HomeMy WebLinkAbout1880 tlir ~iefi~•i~~ni•y. ~u~~ti !~ri~~inc~ut ~tinll be ~iir?~le H~ithiu tiiirt~• (:iU) dayy rittrr H•ritte~? nuti~•~~ frotu ih~~ ~tort~n~~c~e
stati~ik tlie amount of t~?e drfi~•ienr~•, w~tii~•ti n~~tice uiKy~ be ~iven t~y ~uaiL li at ~?n~• ti~ue the ~tortga~or
:~ha~l te~~der to the \tort~a~;ee in HccordNnce H'iti? the pro~'i~?uus of ttre note secured hereby, full paytneni
of the eutire ~~ulebteduc~s represented th~~rt~b~•, the ~fort~;~~ee ~s truRtee shall, in co~nputin~ tiie e~~nount of
su~~h indebte~luess, credit to the accc~u??t of the ~1ort~?e~or e~nv credit balxnc•P remai~iis~g under the proviaiana
of u) of snid par~ ta h'l. [f tht~re shall be a defau~t under auy of the pr~~~isions of tt~is uiort~e~~;e reaultin~;
in a publi~• snle o~ti~ preu?i~es co~~ert~cl iiereb~~, or if the ~lort~;a~:~e Kc•quires the property otherwise after
~lelault, the \fort~n~c~t~ x. U-ustec~ ,tixll appl~•, at the liuie af the cc~mn?~~nrenient of :~uch procPedink•s or at
the time the propert~• is atheru~i:;c~ n~•yuired, the an~onrit tt?eu re?nniiii~?~; to credit of ~lortga~,or un~ier (al of
pc?rx~raph 2 precedin~; x:~ e? creciit on tlie ii~tere~t arcured t?~~d un~aid and the balartire to liir• principe~l ttien
reuixinin~ unpaid on sai~~ nnte.
4. He ~vill p~y all taxee, seeee~nenta, ~?ter ratea~ ~?nd other goveromen'tsl or mun.icipal chsrg~, fines, os
impoeitionn,- for which provision hr~s not been made Dereinbefore, and in default thereof the Mortgagee msy psy the
~nne; and t6at he will promptly deliver the o~cial receipts therefor to the Mortgagee.
b. He will permit, commit, or auffer no waate, impairmex~t, or deterioration of eaid property or any part tbereof~
e:cept reseonable wear and tear; and in the event of the #ailure of the Mortgagor to keep the buildinge on aaid
. premieee aad those to be er~ect~ed on eeid premieee, or improvemente thereon, in good repair, the Mortgagee mi?y
mslce euch repsic~ ae in ite diecretion it may deem neoeaaary for the proper pt~ervation thereof, and the full amount
of each and every euch psyment ehall be due and psyabla thirty (30) +daye after denuwd, and ehall b~e eecured by
the lien of thie mortgage.
6. He will pay all and eingular the coata, chat~ee, and expensea, including reaeonable lawyer'e feee, and coeta
of abetracte of title, iuucurrezi or paid at any time by the Mortga~gee becauae of the faiture on the part of the r4ortgagor
promptly and fully Lo perform the agtee.menta and ooveneate of said promieaory note ~~nd this mortgage, and eaid
ooeta, chatgee, and expeneea ahall be immediately due and psyable and ehall be secured by the lien of thia nnortgRge.
7. He will oontinuoualy maintain haznrd inaurance, af such type or.typee snd eun~u~,tR as Mortgagee msy
fram time to time require, on the improvemente now or Lereafter on a~d premises and except when payment
tor all euch premiums has theretofore been msde under (s) of paragraph 2 hereof 'he will pay promptly whea
due any premiucna therefor. All ineurance ahall be carried in cumpaniee appro~ed by blortgages and the poli-
cies snd renewala thereof ahall be held by Mortgagc~e and hsve sttached thereto losa payable clauses ~n favor oi
und in form acceptable to the Mort~agee. It~ event of loss he will give immediate notice by mail to I~iortgagee~
snd Mortgagee may make .praof o~ loea if not made promptly by Mortgsgor, and each inaursnce oompany
oancerned is hereby~~uthonzed and directed Lo make payment for such loaa directly to Mortgagee inaGead of
to Mortgagor and Mortgagee jointly, and the insursncs proceeds, or any part thereof, may be applied by 111ort-
gagee at ite option either to the reduction of the indebtednesg hereby eecured or to the restorat~on or repair of
the property dama~ed. In event of forec~oeure of this mortgage or other transfer of title to the mortgaged
propertp in axtinguishment of the indebtednees eecured hereby, a~l right, title, ard inLereat of the Mortgagor
m and to sny maurance policies then in torce ahsll pass to the purchseer or grantee.
8. He will not eaecute or file of rQCOrd any inatrument which imposes e restriction upon the sale or occu-
paneq of the property described herein an the basis of race, color, or creed.
