HomeMy WebLinkAbout1048 ~
3. If ttie wt~?I of tiie pa~•nieuts mede~b~ the ~iort~~~r und~~r (u) ot pxrx~raph 2 pre~~~di~?~ ahall c~xct~d
the amoun~ of pavments actually made b~• the ~iorta~ e, for ~,m~w~d rei~ts, taxrs aiid u.~.~c~sairie~nta, and inaur-
ance pretniuma, ae the rasN ina~• t~, aurh t•xc•es.g shall tx~ ~•rNdite~l oi2 subse~qurnt pa~•mrnta to be madt~ by the
hio.-t~agor for sueh items ur,ac ~tortga~e's aptiun, shall be rc~fundecl to 1'Iortg~or. It, t?owr.r-c~r, suc~h monthly
payment~ ahall not be su~'icient to pey such items wheu the eame shall bt~~otne di~e and payable, thi•n the
:4lortge~or 4hall pa3 to the ;~1ort~~ee any amoun6 neceagarv to makE~ up the deficieacy. tiuch paynient shall
bN made within thirty (30) days afier writtrn notict~ from t~e~ 4iar'.~agec~ statin~ th~~ e?mount of the de6cieny,
which notice may be given by mait. If at anv ti~iie tht~ ~iortgugor shall tt•nd~~r to the ~iort~~ee in ai~cord-
anee with rhe provisions of the note seeure~ hereb~ , full p~yment of the entirc~ iiidc~btedness reprt~ ntcxl the~rr~by,
the ~tortge~ee shall, in computing t.he amount of such indebtednt~sa, rredit to th~~ t~ccount of 4h~~ lfort~r?~or ~nv
credit balancc~ remainin~ under the provisions of (a) of said para~raph 2. If there shall be~ a defatilt undcr e~ny
of the pmvisions oi this mortgt?ge resultit~ in a public sale of ttie~ pm17113t S l~~~vf~rc~i lierebv, or if tlit~ :~Tort.gage~e
~cyuirea the property otherrvise ufter default, the ~tort{~afi~ shall appl~•, at the timc of the commt~u~~rment
of such pmeeedicigs or at the time the property i9 otherwise acquired, the amount tht~n remainin t.o crc~iit oi
:~1ort~e~ar under (a) of para~,~raph 2 preceding t~s a credit on the int~=rest accruc~i and unpaid an~ the balanc.e
to the principal then remaining uupaid on s~id note. .
4. He will psy alt La~cee, aeeeescnente, wster rst~ee~ sad other governmental or munieip~l nhatges, finee, or
impoeitiona, for which provieion hae not been msde hereinbefore, and in default thereof the Mortgagee may psy the
same; and tLat he will promptly deliver the off'icial reveipta therefor to the Mort,gx~ee.
5. He will permit, onmmit, or suffer no waste, impairnzent, or deterioration of said property or any part thereof,
except reaeonable wear and tea?r; and in the event of the failure of the Mortgagor to keep thP buildinga on said
~miaes and thaee to be erected on said pir.misee, or impmvements thereon, in good repair, the Mortgagee may
make such repaire se in ite diecretion it may deem neoeeeary for the proper preeervataon thereof, and the full amount
of each and every euch payment shall be due e?nd pr?ysble thirty (3iD) days after demand, and ehall be eecured by
the lien of this mortgage.
6. He wili pay all and singular the cost~, chargee, ~und expeneea, including re,uson~ble Isw~'a fees, and coate
of abstracta of title, incurred or paid at ~rny time by the Mortgagee becauee of the failure on the part of the Mortgagor
promptly and fully to perform the agreements and covensnts of said promieeory note and thie mortgag~e, and said
csosts, chargea, and expenses shall be immedie?tely due and pay~ble and shall be eecured by the lien of t~ia mortgage.
7. He will oontinuous~y maintain hazard insurance, of such type or types and amounts a9 Mortgagee may
from tuue to time require, on the improvements now or hereafter on said premises, and e~cept when payment
for a11 such premiums has taeretofore been made under (a) of paragraph 2 hereof, he will pRy promptly when
due any prenuums therefor. All insurance shall be carried in compani~ approved by blortgagee and the poli-
cies and renewals thereof ahall be held by Mortgagee and have attached thereto loea payable claus~ in favor of
and in form acceptable to the Mortgagee. In event of loss he will give immediate notice by mail to Mortgagee,
and ~iortgagee may mak~ proof of Ioss if not made promptlg by Mortgagor, and each insurance company
concemed is hereb authorized and di.rected to make payment for such losa dire~ctlv to Mortgagee instead of
to ~iortgagnr and ~ortgagee ointlq , and the insurance proceeds, or any part thereo~, may bo applied by Mor~
gagee at its option either to t~e reduction of the indebtedness hereby ~ecured or to the restoration ar repair of
the property dumaged. In event of foreclosure of this mortgage or other transfer of title to the mortgaged
property m extinguishment of t,he indebtedness secured hereby, af I right, title, and interest of the Mortgagor
in and to any insurance policies then in force shall pass to the purchaser or grantee.
