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HomeMy WebLinkAbout0184 und ~hall duly~ perform, comply v~•ith xnd abide by e~?ch .~nd evrrp the stipulations, rc~nditions, and covenanta uf said promis,ory note und o[ this morigage, then this ~nortga~;e and thc~ t~state he:eby created ahall cease and be null and ~•aid. IT I~ UNDEltST00D that thz wotd "MoitgnRurs" ~~•hc~ther in the singulur or plural anywhere in this %ortgage, shull be ~in~ular if one only s?nd shall be plui•al.jointlp and se~~er~?Ily if mure thun one, and that the word "their" ss u.ed an~•~chen~ in this Mart~a~te shall be taken to mean "his", "her", or "its", where~•er the context so implie~ or admits. Also, tT~at ~~~hc•re~•er there is a refe~~ence in the covenants und agreements herein contained ta any of the p~ rtiea hereto, thr sarne shult be const~vrd to mean us wel! the heirs, IeRal representatives, successors and aeaigns ~either voluntary by ~ict of thr parties or involunta~•y by operation of the l.t~~~) of the sxme and that the covenanta herein contained shall bind artd the brne8ts und udeant:iges inure to the t~espectiee heirs, legal representativea, sucreasors and asaigns of the parties hereto. Aud suid :~IORTCAGOKS, hereby co~•enant and agme to xnd With Lhe sAid MORTCAGEE: l. Ta puy all and uagular ~6e principal and iaterest and the varioua aad suudry sums o( nwney p~yabk by virtue oI rid peomir ~ory note, uid tl~ie mortga~e, ach and every, peompt~y oa the daya respective~j thc ~ame ~even?1~ become due. ~t. To pay all and aingular d~e txuta; ~swmcnW, kviee, liwbilities, obGgatioas ?nd iacumbtr?ncer ot every nature and Icind now on said described propetty, or that 6ere~tter m~y be impo~od, tu[[end, plsi.^e~, kvied, or a~ed tbereon, ot thst here~tter tuyr be k~ ied or asse~sed upon thia hiortgage or the indebtedneaa ~ecured thereby, ea~ch and every, when due wud prytble ~ooordin~ to 1~w. betore they become delinquwt, snd before any iatereat ~?ttaches or any pen~l~y u iacurred; and inrotae n aa~r theeeo[ is ot mcotd tbe asme sliall be promptly satiafie~i ana diecharged o[ rerord and the origina! otC~cW dorument (~ucL ss, for iwtaoce, the t~ recapt or t6e sst~siaction psper otticial~y rndorsed or certiC~ed) shall be placed ia the handa ot ~aid MORTGAGEE within t~en dqr next atter p~mient, t?nd in the e~~ent that any thereot is not p~id, aatiafied and diechuged a~ad MORT(iAGEE mq st any time py the ~ame or ~qy part tGentid Hichout waivinq or aftecting aitiy oplion, lieu, equity or right under or by viKue ot this mort~e, ~nd the full smout?t ot eack ~nd e~ery ~uch payment ahall be immediaGe~,v due wd payabk and shYll be~s intecest [rom Lhe date thereot aatil p~id si the nte of si: snd une-hal[ per centum per annum rnd Wgether with such iutcrest shall be a~r.cured by i6e lien of this morts~e. 3. 'ro place and rnntinuous~y keep and ewrry upon the bwldings and improvemeats now on c~reafter atuste upoa aid IaacL, and aU equipn~ent and personal property covered by this mortgage, wiW all pnmiuma thereon paid in full, Cue inwnace in the usual etsud+?e'd pulicy furm, an~i such additional poGcite ot iusuranee eovering sueh othcr hazacds, casualties aod oontingeneie~, including but not limited lo, HlI1l~S~U[III~ turnado or cycbae and w~u damage incurance, in auch unounts and tor ruch periods of time, and in such lasurance rom• pany or companiea, as the MOftTGAGEE may requiee, direct oc approve; and nll wch insurance polieie~ upon ony of aid