9. If the premises, or an~ part thereof, be condemned under the power of eminent domain, or acquired
for a public use, the damages awarded, the proceeds for the taking of, or the consideration for surh acquisi-
tion, to the extent of the full amount of the remaining unpaid indebtedness secured by this mork~ sge, are
hereb~- assigned to the ~4lortgagee, and his heiis or assigns, and shall be paid fortha•ith to said Mortgagee
or his assigiiee to be applied on account of the Iast maturing installmenta of such indebtnAsa; provided, how-
e~~er, the :~iortgagee or liis assignee, ma~• at liis discretiar, pay d'uect to the :17ortgagor, his heirs or assigns
an~~ part or all of such aw~ard; provided, tt~at if the loan is guaranteed or insured, the consent of the guaran-
tor or insurer is obtauied in advance of said payment.
10. The 1lortgagee may, at any lime ~ending a suit upon this mortgage, appl~ to the court ha~•in~ jurisciic-
tion thereof for the appointment of a recetrer, and auch court shall forthw~th appoint a recei~•er of the premises
covered herebv all end singul8r, includin~ all and singular the income, profits, issues, and revenues from ~~•hst-
ever source derived, each and every of w•hich, it being expressly understood, is hereby mortga{;ed as if specificail~
set forth nnd described in the granting and habendum clauses hereof. Such appointment shall be made b~
such court as an admitted equity and a matter of absolute right to said ~lortgagee, and without reference to
the adequacy or inadequacy of the ~ alue ef the property mortgaged or to the solvency or insol~•ency of sAid
lfartgagar or the defendants. Such rents, profit9, income, issuea, and revenues sh~ll be applied b~ such recei~ er
according to the lien of this mortgage and the practice of such court. In the e~ent of any defeult on the part
of the ~iortgagor hereunder, the :~iortgi?gor a~rees to pay to the tilortgagee on demand as a reasonable monthlv
rental for the premisea an amount at least equivalent to one-twelfth (S,~) of the aggregate of the twel~e monthlv
inatallments payable in the then current year plus the actual amount of the annual ta.res, asaessments, water
rates, and inaurance premiums for such year not covered by the aforesaid monthly payments.
11. In the event of anv breach of thia mortgage or default on the part of the 1~iortgagor, or in the event
that any of eaid sums of money herein referred to be not promptly and fully pe?id eccording ta the tenor hereof,
or in the event that each and every the atipulations, agreementa, conditiuns, and covenants of said note and
this mortgage, are not duly, promptly, and fully performed or if the 1lortgagor be edjudicated bankrupt or
made defendant in a bankruptcy or receivershi~ proceedinga; then in either or any such event, the said aggre-
gate aum mentionerl in said note then rem~inmg unpaid, vv~th interest accrued to that time, and sll muney
secured hereby, shall become due and payable forthwith, or thereafter, at the option of said ifortgagee, as
fully and completely as if all the said sums of money were originsily atipulated to be paid on such da~•, anti•-
thing in eaid nate or uz this mort~age to Lhe contrar~ notwithstanding; and thereupon or thereaiter, nt the option
of said ~1~rtgagee, 4vithout notice or demsnd, suit at law or in equity, mav be prosecuted sa if all mone~•s
secured hereby hRd matured prior to its institution. 'T`he 4fortgagee mey foreclose this mortgRge, as to t~e
amount ao declared due and payeble, end the said premisea ahall be sold to satisfy and pay khe same together
with costs expenses, and allowances. In case of partiel foreclosure of this mort~age, the mortgaged prenuses
ahall be so~d aubject to Lhe continuing lien of this mortga.~e for the amount of the clebt not then due and ?inpRid.
In such case the provisions of this paragraph may agaan be availed of thereafter from time to time by the
' biortgagee.
' 12. No waiver of any covenant herein or of the obligation secured hereb~• shall at en~• time tl~erentter be
held to be a waiver of ihe terms hereof or of the note secured hereb~ .
13. The lien of this instrument ahall remain in full force and efiect during any postponement or ~xtension
af the time of payment of the indebtedness or any gart thereof secured hereby.
14. This mortgage ia given to secure the purchase money, or a part thereof, of the l~nds herein described
and ie eaecuted eud delivered contemparaneously with the deed therefor.
15. If the ~iortgagor default in any of the covenants or agreements contained herein, or in said note, then
Lhe Mortga~ee may perform the same, and sll eapenditures (including reasonable attorney's fees) made by the
:~Zortgagee in so doing shall draw interest at the rate provided for in the ~rincipal indebtedness, and sl~all !~e
repayable thirty (30) deys after demand, and, together with interest and costs sccrued thereon, shall be secured
by this mortgage.
16. Upon Lhe request af the tiSartgsgee the ~4ortgagar shall execute and deliver a supplemental note or
notes for the sum or aums edvenced by the :4lortgagee for the alteration, modernization, improvement, main-
tenance, or repeir of said premises, for taxes or asaegamenta against the sgme and for any other purpose autlior-
ized hereunder. Said note or notes shalt be secured hereby on a parity with and as fully as if the advance
evidenced thereby were included in the note firat described abave. Said aµg~l ! note or s}iell bee.r
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