HomeMy WebLinkAbout0712 tQnder to the Mort~agee in sccord~nce witli the provieiona of the r~oce~~eecured tirreb~•, tull pa~•uient u[ ti~e~
entire indebtednesa represented therebv, the Mortg~gee+, aa ttuate~e, at~all, in coinputi~ig the aniount of surh
indebtednee.~ credit to the account o[ t1ie~~~~gQt sny crc~it'b~lance retusininK undYr the ptY,visions of (a)
of said paragrap h 2. If there e!?all be a~d a t~i~tder any ~t Rf~ provi~io» o[ chia uiottga~e resultu~g in a
puWic eale of the pte~ni~es covered hereby, or J the Mortgagee acquu~e the propertv otlierwsae aftr~r dr~inult,
the Martgt~gPe, as truster, ah~?Il spply, at the time af thN ra~i~nencement ot ~ucli prcx•eedings or at th~ ti~~u~
the property ~ otherwise acqt ired, the snlount then remaining to ct~ciit oi Mortgagor under (a) n[ pare~re?ph 2
prereciing as a credit on the intet~eat ~ccruPd and unpaid and the balanre to ttir principa! then remainin~; unpaid
on gp,id not~.
4. Ha will p~? all taxes, a~eexa~menta, wst,~r rates, ~nd othe~ governmental or municip~l cherges, fitur~ ar
impaitioas, for whiah proviaion L~a not bee~ made hereinbefore~ aad in defsult thereof the Mortgxg~e ~?Y ~Y ~
s~um~e; w~l th~?t 6e will p?o~ptly de~iv~r the officisl reoeipte therefor to W~e Mort~ee.
b. He will permit, aommit, or suffer no waate, impsir~ment, or cleteriorstion of ~id property os snY part thereoi~
exoept ieae~nable ~vear and teu; and in tbe event of the failure o# the Mortgagor to kcep the buildin$n on aoid
premisee and tha~e to be ere~cted on s~id peemises, or improvements therean, in good r~pair, tAe MortBRgee ma?Y
make such repairs ius in ita disaretioa it msy dee~ neoeeesry for Lhe proper preeerv~tioa thereof~ and the full auuount
of each snd every euah p?yment shall ibe du~e ~ad paysbk t~hirty (30) daye sftes demund, end ahall be eecured by
the lien of thia mortg~ge.
6. He will psy all uad eingular the ooets, and e~cpenbee, ineluding reaeonsble L?wyer'a feee, and ooete
of abetrnete of title, incurred or ~id st ~ny time by Mortgsgee becauee of the failure on the part of the Ivlortgagor
promptly and fully to perform the a~preementa e?nd oavenant~? of e~sid promiesory note snd this mortgage, and aaid
aoata, char~ee, and expenaee e~ll be immediat~ely due ~ad payable and e~hull be eecured by the lien of thig mortgage.
7. He will oontinuoua~y acsiintsin hszard insuranoe, nf such type or types and amounts as Mortgagee mgg
fmm time to time require, on the improvement~ now or herealLer on eaid premises snd etcept when payment
tor atl such premiums has theretofore been made under (s) of psragreiph 2 hereof '~e will psy prounptly when
due any premiumfl thcrefor. All insurance ahall be carried in oompan~s spproved by l~~o and the poli-
cies end renewals thereof shall be held bp Mortgagee and have attsched tLereto lose payable ausee in favor of
snd in form acceptable to che Mortgagee. In e~vent of lueg he will give irnmediate notice by mail to 11~ort~gagee,
and Mortgagee may make proof of tosa if not made prompWy by Mortgag~or, and esch insurauce t~pmpanp
concerned is hereby authorized and directed to make payment for such loee directly Lo Mortgsq~ mstead of
to Mort~s~or and Mortgagee 'ointly , and the inaurance pmc~eds, or auy part thereaf, may be spp7ied by Mor~
gagee at its option either to t~e reduction of the iudebtedne~ hereby secured or to the reatorution or repair of
the property dnrna~ed. In event oi forecloeure of this mortgage or other transfer of title to the mortgaged
property in extiugwshment of the indebtednees secured hereby, aiI right, tit~le, and interest of the Mortgagor
m and to any inaurance policies then in force ahall pass to the purchsser ar grsntee.
8. tf the preniL~, ur su~~ pa~t t1?ereof, be ronde~nnesl under the powc~r of eminent domain, or acyuirE~d tor
a publie use, the da~na~es awarded, th~~ proc~eec~s for the takinK of, or the eonsicleratinn for suc~h acquisition, to
tl~c~ extPtrt uf tlir fuli umout~t ot the rc~irYainin~ unpaid indebtedne~ss sec~urt~d b~• this n~art~;x~;c~, are~ hcreb~•
ussiKned to th~~ :1'[ort~a~ee, and his heirs or assi~?s, and shall be paid [orthwith to said Mort~a~t~~ ar his
asse~;nee to tx~ applied on sec~ouut uI she ls~t ~~?aturin~ installn~ents of suc}i indebtednc~:~4; provi~led, }iow~rer,
the hlort~t~e~~ or 1?is assi~nc~e, nfa~~ at his diq~•ri tion pu~~ dirc>ct to the Vlortga.~~r, 1?is lu~i~:~ or ussi~;ns ar~~~ part
or all of su~~l? award; pro~ ided, that if tl~r~ loun is ~uarante~~d or insured, the conseut of tlie guurantor or insurer
is ahtained in actvanre of sxid pa~~mc~nt.
