HomeMy WebLinkAbout1088 • . . . ~ {
1 . j ~ ~ ~ ,
fines, or imposilions, fur ~~~t~ich pru~~i>iun has not been made hereir~before, xnd in default thcrE~of tl~~~ rn~~rt-
gagee may pay the sanu~ ; an~1 that he H'ill prorn~tly deli~~er the ot~icial receipts therefor to the m~~rt~a~ee.
5. That he will permit, commit, or sufl'er no w~aste, im~airrrient, or deterioration of said pr•~~}~ei•t>~ ui•
any~ part thereof ; and in tht e~•ent of the failure of the mortgagor to keep the buildings un saici pr~~misrs
and those to be erected on said premises, or impro~•ements thereon, in gcx~d repair, the mortgag~~e ma~•
make such repairs as in its discretion it may deem necessary for the praper preservation therei~f, and the
full amount of each and e~•ery such payment shall be immediately due and pa~•able, and shall be secured
b}• the lien of this mortgage.
6. That he ~+•ill pay~ all and singular the costs, charges, and expenses, i?~cluding reasonable la~~•~•ei•'s
fees, and custs of abstracts of title, incurred or paid at any time by~ the mortgagee because of the failure
on the part of the mortgagur promptly and fully~ to perform the agreements and co~•enants of sai~i prun~-
issory note and this mortgage, and said costs, charges, and expenses shall be immediatel~~ due and pa~•-
able and shall be secured by the lien of this mortgage.
7. That he ~~~ill keep the impi•ovements now existing or hereafter erected ori the niortgaged pi•opert~•,
insared as may be required from time to tim~ by~ the rnortgagee against loss by~ hre and other hazards,
cast~alties, and contir.gencies in such amourits and foi• such periods as mx~• be required by moi•tgagt~e,
and w•ill pay prornptly, when due, anv premiums on such insurance for pa~•ment of ~~•hich prorision has
not been made hereinbefore. All insurance shall be carried in companies appro~•ed b~~ mortgagf~e <ind
the policies and rene~~~als thereof shall be helci b~• mortgagee and ha~~e ~ttached thereto loss pa~•aUle
clauses in fa~•vr of and in form acceptable to the mortgagee. In event of loss he ~+~i11 gire immtdiate
notice by mail to mortgagee, and mortgagee may make proof of loss if not made p?•umptl~• by~ mo?•tgagor~,
and each insurance compan~~ concerned is hereby authorized and c3irected to make pa~~ment for such
loss directly to mortgagee instead of to mortgagor and mortg~igee jointl~~, and the insurance procc~t~cis, c;r
an~~ part thereof, may be applied by mortgagee at its option either to the reduction of the indebteciness
hereby secured or to the restoration or repair of the propert~~ damaged. In e~•ent of foreclosure of this
mortgage or other transfer of titie to the mortgaged property in extinguishment of the indt~btedness
aecured hereby, all right, title, and interest of the tnortgagor in and to any insurance policies then in force
ahall pass to the purchaser or grantee.
8. That the mortgagee may, at an~~ time periding a suit upon this mortgage, app1~• to the court ha~~-
ing jurisdiction thereof for the appointment of a recei~•er, and such court shall forth~ti•ith appoint a
recei~•er of the premises co~•ered hereby ali and singular, including all and singular the income, profits,
issues, and re~~enues fr~m w~hate~•er source derived, each and e~~er>~ of ~~~hich, it bein~? expressly urider-
stood, is hereby mortgaged as if specifically set forth and described in the gi•anting a~id habendum clai~ses
hereof, and such recei~~er shall have all the broad and effecti~•e functic,ns and po«•ers i~i an~~~~~ise
entruste~i by a court to a recei~~er, and such appointment shall be made by~ such court as an ac~mitted
equit~• and a matter of aUsalute right to said mortgagee, and wit}iout reference to the adequact• oi~ in~~ci-
c~uacy~ of the ~~alue of the propert~~ mortgaged or to the soivency or insol~~enc}~ of said mortgagor or the
defendants, and that such rents, profits, income, issues, and re~~enues shall be applie.j by such i•c~cei~•er
according to the lien of this mortgage and the practice of such court. In the e~~ent of an~• default on the
part of the rnortgagor hereunder, the mortgagor agrees to pay Co the mortgagee c~? demand as a i•eason-
aole monthly rental for the premises an amount at least equivalent to one-t~~•elfth of the aggregate
of the twel~•e monthl~~ inst:iilments pa`•able in the then current year plus the actual amount of the annual
taxes assessments, u~ater rates, and insurance premiums for such ~•ear not co~•ered ~i~• the aforesaid
mont~l5- payments.
