HomeMy WebLinkAbout0719 tender to Lhe Mortgagee in eccorciunce with ~he provisiona of tlie natN aecured he~rHtiv, full pa~•i?ient o[ tlic~
entire indebteciness represented therebv, the Morcgagee~ air, trustee, ~hall, in con?putirig tlit~ eniount of xucii
indebtedneas, csedit to tlre sccount o~Le M~wgar sn,y~ c~il ba?laiioe rr~~iainiiig utid+~r tli~ proviaiottf? of (a~)
of asid p~tagi'aph 2. lf tl?ere et?~Il • cie ~ undcr an~+ ot the pruviaiona of thia niortga{;e resulting in e
public si?le of the premisea covered hereby, or if the Mort,~agee ac.quires the property otherwrae atter de[ault,
the Mort~gee, aa truetee, sh~ll apply, at the tinte of the couunencernent of such proceedinKs or at the timt~
the propert~• is otherwise ec~quired, the atnount then rem~ining to credit o[ Mortga{;or under (a) of pare~};raph 2
preceding as a credit on the interest accrued snd unpaid and t}ie balance to the principal then reinaiuin~; uupaid
on said nate.
4. He will pay ali tues, aeeeesmants, rwster rst~es~ and other goveramental or municiPal aharge0. fin~+ os
impc~eitione, for wLich provieion hss not been made hereinbefore, s,acl in default thereof the Mort~ngee maY Pa?Y ~
esme; snd thst he will p~romPtlY deliver the offiaial reoeipte therefor to the Mwctg,a~ee.
b. He w~ill perunit, oommit, or su~er no waste, impairment, or deterioration of eaid propetty or an part thereof
ill
~cept reeu~nsble wear and terir; and in the event of the fsilure af the Mortg:qor to keep the b' ' on eaic~
premieee a,nd thoee to be erected oa eaid pr~ni~es, or improvements thereon, in good rep~ir~ the Mortgagee may '
, make such repaiis as in its diecreLion it msy deem neoeeeary for the propor pc+eserv~?tion thereof~ a~d the fult amount ~
of each and ev~ery eur,h psyment eha11 be due snd psyable thirty' (30) daya dter demsnd, and ehsll be secwred by
the lien of thia mortgage.
€ 8. He will pay all and singul:?r the ooete, , aad e:penees, includin~ reaeonable ]swyer'e feee, and oaste .
of abgt~rscta of title, incurred or pm?id ~?t any time~Mortgagee beesuee of the fuilure on the par~ of the Mortgsgar
promptly sad fully to per[or~n the a~reementa und oavenaate of eaid proxniaeory note and thie mortgage, and said ~
oo~t,e~ ~hsr8e0. ~?nd eupeneee shaU be ianmedists~y due ~snd pr?y:?ble end ehall be eecwced by the lien of thfs mortgage.
He will aontinuoue~y maintain hazsrd ins~uauoe, oi such type or types and smounte as Mortgagee may
irom time to time require, on the imp~rovemente now or heresftsr on said premi9es snd escept when payment
tor all euch premi~ms has thenatafore been msde under (s) of psragrsph 2 hereaf ~e will psy promptly when ;
due any premiums thcrefor. All insursnca ahall be carried in comPeuues ,PProoed by Mo~ee and the poli- ~
cies and ranewala thereof ahall be held by Mortgagee and have sttsched thereto lose payable c auses in favor of ~
and 'an ~orm scceptable to the Motg~e . In event oi loes he will give immediste notice by mail to Mortgagee, ~
and Mnrt~agee may make proof
o~
f Ioss if not mede promptly by Mortgsgvr, and each inaurance oompany ;
concarned is hereby suthorized and directe~d to make payment tor euch loes du~ectly to Mort~gee inatead of j
to Mortg,agor snd Mortgagee 'ointly , and the inaurance proceeds, or any psrt thereof, maq be applied bp Mort- _
gagee, at ita option either to t~e reduction of the indebtedneas hereby secured or to the restorattan or repair of '
~ the property dama&ed. In event of forecloesure of this mart~ge or other trsnafer of title to the mortgaged ;
property in extinguis6ment of the indebtednees eecured hereby, a'll right, title, and interest of the Mortgsgor
m aud ta anq msurance policiee then in foroe shsll p~sss tc the pumhaser or grantee. 1
8. It the pre~iiises, or an~- pa~t thereof, he rondenii?eci under the pow•~r of eniinent domain, or aecluired for '
a public use, thc~ ciamage~s awar~ied, the proc~eeds for th~ taking o[, or the eonsidera:ion for su~h arquisition, t~
~ the t~xtenk of ttie (till a~naw~t o[ tl?~ remai~iing unpaid indebtedne~ securecl b~• tl~is n?ort~a~t~, arr 1?ereb~~
:issigned to th~~ 1lortgagee, ancl lii.~ heirs or assigns, and sl?all be paid fort}iH~ith to gaid Ltort~a~;ec~ or liis
assi~nee to he applie~l on aec•ount of the last matur?n~ installnients of sueh inde~btedness; pro~ i~lecl~ }lnµ'l~~•~r,
the 1lortg~ge~~ or 1?is assi~net~, »?a~ at his discretion pa~• direct to the i~iortg~gor, 1?is 1~ei~s or assi~;i?s an~• ptirt
or all oC su~•h ar~•~rd; providrei, that if the loan is ~uarant~~ed or insured, the consenl of the gu~rantor or insurer
ia obtained in aclvanre of said pa}•ment.