buikiing~, im- pror~ements, equipment snd penoual pmperiy, whelher in the amuunt :r.quired ot in ezoea thereof, du?11 oontain t6o usual standsrd murtgage clause or such other clsux ~e the MORTGAGEE may reyu~re, making We bee under ~aid policies, ach wd every, qygble to suid ~IOR'LGAGEE av its interest auy apptar, snd rach and every sucl~ palicy shrll be promPt~y ~gY?ed wd cklivered Uo and held by suid 1fOItT(:aI:EE w tutther eecurity to asid mortgage debt, and, not lesm than tea (10) dayr in i?dvanoe ot the eYpiration ot each pulicy, to deli~~er t~ ~id Di~IiTGAGEE ~ nnewa! theieoi, together a•ith a receipt, for the prdmium ot wch reaewal, snd t6ere ahall be no fire or turnado inauram~e placed on any of said buildinge, any intereat therein or part thereoE unkse in the torm snd writh the bse pay- eble as a(urrsuid; and in ihe tvent any aum of money becomes payable uader such poGcy or policiee ~aid 4fORTGAGEE shall hsve the option to recei~~e end apply the ssme on ~ccount o[ the indebtc~nesa secured hereby or to permit eaid MO$TGAGORS to teoeive and ux it or any pxrl lhercot for other pur}~oees without thereUy wai~~ing or impairing any equity. Gea or right undet or by virtut of thi~ ~~iurt~:i~;e; and in the event said MORTGAGORS ahall far any reason fail tn keep the said premix~ so insund, or tail to deliver pzomptly anv o[ :;niJ ~iicies ot insurance to eeid MORTGAGEE, or tail pmmptly to pay tulty uny premium therefor, or ia any respact f~il to pertoriu, ciis~~L~r~;e, execute, ~ftect, cwmpkte, comply with snd abide by thia covenant, or any psrt hereof, ~aid MOIiTGAGEE m~y plnce ai~d pay tor such insurance or any part thereof without w~aiving or A~EC('ClI1g any option, Gen, equity, or ri~t under or by virtue of this !1loctga~;e, and thc tull amount ot each and every auch payment shall be immed'utelq due aad paysbk and shall bear interest fmm t6e date thereof until paid ai the nte of si: en3 one-hatf per cent, pe~ turnum and together with eurh intertat shrll be ~ecured by the lien oE this mortgage. 4. To remove or demoliah no building oa ssid premixs wiEhout the written consent of the :~Iortgagee; to permit, commit or auffec no waste, iinpairment or deteriorntion of aaid property or any part thereot, and to keep the aame and improremtnta Lhereon in good rondition and repair. 5. To pay a!1 and singular tht cosb, chsrgea and expenses, including • reasonable attomey'e fee and coets of sbstrset~ ot titlq incurred or paid at any time 6y said MORTGAGE£, becRUSe or in the event oE ihe failurc on the part ot the aad MOATGACiORS to dulv, promptly and fully perform, discharg~e, execute, eftect, compkte, comp~y wit6 and abide by each and every t6e stipulations, sgeet mtnts, conditions snd covenants of nid promiseory note snd this mortgage, nny or either, end esid caats, chsrger and expenees, each md erery, shall be immediately due and payabk; whether ot not then be notice, demsnd, sttempt to rnlkct or ewit peading; and ihe !ull amount of each aud eccry auch paywent shwll bear interest t~om the date thtrtof until ~uid st the r~te o[ dz aad onchalf pct centum per snnum; snd sll ss9d coste, chargea and expenxs so incurzed or paid, together with wch intereat, shsU be securtd by the lien of ihis mortgage. 6. That (a) in the event oi aay breach o[ thia blortgsge or default on the part oF the ~10RTGAGORS, or (b) in thc event of anr of said sums of money herein refereed being aet promptly and Eully paid witbin ten (10) dsya nezt after ibe eame ~evenlly become due and payahle without demand ar notice, or (c) in the e.