ai~i reedpta tber~efor io tLe Mort~ae. .
He wiU p~eemit, eoaonni~~ ar eau~er na? war~e, imp~ir~a~ntnt, ar def~o~?tion`+~f s~d propatty er~ th
~
e~ooep~ re~oo~bie w~r and f,e~r • aad in Lbe e~v~nti a[ Lhe failure of t~he ~artp~or to keep tbe on
pee~aiees sad thaae to be erecte~ o~ nid preasiee~, et impro~v~erne~ta t6e~eon~ in ~ood rep~ir the Mortgaaee msy
of esc~ snd ~ sueh ~p~ymeat sh~l1 be due u~ P~bie itb3rtY (~o? d~ya
stter~dem~uad,~ ~h~i?Il bef ~ecured b~?
tbe lien ot tbis c~ort~e. •
8. He v~rill pay ali snd sin~uLr the o~u~+e, aad e~cpet~ae~, indud3n~ te~onsble bwyer'r fees, ~ad oosts
of abstr~?ets of title, inourred or paid at aqy t3me by ort~ee bea?ex~e d the failure ~ the psrt ot tha Morta,aaor
Pr~P~Y and fully to pe~iorm t6e a~~ee~enta a~ ~ov~entnb a[ s~id pro~iesory note ~nd Lhia mo~~~ , and arid
ooeta, ohsr~a, and e~peo~es shall ba imm~edistely due ~d p~ysb~e aad shsll be seaured by the lien ot t-hie mort~e.
7. He ~rill oontinuo~ m~?intaia ha~srd i~uaaoe, of such type or types and amounts as Mortgsgee mwy
from tiime to tame require, on the improvemenLe noR ar hee~eaft~e~ on said premises and eyccept ~vhen payment
tor sll such premiuma hee tharetofore been m~de undeX (s oi paragraFh 2 L...?~eof ~e will pay pmmp~,~y when
due any premiiums theraf'or. All inauranoe ahall be d~ in comPanies +?pPY'oved by M and t~be poli-
cies and renew~a t6ereo! shall be Leld by Mortgagee und bsoe stt~ched L6ereto ~es ps~ab
a~usee in favor of
and in form ~crsptable to the Mo In eveut of loe~ he vvill give immediate notic;e by mail to Mv~rtgagee,
sud Mortgagee msy make pmof
o~
s if aot msde prompt~ly by Iwlortgagur, aud eruch ineun?noa cwo4ptiny
ooncerned is hereby e?ut~hori:ed and directed to nwlce payment for suc~h bes directly tN Mor~g~gee mstead of
ta Mortg~gor and Mortg~gea~ointly, and the imuranoe pmceeds, or any part t6ereof may be i?p~
yp-lied by Mor~
gagee at its option aither to e raduction of the indebtednees hereby secured or Ln t~e restorstwn or repair of
the propert~? dama~ed. In event of foreclosure of thia mortgage or other trr?nafer of title to t~e mortgsg~ed
properLy in ea~tinguishment of the indebtednees eecured hereby, s~l right, title, and interest oi t~he Mortgagor
m and to any inaurance policiee then in force ahall pnss to the pum,haeer or grswtee.