1~h~tt (~r) in ti~~~ ~~ti~t~~it ~~C <iu~• l,i~~~ach uf' tl~i:~ murt}±<ik~~ ~~r ~I~~C~lult ~~n tli~~ ~~art ~~f thr• mort~a~or, u2•
i!;) iu th~~ ~~~~rnt that ~ln~ uf~ ~ai~l ;ums ~~f' ttZunE~~~ h~~r~~in rc~f~~rrt~~i t~~ b<~ ~~~,t E~r„m~~tl~~ ancl full~~ paicl ~~~ith-
~~ut ~l~~i~i~ui~l n~,ti~~~, u~~ Ir) in tl~E~ ~~~~t~nt th.it r•acii anri E~~•~~1•~~ ti~t~ stij~ulati~~t~s, ~~K~reemf~iits, cunciitiuns,
:ui~l c~~~~~!:,u~ts „C ~<ii~l uutt~ <u~~i thi. nu~rtg.i~~~, <u~~• n~,t ~iu1~•. ~,r~~n~ptl~~, an~i full~~ p~~~~f~~rtn~~~.l: tllt~n iu
~~ith~~r ~~r tu~~~ ~ucl~, ~~~~~~ut. tli<~ :~ii~l ,t},rk~r~~~,~~it~~ .um ni~•ntii~r:E~~i iu s~~i~l nut~~ tlit~~~ r~~n~aiiiinK unp<lid, ~~~itlE
intt~rt~st acc~•u~~~i t~~ th<it tiinr. <i~~,l all n~~~nE~~~~ st~rur~>~l f~t~~~~~b~•, shall }x~cunu~ ~lt~~~ ~~n~i ~~a~~a}~Ic furth«~ith,
~~r tl~t~~~~~,~ft~~~~. .it tl~~~ uE~li~~n ~~i ;ai~l ~n~~~•t~,~a~,rrt~. a~ full~~ ~ir~~l cumi~lf~t~~l~~ as it~ a!I ui tli~~ sai~l sums uf munf~~~
~~r~~ u~ kit~<ill}~ :ti{~~il~it~_•~1 t+.~ 1~~~ ~;aici ~~n surh ~l.i~~. air}~thii~g i?i >ai~l nute ur i~~ this murt~;agc tc~ ttte cuntra~~~~
nut~.~ itl~;t<u~~lin~; : an~l th~ ~•~~u~~~,~i ~~r thf~r~~~ift~~~~, at th~• ~,~~ti~,n +~f .ai~l m~>?~tg~i~,rl~E~, ithuut rl~~tice or <~ema~ic~.
~uit <it la~~~ ~~r in ~~~~uit}~, rn.i~~ 1~~~ pr~,;t~cutEVl a, it all m~~n~~~~s st~ctu•~~~i i~~~rei»• ,iad m<~turt~~i priur to its insti-
t~~tin>>. 'I'h~~ in~>>~t~,r<i~r«~~~ ~ua}- f~>>~t~cl~~;~~ t}iiw mu~~tg<t~i~. <~s t~~ tl~E~ um~~iuit su cir<•lar~~cl <lue ~~n~i ~at~ab!c~, an~i
tl~,~ •ai~l ~~i~~~mi~~~: tihall I~f~ .~~l~l tu ~atisf~• anci ~~a~~ th~~ ~~lTllt' t~~~~~thc~r ith cc~sts, c~xi,~~nsc~~. and allm~~ancE~;.
