HomeMy WebLinkAbout1829 :i. If ttit~ t~~txl uf thr }~a~~n~~~nt. ryier~l~~ b~ ih~ ~1ortK~knr undNr (s) ot p~rs~rnph pre~rt~~lin~; :~hall rxct*e~1
the an~ount of ~~a~•m~~uts K~•tuull~~ ~ua~1r b~• 1hr \f~~rta~c~r~ for ~,•round n~nt~, tax~~s un~i a~.,~~ssmt~nts, and insur-
wncc~ pr~~uiiiuns~ aw tlir c•as~~ nut~•~ i~~, surh i~xr~•„ shx11 h~~ rn~~litt~~l ou subseyuc~nt pa~•tm•nt, t~ bi• mad~~ by the
;~1ort~a~;ur for su~•li itrm~ ur,at \t~~rt~;a~;~~c'~ ~?ption, st~all t~e re~fundt~ci ta Mortgegor. It, tiow~~v~~r, ::u~~li ryi~~nthly
paym~~nt~ i;tii?ll Ill1I 1,~~ stifti~•i~~iit t~? p~~~• suc•l? it~~rns whcn the~ s~ine stiell become dur an~~ puye?ble, th~~ii ttie
Morl~;r~.;or s}?,?Il puti• to th~~ \tort~;~i{;t~~~ au~~ am~~unb n~~c~asarv to niakt~ up tht~ dt~fici~~nc~~. tiu~•h pK~~rrtc~nt ahQll
be madt~ w•itl?iu lhirtv du~•~ ~?ft~~r writtrn notict~ froin t~?e~ .llortKxgre slatinK thr tiI710UI1L ot thi~ d~~fici~~np,
whi~~i~ n~~ti~~~~ ui~?y br ~i~~~n b~~ tiitiil. IC :it uY~y t~nu~ tli~~ 11~?rt~;u~or shall 6t~nd~~r t~? thc ~iortna~;e~:~ in r~~•cord-
ance with tl~e~ pro~•isions of tl~t~ nott~ ~~~~•urt~d tu~r~~by, ful) paym~~~it of ttie entire indehtr~ltit•:~,G repr~~:~e•nt~~~i ttu~reby,
thr :~lort~;r~r~~ shall, in computiug tti~~ amuunt ot su~•l? iudebt~~ine~a~, ~~rc~dit to th~~ aa'(11111L t1f 1~1l~ 11~~rt~;ap;or any
ereci~t, l,:ilnn~•~~ r~~rn?~i?~in~ un~ic~r t1i~~ pru~~ision~ oI (a) of :~aid par~.;raph 2. If thc~r~~ shull hr d~~fault un~irr any
~f tlit~ pru~•i~iuns of tl~is inortg:?~~~ r~~~iilt it?g i~i u puhli~• s:?l~~ of tiir prrt~ii~~•s c•ovt~r~~~i h~~r~~b~~, or if tht~ ~1ort};ageF
Ncyuire~, th~~ prup~~rt~• uth~~rwiu~ t?fte~r default, tht~ ~tortK:~;e~~ 3hall apply, ett tht~ tim~~ of tht~ ~~0[ll[I1PR(~~~ment
of ~u~•h pr~~.~~~~~ilinKs ar at thr tim~• tlu~ ~~r~~}~~~rt~• is othrrwi~:i• a~~quire~d, thr tltl]OU[lt 1lle`Il I'PIIIR1RIll~', ~O l~reviit~ of
\turt~?~;ur i~n~lrr (:i) ~~f p~+rii;~ra~~li pr~~~•e~~iin~; :is u~~r~~~lit on tlu~ int~~r~~st ac~~rut~i atui unE~aid :?n~l the balance
tu th~~ princ'I~IRI lI1Pl1 PPII1tilI1111~' llllF)SI(I un ,iii~l not~~.
~4. He will pay all taxes, as~essments, ~avater rate~, and other governmental or municipal charges, fines, or
i~.ipositions, for which provision has not been made hereinbefore, and in def~ult therPOf the Mortgagee may pay the
Same; and that he will promptly deliver the o~cial r~c:eipt~+ therefor to the Mortgagee.
5. He will permit, commit, or suf'ffer no waste, impairment, or deterioration of said property or any part thereof,
except reasonable wear and tear; and in the event of the failure of the Mortgagor to keep the buildings ou said
premi9es and Lhoae to be erected on said premi~es, or improvementa thereon, in gooci repair, the Mortgagee may
make such repairs as in it~ diecretion it may deem neceaeary for the pmper preservation thereof, and ihe full amount
of eacli and e~~ery such payment shs11 be due and payable thirty (30) days after demand, and shall be eecuzed by
the lien of this mortgage.
6. He will pay all and singular the coste, chargee, and ezpenses, including reasonable lawyer's fees, and coets
of abstracts of title, incurred or paid at any time by the Mortgagee because of the failure on the part of the Mort~ar
pmmptly and fully to perform the agreements and covenants of said promissory note and this mortgage, and said
coets, charges, and expenses shall be immediately due and payable and shall be secured by the lieu of this mortgage.