8. If the premises, or an~• p$~t thereof, be conden~ned under the po~er of eminent. domain, or acquired for
a publi~ use, ti?e dama~es awarded, tlie proceeds for the taking of, or the conaideration for such acquisition, to
the exte~?t of tl~e full an~ount ot the remaining unpaid indebtedness secured b~• this mortga~e, are 1?ereb~-
as:~igtied to t}if~ ~tort~a~ee, and hi.g heirs or assi~ns, and shall rie paid forth~~ith to sai~i :~4ortgagc~e or 1iiR
assigiiee to t~e applied on account o[ t}~e last i~iaturii~~ i~~Lallments o[ suc}i indebteclness; pro~•icled, lioK~ever,
thc :~'Iort~a{;et~ ur his assigi~HC~, u~a~• at }iis disrretion pa~• dirert to t}ie ~iortgagor, Ii1S }lPilti OP A9S1~ilS &Il~• part
or all of sueh aw-ard; pro~-ided, that if the lonn is guaranteed or insured, the consent o[ the guarantor or iiisurer
i~ obta~ned in ad~•ance of said pa~•ment. ~
y• The Mortgsgee may, ~?t any time pendi.ng a su:t upoa this mortgage, appty to the eourt hrving juriediction
thereof for the appointment of a neceiver, and such cautt shall forth~vith appoint a reaeiver of the pmemiaee oovered
hereby all arid singular, including all and singulsr the inoome, p~oSts, iesues, snd t+eveaues from v~rhstevcr eouroe
deriYed, esch and every of ~vhic~:, it being expc~easly un~eistood, is he~e~eby mortga~ed ee if specificaUy get forth and
deecribed in the granting and habendum clauees hereaf. SucL sppointmeut a1~p11 be msde by sueh court se s~n e?dmitted
equity and a mat~r of sbeolute right to esid Mortgsgee, ~?nd without referance to tbe adequacy ar insdequacy of
the value of tbe property mottgaged or to the eolvency or insolvency of esid Mortgagor or the defendanta. 3uch
rents, profita, incoane, iesuea, aad reven~a a6all be a~ed by such reCeiver acoot~ding to the lien of this mortgxge
and the pxsctice of such cowt. In t~he ewent of any de ault on the ~rsrt of the Mortgngar hereunder, the Mortg.a~or
agrees to psy to the Martgagtg an demsad aa s reasonable montaIy rentai for the premiees a?u smount at lesst
equivalent to o~t~velfth (~z) of the aggreg,ate of the twelve monthly installments payable in the then eurrent
year plus the sctual amount of the uunual taacea, ~nenta, water rates, and ineurance preffiiuma for such year
aot covered by the sforesaid monthly gaymenta
IO. In the event of any breach of this mort~sge or detsult on the part of the Mortgagor; or in the event that
a.ny of said sums of money herein referr~3 to be not promptly and fully paid accardu'~g to the tenor hereof, or in the
event that eac6 and every the e~ipulations, agreementa, conditione, and coveneuts of said note and this mortgage,
are not duly, prompLly, and fuIly performed; then in either or any such event, the said aggregate sum mentioned
in said note then remaining unpaid, with interest accrued to that time, and all moaeys secured hereby, shall become
due and payable forthwith, ar thereafter, at the option of said ~.1~iortgagee, as fully and completely as if all of the
eaid aums of money were ori~natly atipulated to be paid on such day, anyLhing in said note or in this mortgage to
the contrary notwithatanding; and thereupon or thereafter, at the option of said Mortqagee, without notice or
demand, suit at law or in equity, may be prosecuted as if a11 m~eya eeenred hereby t~ matured prior to its institu-
tion. 'I'he Mortgagee may forecloee this mortgage, as to the amount ao decl~ted due and psyable, and the said
premises shall be sald to satisfy and pay the same together with costs, expenses, and allowancea. In case af partial
torecl~ure of this tnortgage, the mortgaged premiees ahall be eold subject to the continuing lien of this mortgsge
for the amount of the debt not then due and unpaid. In such caee the prnvisions of this paragraph ms~~ again be
availed of thereafter from time to time by the Mortgagee. •
] 1. No wniver of aay covenant hcrein or of the obligation aecured hereby shall at any time thet~eafter be held
to be s? waiver of the terma hereof ar of the note eecured hereby.
12. The lien af thia ix?atrument shall remain in full force and effect during sny poatponement or exteneiun of
4.he time of payment of the indetrtedness or any p~rt thereof eecured hereby.
13. If the IVlortgagor default in any of the co~enanta or agreementa contained herein, or in aaid note, then the
Mortgagee may perform the eame, and al] ezpenditurea (including reasonable attorney'e fees) made by the Mortg~ee
in so doing shall draw interest at the rste pro~ ided for in the principt?1 indebtedness, and shttll be repayable
thirty (30) days after dematxd, and, together with interest and eoste accrued thereon, shall be secured by
this mortgage.
14. Upon the request of the Mort~aqee ihe Mortgagor shall Pater,ute and deliver a supplemental note or
notes [or the snm or aums advanced by Ghe Mortgagee for the alteraLion, modemization, i.mprovement, main-
tensnce, or repair of ssid premisea, for taxes or assessments against the same and for any other pur{x>~e author-
ued hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance
evidenceci thereby were included in the note first described above. Said s»pplemental note or notes shall bear
interest at the rute provide~ for ir. the principal indebtedness and ahell be psyable in ap pmxima4ely eqnal
monthly paym
enta tor auch period sa may be agreed upon by the creditor and debtor. Fsil~ing W agree on the
msturity, the ~hole of t.he sum or sums so advanced shall be due snd payable thirty (30) days ~fter demand
by the creditor, In no event ehall the m~?turity eatend beyond t.he ultimate r.~aturity of t,he nc?ta fi~t
deecribed ~?bove.
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