~ent eech and every the stipulations, agreetnents, conditions ~nd rnvenanU of esid promissory notz wd thia mottgage any or ~ither arc not duly, promptly snd fully perfornsed, diichuged, executed, :tEected, com- plcted, complied with snd ~bided by, ihen in either or wy such e~~ent the esid ~ggteg~?te sum anentioned in Mid promiasoe~r note thw remaining unpaid, with interest ~xrued, aud all moneys eecure3 hereby, ahall becwme due and p~yabk forthwitb, or thtteafter, st tht option at said MC1$TGAGEE, ~s fulb wd oomplete~y u if sll of the said sumo ot money ~vere oxiginalb stipuLted to be paid on such day, anything in esid promi~eory note or in this Mortgage to the contrary notwithstanding; snd thereupon or the~after at the option of said Di0$TGAGEE, rvithout notiae or dmnud, nut st lsw or in e~uity, theietotorc or thtreafter begoa, may be prosecuted rs it ali mone~~s secured hereby had mstured prior 4o ite institutian. 7. Thnt iu thc event thst at the begiuning of or any time pending at~y ~uit upon this Mortgage, ur to torecbse it, or to retorm it, oc to et~Eorce psyment of anq cLima hereunda, said MORTGAGEE shall apply to the Court having jurisdiction thenof for the ap- pointment ot a Receiver, aueh Court ~ha~ll forthwith rad without notice to the 1110RTGAGORS or other defendanb appoint s l~ecai~•er ut s+iid mortga~ed property all snd singuLr, including all and aingulat the income, proGts, issues and revenua from whatever eo~rre dt riveci, each and e~•ery of whic6, it being ezFtreul~ underatood, is hereby mortg~gr.d sa if apccifically eet forth and described in the granting and habendum clauses hereof, and such l~eceiver eh~ll havt ~Il tha brv+?~d and etfective functione aad po~ven in anywix entrusted by a ('ourt to s Fiec~eiver, and such sppointmtnt rhall be made by attc~ Court as rn admitted equity and s msttcs ot absolute right of awld ti40RT'GAGEE, and without reterence to the sdequaty or inadequacy ot the vsluc of the paoperty mortgsged or to the eolvenry or in- ~ol.•encv ot said MORTGelGORS or the defendants, and thi! such rents, proCib, income, itauea and revenua ahsU be spplied by such , Rereiver n~cor~lina tn tl~e lien or equity of ssid MOBTGAGEE and the practire of su~h Court. 3. 'Ta duly, pron~ptly and tully pezfotm, diac`harge, executr, effxt, camplete, comply w•itl~ ettd sbide by each and even• the stipu- lations, aRrecments, conditions end covenunts in said peomissnry notr snd in this mort~age xt iorth. ~J. Tha1 in the e~ent t}~e ownenhip of the mortgaged premises, or any purt thercof, becomes veated in a peraon other tl~sn tlie JfORTGAGORS, the 410~iTGAGEE,(ita succeseora ~nd assignavmsy, without notice to the MOBTGAGORS, deal with the aucc~essor or successors in interest with reftrence to tbis mottgsg~ aod the debt heroby etcue+ed in the rame manner aa with tbe MOBTGAGURS ~rith- o~it in utiy ~tuy ~itiatinR or divcfiaraing the MORTGAGORS' liability hrseunder or upon the dtbt here6y secured. No ~ak of the premises hereby mortqs~ed snd no [orbearsnce on the i,art of the MORTGAGEE(or its succes9ors or asaiqnrJend no extensian uf the time f~r the payment ot the dcbt hereby eecured gi~•en by the MORTGAGEE(or ib succeseon or ae~Rna)ehall operwte to reka~e. di3char~, nmdify, chanae or ntfect the ariRinal liability of the ~tORTGAGORS hercin, eilher in whok or in {nrt. 10. if the ~10RTGAGOAS shall ha~'e aasigned or cause to be assignecl