HomeMy WebLinkAbout1289 irnd~~r tu t}?t~ :~1urt~;uKrc~ in a~•rord+~ncr witl~ thc• pro~•ieiiona of thc~ nott~~:~~•~•urt~~1 li~~rc~l,~-, full pa~~n~~~nt ot tlu~
Nntirt• indebtedn~~.ti rrpr~~~rn?ca~ t}?c~reb~•, t1~r Mortgu~Ne, aa trustNt~, 3hx11, i? ro~i?E~utin~; thr a~iu~ui~t uf :~ui~li
indeGtedri~at~ Cret~it to th~~ uce~ nt of t}u~ 4 ar1gsgor an~• ~~r~~dit t~la~u~e rc~n?ainin~; uiui~~r thi~ pru~•i,ions uf (u)
of said pue~i~ti¢1~ 2. lf thetP3haU l~e a dN~au`lt under en~- of Ilre pro~•i.~i~~n~ uf thi, u~ort~;a~;e r~~,ultiu~ iu a
public selN of the prnn?iaes co~•ered hNreb~•, or if the 41ort~x~~~r ac•yuirc~s thc~ pru~h~rt~' ~?tlu~ra•i::~• aft~~r ~irfault,
the blort~a~et~, x~~ truHtc•~~, st?all appl~•, at tht~ tit~ie of the r•oiiiu~~~n~'NIIINI?l of ~u~•t~ Eiroc•~~t~iiin~;:~ ur :tt thi~ tiui~~
tlie pn?~~rt~~ i.w oth~~rwi~~ a~•quire~~1, tl?N au~ount tl~en mmainin~ to ~•rt~~lit uf Alort~;a~;ur unilrr (a) ~~f ~~aru~rapli
pr~~cedin~; a9 a~~n•dit on ttu~ i~iter~>at iu~cru~~d and unpaid arid tht~ f~ulan~•~~ tu th~~ prin~•ipal tht~i~ r~~u~xii~in~; unpai~l
ou said note.
4. He will psy all taxee, aeBeasmenta, water rates, t?nd other gover~nental or munieipal oharges, fines, or
impoaitione, for which provision haa not been made hereinbefore, and in default thereof the Mortgagee mny pay the
same; and that he will pmmptly deliver the o~cial receipt~ therefor to the Mortgagee.
5. He will permit, oommit, or suffer no wsate, impairment, or deterioration of eaid property or any part thereof
except masonable wear and tear; and in the event of the failure of the Mortgag~r to keep the buildinga on eai~
premisea and thoee to be erected on eaid premise8, or improvements thereon, in good repair, the Mortgagee may
make euch repai~ ss in ita discretion it may deem nec~eeary for the proper preeervation thereof, and the full amount
of each and every such payment s6all be due and payable th:rty (,30) days after demand, and shall be eecunsd by
the lien of this mortgage.
6. He will paS~ all and singular the costg, chargee, sad expeneea, including reasonable lawyer'e fee~a, and ooet8
of abetrncts of title, incurted or paid at a~y time by the Mortgagee because of the failure on the p~rt of the Mortgagor
pmmptly and fully to perform the agreementa and covenants of said promiseory note and this mortgage, and naid
casts, charges, arnd expensea shall be immediately due and payable and ahsU be secured by the lien of this mortgage.
7. ~Ie will oontinuuus~y maintsin hazard insurance, of auch type or typNS and amounts as I~fortgagee may
fmm time to time require, on the improvements now or hereafter on said premises, and e.rcept when payment
for all auch premiums has theretofore been made under (s) of paragTaph 2 hereof, he will pay prom tly when
due any preuuums therefor. All insurance shall be carried in compames approved by D~ortgsgee an t e h-
h '
cies and reQewals thereof shall be held by Mortgagee and have attached theret,o losa payable clauses in favoof
and in fort~a acceptable to the Mortgagee. In event of losa he will give immediete notice by mail to Mortgagee,
and ~fortgagee may make pmof of Ioss if not made promptly by Mortgagor, and each insurance c~ompany
concerned is hereby authorized and directed to make payment for such losa directly to Mortgagee inetead of
to 1Tortgagor and Mnrtgagee jointly , and the insurance proceeds, or any parL there.of, may be apphed by Mor~
gagee at its option either to tho reductian oi the indebtedness hereby aecured or to the restorati~n or repair of
the property dama~ed. In event of forecloeure of thia mortgage or oth~r transfer of Litle to the mortga€;ed •
property in extin~uishment of the indebtednesa secured hereby, afl right, title, and interest of the biortgagor
m and to any insurance policies then in force shall pqss to the purchaser or grantee.
If tht~ pr~~iuis~~., or e~n~~ pu~•t th~~r~~o~, bt~ ~~o~ulc,ninetl un~lt~r thc~ ~w~~'c~r of t~n~ink~~U don?ain, or a~•yuin~~l f~~r
~nihli~~ u~:~~. thr ci~in~a~:e, .iH~xr~l~d, tlu~ proc~~~~~~1, (or th~~ txkin~ of, or th~~ c•onsid~ruti~~n for su~•li a~~~~ui~itiun, t~~
tl~t~ i~~t~~nt i~; tlu~ f~ill uiuuunt of th~~ rrrn:?inin~; unpai~l inili'~)1P(~11(';:5 ;r~•~irt~d b~~ t1ii., nu~rt~ii~i~, :iri~ hrri~h~.