7. He will continunusl~ maintain hazard insurance, of auch type or types and amounts as Mortgagee may
fram time to time require, on the improvements now or hercjafter on said premises, and escept a~Len payment
fur all such preiniums h~s theretofore been mado undar (a) of paragraph 2 hereof, he will pay pmmpt~y when
due any premiums therefor. All insiirance shall be carried in compan~es approved b~ I~iortgagee and the poli-
cies and renew•als thereof shnll be held b~ 1~lortg~;ee and have attached thereto loss pavable clauses in fsvor of
and in form acceptable to the ~lortgagee. In event of loss he ~c-ill give immediate notice b~ mail to ;~Tortgagee,
and ~lortgagee mn3~ make proof of ioss if not made proinptly by Mortgagor, and each insurance compans
concerned is hereby authorized and directed to make pasment for such loss directl~• to :~lortgagee instettd of
to Mortga.gor and :1lortgagee jointl~, and the insurance proceeds, or arv part thereo~, may be applied by I~Tor~
ga.gee at its option either to the rec..uctiou af the indebtedness herehy secured or to the restoration or repair of
the property dama~ed. In e~ ent of foreclosure of this mortgage or ather transfer of title to the martgage~
property in e~tin~;uishment of the inclebtednes.q secured hereby, a~l ri~ht, title, and interest of the Mortgagor
in and to any insurance policies then in force shr~ll pass to the purcheaer or grantee.
` 8. The Mortgagee may, at any time pending a suit upou this mortgage; apply to the court hatiing jurisdiction
thereof for the appointment of a receiver, and such court ahall forthwith ~ppoint a receiver of the premises covered
hereby all arid singular, including all and s;ngulxr the income, profits, isaues, and revenues from a~hatever eource
derived, each and e~•ery of which, it being Expressly understoa3, is hereby mortgagpd as if specifically set forth and
described in the granting and habendum clauses hereof. Such appointment shall be made by such court tss an admitted
equity and a matter of absolute right to said Mortgagee, and without reference to the adequacy or inadequacy of
the value of the property mortgaged or to the solvency or insolvency of said Mortgagor or t5~ defendgnte. Suah
rents, profit8, income, issues, and revenues ahall be a~plied by such receiver f?ccording to the lien of this mortgage
aud the practice of such court. In the event of any default on the part of the hiortgagor hereunder, the Mortgagor
agrees to pay to the Z'tortgagee on demand as a reasonable monthly rental for the premises an amount at least
equivalent to one-twelfth (~2) of the a.ggregate of the tvyelve monthly installmenta payable in the then current
year plus ths actua! amount of the annual taacea, aesessmente, water ratee, and insurance pre~iums for such year
not covereri by the aforesaid monthly payments.
9. In the event of any breach of this mortgage or default on the part of the i4iortgu~or, or in the event that
any of sai~ aums of money~ herein referred to be not promptl~~ and fully paid according to the tenor hereof, or in the
~vent that each and e~•ery the stipulations, agreements, canditione, and co~~enants of said note and this mortgage,
are not duly, promptly, and fully performed; then in either or any such event, the said aggregate sum mentioned
in eaid note then remaining unpaid, with interest accrued to that time, and all moneys secured hereby, shall becocne
due and payable forthwith, or thereafter, at the option of said Mortgagee, as fully and completely as if all of the
said sums of mone~• were originally stipulated to be paid on such day, anything in said note or in Lhis mortgage to
the contrary notwithstanding; and thereupon ar thereafter, at the option of said Mortgagee, without notice or
demsnd, auit at law or in equity, may be prosecuted as if all moneys secured ~ereby had matured ~rior to ita institu-
tion. The ~iortgagee may foreclose this mortgage, as to tt-,e amount so declared due and pa~•able, and the sa~~i
premises eha.ll be sold to satisfy and pay~ the same together with coats, expenses, and allowances. In case c,f partial
foreclosure of this mortgage, the mortgaged premises sha~ be sold subject to the continuing lien of this mortga.ge
for the amouut of the debt not then due and unpaid. In such case the prov~sion~ of this paragraph may again be
ava.iled of thereafter frocn time to time by the :~iortgagee.
10. T1o waiver of a.ny covenant herein or of the obUgation secured hereb~~ shall at any~ time thereafter be held
to be a waiver of the terms ~ereof or of the note aecured hereby.
11. The lien of tlus instrument ahall remain in full force and effect during any postponement or extension af
the tzme of payment of the indebtedness or any part thereof secured hereby.
12. If the ~Iortgagor default in any of the covenante or agreementa contained herein, or in said note, then the
Mortgagee may perform the same, anrl all expenditures (including reasonable attorney's fees) made by the 1Liortga~ee
in so doir~~ shall draw int.erest at the rate pro~~ided for in the principal indet,tec~nt~gs, and shali bP repati~able
tbirt~~ (30) days after demand, and, togettier witti interest and costs accrued thereon, stiall be secure~I b,y
this mortgsge.
13. Upon the requeat of the ;~iortga~ee the liortga~or shall eiecute and deliver a supplemental noke or '
notes for the sum or sums advanced by t e tito.lgagee for the aiteration, modernizatioti, impro~~ement, main-
t~enance, or repa~r of said premises, for taxes or as~essments a.,~ainst the same and for ea~~ other purpose author-
ized hereunder. 5aid note or notes shall be secured hereby on a parity with an~i as full~- as if ttie nd~•ance
evidenced thereb~ were included in the note first described abo~e. Said s~ipplemental note or notes shall bear
int,Erest at the rate provided for in t.6e principa! indebtedness and shall be pavable in a~ proximatrl~• equal
mantbly pavments for such period aa may be agreed u~n by the creditor and debtor. Failing to agree on the
matlirity, ~~e whole of the sum or aums so advanced shall be due and pa~-able Lhirtr• (30) da~~s after demand
by the creditor. In na er-ent shall the maturity extend heyond the ultimate ~iaturity ot the note first
described above.
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