y• The Mortgs~ee may, at sny time pex?ding $ suit upan thie mortgage, apply ta the oourt hsving juriediction
thereof for the appointment of a receiver, and sucb oourt ehall forthwith appoint a t~eiver of the prem.ises covered
hereby all sad singular, including all and singular the income, profite, ieeues, and revenues from whatever eource
derived, each and every of whicL, it being expreesly undergtood, ie hereby mortgxged ae if specifically eet forth and
deecribed in the aranting and habendum clauees hereof. Such appointment ahall be made by such oourt as an sdmitted
equity and s~ matter of absolute right to eaid Mortga~e, and without reference to the adequacy ar inndequacy of
the value of the property mott~ged or to the eolvency or insolvency of said Mortgagor or the defendants. Such
rents, pmfits, income, isisuea, snd revenuee aha11 be appli«i by euch receiver accordiag to the lien af thie mortgage
and the p~sctice of such court. In the event of say defsult on the part of the Mortgxgor hereunder, the Mortgagor
a~rees to pay to the Mortga~ee on de.mand as a reasonable mont6ly rental for the premiaee an amount at least
equivaient to on~twelfth (~2) of the agg~+egate of the twelve monthly inetsllments psyable in the then current
year plus the actual amount of the unnuai taxes, sseeesments, water ratee, and insuranoe premiums for such year
not covered by the aforeaeid monthly psymente.
] 0. In the event of any breach of thia mortgage or defuvlt on the part of the Mortgagor; ar in the event tbat
any of said surus of money herein refened to be noL promptly and fully paid accurri'u~g to the tenor hereof, or in the
event that each and every the stipulntiona, a~reementa, conditiona, and covenanta of said note and tbis mortgage,
are not duly, pmmptly, and fully performed; then in either or any auch event, the said aggregate eum mentioned
in said note then remaining unp~id, with interest a?ccrued to t6at time, and all moneya secwed hereby, ahall become
du~ and payable forthwith, or thereafter, at the optian of said Mortgsgee, as fully and comgletely as if all of the
eeid sums of money were originally stipulated to be paid on such day, anything in said note or in thia mortgage to
the contrary notwithstanding; aud thereupon or Lhereafter, at the option of said Mortgagee, withaut notice ar
demand, suit at law or in equity, may b~e prosecuted ae if all moneys eecut~ed hereby had a~Lurec3 prior to ita institu-
tion. The Mortgagee may foreclase this mortgage, as to the amount eo declared dne and payable, and t6e said
premises shall be aold to satisfy and p~y the same t~et6er with oosts, expenees, and allowancer:. In case of partial
forectosure of this mottgage, the mortgaged premises shall be sold subject to the oontinuing lien of this mortgag~e
for the amount of the debt not then due a~d unp~sid. In such cx~e the provisions of thia paragraph ma,y again b~e
availed of thereafter from time to time by the Mortgsgee. '
I 1. No waiver of any vodena~t herein or of the obligation secured hereby shatl at any time them.after be held
to be s waiver of the terms hereof os of the note eecured her~by.
12. Tl~e lien of thia inetrument ahall remain in full force and e$ect during any poatponement ox extension of
~ the time of payment of the indebtedne~ or any psrt thereof eecured hereby.
1:3. If the Mortga~or defaeilt in wy of' the covenanta or agreemenfa coatained herein, or in said nate, then the
Mortg~gee may ~erform the eame, aad all expenditures (inctuding reasonable attorney's fees) made by the 1VlortgaRee
in ao doing shall drsw interest at the rate provided fo: in the principal indebtednc~, snd shall be repayabte
thitty (30) days after demand, and, together with interest and costs accrued thereon, sha!1 be secured bp
this mortgege.
14. Upon the request of the Mort~agee the Mortgagor sha11 execute and deliver a supplemental note or
notes for the sum or sums acivsnced by the r~Zortgagee for the alteration, modernizatiou, improvement, main-
tensnce, or repair of st~id premises, for taxes or assessments againat the same and for any other pur~ose author-
ized hereunder. Suid note or notes sl~stl b~e secured hereby on a parity with and as fully as if the advance
evidenced thereby were included in the note firat described abave. Said supplemental note or notes shall bear
interest st the rste provided for in the principat indebteciness and shall bepa
yable in s proximately equal
monthly payments for such period as may be a~reed upon by the creditor $ad debtor. F~ t,o sgree on the
maturity, the wbole of the sum or sums so advanced ahall be due and paysble thirty (30) days after demand
b~ L~18 CtCdlCOP. IA no event ahall the maturity extend beyond the ultimate niaturity of the note first
described above.
BOOK ~~S ~~J