to tLe MOATGAGEE, now or hereafter, any policy or Ex~licirs ~f li[e insurmnce ~ sdditionaL collate~l tor, or in connection wiih, the indebtednesa herehy ~ecurcd, and thia rnortqage, the 4tORT(::1GOHS agree, so bng as any of eaid indebtednese xhall remain unpsid, that they will, from time to time, as and ~VFlGR the ~ame ~ shall berome clue unc~ pnyabk nnd before sny Rrsce periad pm. ide~i in said policy ~r policies shall he~•e e~ired, psy the prcmium i~pon said (~~licv or policies ui life ineuru~ce, wnd otherwise keep sai~l policies ~ri full (o~ce an~i effect. And it is sgreed ~nd s condit:on LP!'rOI tM3~ should the MORTGAGORS fail or neglect so to do, ~uch detsult and negkct sha!! be a bieaeh of s rnnditeon of thia mortgage and shall accrkrate thi~ mortgs{Re anci cauae the whok of the indebtednese secured hr.reby to torthwith itnmediateb beoome due and ~,a~•abie, tr,y,*ether witn intercst theteon, sa thonRt? ihe whok term thereof had run, sod thia mortgs~e shal! thereupon be abject to im- med~ate foe~eclosure at the option of the MOATGAGEE. T'he MORTGAGEE ahsll have the right, ~t its option ,to pa~ oay auch premium or premiums, but such payment i( made ~hsA not conatitu4s s rvsi~-er oE Rny condition in thia mortgage or any right which the MORT- (:A(~h:F; nui~~ ha.•e ~mdcr the tertn~ snd conditiona hereot, and lhe amount so paid ahall be added to the princip~l debt ~nd shsll drxu• intPte~t in the mnmint pm+-i~ed in said note xnd ah+~ll be :+rcuted by this mort~ge. I1. 't'he ~IUHTGAGUliS cove~iant snd ~rre tliat they aiU keep an~ muintain the oui{ding or buildings now locsted upon or hrrea(ter M~f1ilNC~C(j e~pon the pnmieea hereinbetort described in good cundition and npRir, and t6at t6ey will Peom time to time malte such repairs, impro~ ementa or replarements upon and to seid building or buiklinRs ne may 6e necesaary ta ketp the same in good oon- diti~~n and r~•pair. an~i should the ~faRTGAGOR5 fail or retuse so tn ~o, within thirty (90) dsy~ s(ter rrritteu •iemand by the :~10RT- GAGEE, then an~i in that ca+~ the MORTCAGEE dhnll l~ave Lhe right to make ~aid royain, improvementa or repLcemeata aad to tzpend ~ucli sum nr sums u! money a+ Fhall be Appmvcd by its Fiu+inrr Cnmmitlte, Executir•e Cnmmittee, or 8oard o( Directon (either befott or after su~L expendituera ncr mncle) Rx mry I~e reeur~nubly nececsery to put ssid buikiing or buildings in good conditaa and tep~ir. nnr~ all sumv s!~ ex~~ende~l stiall be a~ded an~l I~ccome :i parl uf the prin¢ipal indebtedneas secuttd by t6is mortgage, snd ~hu1! be psid bv the MORTGAGORS to tl~e MORTGAGEE in twtl~~~ (.1~) ~~~al ronaecotive monthly inatallments, the firat monthly iasGrUment to bt paid ua s~~ert ot amI in acldition to the monthly psymcnt ~lue un~er thia morigage in the firat cakndar month folbwing t6e compktion nt su<•!i re{~ir.c, cuch aumc ~ expended to bear interest et the rate at whicle intereat is paysbk upon said prineip~l indebtednds; and tht licn c~t tiiic mortasar ahsll extend lo and etcurt lhr sum ~xFxnd«~, tr,gether w-ith inlemat ihcreon as hereinhei~re Tnovided in ali rr s~~~t~ ns thmi~l~ such anm hari iwi~n a ryarl of Uie ori~inal ir~debke~rr„ .ecured hercby. 1~2. ~~1'lir~i a~iy a~innint nt mnney tn be p,ai~l by the ~1(1(iT(;:1(;()li5 tu the 1~i0ATGAGEE wider We lernu 6efeol shall be in de- faulE. ~r shnukl the :HORTG.~GORS default in any of the o~he~ teyn~~pvi`ions or~~ itio~e o( thie mort~Re, tben wd in that caae d00K J 7 ~ • ~ ~ - - - _ _ _ _ _ _ - - .