u;,ign~~~l tc? tlu~ \i~~rt~;t?r~~~~, an~i hi, lii~ir; t~r assi~ns, un~1 ;huil h~~ ptii~i fc>rthw~ith tu saitt ~lc~rt~;a~;~~c~ i~r liis
u:,i~;n~~i~ to h~~ :i~?~rli~~~i ~~n a~•~•ount of tht~ la,t inaturin~ it?stalliii~~nts e?f su~•t? inde~ht~~~in~~,s: pro~~i<le~~i. l?oK-~•~•e~r,
the ~lort~::i~;~~i~ ur lii., iL,si~ni~~~, 11111~' !lf jlly lllSl~rrtion F?tt~• ilir~~rt to ti~c~ ~1ort~x~or, liis l~t~it~ ~ir u.,i~:n~; an~• }~art
~ir all uf su~~h tiH~ari1; prc~~~iel~~~l, thut if the~ lu:in i~ ~;uurtintc•r~l or it?sttm~l, the~ ~~ons~~ui c~f tlu~ guur~intur or ir~,urt~r
is c~htaiiu~~i in a~1~•tinc~n of said pa~-nu~nt.
The Mort~agee may, at any time pending a suit upon this mortgege, apply to the oourt hsving j~uisdiction
thereof for the appointment of a receiver, and such court shall forthwit6 appoint a receiver of the premises covered
hereby all aud singular, including aA and singular the income, pmfits, issues, and revenues from whatever source
deriyed, eacli anci every of whicl., it being expressly undetBtood, is hereby mortgaged as if specifically eet forth and
des~ribed in the granting sad habendum claueea hereaf. Such ~ppointment shall be made by suoh c~urt as an admit.ted
equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mart$aged nr to the solvency or insolvency of said Mortgagor or the defendants. Such
rents, pmfits, income, itBUes, and revenues shall be applieci by such receiver aecordi.ng to the lien of this mortgage
and the practice of such court. In the event of any default on Lhe part of the Mortgagor hereunder, the Mortgagor
agrees to pay to the I4iortga~ee on de~xand sa s ret~onable monthly rental for the premises an amount at least
eyuivalent to one-twelfth (~Z) of the aggregate of the twelve nconthly installmenta payable in the then current
year plus the actual amount of th~e annual taxes, ~mente, water rates, and in$urance premiums for such year
not covered by the aforesaid monthly payments.
i(?. In th~ event of any breach of this mortgage or default on the part of the Mortgagor; or in the event that
any of said sums of money herein referred to be not promptly and fully paid according to the tenor hereof, or in the
event that each and every the stipulations, agreements, conditions, and covenants of said uote and this mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said a{;gregate gum menti~ned
in said note then remaining unpaid, with interest accrued ta that time, and sI] moneys secured hcreby, shall become
due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the
said sums of money were originally stipulated to be paid dn such day, anything in said note or in this mortgage to
the contrary notwithstanding; and thereupon or thereafter, at the option of said 11~tortgagee, without notice or
demand, suit xt law or in ec{uity, may be prosecuted as if all moneya secured hereby had matured prior to its institu-
tion. The Ziortga~;ee may foreclose this mort~age, as to the amount so declared due and p~~yable, and the said
premises shall be sold to satisfy and pay the same together with costa, expenaes, and allowances. In case of partial
foreclosure of this mortgage, the mortgr.ged premises shall be $old subject to the continuing lien af this mortgage
for the amount of the debt not then due and unpaid. In such case the provisiona of this paragraph may again be
evailed of thereafter from time to time by the Mortgagee. '
1 t. I~Io waiver of any covenant herein or of the obligation $ecured hereby shall at any time thereafter b~; held
tn be a waiver of t6e terms hereof or of the note eecured heceby.
12. The lien of this inetrument ahall remain in fuU force and etiect during any postponement or extension of
~ the time of payment of the indebtedness or any part thereof secured hereby.
t:i. If the Mortgagor default in any of the covenante or agreementa conttiined herein, or in said note, then the
~ Mortgagee may perform the same, and all eapenditures ~inctud~ng resaonabfe atLorney's fees) made bg• the Mortga~ee
in so doing shall draw interest sE the rate pro~•i~ic>d for iry the ~rincipnl iml~~btecin~:;s, an~ shall tx~ repa~•able
thirty (30} days after demand, and, together witti interest and costs accrucd tliercor~, shall be secure<1 by
this mortgage.
14. Upon the request of the IViort,ga~ee the Mortga{;or shall execute and deliver a supplem~ntal note or
notes for the sum or sums advanced by the :~lortgagee for the alteration, madcrnization, improvement, main-
tenance, or repair of said premises, for taxcs or as.~c:ssments against the same anll for eny other purpos~~ at~thor- +
ized hereunder. Said note or nates sha!! t~e secured hereby on a parity with and as tully a,s if the advence
evidenced thereby were included in the note fir;~t described abo~ e. Said supplement$t note or noLes shall bear
interesL t~t the rate provided for in the principal indebtedness and shall be payable in a~pr+~ximately eq~fal
monthly pay ments far such Feriod as may be agreed upore by the creditor and debtor. Faihng to a~;rec+ on the
maturity, the w6ole of the sum or sums so advanced shall be due ~nd pa~~able thirty (30) days af~,er demand
by t6e creditor. In no event sha11 the maturity exte~d beyond the ~iltimate raaturity of the note first
described nbore.
~oo~ 129 ~l ~ R i2g 113
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