fi~ c~ts~~ i~t~ ~~artial I~~~r~~cl~~sur~~ ~,i thi: m~>>~t~,~agt~. tht~ mn~~tkakr~~~i {5r~~mi,t~s ~hall hr s~~ld subiert t~~ thc~ cut~-
tin~~i~l~,r ~i~~1~ ~~f tl~i; m~~rtt,ra~,rf~ (~~i~ th~~ ,~m~,unt ~~f th~~ ~l~~bt n;~i thc~n clu~~ .inti t~npai<i. In st~ch rast~ thr~ ~~r~,-
~.~i:iun> nf thi; ~rtr~t~,~ra}~}i ma~- a~,~aiii bE~ a~ail~~•~i uf th~~r~~ttft~~r f~•um titnE~ tu tirn~~ i~~~ tht~ nu~rtgagce.
10. 'I'hat t4<<~ in~~~~t~~~ik~~r ~~~ill ~;i;t~ imn~~~iliat~~ n~,tic~~ I~~~ mail tu th~~ tnurt~ay~E~e~ uf ~i~?~~ r~~t~~~r~~~~tncE>.
! ~~,tn~i~~r, ~,r ch~i~~~;t• ~~t nt~~',iti{~ ~~t th~~ ~~r~~nliscs.
Il. Z~~?~lt Il~~ ~~"~il~'t'Y ~~1 ~lll~' C~~A"t'll<Illt ~ll'Yf'111 ~~l' (11 tf]t' f)IJ~lf.,riltll)I] SPC'UYl'C~ }lf'FE'})!: ~}l~l~~ ~lt F?ti~' tll~llE'
?}it~rE~uft~~r he ht~l~i tu f~~~ <1 ~s,ii~~t~r ~~1 th~~ tt~rn>> ht~rt~~,f c~r ui tl~e nutE~ st~ct;r~~ci lierel~~•.
1'?. That if the m~~rtgagor default in any of the co~~enants ar agreements contained herein, or in
s~tid nute, theti tl:e rtiort~a~ee ?na~• pec~fu?•m t}ie same, and all exj~endittires (includin~,~ r•e~isonal~le attor-
ne}•', tec~~) ~nade t~~~ the mc~rt~a~ee in ~o iluing s};all cir~~~d intert~;t at the rate :et forth in the note secured
}ie?~t•h~•, ~tnd shall 1~e re~~a}~<~hle immr~diately- and ~+-ith~~ut den;~~n~3 t,y~ the mortgagor to the niortgagee, and,
tu~t~thet• ~~~ith interest nnd c~~sts accruing thereun, sh<<ll f,e secured }~y this mortgage.
13. That the rnailin~ ~~f a ~vritten nutice or demznd ac;ciressed to the o~~~ner of recot•d of the mortgaged
~~rc~n?i~t~s, ~,r ~iirlcted t~~ tiie ~ai~i o~sner <lt tt~ie l~ist ~i~lrirt~ss actuall~: furnishe~l to the mortgagee, or directed
to ~<ti~l ~~~ti~~;t r~t ~aid murt},r~i~e~i i~remise,, ~~n~i maile<i I~~- the t`nited States m<lils, shali be suf~icient notic~
ancj dem~~n~i in <in~~ c~ise ari~ing under this instrimlent anci re~luired h~• the ~~ro~~isions hereof or by law-.
1~~. Tiie r1lr~rt~agui~ c~~~e»ants and agrees that su l~~ng r~s ttlis murtgage and the ~aid note secL~red
herel~~' are ii~surc:d under the I~ro~~isi~ens ~~f the \ational IIuusin~ :~ct, hF: ~ti~ill n~~t exeetrt~ ~~r file f~~r rec~~rd
ari~• in~t?~un~ent v~~hich im}~use; a re;ti~icti~~ri u~wri the ~ale or uccupancti~ ~~f ti~e moi•tgage~l pi~u~~~ert~~ un tlie
hasis c~f race, c~~l~~r, c~r cret~l. L'~x~n ant- ~'i~~l~itiun of this un<~ert~ekitig, the mc~rt~~ge~; ,na~~, at its option,
decl:tre th~~ un~~aid h<?lance ~~f t1~e ~leht ~ectu•ec3 ?~t~rehy' irnmei~ititel~• due atid pa~'al~le.
~ ~32 4~~