9. The Mortgagee may, at any time pending a euit upon this mortgage, apply to the oourt having jurisdictinn
thereof for the sppointment of a reoeiver, s?nd euch court ahall forthwitl7 appoint a receiver of the pr~miee~ covered
her~by all atid singular, including all and sing~ala~r the income, proSts, i~, ~nd revenuea from whstever eourc;e
deriyed, each and every of whicL, it being expre~aly undersLood, ia hereby mortgaged aa if specifically eet forth and
, s,~ deecribed in the granting and habendum clawaea hereof. 5uch appointmeut s6all be made by euch aourt as an admitted
equity and a matter oi abaolute right to esid MorCgagee, 8.nd without referenoe to the adequacy or inadequ~cy of
the value of Lhe property mortgaged or to the eolv~ncy or ineolvency of said Mortgagor or t~e defendants. Such
rents, profita, inQOme, issuea, and revenues shsll be applied by such receiver according to the lien of this mortgage
i~ and the practice of Buch court. In the event of any default on the part of the Mortgagor hF, eunder, the Mortgagor
I; agrees to pay to the Mortgagee on demand es a reasonable montbly rental for the premiees an amount at least
4' equivalent to one-twelfth (~j Z) of the aggregate of the twelve monthly installments payable in the then curr~nt
i', year plus the actusl amount of the annual taxes, ass~snnents, water rstes, and insurance premiuma for euch year
not covered by the afoa~esaid monthly paymente.
1~
l0. In the event af any breach of this mortgag+2 or default on the part of the Mortgagor; or in t~e event that
} any of said sums of moaey herein referred to be not pmmptly and fully paid according to th~ tenor hereof, or in the
event that each and every the stipulations, agreements, conditione, and covenanta of said note and this mortgage,
a
r
e n o t d u l y, p m m p t l y= a
n
d f u l l y p e r
f o r m e d; t h e n i n e i t h e r o r a
n y s
u c h e~~en t, th~ said a
g
g r
e g
ate sum mentioned
in said note then remaining unpaid, with interest accrued t~ that time, and all moneye secured hereby, shall become
due and payable forthwith, or thereafter, at the ogtion of said Moxtgagee, sa fully and completely as if all of the
said aums of money were originally stipulated to be paid on such day, anything in esid note or in this mortgage to
! the contrary notw~thstanding; and thereupon or thereafter, at the option of said Mortgagee, vvithout notice or
demand, suit at law or in equity, may be pmsecuted as if all moncya secured hereby had matured prior to its institu-
tion. The Mortgagee may foreclose this mortgage, as to the smount so declared due and payable, and the said
~ premises ahall be soZd to satisfy and pay the same together with costa, exgen~es, and aUowancex. In case of partial
foreclosure of this mortgage, the mortgaged premises shall be sotd subject to the continuing lien of this mortgage
for the amount of the debt not then due and unpaid. In such case the provisions of t.his paragraph may again t~e
availed of thereafter from time to ti.me by the Mortgagee. '
11. Na waiver of any covenant herein or af the obliga~ion secured hereby shall at any time thereafter be held
to be a waiver of the terma hereof or of the note eecured hereby.
~ 12. 'i he lien of thie inatrument shall remain in full force and effect during any po~stponement or extenaion of
~ ~ the t,ime of payment of the indebtednese or any part thcreof aecured hereby.
~ 13. If the Mortgagor default in say af the covenanta or agreements contained herein, or in eaid note, then the
~ Mortgagee msy perform the saufe, and all ezpenriituc~es (including reasonable attorney'e feen) made by the Mortga~ee
' in so doing shall draw interest st the rate provided for in the principal inrlebCedness, and shall t~e rnpa~-able
thirty (30) days after demand, an~, together with interest and costs Rccrued thereon, shall be secured by
I - this mortgage.
14. Upon the request of the Martgagee Lhe Mortgagor shall eacecute and deliver a stspplemental note ar
notes for the sum or sums advanced by the :Vlortgagee for the elteratinn, modernization, improvement, main-
tenance, or repair of ssid premises, for taxes or asgessments against t,he same and for any other purpose author-
ized hereunder. Said note or notes sh~ll be secured hereby on a p~?rity with and as fully as if the advance
~ evidenced thereby were included in the naLe first described above. S~id supplemental note or notes shall bcar
interest at Lhe rate provided for in the prinr,ipal indebtedness and st,all be psyable in approsimately equal
monthly pay•ments for such peri~d as may be egre~d upan by the creditor and debtor. Fail'ing to a.Kree on the
y maturity, the whole of the sum or sums so advaneed shall be due a~~d pavable thirty (30) days sfter demand
by tbe creditor. In no event shall the maturity extend beyar.,i the W;imate r.urturity oi the note fi~t
describe~ rbove.
60DI( ~~O