8. The T4ortgagee may, at any time pending a suit upon this martgage; apply to the oourt having jurisdiction
thereof for the appointment of a receiver, and such court ah~ll forthwith appoint a receiver of the premises coverf,~ci
hQreby all arid eingula.r, including all and singulat the income, profite, ieaues, and revenues from whatever source
deriyed, each and every of which, it being expresaly underatood, is hereby mortgaged as if specifically eet forth and
deecribed in the gcanting and habendum claugea hereof. Such appointment shall be made by such court sa sn admitted
equity and a matter of absolute right to said Mortgagee, and witho~t reference to the adequacy or insdequacy of
the value of th~ property mortgug+ed or to the eolvency or ineolvency of asid Mortgagor or the defendants. Such
rents, profite, income, i~ues, and revenues ah811 be applieci by such receiver according to the lien of t~ie mortgage
and the practice of sueh court. In the event of any default on the part of the Mortgagor hereunder, the Mortgagor
agrees to pay to the Mort~agee c~n demand ss a reasonable monthly rental for the premiees an amount at least
equivalent to one-twelfth (~2) of the aggregate of the twelve:monthly insLallmenta payable in the then current
year plus the actual amount of the annual taxes, assessmenta, water ratea, and insurance premiums for such year
not covered by the aforesaid monthly paymente. ~
9. In the eti~ent of any breach of this mortgage or default on the part of t.he 117ortgagor, or in the event that
any of asid sums of money herein referred to be not promptly and fully paid according to the tenor bereof, or in the
event that each and every the atipulations, agreements, conditions, and covenants of said note and this mortgxge,
are not duly, promptly, and fully performed; then in either or any such event, the aaid aggregate sum meutioned
in said note then remaining unpaid, with intereat accrued to that time, and all moneya secured hereby, shall become
duo and payable forthwith, or thereafter, at the option of said Mortgagee, as full}~ and completely as if all of the
said suma of money were originally atipulated ta be paic~ on sueh day, ~anythin~ in said nate or in this mortgage to
the contrary notwithstandiag; snd thereupon or thereafter, at the option of said Mortgagee, without notice or
demand, auit at law or in equity, may be prosecuted as if all moneye secured hereby had matured prior to its institu-
tion. The Mortgag~e may forecloae thia mortgabge, ea to tbe amount so declared due and payable, and the said
premises ahall be sold to satisfy and pay the same together wiih costs, expenses, and allowanceg. In case of partial
foreclosure of this mortgage, the mortgaged premieee sball be eold s~,~bject to the continuing lien of this mortgaRe
for the amount of the debt not then due and unpaid. In euch case the pmvisions of this paragraph msy again be
availed of theresfter from tim$ to time by the Mnrtgsgee.
10. No waiver of any covenant herein or of the obligation secured hereby shall at any time t6ereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
' 11. The Iien of this instrument ehall remain in full force and effect during any postponement or extension of
~ the time of payment of the indebtednees or any part thereof secured hereby.
12. If the Mortgagor default in any of the covenante or agreennentg contained herein, or in aaid note, then the
Mortgagee may perform the same, and ail expenditurea (includ~ng rea~on~ble attarney's fees) made by the Mortga.~
in so doing shall draw intereat at th~s rate provided for in the principal in~iebteciness, and shall be r~pa~ able
thirt~ (301 days after demand, and, together with interest and costs accrued therean, shall be secured by
this mortgage.
13. Upon the request of the Mortga~ee the Mortgagor shall execute and deli~er a sup~lemental note or
notes for the sum or ~ums ad~ancacl by the ~tortgagee for the altertttion, modernization, improvement, main-
tenance, or repair of said premises, for taxes or as.Qessments against the same and tor any other purpose author-
ized hereunder. Said note or notes shall be secured herebf on a parity with and as fully a.g if the ad~ ance
evidenced thereby were included in the note fiist described above. Said siipglemental note or notes shall bear
i.ntereat at the rote prnvideci for in the principal indebtedness and shall be payable in appmximately equal
monthly payments for such period as may he agreed upon bp tha creditor and debtor. Fail~ing to a.gree on the
maturity, the whole of the sum or sums eo odva.nced shall be due and pa~able thirty~ (30) days after demand
by the creditor. In no event shalt the inaturity extend beyond the ultitnate t~aturit} of the not:e first
de~;ribed above.
- accK~.~~ _
L
3 ~